Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of oil derivative contracts volume and weighted average price

Volumes per day associated with outstanding oil derivative contracts as of December 31, 2021 and the weighted average oil prices for those contracts are as follows:

	2022
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Midland/WTI basis swap contracts:
Volume per day (Bbl) (a)	26,000		26,000		26,000		26,000
Price differential per Bbl	$	0.50	$	0.50	$	0.50	$	0.50

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(a)The referenced basis swap contracts fix the basis differentials between the index price at which the Company sells a portion of its Permian Basin oil and the WTI index price.

Schedule of gas derivative volume and weighted average prices

Volumes per day associated with outstanding gas derivative contracts as of December 31, 2021 and the weighted average gas prices for those contracts are as follows:

	2022
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Dutch TTF swap contracts:
Volume per day (MMBtu)	30,000		30,000		30,000		30,000
Price per MMBtu	$	12.14	$	7.80	$	7.80	$	7.80
WAHA swap contracts:
Volume per day (MMBtu)	20,000		—		—		—
Price per MMBtu	$	2.46	$	—	$	—	$	—
NYMEX collar contracts:
Volume per day (MMBtu)	7,000		—		—		—
Price per MMBtu:
Ceiling	$	3.45	$	—	$	—	$	—
Floor	$	2.75	$	—	$	—	$	—
WAHA/NYMEX basis swap contracts:
Volume per day (MMBtu) (a)	7,000		—		—		—
Price differential ($/MMBtu)	$	(0.39)	$	—	$	—	$	—

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(a)The referenced basis swap contracts fix the basis differentials between the index price at which the Company sells a portion of its Permian Basin gas and the NYMEX index price used in collar contracts.

Schedule of offsetting asset and liability

The fair value of derivative financial instruments not designated as hedging instruments is as follows:

As of December 31, 2021
Type	Consolidated Balance Sheet Location	Fair Value		Gross Amounts Offset in the Consolidated Balance Sheet		Net Fair Value Presented in the Consolidated Balance Sheet
		(in millions)
Liabilities:
Commodity price derivatives	Derivatives - current	$	486	$	—	$	486
Marketing derivatives	Derivatives - current	$	52	$	—	$	52
Marketing derivatives	Derivatives - noncurrent	$	25	$	—	$	25

As of December 31, 2020
Type	Consolidated Balance Sheet Location	Fair Value		Gross Amounts Offset in the Consolidated Balance Sheet		Net Fair Value Presented in the Consolidated Balance Sheet
		(in millions)
Assets:
Commodity price derivatives	Other - current	$	5	$	—	$	5
Commodity price derivatives	Other assets - noncurrent	$	3	$	—	$	3
Liabilities:
Commodity price derivatives	Derivatives - current	$	198	$	—	$	198
Marketing derivatives	Derivatives - current	$	36	$	—	$	36
Commodity price derivatives	Derivatives - noncurrent	$	11	$	—	$	11
Marketing derivatives	Derivatives - noncurrent	$	55	$	—	$	55

Schedule of derivative gains and losses recognized on statement of operations

Gains and losses recorded to derivative gain (loss), net in the consolidated statements of operations related to derivative financial instruments not designated as hedging instruments are as follows:

	Year Ended December 31,
	2021		2020		2019
	(in millions)
Commodity price derivatives:
Noncash derivative gain (loss), net	$	437	$	(213)	$	8
Cash receipts (payments/deferred obligations) on settled derivatives, net (a)	(2,595)		66		47
Total commodity derivative gain (loss), net	(2,158)		(147)		55
Marketing derivatives:
Noncash derivative gain (loss), net	14		(112)		—
Cash payments on settled derivatives, net	(39)		—		—
Total marketing derivative loss, net	(25)		(112)		—
Interest rate derivatives:
Cash payments on settled derivatives, net	—		(22)		—
Derivative gain (loss), net	$	(2,183)	$	(281)	$	55

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(a)Includes $521 million of losses attributable to the early settlement of certain 2022 oil and gas commodity derivatives, of which the Company recognized $508 million of such in losses during the fourth quarter of 2021 related to (i) the termination of certain of its 2022 oil and gas commodity derivative positions and (ii) entering into equal and offsetting oil and gas commodity derivative trades, which had the net effect of eliminating certain of its 2022 derivative positions. The Company will make cash payments of $328 million during 2022 to settle the deferred obligations associated with the offsetting derivatives.

Schedule of derivative assets or liabilities by counterparty

Net derivative liabilities associated with the Company's open derivatives by counterparty are as follows:

	As of December 31, 2021
	(in millions)
Citibank	$	122
Morgan Stanley Capital Group	121
Occidental Petroleum Corporation	77
Scotia Bank	54
J Aron & Company	40
JP Morgan Chase	40
PNC Bank	36
CIBC	24
Macquarie Bank	23
Merrill Lynch	13
Wells Fargo Bank	9
Nextera Energy Power Marketing	4
	$	563