v3.26.1
Derivative Instruments and Hedging Activity (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the fair values included in balance sheets
The tables below present XPLR's gross derivative positions, based on the total fair value of each derivative instrument, at June 30, 2026 and December 31, 2025 as well as the location of the net derivative positions, based on the expected timing of future payments, on XPLR's condensed consolidated balance sheets.

June 30, 2026
Level 1Level 2Level 3
Netting(a)
Total
(millions)
Assets:
Interest rate contracts$— $71 $— $— $71 
Commodity contracts$— $— $6 $— 6 
Total derivative assets$77 
Liabilities:
Interest rate contracts$— $3 $— $— $3 
Commodity contracts$— $— $8 $— 8 
Total derivative liabilities$11 
Net fair value by balance sheet line item:
Current other assets
$19 
Noncurrent other assets
58 
Total derivative assets$77 
Current other liabilities$7 
Noncurrent other liabilities4 
Total derivative liabilities$11 
____________________
(a)    Includes the effect of the contractual ability to settle contracts under master netting arrangements.

December 31, 2025
Level 1Level 2Level 3
Netting(a)
Total
(millions)
Assets:
Interest rate contracts$— $62 $— $— $62 
Commodity contracts$— $— $3 $— 3 
Total derivative assets$65 
Liabilities:
Interest rate contracts$— $10 $— $— $10 
Commodity contracts$— $— $10 $— 10 
Total derivative liabilities$20 
Net fair value by balance sheet line item:
Current other assets
$22 
Noncurrent other assets
43 
Total derivative assets$65 
Current other liabilities$17 
Noncurrent other liabilities3 
Total derivative liabilities$20 
____________________
(a)    Includes the effect of the contractual ability to settle contracts under master netting arrangements.
Schedule of gains (losses) related to interest rate and commodity contracts Gains (losses) related to XPLR's derivatives are recorded in XPLR's condensed consolidated statements of income (loss) as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(millions)
Interest rate contracts – interest expense$21 $(24)$30 $(103)
Interest rate contracts – loss from discontinued operations$— $(3)$— $(13)
Commodity contracts – operating revenues$3 $1 $5 $—