Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2023 and December 31, 2022 were as follows:

	March 31, 2023				December 31, 2022
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	3	$	3	$	50	$	50
2022 revolving credit facility due April 2027	210		210		250		250
Senior notes (1)	3,743		3,524		4,164		3,847
Derivative instruments, net	46		46		(1,478)		(1,478)

(1)Excludes unamortized debt issuance costs and debt discounts.

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	March 31, 2023
	Fair Value Measurements Using:
(in millions)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Assets (Liabilities) at Fair Value
Assets
Fixed price swaps	$	—	$	364	$	—	$	364
Two-way costless collars	—		156		—		156
Three-way costless collars	—		117		—		117
Basis swaps	—		24		—		24
Put options	—		6		—		6
Liabilities
Fixed price swaps	—		(221)		—		(221)
Two-way costless collars	—		(141)		—		(141)
Three-way costless collars	—		(182)		—		(182)
Basis swaps	—		(43)		—		(43)
Call options	—		(27)		—		(27)
Put options	—		(6)		—		(6)
Total (1)	$	—	$	47	$	—	$	47

(1)Excludes a net reduction to the asset fair value of $1 million related to estimated non-performance risk.

	December 31, 2022
	Fair Value Measurements Using:
(in millions)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Assets (Liabilities) at Fair Value
Assets
Fixed price swaps	$	—	$	46	$	—	$	46
Two-way costless collars	—		65		—		65
Three-way costless collars	—		22		—		22
Basis swaps	—		81		—		81
Purchase Put - Natural Gas	—		4		—		4
Liabilities
Fixed price swaps	—		(888)		—		(888)
Two-way costless collars	—		(291)		—		(291)
Three-way costless collars	—		(362)		—		(362)
Basis swaps	—		(70)		—		(70)
Call options	—		(88)		—		(88)
Total (1)	$	—	$	(1,481)	$	—	$	(1,481)

(1)Excludes a net reduction to the liability fair value of $3 million related to estimated non-performance risk.