v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables provide (i) the condensed consolidated balance sheet classification where the Company’s commodity derivative instrument assets and liabilities and for 2025, the 2026 WTI Contingent Liability are recorded, (ii) fair value measurement information, (iii) the gross amounts of recognized assets and liabilities, (iv) the amounts offset under master netting arrangements with counterparties, and (v) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:

As of June 30, 2026
Balance Sheet ClassificationLevel 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$— $26 $— $26 $(17)$9 
Other assets$— $6 $— $6 $(2)$4 
Liabilities:
Other current liabilities$— $27 $— $27 $(17)$10 
Other long-term liabilities$— $2 $— $2 $(2)$— 

As of December 31, 2025
Balance Sheet ClassificationLevel 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$— $37 $— $37 $(9)$28 
Liabilities:
Other current liabilities$— $9 $— $9 $(9)$— 
Accrued liabilities (2026 WTI Contingent Liability)$— $20 $— $20 $— $20 
Other long-term liabilities$— $7 $— $7 $— $7 
Schedule of Offsetting Assets
The following tables provide (i) the condensed consolidated balance sheet classification where the Company’s commodity derivative instrument assets and liabilities and for 2025, the 2026 WTI Contingent Liability are recorded, (ii) fair value measurement information, (iii) the gross amounts of recognized assets and liabilities, (iv) the amounts offset under master netting arrangements with counterparties, and (v) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:

As of June 30, 2026
Balance Sheet ClassificationLevel 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$— $26 $— $26 $(17)$9 
Other assets$— $6 $— $6 $(2)$4 
Liabilities:
Other current liabilities$— $27 $— $27 $(17)$10 
Other long-term liabilities$— $2 $— $2 $(2)$— 

As of December 31, 2025
Balance Sheet ClassificationLevel 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$— $37 $— $37 $(9)$28 
Liabilities:
Other current liabilities$— $9 $— $9 $(9)$— 
Accrued liabilities (2026 WTI Contingent Liability)$— $20 $— $20 $— $20 
Other long-term liabilities$— $7 $— $7 $— $7 
Schedule of Offsetting Liabilities
The following tables provide (i) the condensed consolidated balance sheet classification where the Company’s commodity derivative instrument assets and liabilities and for 2025, the 2026 WTI Contingent Liability are recorded, (ii) fair value measurement information, (iii) the gross amounts of recognized assets and liabilities, (iv) the amounts offset under master netting arrangements with counterparties, and (v) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:

As of June 30, 2026
Balance Sheet ClassificationLevel 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$— $26 $— $26 $(17)$9 
Other assets$— $6 $— $6 $(2)$4 
Liabilities:
Other current liabilities$— $27 $— $27 $(17)$10 
Other long-term liabilities$— $2 $— $2 $(2)$— 

As of December 31, 2025
Balance Sheet ClassificationLevel 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$— $37 $— $37 $(9)$28 
Liabilities:
Other current liabilities$— $9 $— $9 $(9)$— 
Accrued liabilities (2026 WTI Contingent Liability)$— $20 $— $20 $— $20 
Other long-term liabilities$— $7 $— $7 $— $7 
Schedule of Assets and Liabilities Not Recorded at Fair Value
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 ValueFair ValueCarrying ValueFair Value
(In millions)
Debt
$1,678 $1,708 $2,186 $2,233