v3.25.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Commodity Derivative Positions
As of June 30, 2025, the Company had the following open natural gas financial basis swap contracts:
Basis Swap PurchasedBasis Swap Sold
Production PeriodSettlement IndexMMBtu
(in 000’s)		Weighted Average Price DifferentialMMBtu
(in 000’s)		Weighted Average Price Differential
July—December 2025
NYMEX Henry Hub/IF Waha93,840$(3.16)——
July—December 2025
NYMEX Henry Hub/IF HSC——42,320$(0.51)
January—December 2026
NYMEX Henry Hub/IF Waha34,675$(1.97)——
Schedule of Derivative Assets Measured at Fair Value
The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:
Fair Value Measurements Using
Quoted Price in Active Markets
(Level 1)		Significant Other Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair Value
Netting(1)
Carrying Amount
(In millions)
June 30, 2025
Assets:
Commodity derivative instruments$— $113 $— $113 $(3)$110 
Liabilities:
Commodity derivative instruments$— $3 $— $3 $(3)$— 
Contingent consideration arrangements
— 21 — 21 — 21 
December 31, 2024
Liabilities:
Contingent consideration arrangements
$— $18 $— $18 $— $18 
(1)    The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties.
Schedule of Derivative Liabilities Measured at Fair Value
The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:
Fair Value Measurements Using
Quoted Price in Active Markets
(Level 1)		Significant Other Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair Value
Netting(1)
Carrying Amount
(In millions)
June 30, 2025
Assets:
Commodity derivative instruments$— $113 $— $113 $(3)$110 
Liabilities:
Commodity derivative instruments$— $3 $— $3 $(3)$— 
Contingent consideration arrangements
— 21 — 21 — 21 
December 31, 2024
Liabilities:
Contingent consideration arrangements
$— $18 $— $18 $— $18 
(1)    The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties.
Schedule of Derivative Instruments on Consolidated Balance Sheet and Statement of Consolidated Operations The carrying value of the Company’s derivative assets and/or liabilities and their locations on the consolidated balance sheet are as follows:
June 30,
2025
December 31,
2024
(In millions)
Current Assets: Other current assets$103 $— 
Other Assets: Deferred charges and other7 — 
Total derivative assets$110 $— 
Current Liabilities: Other current liabilities$21 $— 
Deferred Credit and Other Noncurrent Liabilities: Other
— 18 
Total derivative liabilities$21 $18 
The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations:
 
For the Quarter Ended
June 30,
For the Six Months Ended
June 30,
2025202420252024
 (In millions)
Realized:
Commodity derivative instruments$2 $(6)$2 $(2)
Realized gains (losses), net
2 (6)2 (2)
Unrealized:
Commodity derivative instruments138 3 110 (5)
Contingent consideration arrangements(2)— (2)— 
Unrealized gains (losses), net
136 3 108 (5)
Derivative instrument gains (losses), net
$138 $(3)$110 $(7)