v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Information for Financial Instruments Measured on a Recurring Basis
The following table provides the fair value of financial instruments recorded in the condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:

As of June 30, 2026
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Prepaid expenses and other assets:
Commodity derivative instruments$— $228 $— $228 $(160)$68 
Other assets:
Commodity derivative instruments$— $79 $— $79 $(20)$59 
Non-current assets- Other assets:
Investment$15 $— $— $15 $— $15 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $196 $— $196 $(160)$36 
Other long-term liabilities:
Commodity derivative instruments$— $20 $— $20 $(20)$— 

As of December 31, 2025
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments$— $335 $— $335 $(101)$234 
Other assets:
Commodity derivative instruments$— $49 $— $49 $(42)$7 
Investment$30 $— $— $30 $— $30 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $109 $— $109 $(101)$8 
Interest rate swaps$— $7 $— $7 $— $7 
Other accrued liabilities:
2026 WTI Contingent Liability$— $20 $— $20 $— $20 
Other long-term liabilities:
Commodity derivative instruments$— $77 $— $77 $(42)$35 
Interest rate swaps$— $20 $— $20 $— $20 
Schedule of Offsetting Assets
The following table provides the fair value of financial instruments recorded in the condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:

As of June 30, 2026
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Prepaid expenses and other assets:
Commodity derivative instruments$— $228 $— $228 $(160)$68 
Other assets:
Commodity derivative instruments$— $79 $— $79 $(20)$59 
Non-current assets- Other assets:
Investment$15 $— $— $15 $— $15 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $196 $— $196 $(160)$36 
Other long-term liabilities:
Commodity derivative instruments$— $20 $— $20 $(20)$— 

As of December 31, 2025
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments$— $335 $— $335 $(101)$234 
Other assets:
Commodity derivative instruments$— $49 $— $49 $(42)$7 
Investment$30 $— $— $30 $— $30 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $109 $— $109 $(101)$8 
Interest rate swaps$— $7 $— $7 $— $7 
Other accrued liabilities:
2026 WTI Contingent Liability$— $20 $— $20 $— $20 
Other long-term liabilities:
Commodity derivative instruments$— $77 $— $77 $(42)$35 
Interest rate swaps$— $20 $— $20 $— $20 
Schedule of Offsetting Liabilities
The following table provides the fair value of financial instruments recorded in the condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:

As of June 30, 2026
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Prepaid expenses and other assets:
Commodity derivative instruments$— $228 $— $228 $(160)$68 
Other assets:
Commodity derivative instruments$— $79 $— $79 $(20)$59 
Non-current assets- Other assets:
Investment$15 $— $— $15 $— $15 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $196 $— $196 $(160)$36 
Other long-term liabilities:
Commodity derivative instruments$— $20 $— $20 $(20)$— 

As of December 31, 2025
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments$— $335 $— $335 $(101)$234 
Other assets:
Commodity derivative instruments$— $49 $— $49 $(42)$7 
Investment$30 $— $— $30 $— $30 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $109 $— $109 $(101)$8 
Interest rate swaps$— $7 $— $7 $— $7 
Other accrued liabilities:
2026 WTI Contingent Liability$— $20 $— $20 $— $20 
Other long-term liabilities:
Commodity derivative instruments$— $77 $— $77 $(42)$35 
Interest rate swaps$— $20 $— $20 $— $20 
Schedule of Fair Value Measurement Information for Financial Instruments Measured on a Nonrecurring Basis
The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets:

June 30, 2026December 31, 2025
Carrying Value
Fair Value
Carrying Value
Fair Value
(In millions)
Debt$12,614 $12,746 $14,489 $14,497