FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 were as follows:

	June 30, 2024				December 31, 2023
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	15	$	15	$	21	$	21
2022 revolving credit facility due April 2027	445		445		220		220
Senior notes (1)	3,743		3,598		3,743		3,626
Derivative instruments, net	295		295		610		610

(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:

	June 30, 2024
	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	$	—	$	239	$	—	$	239
Two-way costless collars	—		49		—		49
Three-way costless collars	—		138		—		138
Basis swaps	—		17		—		17
Liabilities
Fixed price swaps	—		(63)		—		(63)
Two-way costless collars	—		(12)		—		(12)
Three-way costless collars	—		(58)		—		(58)
Basis swaps	—		(1)		—		(1)
Call options	—		(14)		—		(14)
Total	$	—	$	295	$	—	$	295

	December 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	$	—	$	491	$	—	$	491
Two-way costless collars	—		85		—		85
Three-way costless collars	—		189		—		189
Basis swaps	—		18		—		18
Purchase Put - Natural Gas	—		8		—		8
Liabilities
Fixed price swaps	—		(21)		—		(21)
Two-way costless collars	—		(30)		—		(30)
Three-way costless collars	—		(96)		—		(96)
Basis swaps	—		(6)		—		(6)
Call options	—		(18)		—		(18)
Put options	—		(8)		—		(8)
Total (1)	$	—	$	612	$	—	$	612

(1)Excludes a net reduction to the asset fair value of $2 million related to estimated non-performance risk.