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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Information For Financial Instruments Measured on a Recurring Basis
The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented under the captions “Derivative instruments” in the Company’s condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates.

As of June 30, 2022
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Derivative instruments:
Commodity derivative instruments$— $106 $— $106 $(89)$17 
Non-current assets- Derivative instruments:
Commodity derivative instruments$— $51 $— $51 $(18)$33 
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments$— $231 $— $231 $(89)$142 
Interest rate swaps$— $20 $— $20 $— $20 
Non-current liabilities- Derivative instruments:
Commodity derivative instruments$— $22 $— $22 $(18)$
Interest rate swaps$— $119 $— $119 $— $119 
As of December 31, 2021
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Derivative instruments:
Commodity derivative instruments$— $60 $— $60 $(57)$
Interest rate swaps designated as hedges$— $10 $— $10 $— $10 
Non-current assets- Derivative instruments:
Commodity derivative instruments$— $12 $— $12 $(8)$
Interest rate swaps designated as hedges$— $$— $$(1)$— 
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments$— $231 $— $231 $(57)$174 
Non-current liabilities- Derivative instruments:
Commodity derivative instruments$— $$— $$(8)$
Interest rate swaps designated as hedges$— $29 $— $29 $(1)$28 
Schedule of Offsetting Assets
The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented under the captions “Derivative instruments” in the Company’s condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates.

As of June 30, 2022
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Derivative instruments:
Commodity derivative instruments$— $106 $— $106 $(89)$17 
Non-current assets- Derivative instruments:
Commodity derivative instruments$— $51 $— $51 $(18)$33 
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments$— $231 $— $231 $(89)$142 
Interest rate swaps$— $20 $— $20 $— $20 
Non-current liabilities- Derivative instruments:
Commodity derivative instruments$— $22 $— $22 $(18)$
Interest rate swaps$— $119 $— $119 $— $119 
As of December 31, 2021
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Derivative instruments:
Commodity derivative instruments$— $60 $— $60 $(57)$
Interest rate swaps designated as hedges$— $10 $— $10 $— $10 
Non-current assets- Derivative instruments:
Commodity derivative instruments$— $12 $— $12 $(8)$
Interest rate swaps designated as hedges$— $$— $$(1)$— 
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments$— $231 $— $231 $(57)$174 
Non-current liabilities- Derivative instruments:
Commodity derivative instruments$— $$— $$(8)$
Interest rate swaps designated as hedges$— $29 $— $29 $(1)$28 
Schedule of Offsetting Liabilities
The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented under the captions “Derivative instruments” in the Company’s condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates.

As of June 30, 2022
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Derivative instruments:
Commodity derivative instruments$— $106 $— $106 $(89)$17 
Non-current assets- Derivative instruments:
Commodity derivative instruments$— $51 $— $51 $(18)$33 
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments$— $231 $— $231 $(89)$142 
Interest rate swaps$— $20 $— $20 $— $20 
Non-current liabilities- Derivative instruments:
Commodity derivative instruments$— $22 $— $22 $(18)$
Interest rate swaps$— $119 $— $119 $— $119 
As of December 31, 2021
Level 1Level 2Level 3Total Gross Fair ValueGross Amounts Offset in Balance SheetNet Fair Value Presented in Balance Sheet
(In millions)
Assets:
Current assets- Derivative instruments:
Commodity derivative instruments$— $60 $— $60 $(57)$
Interest rate swaps designated as hedges$— $10 $— $10 $— $10 
Non-current assets- Derivative instruments:
Commodity derivative instruments$— $12 $— $12 $(8)$
Interest rate swaps designated as hedges$— $$— $$(1)$— 
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments$— $231 $— $231 $(57)$174 
Non-current liabilities- Derivative instruments:
Commodity derivative instruments$— $$— $$(8)$
Interest rate swaps designated as hedges$— $29 $— $29 $(1)$28 
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:
June 30, 2022December 31, 2021
CarryingCarrying
ValueFair ValueValueFair Value
(In millions)
Debt$5,456 $5,183 $6,687 $7,148