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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of outstanding commodity derivatives
As of June 30, 2022, the Company had the following outstanding financial commodity derivatives:
 20222023
Natural GasThird QuarterFourth QuarterFirst QuarterSecond QuarterThird QuarterFourth Quarter
Waha swaps (1)
     Volume (Mmbtu)4,600,000 1,550,000 — — — — 
     Weighted average price$4.77 $4.77 $— $— $— $— 
Waha gas collars (1)
     Volume (Mmbtu)2,760,000 1,840,000 8,100,000 8,190,000 8,280,000 8,280,000 
     Weighted average floor$2.47 $2.50 $3.03 $3.03 $3.03 $3.03 
     Weighted average ceiling$3.00 $3.12 $5.39 $5.39 $5.39 $5.39 
NYMEX collars
     Volume (Mmbtu)60,720,000 57,670,000 31,500,000 4,550,000 4,600,000 1,550,000 
     Weighted average floor$4.07 $4.15 $4.46 $4.50 $4.50 $4.50 
     Weighted average ceiling$5.64 $6.58 $8.37 $8.39 $8.39 $8.39 
El Paso Permian gas collars (2)
     Volume (Mmbtu)1,840,000 1,840,000 — — — — 
     Weighted average floor$2.50 $2.50 $— $— $— $— 
     Weighted average ceiling$3.15 $3.15 $— $— $— $— 
PEPL gas collars (3)
     Volume (Mmbtu)1,840,000 1,840,000 — — — — 
     Weighted average floor$2.60 $2.60 $— $— $— $— 
     Weighted average ceiling$3.27 $3.27 $— $— $— $— 
Leidy basis swaps (4)
     Volume (Mmbtu)4,600,000 1,550,000 — — — — 
     Weighted average price$(1.50)$(1.50)$— $— $— $— 
________________________________________________________
(1)The index price is Waha West Texas Natural Gas Index (“Waha”) as quoted in Platt’s Inside FERC.
(2)The index price is El Paso Natural Gas Company, Permian Basin Index (“Perm EP”) as quoted in Platt’s Inside FERC.
(3)The index price is Panhandle Eastern Pipe Line, Tex/OK Mid-Continent Index (“PEPL”) as quoted in Platt’s Inside FERC.
(4)The index price is Transco, Leidy Line receipts (“Leidy”) as quoted in Platt’s Inside FERC.
20222023
OilThird QuarterFourth QuarterFirst QuarterSecond Quarter
WTI oil collars
     Volume (Mbbl)2,116 2,116 1,350 1,365 
     Weighted average floor$56.78 $67.65 $70.00 $70.00 
     Weighted average ceiling$72.81 $112.50 $116.03 $116.03 
WTI Midland oil basis swaps (1)
     Volume (Mbbl)1,840 2,116 1,350 1,365 
     Weighted average differential$0.34 $0.46 $0.63 $0.63 
WTI oil roll differential swaps
     Volume (Mbbl)644 — — — 
     Weighted average price$0.10 $— $— $— 
________________________________________________________
(1)The index price is WTI Midland as quoted by Argus Americas Crude.
Schedule of effect of derivative instruments on the condensed consolidated balance sheet
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
Fair Values of Derivative Instruments
  Derivative AssetsDerivative Liabilities
(In millions)Balance Sheet LocationJune 30,
2022		December 31,
2021		June 30,
2022		December 31,
2021
Commodity contractsOther current assets (current)$9 $7 $— $— 
Commodity contractsDerivative instruments (current)— — 170 159 
Commodity contractsOther assets (non-current)16 — — — 
$25 $7 $170 $159 
Schedule of offsetting of derivative liabilities in the condensed consolidated balance sheet
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions)June 30,
2022		December 31,
2021
Derivative assets  
Gross amounts of recognized assets$56 $27 
Gross amounts offset in the condensed consolidated balance sheet(31)(20)
Net amounts of assets presented in the condensed consolidated balance sheet25 7 
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet— — 
Net amount$25 $7 
Derivative liabilities   
Gross amounts of recognized liabilities$201 $179 
Gross amounts offset in the condensed consolidated balance sheet(31)(20)
Net amounts of liabilities presented in the condensed consolidated balance sheet170 159 
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet48 35 
Net amount$218 $194 
Schedule of offsetting of derivative assets in the condensed consolidated balance sheet
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions)June 30,
2022		December 31,
2021
Derivative assets  
Gross amounts of recognized assets$56 $27 
Gross amounts offset in the condensed consolidated balance sheet(31)(20)
Net amounts of assets presented in the condensed consolidated balance sheet25 7 
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet— — 
Net amount$25 $7 
Derivative liabilities   
Gross amounts of recognized liabilities$201 $179 
Gross amounts offset in the condensed consolidated balance sheet(31)(20)
Net amounts of liabilities presented in the condensed consolidated balance sheet170 159 
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet48 35 
Net amount$218 $194 
Schedule of effect of derivatives on the condensed consolidated statement of operations
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2022202120222021
Cash (paid) received on settlement of derivative instruments    
Gas contracts$(161)$— $(203)$3 
Oil contracts(132)— (261)— 
Non-cash gain (loss) on derivative instruments    
Gas Contracts133 (88)(49)(104)
Oil Contracts94 — 56 — 
 $(66)$(88)$(457)$(101)