DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of December 31, 2024, the Company had the following outstanding commodity derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed:

					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential	Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Jan. - Mar.	2025	Basis Swap(1)	64,000	Argus WTI Midland	$1.09	$—	$—
Jan. - Mar.	2025	Costless Collar	13,000	WTI Cushing	$—	$60.00	$89.55
Apr. - Dec.	2025	Basis Swap(1)	51,000	Argus WTI Midland	$1.07	$—	$—
NATURAL GAS
Jan. - Mar.	2025	Costless Collar	750,000	Henry Hub	$—	$2.52	$5.26
Jan. - Mar.	2025	Basis Swap(1)	670,000	Waha Hub	$(0.82)	$—	$—
Apr. - Dec.	2025	Costless Collar	690,000	Henry Hub	$—	$2.49	$5.28
Apr. - Dec.	2025	Basis Swap(1)	610,000	Waha Hub	$(0.84)	$—	$—
Jan. - Dec.	2026	Costless Collar	320,000	Henry Hub	$—	$2.50	$6.21
Jan. - Dec.	2026	Basis Swap(1)	30,000	Waha Hub	$(1.29)	$—	$—

(1)    The Company has fixed price basis swaps for the spread between the Cushing crude oil price and the Midland WTI crude oil price as well as the spread between the Henry Hub natural gas price and the Waha Hub natural gas price. The weighted average differential represents the amount of reduction to the Cushing, Oklahoma, oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts.

Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Deferred Premium
OIL
Jan. - Mar.	2025	Put	52,000	Brent	$60.00	$1.48
Jan. - Mar.	2025	Put	83,000	Argus WTI Houston	$55.84	$1.59
Jan. - Mar.	2025	Put	142,000	WTI Cushing	$56.58	$1.59
Apr. - Jun.	2025	Put	43,000	Brent	$58.84	$1.52
Apr. - Jun.	2025	Put	81,000	Argus WTI Houston	$55.12	$1.59
Apr. - Jun.	2025	Put	113,000	WTI Cushing	$55.71	$1.57
Jul. - Sep.	2025	Put	20,000	Brent	$57.50	$1.61
Jul. - Sep.	2025	Put	67,000	Argus WTI Houston	$55.00	$1.61
Jul. - Sep.	2025	Put	42,000	WTI Cushing	$55.00	$1.54
Oct. - Dec.	2025	Put	5,000	Brent	$55.00	$1.83
Oct. - Dec.	2025	Put	30,000	Argus WTI Houston	$55.00	$1.64

Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations

The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:

	Year Ended December 31,
	2024		2023		2022
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	210	$	(239)	$	(528)
Interest rate swaps	(45)		(20)		(58)
2026 WTI Contingent Liability	(3)		—		—
Treasury locks	(25)		—		—
Total	$	137	$	(259)	$	(586)
Net cash received (paid) on settlements:
Commodity contracts(2)	$	57	$	(61)	$	(849)
Interest rate swaps(1)	(83)		(49)		(1)
Treasury locks	(25)		—		—
Total	$	(51)	$	(110)	$	(850)

(1)The year ended December 31, 2024 includes cash paid on interest rate swaps terminated prior to their contractual maturity of $37 million.

(2)The year ended December 31, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $138 million.