Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments Not Designated as Hedging Instruments [Abstract]

Schedule of notional amounts of outstanding derivative positions

As of June 30, 2026, we had commodity derivative contracts with terms through the second quarter of 2028 as summarized in the table below:


	Contract Period
	Third Quarter 2026		Fourth Quarter 2026		2027		2028
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes	6,398		7,673		10,530		—
Weighted-Average Contract Price	$	63.30	$	61.22	$	68.09	$	—


Collars
NYMEX WTI Volumes	5,662		3,289		12,133		—
Weighted-Average Floor Price	$	59.51	$	58.66	$	63.42	$	—
Weighted-Average Ceiling Price	$	69.09	$	66.07	$	72.07	$	—
Basis Swaps
WTI Midland-NYMEX WTI Volumes	975		1,140		2,194		—
Weighted-Average Contract Price	$	0.99	$	0.99	$	1.02	$	—


WTI Houston MEH-NYMEX WTI Volumes	392		378		—		—
Weighted-Average Contract Price	$	1.97	$	2.01	$	—	$	—
Roll Differential Swaps
NYMEX WTI Volumes	4,047		719		—		—
Weighted-Average Contract Price	$	0.59	$	1.08	$	—	$	—

Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes	16,937		13,696		38,164		—
Weighted-Average Contract Price	$	4.07	$	4.30	$	4.03	$	—


IF Waha Volumes	3,813		1,067		4,603		5,460
Weighted-Average Contract Price	$	2.35	$	3.13	$	3.64	$	1.14


Collars
NYMEX HH Volumes	21,905		27,352		20,661		—
Weighted-Average Floor Price	$	3.48	$	3.53	$	3.72	$	—
Weighted-Average Ceiling Price	$	4.33	$	4.67	$	4.60	$	—









Basis Swaps




IF Waha-NYMEX HH Volumes	11,960		11,960		28,053		—
Weighted-Average Contract Price	$	(1.31)	$	(1.31)	$	(0.77)	$	—


CIG Rockies-NYMEX HH Volumes	11,960		11,960		7,300		—
Weighted-Average Contract Price	$	(0.57)	$	(0.57)	$	(0.37)	$	—

NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps






OPIS Ethane Mont Belvieu Non-TET Volumes	137		141		—		—
Weighted-Average Contract Price	$	11.71	$	11.71	$	—	$	—

Schedule of fair value of derivatives in accompanying balance sheets

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets:


	As of June 30, 2026		As of December 31, 2025

	(in millions)
Derivative assets:
Current assets	$	145	$	83
Noncurrent assets	56		6
Total derivative assets	$	201	$	89
Derivative liabilities:
Current liabilities	$	184	$	2
Noncurrent liabilities	1		2
Total derivative liabilities	$	185	$	4

Schedule of the potential effects of master netting arrangements

The following table provides a reconciliation between the gross assets and liabilities reflected in the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of our commodity derivative contracts:


	Derivative Assets as of				Derivative Liabilities as of
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025

	(in millions)
Gross amounts presented in the accompanying balance sheets	$	201	$	89	$	(185)	$	(4)
Amounts not offset in the accompanying balance sheets	(154)		(4)		154		4
Net amounts	$	47	$	85	$	(31)	$	—

We recognize all gains and losses from changes in commodity derivative fair values immediately in earnings rather than deferring such amounts in accumulated other comprehensive income (loss). We had no commodity derivative contracts designated as hedging instruments as of June 30, 2026, and December 31, 2025. Refer to Note 9 - Fair Value Measurements for more information regarding our derivative instruments, including our valuation techniques.

Schedule of the components of the net derivative settlement (gain) loss and the net derivative (gain) loss

The following table summarizes the commodity components of the net derivative settlement gain (loss), and the net derivative (gain) loss line items presented within the accompanying unaudited condensed consolidated statements of cash flows (“accompanying statements of cash flows”) and the accompanying statements of operations, respectively:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025

	(in millions)
Net derivative settlement (gain) loss:
Oil contracts	$	340	$	(21)	$	410	$	(24)
Gas contracts	(119)		(19)		(159)		(26)
NGL contracts	(1)		—		(1)		2
Total net derivative settlement (gain) loss	$	220	$	(40)	$	250	$	(47)

Net derivative (gain) loss:
Oil contracts	$	(238)	$	(55)	$	561	$	(52)
Gas contracts	(31)		(22)		(243)		(10)
NGL contracts	(3)		(2)		107		—
Total net derivative (gain) loss	$	(272)	$	(78)	$	425	$	(61)