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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in the Consolidated Balance Sheets
The following tables present the gross fair values of derivative instruments and the reported net amounts along with where they appear on the consolidated balance sheets.
June 30, 2022
(In millions)AssetLiabilityNet Asset (Liability)Balance Sheet Location
Not Designated as Hedges
Commodity$2 $2 $— Other current assets
Commodity4 83 (79)Other current liabilities
Total Not Designated as Hedges$6 $85 $(79)
Cash Flow Hedges
Interest Rate$4 $— $4 Other current assets
Interest Rate12 — 12 Other noncurrent assets
Total Designated Hedges$16 $— $16 
Total$22 $85 $(63)
December 31, 2021
(In millions)AssetLiabilityNet Asset (Liability)Balance Sheet Location
Not Designated as Hedges
Commodity1 8 (7)Other current liabilities
Interest Rate27 — 27 Other noncurrent assets
Total Not Designated as Hedges$28 $8 $20 
Cash Flow Hedges
Interest Rate$— $3 $(3)Other current liabilities
Interest Rate— 2 (2)Deferred credits and other liabilities
Total Designated Hedges$— $5 $(5)
Total$28 $13 $15 
The unrealized and realized gain (loss) impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income.
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2022202120222021
Unrealized gain (loss) on derivative instruments, net$43 $(75)$(71)$(157)
Realized gain (loss) on derivative instruments, net(a)
$(70)$(91)$(99)$(162)
(a)During the second quarter and first six months of 2022, net cash paid for settled derivative positions was $61 million and $89 million, respectively. During the second quarter and first six months of 2021, net cash paid for settled derivative positions was $84 million and $95 million, respectively.
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table sets forth outstanding derivative contracts as of June 30, 2022, and the weighted average prices for those contracts:
20222023
Third QuarterFourth QuarterFirst Quarter
Crude Oil
NYMEX WTI Three-Way Collars
Volume (Bbls/day)30,000 30,000 
Weighted average price per Bbl:
Ceiling$97.52 $97.52 
Floor$56.67 $56.67 
Sold put$46.67 $46.67 
NYMEX Roll Basis Swaps
Volume (Bbls/day)60,000 60,000 
Weighted average price per Bbl$0.67 $0.67 
Natural Gas
Henry Hub (“HH”) Two-Way Collars
Volume (MMBtu/day)50,000 50,000 
Weighted average price per MMBtu:
Ceiling$19.28 $19.28 
Floor$5.00 $5.00 
Henry Hub Three-Way Collars
Volume (MMBtu/day)100,000 100,000 
Weighted average price per MMBtu:
Ceiling$7.13 $7.13 
Floor$3.88 $3.88 
Sold Put$2.88 $2.88 
Schedule of Interest Rate Swap Agreement The following table presents, by maturity date, information about our de-designated forward starting interest rate swap agreements. These positions were fully liquidated as of June 30, 2022.
June 30, 2022December 31, 2021
Maturity Date
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
June 1, 2025$— — %$350 0.95 %
September 9, 2026$— — %$25 1.45 %
The following table presents, by maturity date, information about our interest rate swap agreements, including the fixed weighted average LIBOR.
June 30, 2022December 31, 2021
Maturity Date
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
September 9, 2026$295 1.52 %$295 1.52 %