DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023:

	Q2 2023		Q3 2023		Q4 2023		1H 2024		2H 2024
Sold Calls
Barrels per day	17,837		17,363		5,747		2,000		4,000
Weighted-average price per barrel	$	60.00	$	57.06	$	57.06	$	90.53	$	90.53
Swaps
Barrels per day	19,475		17,697		27,094		3,500		1,000
Weighted-average price per barrel	$	70.48	$	69.27	$	70.73	$	78.79	$	77.20
Net Purchased Puts(a)
Barrels per day	17,837		17,363		5,747		5,467		4,000
Weighted-average price per barrel	$	76.25	$	76.25	$	76.25	$	71.80	$	66.25

(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, 2023 and December 31, 2022:

March 31, 2023
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets - Fair value of derivative contracts	$	48	$	(8)	$	40
Other noncurrent assets - Fair value of derivative contracts	10		(7)		3
Liabilities
Current - Fair value of derivative contracts(a)	(162)		8		(154)
Noncurrent - Fair value of derivative contracts	(7)		7		—
	$	(111)	$	—	$	(111)

(a)In addition to our Brent based derivative contracts, we held swaps as of March 31, 2023 for offsetting notional volumes of natural gas to secure a margin for future physical sales of natural gas related to our marketing and trading activities. The fair value of these natural gas hedges was $15 million included in current liabilities at March 31, 2023.

December 31, 2022
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets - Fair value of derivative contracts	$	51	$	(12)	$	39
Other noncurrent assets - Fair value of derivative contracts	7		—		7
Liabilities
Current - Fair value of derivative contracts(a)	(258)		12		(246)
Noncurrent - Fair value of derivative contracts	—		—		—
	$	(200)	$	—	$	(200)

(a)In addition to our Brent based derivative contracts, we held swaps as of December 31, 2022 for offsetting notional volumes of natural gas to secure a margin for future physical sales of natural gas related to our marketing and trading activities. The fair value of these natural gas hedges was $4 million included in current liabilities at December 31, 2022.