Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of offsetting asset and liability

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

As of March 31, 2023
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:
Conversion option derivatives	Other - current	$	1	$	—	$	1
Liabilities:
Marketing derivatives	Derivatives - current	$	78	$	—	$	78
Marketing derivatives	Derivatives - noncurrent	$	98	$	—	$	98

As of December 31, 2022
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:
Conversion option derivatives	Other - current	$	1	$	—	$	1
Liabilities:
Marketing derivatives	Derivatives - current	$	44	$	—	$	44
Marketing derivatives	Derivatives - noncurrent	$	96	$	—	$	96

Schedule of derivative gains and losses recognized on statement of operations

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

	Three Months Ended March 31,
	2023		2022
	(in millions)
Commodity price derivatives:
Noncash derivative loss, net	$	—	$	(111)
Cash payments on settled derivatives, net	—		(57)
Total commodity derivative loss, net	—		(168)
Marketing derivatives:
Noncash derivative gain (loss), net	(36)		44
Cash payments on settled derivatives, net	(15)		(11)
Total marketing derivative gain (loss), net	(51)		33
Conversion option derivatives:
Cash receipts on settled derivatives, net	7		—
Derivative loss, net	$	(44)	$	(135)