v3.26.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 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 September 30, 2026, and December 31, 2025:

As of September 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 current assets:
Commodity derivative instruments$— $136 $— $136 $(116)$20 
Other assets:
Commodity derivative instruments$— $55 $— $55 $(21)$34 
Non-current assets - Other assets:
Investment$16 $— $— $16 $— $16 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $163 $— $163 $(116)$47 
Other long-term liabilities:
Commodity derivative instruments$— $21 $— $21 $(21)$— 

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:
Current 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 September 30, 2026, and December 31, 2025:

As of September 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 current assets:
Commodity derivative instruments$— $136 $— $136 $(116)$20 
Other assets:
Commodity derivative instruments$— $55 $— $55 $(21)$34 
Non-current assets - Other assets:
Investment$16 $— $— $16 $— $16 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $163 $— $163 $(116)$47 
Other long-term liabilities:
Commodity derivative instruments$— $21 $— $21 $(21)$— 

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:
Current 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 September 30, 2026, and December 31, 2025:

As of September 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 current assets:
Commodity derivative instruments$— $136 $— $136 $(116)$20 
Other assets:
Commodity derivative instruments$— $55 $— $55 $(21)$34 
Non-current assets - Other assets:
Investment$16 $— $— $16 $— $16 
Liabilities:
Derivative instruments:
Commodity derivative instruments$— $163 $— $163 $(116)$47 
Other long-term liabilities:
Commodity derivative instruments$— $21 $— $21 $(21)$— 

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:
Current 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:

September 30, 2026December 31, 2025
Carrying ValueFair ValueCarrying ValueFair Value
(In millions)
Debt$13,230 $12,802 $14,489 $14,497