DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of September 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
Oct. - Dec.	2026	Basis Swap(1)	85,000	Argus WTI Midland	$1.09		$—	$—
Oct. - Dec.	2026	Roll Swap	150,000	WTI Cushing	$2.89		$—	$—
Jan. - Jun.	2027	Basis Swap(1)	26,500	Argus WTI Midland	$1.43		$—	$—
Jul. - Dec.	2027	Basis Swap(1)	16,500	Argus WTI Midland	$1.09		$—	$—
NATURAL GAS
Oct. - Dec.	2026	Two-Way Collar	840,000	Henry Hub	$—		$2.87	$6.35
Oct. - Dec.	2026	Basis Swap(1)	650,000	Waha Hub	$(1.75)		$—	$—
Oct. - Dec.	2026	Basis Swap(1)	100,000	HSC Hub	$(0.35)		$—	$—
Jan. - Dec.	2027	Two-Way Collar	720,000	Henry Hub	$—		$2.88	$6.37
Jan. - Dec.	2027	Basis Swap(1)	370,000	Waha Hub	$(1.27)		$—	$—
Jan. - Dec.	2027	Basis Swap(1)	300,000	HSC Hub	$(0.31)		$—	$—
Jan. - Dec.	2028	Two-Way Collar	90,000	Henry Hub	$—		$2.67	$5.74
Jan. - Dec.	2028	Basis Swap(1)	60,000	Waha Hub	$(1.51)		$—	$—
Jan. - Dec.	2028	Basis Swap(1)	130,000	HSC Hub	$(0.33)		$—	$—

(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.



Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Deferred Premium
OIL
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	75,000	Argus WTI Houston	$50.67	$1.31
Oct. - Dec.	2026	Put	175,000	WTI Cushing	$50.57	$1.28
Jan. - Mar.	2027	Put	15,000	Brent	$55.00	$1.27
Jan. - Mar.	2027	Put	70,000	Argus WTI Houston	$50.00	$1.28
Jan. - Mar.	2027	Put	130,000	WTI Cushing	$50.00	$1.31
Apr. - Jun.	2027	Put	10,000	Brent	$55.00	$1.21
Apr. - Jun.	2027	Put	55,000	Argus WTI Houston	$50.00	$1.29
Apr. - Jun.	2027	Put	105,000	WTI Cushing	$50.00	$1.31
Jul. - Sep.	2027	Put	25,000	Argus WTI Houston	$50.00	$1.22
Jul. - Sep.	2027	Put	65,000	WTI Cushing	$50.00	$1.31
Oct. - Dec.	2027	Put	5,000	Argus WTI Houston	$50.00	$1.13
Oct. - Dec.	2027	Put	20,000	WTI Cushing	$50.00	$1.27

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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts(1)	$	(182)	$	115	$	(16)	$	126
Interest rate swaps(2)	—		—		—		18
2026 WTI Contingent Liability	—		2		—		3
Treasury locks	—		3		—		2
Total	$	(182)	$	120	$	(16)	$	149

Net cash received (paid) on settlements:
Commodity contracts(1)	$	(97)	$	72	$	176	$	181
Interest rate swaps(2)	—		(15)		(27)		(75)
Treasury locks	—		3		—		2
Total	$	(97)	$	60	$	149	$	108

(1)The nine months ended September 30, 2026 includes cash received on commodity contracts terminated prior to their contractual maturity of $1 million.

(2)The nine months ended September 30, 2026 includes cash paid on interest rate swaps terminated prior to their contractual maturity of $27 million. The three and nine months ended September 30, 2025, include cash paid on interest rate swaps terminated prior to their contractual maturity of $15 million and $67 million, respectively.