v3.26.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Commodity Derivative Positions
As of March 31, 2026, 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
April—December 2026
NYMEX Henry Hub/IF Waha67,375$(1.96)
Schedule of Derivative Liabilities Measured at Fair Value
The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:
Fair Value Measurements Using
Quoted Price in Active Markets
(Level 1)
Significant Other Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Fair Value
Netting(1)
Carrying Amount
(In millions)
March 31, 2026
Liabilities:
Commodity derivative instruments$— $122 $— $122 $— $122 
Foreign currency derivative instruments— — — 
December 31, 2025
Liabilities:
Commodity derivative instruments— 77 — 77 — 77 
(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:
March 31,
2026
December 31,
2025
(In millions)
Current Liabilities: Other current liabilities$124 $77 
Total derivative liabilities$124 $77 
The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations:
 
For the Quarter Ended
March 31,
20262025
 (In millions)
Realized:
Commodity derivative instruments$(66)$— 
Realized losses, net
(66)— 
Unrealized:
Commodity derivative instruments(45)(28)
Foreign currency derivative instruments(2)— 
Unrealized losses, net
(47)(28)
Derivative instrument losses, net
$(113)$(28)