DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Open Derivative Contracts

We held the following Brent-based crude oil contracts as of March 31, 2022:

	Q2 2022		Q3 2022		Q4 2022		1H 2023		2H 2023		2024
Sold Calls
Barrels per day	35,343		34,380		25,167		18,078		11,555		—
Weighted-average price per barrel	$	60.63	$	60.76	$	57.82	$	58.63	$	57.06	$	—
Swaps
Barrels per day	10,669		10,476		17,263		11,806		16,552		1,492
Weighted-average price per barrel	$	54.12	$	53.97	$	58.79	$	58.04	$	62.95	$	79.06
Net Purchased Puts(a)
Barrels per day	35,343		34,380		25,167		18,078		11,555		1,724
Weighted-average price per barrel	$	65.42	$	65.02	$	64.47	$	76.25	$	76.25	$	75.00
Sold Puts
Barrels per day	—		4,000		1,348		—		—		—
Weighted-average price per barrel	$	—	$	32.00	$	32.00	$	—	$	—	$	—

(a)Purchased puts and sold puts with the same strike price have been presented on a net basis.

Summary of Fair Value of Derivatives

The following tables present the fair values on a recurring basis (at gross and net) of our outstanding commodity derivatives as of March 31, 2022 and December 31, 2021:

March 31, 2022
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	31	$	(22)	$	9
Other noncurrent assets	55		(26)		29
Liabilities
Current - Fair value of derivative contracts	(576)		22		(554)
Noncurrent - Fair value of derivative contracts	(226)		26		(200)
	$	(716)	$	—	$	(716)

December 31, 2021
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	33	$	(27)	$	6
Other noncurrent assets	12		(11)		1
Liabilities
Current - Fair value of derivative contracts	(297)		27		(270)
Noncurrent - Fair value of derivative contracts	(143)		11		(132)
	$	(395)	$	—	$	(395)