v3.25.4
DERIVATIVES (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
As of December 31, 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 PriceStrike PriceDeferred Premium
OIL
Jan. - Mar.2026Puts40,000WTI Cushing$—$—$—$51.75$(1.56)
Apr. - Jun.2026Puts20,000WTI Cushing$—$—$—$48.13$(1.35)
NATURAL GAS
Jan. - Dec.2026Basis Swaps80,000Waha Hub$(1.61)$—$—$—$—
Jan. - Dec.2027Basis Swaps40,000Waha Hub$(1.40)$—$—$—$—
Jan. - Dec.2026Costless Collar60,000Henry 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 consolidated statements of operations and the net cash receipts (payments) on derivatives for the periods presented:

Year Ended December 31,
202520242023
(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts$31 $15 $(26)
2026 WTI Contingent Liability10 (4)— 
Treasury locks3 — — 
Total$44 $11 $(26)
Net cash receipts (payments) on derivatives:
Commodity contracts$27 $(3)$(13)
Treasury locks3 — — 
Total$30 $(3)$(13)