v3.25.3
DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
As of September 30, 2025, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.

SwapsCollarsPuts
Settlement MonthSettlement YearType of ContractBbls/MMBtu Per DayIndexWeighted Average DifferentialWeighted Average Floor PriceWeighted Average Ceiling Price
Average
Strike Price
Average
Deferred Premium
OIL
Oct. - Dec.
2025
Puts
40,000
WTI Cushing
$—$—$—$55.00$(1.70)
Jan. - Mar.
2026
Puts
25,000
WTI Cushing
$—$—$—$54.30$(1.76)
NATURAL GAS
Oct. - Dec.
2025Basis Swaps60,000Waha Hub$(1.00)$—$—$—$—
Jan. - Dec.
2026
Basis Swaps
80,000
Waha Hub
$(1.61)$—$—$—$—
Jan. - Dec.
2027
Basis Swaps
40,000
Waha Hub
$(1.40)$—$—$—$—
Oct. - Dec.
2025Costless Collar60,000Henry Hub$—$2.50$4.93$—$—
Jan. - Dec.
2026
Costless Collar
60,000
Henry Hub
$—$2.75$6.64$—$—
Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations
The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations and the net cash receipts (payments) on derivatives for the periods presented:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024

(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts$13 $7 $15 $5 
2026 WTI Contingent Liability2 — 3 — 
Treasury locks3 — 3 — 
Total$18 $7 $21 $5 
Net cash receipts (payments) on derivatives:
Commodity contracts$8 $— $20 $(2)
Treasury locks3 — 3 — 
Total$11 $— $23 $(2)