DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Oil Hedge Positions

We held the following Brent-based crude oil contracts as of December 31, 2023:

	Q1 2024		Q2 2024		Q3 2024		Q4 2024		2025
Sold Calls:
Barrels per day	23,650		30,000		30,000		29,000		19,748
Weighted-average price per barrel	$	90.00	$	90.07	$	90.07	$	90.07	$	85.63
Purchased Puts
Barrels per day	30,584		30,000		30,000		29,000		19,748
Weighted-average price per barrel	$	67.27	$	65.17	$	65.17	$	65.17	$	60.00
Swaps
Barrels per day	9,500		8,875		7,750		5,500		3,374
Weighted-average price per barrel	$	79.81	$	79.28	$	79.64	$	77.45	$	72.66

At December 31, 2023, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.

	Q1 2024		Q2 2024		Q3 2024		Q4 2024
Swaps:
MMBtu per day	10,000		10,000		10,000		10,000
Weighted-average price per MMBtu	$	5.65	$	5.65	$	5.65	$	5.65

We report gains and losses on our derivative contracts related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:

	Year ended December 31,
	2023		2022		2021
(in millions)
Non-cash commodity derivative gain (loss)	$	260	$	187	$	(357)
Settlements and amortized premiums	(272)		(738)		(319)
Net loss from commodity derivatives	$	(12)	$	(551)	$	(676)

Schedule of Fair Values (at Gross and Net) of Outstanding Derivatives

The following tables present the fair values of our outstanding commodity derivatives:

December 31, 2023
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet
Assets:	(in millions)
Other current assets, net	$	39	$	(18)	$	21
Other noncurrent assets	38		(32)		6
Liabilities:
Current - Fair value of derivative contracts	(26)		18		(8)
Other long-term liabilities	(34)		32		(2)
	$	17	$	—	$	17

December 31, 2022
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet
Assets:	(in millions)
Other current assets, net	$	51	$	(12)	$	39
Other noncurrent assets	7		—		7
Liabilities:
Current - Fair value of derivative contracts	(258)		12		(246)
	$	(200)	$	—	$	(200)