Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

	As of December 31, 2023
	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Assets:
Investment in affiliate	$	139	$	—	$	—	$	139
Deferred compensation plan assets	65		—		—		65
Conversion option derivatives	—		1		—		1
	$	204	$	1	$	—	$	205
Liabilities:
Marketing derivatives	$	—	$	—	$	129	$	129

	As of December 31, 2022
	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Assets:
Investment in affiliate	$	172	$	—	$	—	$	172
Deferred compensation plan assets	65		—		—		65
Conversion option derivatives	—		1		—		1
	$	237	$	1	$	—	$	238
Liabilities:
Marketing derivatives	$	—	$	—	$	140	$	140

Schedule of derivative gains and losses recognized on statement of operations

Gains and losses recorded in the consolidated statements of operations related to assets and liabilities measured at fair value on a recurring basis are as follows:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Investment in affiliate valuation adjustment	$	(33)	$	37	$	12
Deferred compensation plan asset valuation adjustment	$	2	$	(11)	$	3
Derivative loss, net:
Marketing derivatives:
Noncash derivative gain (loss), net	$	11	$	(63)	$	14
Cash payments on settled derivatives	(74)		(66)		(39)
Total marketing derivative loss, net	(63)		(129)		(25)
Conversion option derivatives:
Noncash derivative gain, net	1		1		—
Cash receipts (payments) on settled derivatives, net	(13)		13		—
Total conversion option derivative gain (loss), net	(12)		14		—
Commodity derivatives:
Noncash derivative gain, net	—		158		437
Cash payments/deferred obligations on settled derivatives, net (a)	—		(358)		(2,595)
Total commodity derivative loss, net	—		(200)		(2,158)
	$	(75)	$	(315)	$	(2,183)

_____________________

(a)The year ended December 31, 2021 includes $521 million of losses attributable to the early settlement of certain 2022 oil and gas commodity derivatives primarily related to (i) the termination of certain of the Company's 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 future fair value changes to certain of its 2022 derivative positions.

Schedule of offsetting asset and liability

Derivative financial instruments are presented in the Company's consolidated balance sheets as follows:

As of December 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	Prepaids and other	$	1	$	—	$	1
Liabilities:
Marketing derivatives	Derivatives - current	$	53	$	—	$	53
Marketing derivatives	Derivatives - noncurrent	$	76	$	—	$	76

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	Prepaids and other	$	1	$	—	$	1
Liabilities:
Marketing derivatives	Derivatives - current	$	44	$	—	$	44
Marketing derivatives	Derivatives - noncurrent	$	96	$	—	$	96

Schedule of carrying values and financial instruments not carried at fair value

	As of December 31, 2023				As of December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Assets:
Cash and cash equivalents (a)	$	240	$	240	$	1,032	$	1,032
Liabilities:
Current portion of debt:
Convertible senior notes (b)	$	28	$	68	$	29	$	69
Senior notes (b)	$	—	$	—	$	750	$	738
Long-term debt:
Convertible senior notes (b)	$	507	$	1,239	$	925	$	2,184
Senior notes (b)	$	4,300	$	3,981	$	3,200	$	2,696

______________________

(a)Fair value approximates carrying value due to the short-term nature of the instruments.

(b)Fair value is determined using Level 2 inputs. The Company's senior notes are quoted, but not actively traded on major exchanges; therefore, fair value is based on periodic values as quoted on major exchanges. See Note 6 for additional information.