FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables provide (i) the consolidated balance sheet classification where the Company’s commodity derivative instrument assets and liabilities and 2026 WTI Contingent Liability are recorded, (ii) fair value measurement information, (iii) the gross amounts of recognized assets and liabilities, (iv) the amounts offset under master netting arrangements with counterparties, and (v) the resulting net amounts presented in the Company’s consolidated balance sheets as of December 31, 2025, and December 31, 2024:


	As of December 31, 2025
Balance Sheet Classification	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:
Prepaid expenses and other current assets	$	—	$	37	$	—	$	37	$	(9)	$	28


Liabilities:
Other current liabilities	$	—	$	9	$	—	$	9	$	(9)	$	—
Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities	$	—	$	7	$	—	$	7	$	—	$	7


	As of December 31, 2024
Balance Sheet Classification	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:
Prepaid expenses and other current assets	$	—	$	24	$	—	$	24	$	(6)	$	18



Liabilities:
Other current liabilities	$	—	$	8	$	—	$	8	$	(6)	$	2

Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Offsetting Liabilities


	As of December 31, 2025
Balance Sheet Classification	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:
Prepaid expenses and other current assets	$	—	$	37	$	—	$	37	$	(9)	$	28


Liabilities:
Other current liabilities	$	—	$	9	$	—	$	9	$	(9)	$	—
Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities	$	—	$	7	$	—	$	7	$	—	$	7


	As of December 31, 2024
Balance Sheet Classification	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:
Prepaid expenses and other current assets	$	—	$	24	$	—	$	24	$	(6)	$	18



Liabilities:
Other current liabilities	$	—	$	8	$	—	$	8	$	(6)	$	2

Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Offsetting Assets


	As of December 31, 2025
Balance Sheet Classification	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:
Prepaid expenses and other current assets	$	—	$	37	$	—	$	37	$	(9)	$	28


Liabilities:
Other current liabilities	$	—	$	9	$	—	$	9	$	(9)	$	—
Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities	$	—	$	7	$	—	$	7	$	—	$	7


	As of December 31, 2024
Balance Sheet Classification	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:
Prepaid expenses and other current assets	$	—	$	24	$	—	$	24	$	(6)	$	18



Liabilities:
Other current liabilities	$	—	$	8	$	—	$	8	$	(6)	$	2

Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Fair Value Consolidated Balance Sheets

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


	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In millions)
Debt	$	2,186	$	2,233	$	1,083	$	1,105