| Schedule of Derivative Instruments |
As of June 30, 2026, the Company had the following outstanding commodity derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Swaps | | | Collars | | Settlement Month | Settlement Year | Type of Contract | Bbls/MMBtu Per Day | Index | Weighted Average Differential | | | | Weighted Average Floor Price | Weighted Average Ceiling Price | | OIL | | | | | | | | | | | | Jul. - Dec. | 2026 | Basis Swap(1) | 85,000 | Argus WTI Midland | $1.09 | | | | $— | $— | | Jul. - Dec. | 2026 | Roll Swap | 150,000 | WTI Cushing | $2.89 | | | | $— | $— | | Jan.-Jun. | 2027 | Basis Swap(1) | 10,000 | Argus WTI Midland | $2.00 | | | | $— | $— | | NATURAL GAS | | | | | | | | | | Jul. - Sep. | 2026 | Basis Swap(1) | 650,000 | Waha Hub | $(1.87) | | | | $— | $— | | Jul. - Dec. | 2026 | Two-Way Collar | 840,000 | Henry Hub | $— | | | | $2.87 | $6.35 | | Jul. - Dec. | 2026 | Basis Swap(1) | 100,000 | HSC Hub | $(0.35) | | | | $— | $— | Oct. - Dec. | 2026 | Basis Swap(1) | 650,000 | Waha Hub | $(1.75) | | | | $— | $— | | Jan. - Dec. | 2027 | Two-Way Collar | 720,000 | Henry Hub | $— | | | | $2.88 | $6.37 | | Jan. - Dec. | 2027 | Basis Swap(1) | 360,000 | Waha Hub | $(1.26) | | | | $— | $— | | Jan. - Dec. | 2027 | Basis Swap(1) | 300,000 | HSC Hub | $(0.31) | | | | $— | $— | | Jan. - Dec. | 2028 | Basis Swap(1) | 60,000 | HSC Hub | $(0.37) | | | | $— | $— |
(1) The Company’s crude oil basis swaps fix the differential between the Argus WTI Midland price and the WTI Cushing price for the notional volumes covered by the contracts. The Company’s natural gas basis swaps fix the differential between the applicable Waha Hub or HSC Hub price and the Henry Hub price for the notional volumes covered by the contracts. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Put Spread | | Settlement Month | Settlement Year | Type of Contract | Bbls Per Day | Index | Strike Price | Deferred Premium | Floor Price | Short Put Price | | OIL | | | | | | | | | | Jul. - Sep. | 2026 | Put | 20,000 | Brent | $52.50 | $1.60 | $— | $— | | Jul. - Sep. | 2026 | Basis Put | 290,000 | WTI - Brent | $(42.76) | $1.52 | $— | $— | | Jul. - Sep. | 2026 | Put | 95,000 | Argus WTI Houston | $50.53 | $1.43 | $— | $— | | Jul. - Sep. | 2026 | Put | 190,000 | WTI Cushing | $52.57 | $1.30 | $— | $— | | Jul. - Sep. | 2026 | Put Spread | 15,000 | WTI Cushing | $— | $— | $50.00 | $55.00 | Oct. - Dec. | 2026 | Put | 10,000 | Brent | $55.00 | $1.33 | $— | $— | Oct. - Dec. | 2026 | Basis Put | 290,000 | WTI - Brent | $(41.03) | $1.44 | $— | $— | Oct. - Dec. | 2026 | Put | 60,000 | Argus WTI Houston | $50.83 | $1.33 | $— | $— | Oct. - Dec. | 2026 | Put | 170,000 | WTI Cushing | $50.59 | $1.28 | $— | $— | Jan. - Mar. | 2027 | Put | 5,000 | Brent | $55.00 | $1.40 | $— | $— | Jan. - Mar. | 2027 | Put | 35,000 | Argus WTI Houston | $50.00 | $1.29 | $— | $— | Jan. - Mar. | 2027 | Put | 90,000 | WTI Cushing | $50.00 | $1.34 | $— | $— | | Apr. - Jun. | 2027 | Put | 20,000 | Argus WTI Houston | $50.00 | $1.33 | $— | $— | | Apr. - Jun. | 2027 | Put | 60,000 | WTI Cushing | $50.00 | $1.33 | $— | $— | | Jul. - Sep. | 2027 | Put | 20,000 | WTI Cushing | $50.00 | $1.39 | $— | $— |
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| Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations |
The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (In millions) | | Gain (loss) on derivative instruments, net: | | | | | | | | Commodity contracts(1) | $ | 49 | | | $ | (203) | | | $ | 166 | | | $ | 11 | | Interest rate swaps | — | | | 7 | | | — | | | 18 | | | 2026 WTI Contingent Liability | — | | | (1) | | | — | | | 1 | | | Treasury locks | — | | | — | | | — | | | (1) | | | Total | $ | 49 | | | $ | (197) | | | $ | 166 | | | $ | 29 | | | | | | | | | | | Net cash received (paid) on settlements: | | | | | | | | Commodity contracts(1) | $ | 113 | | | $ | 23 | | | $ | 273 | | | $ | 109 | | Interest rate swaps | — | | | (60) | | | (27) | | | (60) | | | Treasury locks | — | | | — | | | — | | | (1) | | | Total | $ | 113 | | | $ | (37) | | | $ | 246 | | | $ | 48 | |
(1)The three and six months ended June 30, 2026 include cash received on commodity contracts terminated prior to their contractual maturity of $1 million.
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