FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables provide (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of September 30, 2025, and December 31, 2024:


	As of September 30, 2025
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:
Derivative instruments	$	—	$	35	$	—	$	35	$	(13)	$	22
Non-current:

Derivative instruments	$	—	$	2	$	—	$	2	$	(2)	$	—
Liabilities:
Current:
Derivative instruments	$	—	$	13	$	—	$	13	$	(13)	$	—
2026 WTI Contingent Liability	$	—	$	27	$	—	$	27	$	—	$	27
Non-current:
Derivative instruments	$	—	$	13	$	—	$	13	$	(2)	$	11


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:
Derivative instruments	$	—	$	24	$	—	$	24	$	(6)	$	18



Liabilities:
Current:
Derivative instruments	$	—	$	8	$	—	$	8	$	(6)	$	2
Non-current:

2026 WTI Contingent Liability	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Offsetting Assets


	As of September 30, 2025
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:
Derivative instruments	$	—	$	35	$	—	$	35	$	(13)	$	22
Non-current:

Derivative instruments	$	—	$	2	$	—	$	2	$	(2)	$	—
Liabilities:
Current:
Derivative instruments	$	—	$	13	$	—	$	13	$	(13)	$	—
2026 WTI Contingent Liability	$	—	$	27	$	—	$	27	$	—	$	27
Non-current:
Derivative instruments	$	—	$	13	$	—	$	13	$	(2)	$	11


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:
Derivative instruments	$	—	$	24	$	—	$	24	$	(6)	$	18



Liabilities:
Current:
Derivative instruments	$	—	$	8	$	—	$	8	$	(6)	$	2
Non-current:

2026 WTI Contingent Liability	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Offsetting Liabilities


	As of September 30, 2025
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:
Derivative instruments	$	—	$	35	$	—	$	35	$	(13)	$	22
Non-current:

Derivative instruments	$	—	$	2	$	—	$	2	$	(2)	$	—
Liabilities:
Current:
Derivative instruments	$	—	$	13	$	—	$	13	$	(13)	$	—
2026 WTI Contingent Liability	$	—	$	27	$	—	$	27	$	—	$	27
Non-current:
Derivative instruments	$	—	$	13	$	—	$	13	$	(2)	$	11


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:
Derivative instruments	$	—	$	24	$	—	$	24	$	(6)	$	18



Liabilities:
Current:
Derivative instruments	$	—	$	8	$	—	$	8	$	(6)	$	2
Non-current:

2026 WTI Contingent Liability	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Assets and Liabilities Not Recorded at Fair Value

The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets:


	September 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In millions)
Debt	$	2,621	$	2,664	$	1,083	$	1,105