Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

The following table is a listing of our assets and liabilities that are measured at fair value on a recurring basis in the accompanying balance sheets and where they are classified within the fair value hierarchy:


	As of June 30, 2026						As of December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3

	(in millions)
Assets:
Derivatives	$	—	$	201	$	—	$	—	$	89	$	—

Liabilities:
Derivatives	$	—	$	185	$	—	$	—	$	4	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Long-Term Debt

The following table reflects the fair value of our Senior Notes obligations measured using Level 1 inputs based on quoted secondary market trading prices. The Senior Notes were not presented at fair value in the accompanying balance sheets as of June 30, 2026, or December 31, 2025, as the Senior Notes were recorded at carrying value, net of any unamortized premium or unamortized deferred financing costs. Refer to Note 6 - Long-Term Debt for additional information.


	As of June 30, 2026				As of December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value

	(in millions)
6.75% Senior Notes due 2026	$	—	$	—	$	419	$	420

6.625% Senior Notes due 2027	$	417	$	417	$	417	$	419
8.375% Senior Notes due 2028	$	456	$	467	$	—	$	—
6.5% Senior Notes due 2028	$	400	$	401	$	400	$	405
6.75% Senior Notes due 2029	$	750	$	764	$	750	$	756
8.625% Senior Notes due 2030	$	1,000	$	1,051	$	—	$	—
8.75% Senior Notes due 2031	$	1,350	$	1,411	$	—	$	—
7.0% Senior Notes due 2032	$	750	$	758	$	750	$	739
9.625% Senior Notes due 2033	$	750	$	823	$	—	$	—
6.625% Senior Notes due 2034	$	1,000	$	985	$	—	$	—