Southwestern Energy (SWN) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-08246
Entity Registrant Name	Southwestern Energy Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0205415
Entity Address, Address Line One	10000 Energy Drive
Entity Address, City or Town	Spring
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77389
City Area Code	832
Local Phone Number	796-1000
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	SWN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,102,844,906
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000007332
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Revenues:
Total operating revenues	$ 1,417	$ 2,118
Operating Costs and Expenses:
Marketing purchases	588	667
Operating expenses	417	418
General and administrative expenses	56	46
Merger-related expenses	9	0
Depreciation, depletion and amortization	262	313
Impairments	2,093	0
Taxes, other than income taxes	49	68
Total operating costs and expense	3,474	1,512
Operating Income (Loss)	(2,057)	606
Interest Expense:
Interest on debt	59	63
Other interest charges	3	3
Interest capitalized	(27)	(30)
Total interest expense	35	36
Gain on Derivatives	126	1,401
Loss on Early Extinguishment of Debt	0	(19)
Other Income (Loss), Net	1	(1)
Income (Loss) Before Income Taxes	(1,965)	1,951
Provision (Benefit) for Income Taxes:
Current	0	0
Deferred	(430)	12
Total provision (benefit) from income taxes	(430)	12
Net Income (Loss)	$ (1,535)	$ 1,939
Earnings (Loss) Per Common Share:
Basic (in dollars per share)	$ (1.39)	$ 1.76
Diluted (in dollars per share)	$ (1.39)	$ 1.76
Weighted Average Common Shares Outstanding:
Basic (in shares)	1,101,824,856	1,100,278,261
Diluted (in shares)	1,101,824,856	1,102,396,636
Gas sales
Operating Revenues:
Total operating revenues	$ 584	$ 1,145
Oil sales
Operating Revenues:
Total operating revenues	82	95
NGL sales
Operating Revenues:
Total operating revenues	174	201
Marketing
Operating Revenues:
Total operating revenues	579	679
Other
Operating Revenues:
Total operating revenues	$ (2)	$ (2)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,535)	$ 1,939
Change in value of pension and other postretirement liabilities:
Amortization of prior service cost and net gain, including gain on settlements and curtailments included in net periodic pension cost	0	1
Net actuarial gain (loss) incurred in period	2	(2)
Net tax loss attributable to pension termination	0	(14)
Total change in value of pension and postretirement liabilities	2	(15)
Comprehensive income (loss)	$ (1,533)	$ 1,924

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 29	$ 21
Accounts receivable, net	491	680
Derivative assets	640	614
Other current assets	91	100
Total current assets	1,251	1,415
Natural gas and oil properties, using the full cost method, including $2,037 million as of March 31, 2024 and $2,075 million as of December 31, 2023 excluded from amortization	38,308	37,772
Other	573	566
Less: Accumulated depreciation, depletion and amortization	(30,784)	(28,425)
Total property and equipment, net	8,097	9,913
Operating lease assets	144	154
Long-term derivative assets	131	175
Deferred tax assets	674	238
Other long-term assets	101	96
Total long-term assets	1,050	663
TOTAL ASSETS	10,398	11,991
Current liabilities:
Current portion of long-term debt	389	0
Accounts payable	1,299	1,384
Taxes payable	123	128
Interest payable	26	77
Derivative liabilities	116	79
Current operating lease liabilities	43	44
Other current liabilities	28	17
Total current liabilities	2,024	1,729
Long-term debt	3,609	3,947
Long-term operating lease liabilities	100	107
Long-term derivative liabilities	75	100
Other long-term liabilities	224	220
Total long-term liabilities	4,008	4,374
Commitments and contingencies (Note 11)
Equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; issued 1,164,459,599 shares as of March 31, 2024 and 1,163,077,745 shares as of December 31, 2023	12	12
Additional paid-in capital	7,199	7,188
Accumulated deficit	(2,517)	(982)
Accumulated other comprehensive loss	(1)	(3)
Common stock in treasury, 61,614,693 shares as of March 31, 2024 and December 31, 2023	(327)	(327)
Total equity	4,366	5,888
TOTAL LIABILITIES AND EQUITY	$ 10,398	$ 11,991

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Natural gas and oil properties, using the full cost method, costs excluded from amortization	$ 2,037	$ 2,075
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	1,164,459,599	1,163,077,745
Treasury stock, shares (in shares)	61,614,693	61,614,693

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income (loss)	$ (1,535)	$ 1,939
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	262	313
Amortization of debt issuance costs	2	2
Impairments	2,093	0
Deferred income taxes	(430)	12
(Gain) loss on derivatives, unsettled	30	(1,524)
Stock-based compensation	7	1
Loss on early extinguishment of debt	0	19
Other	1	2
Change in assets and liabilities:
Accounts receivable	190	734
Accounts payable	(94)	(257)
Taxes payable	(5)	(27)
Interest payable	(29)	(33)
Inventories	(1)	(14)
Other assets and liabilities	5	(30)
Net cash provided by operating activities	496	1,137
Cash Flows From Investing Activities:
Capital investments	(521)	(670)
Net cash used in investing activities	(521)	(670)
Cash Flows From Financing Activities:
Payments on long-term debt	0	(437)
Payments on revolving credit facility	(981)	(1,357)
Borrowings under revolving credit facility	1,031	1,317
Change in bank drafts outstanding	(12)	(33)
Cash paid for tax withholding	(5)	(4)
Net cash provided by (used in) financing activities	33	(514)
Increase (decrease) in cash and cash equivalents	8	(47)
Cash and cash equivalents at beginning of year	21	50
Cash and cash equivalents at end of period	$ 29	$ 3

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Common Stock in Treasury
Beginning balance (in shares) at Dec. 31, 2022		1,161,545,588
Beginning balance at Dec. 31, 2022	$ 4,324	$ 12	$ 7,172	$ (2,539)	$ 6	$ (327)
Beginning balance treasury stock (in share) at Dec. 31, 2022						61,614,693
Comprehensive loss:
Net income (loss)	1,939			1,939
Other comprehensive income	(15)				(15)
Total comprehensive loss	1,924
Stock-based compensation	2		2
Restricted units vested (in shares)		1,999,039
Restricted units vested	8		8
Tax withholding - stock compensation (in shares)		(662,163)
Tax withholding – stock compensation	(4)		(4)
Ending balance (in shares) at Mar. 31, 2023		1,162,882,464
Ending balance at Mar. 31, 2023	6,254	$ 12	7,178	(600)	(9)	$ (327)
Ending balance treasury stock (in share) at Mar. 31, 2023						61,614,693
Beginning balance (in shares) at Dec. 31, 2023		1,163,077,745
Beginning balance at Dec. 31, 2023	$ 5,888	$ 12	7,188	(982)	(3)	$ (327)
Beginning balance treasury stock (in share) at Dec. 31, 2023	61,614,693					61,614,693
Comprehensive loss:
Net income (loss)	$ (1,535)			(1,535)
Other comprehensive income	2				2
Total comprehensive loss	(1,533)
Stock-based compensation	10		10
Restricted units vested (in shares)		2,108,403
Restricted units vested	6		6
Tax withholding - stock compensation (in shares)		(726,549)
Tax withholding – stock compensation	(5)		(5)
Ending balance (in shares) at Mar. 31, 2024		1,164,459,599
Ending balance at Mar. 31, 2024	$ 4,366	$ 12	$ 7,199	$ (2,517)	$ (1)	$ (327)
Ending balance treasury stock (in share) at Mar. 31, 2024	61,614,693					61,614,693

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Nature of Operations Southwestern Energy Company (including its subsidiaries, collectively “Southwestern” or the “Company”) is an independent energy company engaged in natural gas, oil and NGLs development, exploration and production (“E&P”). The Company is also focused on creating and capturing additional value through its marketing business (“Marketing”). Southwestern conducts most of its business through subsidiaries and operates principally in two segments: E&P and Marketing. E&P. Southwestern’s primary business is the development and production of natural gas as well as associated NGLs and oil, with ongoing operations focused on the development of unconventional natural gas and oil reservoirs located in Pennsylvania, West Virginia, Ohio and Louisiana. The Company’s operations in Pennsylvania, West Virginia and Ohio, herein referred to as “Appalachia,” are primarily focused on the Marcellus Shale, the Utica and the Upper Devonian unconventional natural gas and liquids reservoirs. The Company’s operations in Louisiana, herein referred to as “Haynesville,” are primarily focused on the Haynesville and Bossier natural gas reservoirs (“Haynesville and Bossier Shales”). The Company also operates drilling rigs and provides certain oilfield products and services, principally serving the Company’s E&P operations through vertical integration. Marketing. Southwestern’s marketing activities capture opportunities that arise through the marketing and transportation of natural gas, oil and NGLs primarily produced in its E&P operations. Basis of Presentation The accompanying consolidated financial statements were prepared using accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information relating to the Company’s organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been appropriately condensed or omitted in this Quarterly Report. Principles of Consolidation The consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein. It is recommended that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”). The Company’s significant accounting policies, which have been reviewed and approved by the Audit Committee of the Company’s board of directors (the “Board”), are summarized in Note 1 in the Notes to the Consolidated Financial Statements included in the Company’s 2023 Annual Report. Proposed merger of the Company with Chesapeake Energy Corporation On January 10, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Chesapeake Energy Corporation, an Oklahoma corporation (“Chesapeake”), Hulk Merger Sub, Inc., a Delaware corporation and a newly formed, wholly owned subsidiary of Chesapeake (“Merger Sub”) and Hulk LLC Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Chesapeake (“LLC Sub” and together with Merger Sub, the Company and Chesapeake, the “Parties”), pursuant to which Merger Sub will merge with and into the Company (the “Proposed Merger”), with the Company continuing as a wholly owned subsidiary of Chesapeake (the “Surviving Corporation”). Immediately following the time the Proposed Merger becomes effective (the “Effective Time”), the Surviving Corporation will be merged with and into LLC Sub, with LLC Sub continuing as the surviving entity and as a wholly owned subsidiary of Chesapeake. Under the terms of the Merger Agreement, upon completion of the Proposed Merger, Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for one share of Southwestern common stock. The consideration to be paid under the Merger Agreement is subject to adjustment as provided in the Merger Agreement. No fractional shares of Chesapeake common stock will be issued in the Proposed Merger, the holders of shares of Southwestern common stock will receive cash in lieu of fractional shares of Chesapeake common stock, if any, in accordance with the terms of the Merger Agreement. The consummation of the Proposed Merger is subject to the satisfaction or waiver of customary closing conditions, including: receipt of the required approvals from the stockholders of the Company and Chesapeake, and the expiration or termination of the extended waiting period imposed by the issuance of a request for additional information and documentary materials by the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and no agreement between or commitment by the Parties and any governmental entity not to consummate the Proposed Merger being in effect. The Company and Chesapeake have each made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains customary pre-closing covenants of the Company and Chesapeake, including, subject to certain exceptions, covenants relating to conducting their respective businesses in the ordinary course consistent with past practice and refraining from taking certain actions, excepting in each case actions expressly permitted or required by the Merger Agreement, required by law or consented to by the other party in writing. The Merger Agreement provides that in the event of termination of the Merger Agreement under certain circumstances, the Company may be required to reimburse Chesapeake’s expenses up to $55.6 million or pay Chesapeake a termination fee equal to $389 million less any expenses previously paid. Further, Chesapeake may be required to reimburse our expenses up to $37.25 million or pay us a termination fee equal to $260 million less any expenses previously paid. For the three months ended March 31, 2024, the Company incurred approximately

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Revenues from Contracts with Customers Natural gas and liquids. Natural gas, oil and NGL sales are recognized when control of the product is transferred to the customer at a designated delivery point. The pricing provisions of the Company’s contracts are primarily tied to a market index with certain adjustments based on factors such as delivery, quality of the product and prevailing supply and demand conditions in the geographic areas in which the Company operates. Under the Company’s sales contracts, the delivery of each unit of natural gas, oil and NGLs represents a separate performance obligation, and revenue is recognized at the point in time when the performance obligations are fulfilled. There is no significant financing component to the Company’s revenues as payment terms are typically within 30 to 60 days of control transfer. Furthermore, consideration from a customer corresponds directly with the value to the customer of the Company’s performance completed to date. As a result, the Company recognizes revenue in the amount to which the Company has a right to invoice and has not disclosed information regarding its remaining performance obligations. The Company records revenue from its natural gas and liquids production in the amount of its net revenue interest in sales from its properties. Accordingly, natural gas and liquid sales are not recognized for deliveries in excess of the Company’s net revenue interest, while natural gas and liquid sales are recognized for any under-delivered volumes. Marketing. The Company, through its marketing affiliate, generally markets natural gas, oil and NGLs for its affiliated E&P companies as well as other joint owners who choose to market with the Company. In addition, the Company markets some products purchased from third parties. Marketing revenues for natural gas, oil and NGL sales are recognized when control of the product is transferred to the customer at a designated delivery point. The pricing provisions of the Company’s contracts are primarily tied to market indices with certain adjustments based on factors such as delivery, quality of the product and prevailing supply and demand conditions. Under the Company’s marketing contracts, the delivery of each unit of natural gas, oil and NGLs represents a separate performance obligation, and revenue is recognized at the point in time when the performance obligations are fulfilled. Customers are invoiced and revenues are recorded each month as natural gas, oil and NGLs are delivered, and payment terms are typically within 30 to 60 days of control transfer. Furthermore, consideration from a customer corresponds directly with the value to the customer of the Company’s performance completed to date. As a result, the Company recognizes revenue in the amount to which the Company has a right to invoice and has not disclosed information regarding its remaining performance obligations. Disaggregation of Revenues The Company presents a disaggregation of E&P revenues by product on the consolidated statements of operations net of intersegment revenues. The following table reconciles operating revenues as presented on the consolidated statements of operations to the operating revenues by segment: (in millions) E&P Marketing Intersegment Total Three months ended March 31, 2024 Gas sales $ 571 $ — $ 13 $ 584 Oil sales 81 — 1 82 NGL sales 174 — — 174 Marketing — 1,377 (798) 579 Other (1) (2) — — (2) Total $ 824 $ 1,377 $ (784) $ 1,417 (in millions) Three months ended March 31, 2023 Gas sales $ 1,136 $ — $ 9 $ 1,145 Oil sales 94 — 1 95 NGL sales 201 — — 201 Marketing — 2,041 (1,362) 679 Other (1) (2) — — (2) Total $ 1,429 $ 2,041 $ (1,352) $ 2,118 (1) For the three months ended March 31, 2024 and the three months ended March 31, 2023, other E&P revenues consists primarily of losses on purchaser imbalances associated with natural gas and certain NGLs. Associated E&P revenues are also disaggregated for analysis on a geographic basis by the core areas in which the Company operates, which are Appalachia and Haynesville. For the three months ended March 31, (in millions) 2024 2023 Appalachia $ 554 $ 923 Haynesville 270 506 Total $ 824 $ 1,429 Receivables from Contracts with Customers The following table reconciles the Company’s receivables from contracts with customers to consolidated accounts receivable as presented on the consolidated balance sheet: (in millions) March 31, 2024 December 31, 2023 Receivables from contracts with customers $ 433 $ 622 Other accounts receivable 58 58 Total accounts receivable $ 491 $ 680 Amounts recognized against the Company’s allowance for doubtful accounts related to receivables arising from contracts with customers were not significant for both the three months ended March 31, 2024 and year ended December 31, 2023. The Company has no contract assets or contract liabilities associated with its revenues from contracts with customers.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS The following table presents a summary of cash and cash equivalents as of March 31, 2024 and December 31, 2023: (in millions) March 31, 2024 December 31, 2023 Cash $ 23 $ 1 Marketable securities (1) 6 20 Total $ 29 $ 21 (1) Typically consists of government stable value money market funds.

NATURAL GAS AND OIL PROPERTIES

NATURAL GAS AND OIL PROPERTIES	3 Months Ended
	Mar. 31, 2024
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
NATURAL GAS AND OIL PROPERTIES	NATURAL GAS AND OIL PROPERTIES The Company utilizes the full cost method of accounting for costs related to the development, exploration and acquisition of natural gas and oil properties. Under this method, all such costs (productive and nonproductive), including salaries, benefits and other internal costs directly attributable to these activities, are capitalized on a country-by-country basis and amortized over the estimated lives of the properties using the units-of-production method. These capitalized costs are subject to a ceiling test that limits such pooled costs, net of applicable deferred taxes, to the aggregate of the present value of future net revenues attributable to proved natural gas, oil and NGL reserves discounted at 10% (standardized measure). Any costs in excess of the ceiling are written off as a non-cash expense. The expense may not be reversed in future periods, even though higher natural gas, oil and NGL prices may subsequently increase the ceiling. Companies using the full cost method are required to use the average quoted price from the first day of each month from the previous 12 months, including the impact of derivatives designated for hedge accounting, to calculate the ceiling value of their reserves. The Company had no hedge positions that were designated for hedge accounting as of March 31, 2024. Prices used to calculate the ceiling value of reserves were as follows: March 31, 2024 March 31, 2023 Natural gas (per MMBtu) $ 2.45 $ 5.96 Oil (per Bbl) $ 77.48 $ 90.97 NGLs (per Bbl) $ 21.17 $ 30.69 Using the average quoted prices above, adjusted for market differentials, the Company’s net book value of its United States natural gas and oil properties exceeded the ceiling amount at March 31, 2024, resulting in an impairment of $2,093 million. Decreases in market prices as well as changes in production rates, levels of reserves, evaluation of costs excluded from amortization, future development costs and production costs could result in future non-cash ceiling test impairments to the Company’s natural gas and oil properties. Given the fall in commodity prices during 2023 and into 2024, the Company expects that an additional non-cash impairment of its asset will likely occur in the second quarter of 2024 and perhaps later.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during the reportable period. The diluted earnings per share calculation adds to the weighted average number of common shares outstanding: the incremental shares that would have been outstanding assuming the exercise of dilutive stock options, the vesting of unvested restricted shares of common stock, restricted stock units and performance units. An antidilutive impact is an increase in earnings per share or a reduction in net loss per share resulting from the conversion, exercise or contingent issuance of certain securities. The following table presents the computation of earnings per share for the three months ended March 31, 2024 and 2023: For the three months ended March 31, (in millions, except share/per share amounts) 2024 2023 Net income (loss) $ (1,535) $ 1,939 Number of common shares: Weighted average outstanding 1,101,824,856 1,100,278,261 Effect of issuance of non-vested restricted common stock — 790,131 Effect of issuance of non-vested restricted units — 1,328,244 Weighted average and dilutive outstanding 1,101,824,856 1,102,396,636 Earnings (loss) per common share Basic $ (1.39) $ 1.76 Diluted $ (1.39) $ 1.76 The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three months ended March 31, 2024 and 2023, as they would have had an antidilutive effect: For the three months ended March 31, 2024 2023 Unexercised stock options 459,638 866,318 Unvested restricted common stock 977,979 — Restricted units 3,490,947 1,914,812 Performance units 554,248 326,088 Total 5,482,812 3,107,218

DERIVATIVES AND RISK MANAGEMENT

DERIVATIVES AND RISK MANAGEMENT	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND RISK MANAGEMENT	DERIVATIVES AND RISK MANAGEMENT The Company is exposed to volatility in market prices and basis differentials for natural gas, oil and NGLs which impacts the predictability of its cash flows related to the sale of those commodities. These risks are managed by the Company’s use of certain derivative financial instruments. As of March 31, 2024 and March 31, 2023, the Company’s derivative financial instruments consisted of fixed price swaps, two-way costless collars, three-way costless collars, basis swaps, and options (calls and puts). A description of the Company’s derivative financial instruments is provided below: Fixed price swaps If the Company sells a fixed price swap, the Company receives a fixed price for the contract, and pays a floating market price to the counterparty. If the Company purchases a fixed price swap, the Company receives a floating market price for the contract and pays a fixed price to the counterparty. Two-way costless collars Arrangements that contain a fixed floor price (“purchased put option”) and a fixed ceiling price (“sold call option”) based on an index price which, in aggregate, have no net cost. At the contract settlement date, (1) if the index price is higher than the ceiling price, the Company pays the counterparty the difference between the index price and ceiling price, (2) if the index price is between the floor and ceiling prices, no payments are due from either party, and (3) if the index price is below the floor price, the Company will receive the difference between the floor price and the index price. Three-way costless collars Arrangements that contain a purchased put option, a sold call option and a sold put option based on an index price that, in aggregate, have no net cost. At the contract settlement date, (1) if the index price is higher than the sold call strike price, the Company pays the counterparty the difference between the index price and sold call strike price, (2) if the index price is between the purchased put strike price and the sold call strike price, no payments are due from either party, (3) if the index price is between the sold put strike price and the purchased put strike price, the Company will receive the difference between the purchased put strike price and the index price, and (4) if the index price is below the sold put strike price, the Company will receive the difference between the purchased put strike price and the sold put strike price. Basis swaps Arrangements that guarantee a price differential for natural gas from a specified delivery point. If the Company sells a basis swap, the Company receives a payment from the counterparty if the price differential is greater than the stated terms of the contract and pays the counterparty if the price differential is less than the stated terms of the contract. If the Company purchases a basis swap, the Company pays the counterparty if the price differential is greater than the stated terms of the contract and receives a payment from the counterparty if the price differential is less than the stated terms of the contract. Options (Calls and Puts) The Company purchases and sells options in exchange for premiums. If the Company purchases a call option, the Company receives from the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. If the Company sells a call option, the Company pays the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. If the Company purchases a put option, the Company receives from the counterparty the excess (if any) of the strike price over the market price of the put option at the time of settlement, but if the market price is above the put’s strike price, no payment is due from either party. If the Company sells a put option, the Company pays the counterparty the excess (if any) of the strike price over the market price of the put option at the time of settlement, but if the market price is above the put’s strike price, no payment is due from either party. The Company chooses counterparties for its derivative instruments that it believes are creditworthy at the time the transactions are entered into, and the Company actively monitors the credit ratings and credit default swap rates of these counterparties where applicable. However, there can be no assurance that a counterparty will be able to meet its obligations to the Company. The Company presents its derivative positions on a gross basis and does not net the asset and liability positions. The following tables provide information about the Company’s financial instruments that are sensitive to changes in commodity prices and that are used to protect the Company’s exposure. None of the financial instruments below are designated for hedge accounting treatment. The tables present the notional amount, the weighted average contract prices and the fair value by expected maturity dates as of March 31, 2024: Financial Protection on Production Weighted Average Price per MMBtu Volume (Bcf) Swaps Sold Puts Purchased Puts Sold Calls Basis Differential Fair Value at March 31, 2024 (in millions) Natural Gas 2024 Fixed price swaps 409 $ 3.58 $ — $ — $ — $ — $ 486 Two-way costless collars 33 — — 3.07 3.53 — 24 Three-way costless collars 60 — 2.50 3.25 4.19 — 30 Total 502 $ 540 2025 Fixed price swaps 33 $ 3.47 $ — $ — $ — $ — $ — Two-way costless collars 73 — — 3.50 5.40 — 33 Three-way costless collars 161 — 2.59 3.66 5.88 — 62 Total 267 $ 95 Basis Swaps 2024 94 $ — $ — $ — $ — $ (0.71) $ (11) 2025 9 — — — — (0.64) 2 Total 103 $ (9) Volume (MBbls) Weighted Average Strike Price per Bbl Fair Value at March 31, 2024 (in millions) Swaps Sold Puts Purchased Puts Sold Calls Oil 2024 Fixed price swaps 1,057 $ 71.62 $ — $ — $ — $ (9) Two-way costless collars 348 — — 70.00 86.40 (1) Three-way costless collars 534 — 56.72 66.72 88.26 (1) Total 1,939 $ (11) 2025 Fixed price swaps 41 $ 77.66 $ — $ — $ — $ — Three-way costless collars 1,278 — 58.92 68.92 92.83 — Total 1,319 $ — Ethane 2024 Fixed price swaps 5,335 $ 10.05 $ — $ — $ — $ 10 2025 Fixed price swaps 2,190 $ 10.19 $ — $ — $ — $ — Propane 2024 Fixed price swaps 4,483 $ 31.23 $ — $ — $ — $ (17) 2025 Fixed price swaps 1,341 $ 30.25 $ — $ — $ — $ (1) Normal Butane 2024 Fixed price swaps 1,073 $ 39.42 $ — $ — $ — $ (2) 2025 Fixed price swaps 548 $ 35.28 $ — $ — $ — $ — Natural Gasoline 2024 Fixed price swaps 1,210 $ 61.45 $ — $ — $ — $ (5) 2025 Fixed price swaps 730 $ 56.44 $ — $ — $ — $ (4) Other Derivative Contracts Volume (Bcf) Weighted Average Strike Price per MMBtu Fair Value at March 31, 2024 (in millions) Call Options – Natural Gas (Net) 2024 55 $ 7.00 $ — 2025 73 7.00 (4) 2026 73 7.00 (11) Total 201 $ (15) At March 31, 2024, the net fair value of the Company’s financial instruments was a $580 million asset, which included net reduction of the asset of $1 million related to non-performance risk. See Note 8 for additional details regarding the Company’s fair value measurements of its derivatives position. As of March 31, 2024, the Company had no positions designated for hedge accounting treatment. Gains and losses on derivatives that are not designated for hedge accounting treatment, or do not meet hedge accounting requirements, are recorded as a component of gain (loss) on derivatives on the consolidated statements of operations. Accordingly, the gain (loss) on derivatives component of the statement of operations reflects the gains and losses on both settled and unsettled derivatives. Only the settled gains and losses are included in the Company’s realized commodity price calculations. The balance sheet classification of the assets and liabilities related to derivative financial instruments are summarized below as of March 31, 2024 and December 31, 2023: Derivative Assets Fair Value (in millions) Balance Sheet Classification March 31, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Fixed price swaps – natural gas Derivative assets $ 498 $ 466 Fixed price swaps – oil Derivative assets — 1 Fixed price swaps – ethane Derivative assets 10 9 Fixed price swaps – propane Derivative assets 1 12 Fixed price swaps – normal butane Derivative assets — 1 Fixed price swaps – natural gasoline Derivative assets — 2 Two-way costless collars – natural gas Derivative assets 38 36 Two-way costless collars – oil Derivative assets — 3 Three-way costless collars – natural gas Derivative assets 84 62 Three-way costless collars – oil Derivative assets 3 1 Basis swaps – natural gas Derivative assets 7 14 Put options – natural gas Derivative assets — 8 Fixed price swaps – natural gas Other long-term assets 3 — Two-way costless collars – natural gas Other long-term assets 33 46 Three-way costless collars – natural gas Other long-term assets 86 116 Three-way costless collars – oil Other long-term assets 7 10 Basis swaps – natural gas Other long-term assets 2 4 Total derivative assets $ 772 $ 791 Derivative Liabilities Fair Value (in millions) Balance Sheet Classification March 31, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Fixed price swaps – natural gas Derivative liabilities $ 12 $ 18 Fixed price swaps – oil Derivative liabilities 9 2 Fixed price swaps – propane Derivative liabilities 18 1 Fixed price swaps – normal butane Derivative liabilities 2 — Fixed price swaps – natural gasoline Derivative liabilities 6 — Two-way costless collars – natural gas Derivative liabilities 6 14 Two-way costless collars – oil Derivative liabilities 1 1 Three-way costless collars – natural gas Derivative liabilities 40 27 Three-way costless collars – oil Derivative liabilities 3 1 Basis swaps – natural gas Derivative liabilities 18 6 Call options – natural gas Derivative liabilities 1 1 Put options – natural gas Derivative liabilities — 8 Fixed price swaps – natural gas Long-term derivative liabilities 3 — Fixed price swaps – propane Long-term derivative liabilities 1 — Fixed price swaps – natural gasoline Long-term derivative liabilities 3 — Two-way costless collars – natural gas Long-term derivative liabilities 8 15 Three-way costless collars – natural gas Long-term derivative liabilities 38 60 Three-way costless collars – oil Long-term derivative liabilities 8 8 Call options – natural gas Long-term derivative liabilities 14 17 Total derivative liabilities $ 191 $ 179 Net Derivative Position March 31, 2024 December 31, 2023 (in millions) Net current derivative asset (liability) $ 525 $ 536 Net long-term derivative asset (liability) 56 76 Non-performance risk adjustment (1) (2) Net total derivative asset (liability) $ 580 $ 610 The following tables summarize the before-tax effect of the Company’s derivative instruments on the consolidated statements of operations for the three months ended March 31, 2024 and 2023: Unsettled Gain (Loss) on Derivatives Recognized in Earnings Consolidated Statement of Operations Classification of Gain (Loss) on Derivatives, Unsettled For the three months ended March 31, Derivative Instrument 2024 2023 (in millions) Fixed price swaps – natural gas Gain (Loss) on Derivatives $ 38 $ 961 Fixed price swaps – oil Gain (Loss) on Derivatives (8) 12 Fixed price swaps – ethane Gain (Loss) on Derivatives 1 9 Fixed price swaps – propane Gain (Loss) on Derivatives (29) 1 Fixed price swaps – normal butane Gain (Loss) on Derivatives (3) 1 Fixed price swaps – natural gasoline Gain (Loss) on Derivatives (11) 1 Two-way costless collars – natural gas Gain (Loss) on Derivatives 4 241 Two-way costless collars – oil Gain (Loss) on Derivatives (3) — Three-way costless collars – natural gas Gain (Loss) on Derivatives 1 263 Three-way costless collars – oil Gain (Loss) on Derivatives (3) 12 Basis swaps – natural gas Gain (Loss) on Derivatives (21) (30) Call options – natural gas Gain (Loss) on Derivatives 3 61 Sold put options - natural gas Gain (Loss) on Derivatives 8 (6) Purchased put options – natural gas Gain (Loss) on Derivatives (8) 2 Total gain (loss) on unsettled derivatives $ (31) $ 1,528 Settled Gain (Loss) on Derivatives Recognized in Earnings (1) Consolidated Statement of Operations Classification of Gain (Loss) on Derivatives, Settled For the three months ended March 31, Derivative Instrument 2024 2023 (in millions) Fixed price swaps – natural gas Gain (Loss) on Derivatives $ 140 $ (45) Fixed price swaps – oil Gain (Loss) on Derivatives (4) (4) Fixed price swaps – ethane Gain (Loss) on Derivatives 3 1 Fixed price swaps – propane Gain (Loss) on Derivatives (2) 1 Fixed price swaps – normal butane Gain (Loss) on Derivatives (1) — Fixed price swaps – natural gasoline Gain (Loss) on Derivatives (1) — Two-way costless collars – natural gas Gain (Loss) on Derivatives 9 — Three-way costless collars – natural gas Gain (Loss) on Derivatives 16 (33) Three-way costless collars – oil Gain (Loss) on Derivatives — (7) Basis swaps – natural gas Gain (Loss) on Derivatives (4) (29) Call options – natural gas Gain (Loss) on Derivatives — (7) Sold put options - natural gas Gain (Loss) on Derivatives (10) — Purchased put options – natural gas Gain (Loss) on Derivatives 10 — Total gain (loss) on settled derivatives $ 156 $ (123) Total gain (loss) on derivatives (2) $ 126 $ 1,401 (1) The Company calculates gain (loss) on derivatives, settled, as the summation of gains and losses on positions that settled within the period. (2) Total gain (loss) on derivatives includes non-performance risk adjustments of $1 million in gains and $4 million in losses for the three months ended March 31, 2024 and March 31, 2023, respectively. Total Gain (Loss) on Derivatives Recognized in Earnings For the three months ended March 31, 2024 2023 (in millions) Total gain (loss) on unsettled derivatives $ (31) $ 1,528 Total gain (loss) on settled derivatives 156 (123) Non-performance risk adjustment 1 (4) Total gain (loss) on derivatives $ 126 $ 1,401

RECLASSIFICATIONS FROM ACCUMULA

RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables detail the components of accumulated other comprehensive income (loss) for the three months ended March 31, 2024: (in millions) Other Postretirement Foreign Currency Total Beginning balance December 31, 2023 $ 11 $ (14) $ (3) Other comprehensive income before reclassifications — — — Amounts reclassified from other comprehensive income (1) 2 — 2 Net current-period other comprehensive income 2 — 2 Ending balance March 31, 2024 $ 13 $ (14) $ (1) (1)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 (in millions) Carrying Fair Carrying Fair Cash and cash equivalents $ 29 $ 29 $ 21 $ 21 2022 revolving credit facility due April 2027 270 270 220 220 Senior notes (1) 3,743 3,599 3,743 3,626 Derivative instruments, net 580 580 610 610 (1) Excludes unamortized debt issuance costs and debt discounts. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. As presented in the tables below, this hierarchy consists of three broad levels: Level 1 valuations - Consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 valuations - Consist of quoted market information for the calculation of fair market value. Level 3 valuations - Consist of internal estimates and have the lowest priority. The carrying values of cash and cash equivalents, including marketable securities, accounts receivable, other current assets, accounts payable and other current liabilities on the consolidated balance sheets approximate fair value because of their short-term nature. For debt and derivative instruments, the following methods and assumptions were used to estimate fair value: Debt: The fair values of the Company’s senior notes are based on the market value of the Company’s publicly traded debt as determined based on the market prices of the Company’s senior notes. The fair values of the Company’s senior notes are considered to be a Level 1 measurement as these are actively traded in the market. The carrying value of the borrowings under the Company’s 2022 credit facility (as defined in Note 9 below), to the extent utilized, approximates fair value because the interest rates are variable and reflective of market rates. The Company considers the fair value of its 2022 credit facility to be a Level 1 measurement on the fair value hierarchy. Derivative Instruments: The Company measures the fair value of its derivative instruments based upon a pricing model that utilizes market-based inputs, including, but not limited to, the contractual price of the underlying position, current market prices, natural gas and liquids forward curves, discount rates for a similar duration of each outstanding position, volatility factors and non-performance risk. Non-performance risk considers the effect of the Company’s credit standing on the fair value of derivative liabilities and the effect of counterparty credit standing on the fair value of derivative assets. Both inputs to the model are based on published credit default swap rates and the duration of each outstanding derivative position. The Company’s net derivative position was a net asset as of March 31, 2024 and as of December 31, 2023. As of March 31, 2024 and December 31, 2023, the impact of the non-performance risk on the fair value of the Company’s net derivative position resulted in a reduction to the net asset of $1 million and $2 million, respectively. The Company has classified its derivative instruments into levels depending upon the data utilized to determine their fair values. The Company’s fixed price swaps (Level 2) are estimated using third-party discounted cash flow calculations using the New York Mercantile Exchange (“NYMEX”) futures index for natural gas and oil derivatives and Oil Price Information Service (“OPIS”) for ethane and propane derivatives. The Company’s call and put options, two-way costless collars and three-way costless collars (Level 2) are valued using the Black-Scholes model, an industry standard option valuation model that takes into account inputs such as contract terms, including maturity, and market parameters, including assumptions of the NYMEX and OPIS futures index, interest rates, volatility and credit worthiness. Inputs to the Black-Scholes model, including the volatility input, are obtained from a third-party pricing source, with independent verification of the most significant inputs on a monthly basis. An increase (decrease) in volatility would result in an increase (decrease) in fair value measurement, respectively. The Company’s basis swaps (Level 2) are estimated using third-party calculations based upon forward commodity price curves. Assets and liabilities measured at fair value on a recurring basis are summarized below: March 31, 2024 Fair Value Measurements Using: (in millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) at Fair Value Assets Fixed price swaps $ — $ 512 $ — $ 512 Two-way costless collars — 71 — 71 Three-way costless collars — 180 — 180 Basis swaps — 9 — 9 Liabilities Fixed price swaps — (54) — (54) Two-way costless collars — (15) — (15) Three-way costless collars — (89) — (89) Basis swaps — (18) — (18) Call options — (15) — (15) Total (1) $ — $ 581 $ — $ 581 (1) Excludes a net reduction to the asset fair value of $1 million related to estimated non-performance risk. December 31, 2023 Fair Value Measurements Using: (in millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) at Fair Value Assets Fixed price swaps $ — $ 491 $ — $ 491 Two-way costless collars — 85 — 85 Three-way costless collars — 189 — 189 Basis swaps — 18 — 18 Purchase Put - Natural Gas — 8 — 8 Liabilities Fixed price swaps — (21) — (21) Two-way costless collars — (30) — (30) Three-way costless collars — (96) — (96) Basis swaps — (6) — (6) Call options — (18) — (18) Put options — (8) — (8) Total (1) $ — $ 612 $ — $ 612 (1) Excludes a net reduction to the asset fair value of $2 million related to estimated non-performance risk.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The components of debt as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Premium/Discount Total Current portion of long-term debt: 4.95% Senior Notes due January 2025 (1) $ 389 $ — $ — $ 389 Total current portion of long-term debt $ 389 $ — $ — $ 389 Long-term debt: Variable rate (7.16% at March 31, 2024) 2022 revolving credit facility, due April 2027 $ 270 $ — (2) $ — $ 270 8.375% Senior Notes due September 2028 304 (3) — 301 5.375% Senior Notes due February 2029 700 (4) 17 713 5.375% Senior Notes due March 2030 1,200 (12) — 1,188 4.75% Senior Notes due February 2032 1,150 (13) — 1,137 Total long-term debt $ 3,624 $ (32) $ 17 $ 3,609 Total debt $ 4,013 $ (32) $ 17 $ 3,998 December 31, 2023 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Premium/Discount Total Variable rate (7.20% at December 31, 2023) 2022 revolving credit facility, due April 2027 $ 220 $ — (2) $ — $ 220 4.95% Senior Notes due January 2025 (1) 389 — — 389 8.375% Senior Notes due September 2028 304 (3) — 301 5.375% Senior Notes due February 2029 700 (5) 18 713 5.375% Senior Notes due March 2030 1,200 (13) — 1,187 4.75% Senior Notes due February 2032 1,150 (13) — 1,137 Total debt $ 3,963 $ (34) $ 18 $ 3,947 (1) Effective in July 2018, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since their issuance. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which had the effect of increasing the interest rate on the 2025 Notes to 6.45% following the July 23, 2020 interest payment due date. The first coupon payment to the bondholders at the higher interest rate was paid in January 2021. On September 1, 2021, S&P upgraded the Company’s bond rating to BB, and on January 6, 2022, S&P further upgraded the Company’s bond rating to BB+, which decreased the interest rate on the 2025 Notes to 5.95% beginning with coupon payments paid after January 2022. On May 31, 2022, Moody’s upgraded the Company’s bond rating to Ba1, which decreased the interest rate on the 2025 Notes from 5.95% to 5.70% for coupon payments paid after July 2022. (2) At March 31, 2024 and December 31, 2023, unamortized issuance expense of $14 million and $15 million, respectively, associated with the 2022 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets. The following is a summary of scheduled debt maturities by year as of March 31, 2024: (in millions) 2024 $ — 2025 389 2026 — 2027 270 2028 304 Thereafter 3,050 $ 4,013 Credit Facilities 2022 Credit Facility On April 8, 2022, the Company entered into an Amended and Restated Credit Agreement that replaces its previous credit facility, that as amended, has a maturity date of April 2027 (the “2022 credit facility”). As of March 31, 2024, the 2022 credit facility has an aggregate maximum revolving credit amount and borrowing base of $3.5 billion and elected five-year revolving commitments of $2.0 billion (the “Five-Year Tranche”). The borrowing base is subject to redetermination at least twice a year, which typically occurs in April and October, and is secured by substantially all of the assets owned by the Company and its subsidiaries. On March 29, 2024, the Company’s borrowing base was reaffirmed at $3.5 billion and the Five-Year Tranche was reaffirmed at $2.0 billion with a maturity date of April 8, 2027. Effective August 4, 2022, the Company elected to temporarily increase commitments under the 2022 credit facility by $500 million (the “Short-Term Tranche”) as a temporary working capital liquidity resource. The Company had no borrowings under the Short-Term Tranche which expired on April 30, 2023 and was not renewed. The Company may utilize the 2022 credit facility in the form of loans and letters of credit. Loans under the Five-Year Tranche of the 2022 credit facility are subject to varying rates of interest based on whether the loan is a Secured Overnight Financing Rate (“SOFR”) loan or an alternate base rate loan. Term SOFR loans bear interest at term SOFR plus an applicable rate ranging from 1.75% to 2.75% based on the Company’s utilization of the Five-Year Tranche of the 2022 credit facility, plus a 0.10% credit spread adjustment. Base rate loans bear interest at a base rate per year equal to the greatest of: (i) the prime rate; (ii) the federal funds effective rate plus 0.50%; and (iii) the adjusted term SOFR rate for a one-month interest period plus 1.00%, plus an applicable margin ranging from 0.75% to 1.75%, depending on the percentage of the commitments utilized. Commitment fees on unused commitment amounts under the Five-Year Tranche of the 2022 credit facility range between 0.375% to 0.50%, depending on the percentage of the commitments utilized. The 2022 credit facility contains customary representations and warranties and covenants including, among others, the following: • a prohibition against incurring debt, subject to permitted exceptions; • a restriction on creating liens on assets, subject to permitted exceptions; • restrictions on mergers and asset dispositions; • restrictions on use of proceeds, investments, declaring dividends, repurchasing junior debt, transactions with affiliates, or change of principal business; and • maintenance of the following financial covenants, commencing with the fiscal quarter ended March 31, 2022: 1. Minimum current ratio of no less than 1.00 to 1.00, whereby current ratio is defined as the Company’s consolidated current assets (including unused commitments under the credit agreement, but excluding non-cash derivative assets) to consolidated current liabilities (excluding non-cash derivative obligations and current maturities of long-term debt). 2. Maximum total net leverage ratio of no greater than, with respect to the prior four fiscal quarters ending on or after March 31, 2022, 4.00 to 1.00. Total net leverage ratio is defined as total debt less cash on hand (up to the lesser of 10% of credit limit or $150 million) divided by consolidated EBITDAX for the last four consecutive quarters. Consolidated EBITDAX, as defined in the credit agreement governing the Company’s 2022 credit facility, excludes the effects of interest expense, depreciation, depletion and amortization, income tax, any non-cash impacts from impairments, certain non-cash hedging activities, stock-based compensation expense, non-cash gains or losses on asset sales, unamortized issuance cost, unamortized debt discount and certain restructuring costs. The 2022 credit facility contains customary events of default that include, among other things, the failure to comply with the financial covenants described above, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments and cross-defaults to material indebtedness. If an event of default occurs and is continuing, all amounts outstanding under the 2022 credit facility may become immediately due and payable. As of March 31, 2024, the Company was in compliance with all of the covenants of the credit agreement in all material respects. Currently, each United States domestic subsidiary of the Company for which the Company owns 100% of its equity guarantees the 2022 credit facility. Pursuant to requirements under the indentures governing its senior notes, each subsidiary that became a guarantor of the 2022 credit facility also became a guarantor of each of the Company’s senior notes. Certain features of the facility depend on whether Southwestern has obtained any of the following ratings: • An unsecured long-term debt credit rating (an “Index Debt Rating”) of BBB- or higher with S&P; • An Index Debt Rating of Baa3 or higher with Moody’s; or • An Index Debt Rating of BBB- or higher with Fitch (each of the foregoing an “Investment Grade Rating”). Upon receiving one Investment Grade Rating from either S&P or Moody’s and delivering a certification to the administrative agent (the period beginning at such time, an “Interim Investment Grade Period”), amongst other changes, the following occurs: • The Guarantors may be released from their guarantees; • The collateral under the facility will be released; • The facility will no longer be subject to a borrowing base; and • Certain title and collateral-related covenants will no longer be applicable. During the Interim Investment Grade Period, the Company will be required to maintain compliance with the existing financial covenants as well as a PV-9 coverage ratio of the net present value, discounted at 9% per annum, of the estimated future net revenues expected in the proved reserves to the Company’s total indebtedness as of such date of not less than 1.50 to 1.00 (“PV-9 Coverage Ratio”). In addition, during an Interim Investment Grade Period or Investment Grade Period (as defined below), term SOFR loans will bear interest at term SOFR plus an applicable rate ranging from 1.25% to 1.875%, depending on the Company’s Index Debt Rating (as defined in the 2022 credit facility), plus an additional 0.10% credit spread adjustment. Base rate loans will bear interest at the base rate described above plus an applicable rate ranging from 0.25% to 0.875%, depending on the Company’s Index Debt Rating. During an Interim Investment Grade Period or Investment Grade Period (defined below), the commitment fee on unused commitment amounts under the facility will range from 0.15% to 0.275%, depending on the Company’s Index Debt Rating. The Interim Investment Grade Period will end, and the facility will revert to its characteristics prior to the Interim Investment Grade Period, including being guaranteed by the Guarantors, being secured by collateral and being subject to a borrowing base, having applicable margins and commitment fee determined based on percentage of commitments utilized, as well as limited to compliance with the leverage ratio and current ratio financial covenants but not the PV-9 Coverage Ratio if both of the following are achieved during the Interim Investment Grade Period: • An Index Debt Rating from Moody’s that is Ba2 or lower; and • An Index Debt Rating from S&P that is BB or lower. Upon receiving two Investment Grade Ratings from S&P, Moody’s, or Fitch (such period following, an “Investment Grade Period”), certain restrictive covenants fall away or become more permissive. Upon Investment Grade Period, the leverage ratio and current ratio financial covenants and PV-9 Coverage Ratio will no longer be effective, and the Company will be required to maintain compliance with a total indebtedness to capitalization ratio, which is the ratio of the Company’s total indebtedness to the sum of total indebtedness plus stockholders’ equity, not to exceed 65%. As of March 31, 2024, the Company had no outstanding letters of credit and $270 million in borrowings outstanding under the 2022 credit facility. The Company currently does not anticipate being required to supply a materially greater amount of letters of credit under its existing contracts. Senior Notes In January 2015, the Company completed a public offering of $1.0 billion aggregate principal amount of its 4.95% Senior Notes due 2025 (the “2025 Notes”). The interest rate on the 2025 Notes is determined based upon the public bond ratings from Moody’s and S&P. Downgrades on the 2025 Notes from either rating agency increase interest costs by 25 basis points per downgrade level and upgrades decrease interest costs by 25 basis points per upgrade level, up to the stated coupon rate, on the following semi-annual bond interest payment. Effective in July 2018, the interest rate for the 2025 Notes was 6.20%, reflecting a net downgrade in the Company’s bond ratings since their issuance. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which had the effect of increasing the interest rate on the 2025 Notes to 6.45% following the July 23, 2020 interest payment due date. The first coupon payment to the 2025 Notes bondholders at the higher interest rate was paid in January 2021. On September 1, 2021, S&P upgraded the Company’s bond rating to BB, and on January 6, 2022, S&P further upgraded the Company’s bond rating to BB+, which decreased the interest rate on the 2025 Notes to 5.95% beginning with coupon payments paid after January 2022. On May 31, 2022, Moody’s upgraded the Company’s bond rating to Ba1, which decreased the interest rate on the 2025 Notes from 5.95% to 5.70% for coupon payments paid after July 2022. On February 26, 2023, the Company redeemed all of its 7.75% Senior Notes due October 2027 (the “2027 Notes”) at a redemption price equal to 103.875% of the principal amount thereof plus accrued and unpaid interest of $13 million for a total payment of $450 million. The Company recognized a $19 million loss on the extinguishment of debt, which included the write-off of $3 million in related unamortized debt discounts and debt issuance costs. The Company funded the redemption of the 2027 Notes using approximately $316 million of cash on hand and approximately $134 million of borrowings under the 2022 credit facility.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Operating Commitments and Contingencies As of March 31, 2024, the Company’s contractual obligations for demand and similar charges under firm transportation and gathering agreements to guarantee access capacity on natural gas and liquids pipelines and gathering systems totaled approximately $9.2 billion, $1.2 billion of which related to access capacity on future pipeline and gathering infrastructure projects that still require the granting of regulatory approvals and additional construction efforts. As of March 31, 2024, the Company also had guarantee obligations of up to $959 million of that total amount. As of March 31, 2024, future payments under non-cancelable firm transportation and gathering agreements are as follows: Payments Due by Period (in millions) Total Less than 1 1 to 3 Years 3 to 5 Years 5 to 8 Years More than 8 Infrastructure currently in service $ 8,016 $ 1,030 $ 1,950 $ 1,698 $ 1,634 $ 1,704 Pending regulatory approval and/or construction (1) 1,192 61 170 195 294 472 Total transportation charges $ 9,208 $ 1,091 $ 2,120 $ 1,893 $ 1,928 $ 2,176 (1) Based on estimated in-service dates as of March 31, 2024. Environmental Risk The Company is subject to laws and regulations relating to the protection of the environment. Environmental and cleanup related costs of a non-capital nature are accrued when it is both probable that a liability has been incurred and when the amount can be reasonably estimated. Management believes any future remediation or other compliance related costs will not have a material effect on the financial position, results of operations or cash flows of the Company. Litigation The Company is subject to various litigation, claims and proceedings, most of which have arisen in the ordinary course of business, such as for alleged breaches of contract, miscalculation of royalties, employment matters, traffic accidents, pollution, contamination, encroachment on others’ property or nuisance. The Company accrues for litigation, claims and proceedings when a liability is both probable and the amount can be reasonably estimated. As of March 31, 2024, the Company does not currently have any material amounts accrued related to litigation matters, including the case discussed below. For any matters not accrued for, it is not possible at this time to estimate the amount of any additional loss, or range of loss, that is reasonably possible, but, based on the nature of the claims, management believes that current litigation, claims and proceedings, individually or in aggregate and after taking into account insurance, are not likely to have a material adverse impact on the Company’s financial position, results of operations or cash flows, for the period in which the effect of that outcome becomes reasonably estimable. Many of these matters are in early stages, so the allegations and the damage theories have not been fully developed, and are all subject to inherent uncertainties; therefore, management’s view may change in the future. Bryant Litigation On September 1, 2021, the Company completed a merger with Indigo Natural Resources LLC (“Indigo”) resulting in the assumption of Indigo’s existing litigation. On June 12, 2018, a collection of 51 individuals and entities filed a lawsuit against fifteen oil and gas company defendants, including Indigo, in Louisiana state court claiming damages arising out of current and historical exploration and production activity on certain acreage located in DeSoto Parish, Louisiana. The plaintiffs, who claim to own the properties at issue, assert that Indigo’s actions and the actions of other current operators conducting exploration and production activity, combined with the improper plugging and abandoning of legacy wells by former operators, have caused environmental contamination to their properties. Among other things, the plaintiffs contend that the defendants’ conduct resulted in the migration of natural gas, along with oilfield contaminants, into the Carrizo-Wilcox aquifer system underlying certain portions of DeSoto Parish. The plaintiffs assert claims based in tort, breach of contract and for violations of the Louisiana Civil and Mineral Codes, and they seek injunctive relief and monetary damages, including punitive damages. On September 13, 2018, Indigo and other defendants filed a variety of exceptions in response to the plaintiffs’ petition in this matter. Since the initial filing, supplemental petitions have been filed joining additional individuals and entities as plaintiffs in the matter. On September 29, 2020, plaintiffs filed their fourth supplemental and amending petition in response to the court’s order ruling that plaintiffs’ claims were improperly vague and failed to identify with reasonable specificity the defendants’ allegedly wrongful conduct. Indigo and the majority of the other defendants filed several exceptions to plaintiffs’ fourth amended petition challenging the sufficiency of plaintiffs’ allegations and seeking dismissal of certain claims. On February 18, 2021, plaintiffs filed a fifth supplemental and amending petition, which seeks to augment the claims of select plaintiffs. On October 11, 2021, a sixth supplemental petition was filed which seeks to add the Company as a party to the litigation which the Company has opposed. Plaintiffs later filed seventh and eighth supplemental petitions naming additional defendants. The parties are currently engaging in settlement discussions. The presence of natural gas in a localized area of the Carrizo-Wilcox aquifer system in DeSoto Parish is currently the subject of a regulatory investigation by the Louisiana Office of Conservation (“Conservation”), and the Company is cooperating and coordinating with Conservation in that investigation. The Conservation matter number is EMER18-003. The Company does not currently expect this matter to have a material impact on its financial position, results of operations, cash flows or liquidity. Indemnifications The Company has provided certain indemnifications to various third parties, including in relation to asset and entity dispositions, securities offerings and other financings. In the case of asset dispositions, these indemnifications typically relate to disputes, litigation or tax matters existing at the date of disposition. The Company likewise obtains indemnification for future matters when it sells assets, although there is no assurance the buyer will be capable of performing those obligations. In the case of equity offerings, these indemnifications typically relate to claims asserted against underwriters in connection with an offering. No material liabilities have been recognized in connection with these indemnifications.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Expense (Benefit), Continuing Operations [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate was approximately 22% and 1% for the three months ended March 31, 2024 and March 31, 2023, respectively. The effective tax rate for the three months ended March 31, 2023 was primarily the result of the partial release of the valuation allowances against the Company’s U.S. deferred tax assets in the first quarter of 2023. A valuation allowance for deferred tax assets, including net operating losses (“NOLs”), is recognized when it is more likely than not that some or all of the benefit from the deferred tax assets will not be realized. To assess that likelihood, the Company uses estimates and judgment regarding future taxable income and considers the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include current financial position, results of operations, both actual and forecasted, the reversal of deferred tax liabilities and tax planning strategies as well as current and forecasted business economics of the oil and gas industry. For the year ended December 31, 2022, the Company maintained a full valuation allowance against its deferred tax assets based on its conclusion, considering all available evidence (both positive and negative), that it was more likely than not that the deferred tax assets would not be realized. A significant item of objective negative evidence considered was the cumulative pre-tax loss incurred over the three-year period ended December 31, 2022, primarily due to impairments of proved oil and gas properties recognized in 2020. As of the first quarter of 2023, the Company sustained a three-year cumulative level of profitability. Based on this factor and other positive evidence such as forecasted income, the Company concluded that $512 million of its federal and state deferred tax assets were more likely than not to be realized and released this portion of the valuation allowance throughout 2023. Accordingly, during the three months ended March 31, 2023, the Company recognized $451 million of deferred income tax expense related to recording its tax provision which was partially offset by $439 million of tax benefit attributable to the release of the valuation allowance. The remaining valuation allowance was released during subsequent quarters during 2023. The Company expects to keep a valuation allowance of $52 million related to NOLs in jurisdictions in which it no longer operates and against the portion of its federal and state deferred tax assets such as capital losses and interest carryovers, which may expire before being fully utilized due to the application of the limitations under Section 382 and the ordering in which such attributes may be applied. Due to the issuance of common stock associated with the Indigo merger in September 2021, the Company incurred a cumulative ownership change and as such, the Company’s NOLs prior to the acquisition are subject to an annual limitation under Internal Revenue Code Section 382 of approximately $48 million. The ownership changes and resulting annual limitation will result in the expiration of NOLs or other tax attributes otherwise available. At March 31, 2024, the Company had approximately $4 billion of federal NOL carryovers, of which approximately $3 billion expire between 2035 and 2037 and $1 billion have an indefinite carryforward life. The Company currently estimates that approximately $2 billion of these federal NOLs will expire before they are able to be used and accordingly, no value has been ascribed to these NOLs on the Company’s balance sheet. If a subsequent ownership change were to occur as a result of future transactions in the Company’s common stock, the Company’s use of remaining U.S. tax attributes may be further limited. The Inflation Reduction Act of 2022 (the “IRA”) was enacted on August 16, 2022 and may impact how the U.S. taxes certain large corporations. The IRA imposes a 15% alternative minimum tax on the “adjusted financial statement income” of certain large corporations (generally, corporations reporting at least $1 billion average adjusted pre-tax net income on their consolidated financial statements) for tax years beginning after December 31, 2022. The Company was not impacted by the alternative minimum tax during 2023 and does not expect to be impacted by this alternative minimum tax during 2024. The Company will continue to monitor updates to the IRA and the impact it will have on the Company’s consolidated financial statements.

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
LONG-TERM INCENTIVE COMPENSATION	LONG-TERM INCENTIVE COMPENSATION The Company’s long-term incentive compensation plans consist of a combination of stock-based awards that derive their value directly or indirectly from the Company’s common stock price, and cash-based awards that are fixed in amount but subject to meeting annual performance thresholds. Stock-Based Compensation The Company’s stock-based compensation is classified as either equity awards or liability awards in accordance with GAAP. The fair value of an equity-classified award is determined at the grant date and is amortized to general and administrative expense on a straight-line basis over the vesting period of the award. A portion of this general and administrative expense is capitalized into natural gas and oil properties, included in property and equipment. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are recorded to general and administrative expense and capitalized expense over the vesting period of the award. Generally, stock options granted to employees and directors vest ratably over three years from the grant date and expire 10 years from the date of grant. However, the Company has not granted stock options since 2017. The Company issues shares of restricted stock and restricted stock units to employees and directors which generally vest over three years. Restricted stock, restricted stock units and stock options granted under the Southwestern Energy Company 2022 Incentive Plan (the “2022 Plan”) immediately vest upon death, disability or retirement (subject to a minimum of three years of service). To the extent no provision is made in connection with a “change in control” (as defined in the 2022 Plan) for the assumption of awards previously granted under the 2022 Plan or there is no substitution of such awards for new awards, then (i) outstanding time-based awards will become fully vested, and (ii) each outstanding performance-based award will vest with respect to the number of shares of common stock underlying such award or the amount of cash underlying the award eligible to vest based on performance during the performance period that includes the date of the change in control, prorated for the number of days which have elapsed during the performance period prior to the change in control. To the extent an award is assumed or substituted in connection with the change in control, if a participant is terminated by the Company without “cause” or the participant resigns for “good reason” (each as defined in the 2022 Plan) within 12 months following a change in control, then (i) each time-based award will become fully vested, and (ii) each outstanding performance-based award will vest based on performance during the performance period that includes the date of the change in control, prorated for the number of days which have elapsed during the performance period prior to such termination. The Company issues performance unit awards to employees which historically have vested at or over three years. The performance units granted in 2021, 2022, and 2023 cliff-vest at the end of three years. There were no performance unit awards granted as of March 31, 2024. The Company recognized the following amounts in total related to long-term incentive compensation costs for the three months ended March 31, 2024 and 2023: For the three months ended March 31, (in millions) 2024 2023 Long-term incentive compensation – expensed $ 11 $ 4 Long-term incentive compensation – capitalized $ 6 $ 3 Equity-Classified Awards The Company recognized the following amounts in employee equity-classified stock-based compensation costs for the three months ended March 31, 2024 and 2023: For the three months ended March 31, (in millions) 2024 2023 Equity-classified awards – expensed $ 7 $ 1 Equity-classified awards – capitalized $ 3 $ 1 Equity-Classified Stock Options The following table summarizes equity-classified stock option activity for the three months ended March 31, 2024 and provides information for options outstanding and options exercisable as of March 31, 2024: Number Weighted Average (in thousands) Outstanding at December 31, 2023 820 $ 8.59 Granted — $ — Exercised — $ — Forfeited or expired (820) $ 8.59 Outstanding at March 31, 2024 — $ — Exercisable at March 31, 2024 — $ — Equity-Classified Restricted Stock As of March 31, 2024, there was less than $1 million of total unrecognized compensation cost related to the Company’s unvested equity-classified restricted stock grants. This cost is expected to be recognized over a weighted-average period of 0.1 year. The following table summarizes equity-classified restricted stock activity for the three months ended March 31, 2024 and provides information for unvested shares as of March 31, 2024: Number Weighted Average (in thousands) Unvested shares at December 31, 2023 169 $ 5.09 Granted — $ — Vested (54) $ 4.90 Forfeited — $ — Unvested shares at March 31, 2024 115 $ 5.17 Equity-Classified Restricted Stock Units As of March 31, 2024, there was $20 million of total unrecognized compensation cost related to the Company’s unvested equity-classified restricted stock units. This cost is expected to be recognized over a weighted-average period of 2.4 years. The following table summarizes equity-classified restricted stock units for the three months ended March 31, 2024 and provides information for unvested units as of March 31, 2024. Number Weighted Average (in thousands) Unvested units at December 31, 2023 2,706 $ 4.74 Granted 3,182 $ 7.10 Vested (1,084) $ 4.69 Forfeited — $ — Unvested units at March 31, 2024 4,804 $ 6.32 Equity-Classified Performance Units In each year from 2018 to 2023, the Company granted performance units that vest at the end of, or over, a three-year period and are payable in either cash or shares. The performance units granted from 2020 through 2021 were accounted for as liability-classified awards as further described below. In 2022 and 2023, two types of performance units were granted. The first type of awards were liability-classified given the awards are payable only in cash as prescribed under the compensation agreements. The second type of awards granted during 2022 and 2023 have been accounted for as equity-classified awards given the intention to settle these awards in stock. The equity-classified awards were recognized at their fair value as of the grant date and are amortized throughout the vesting period. The 2022 and 2023 performance unit awards include a market condition based on relative TSR (as defined below). No performance units were granted as of March 31, 2024. The fair values of the market conditions were calculated by Monte Carlo models as of the grant date. As of March 31, 2024, there was $5 million of total unrecognized compensation costs related to the Company’s unvested equity-classified performance units. This cost is expected to be recognized over a weighted-average period of 1.6 years. Number Weighted Average (in thousands) Unvested units at December 31, 2023 1,757 $ 6.08 Granted — $ — Vested — $ — Forfeited — $ — Unvested units at March 31, 2024 1,757 $ 6.08 Liability-Classified Awards The Company recognized the following amounts in employee liability-classified stock-based compensation costs for the three months ended March 31, 2024: For the three months ended March 31, (in millions) 2024 2023 Liability-classified stock-based compensation cost – expensed $ 1 $ 1 Liability-classified stock-based compensation cost – capitalized $ — $ — Liability-Classified Restricted Stock Units In each year from 2018 to 2020, the Company granted restricted stock units that vest over a period of four years and are payable in either cash or shares at the option of the Compensation Committee of the Company’s Board. The liability-classified awards granted in 2021 vest over a period of three years. The Company has accounted for these as liability-classified awards, and accordingly changes in the market value of the instruments will be recorded to general and administrative expense and capitalized expense over the vesting period of the award. As of March 31, 2024, the liability-classified restricted stock units fully vested. Number Weighted Average (in thousands) Unvested units at December 31, 2023 1,741 $ 4.67 Granted — $ — Vested (1,741) $ 6.93 Forfeited — $ — Unvested units at March 31, 2024 — $ — Liability-Classified Performance Units In each year from 2018 to 2023, the Company granted performance units that vest at the end of, or over, a three-year period and are payable in either cash or shares. The performance units granted in 2020 vest over a three-year period and are payable in cash as prescribed under the compensation agreements and have been accounted for as liability-classified awards. The Company granted two types of performance units in 2021 that vest over a three-year period. One type is payable in cash as prescribed under the compensation agreements and the other type is payable in either cash or stock at the option of the Compensation Committee of the Company’s Board. Both award types have been accounted for as liability-classified awards. The Company granted two types of performance units in 2022 and 2023 that vest over a three-year period. For both 2022 and 2023, one type of award is payable in cash as prescribed under the compensation agreements and has been liability-classified while the other type is equity-classified as further discussed above. No performance units were granted as of March 31, 2024. Changes in the fair market value of the instruments for liability-classified awards are recorded to general and administrative expense and capitalized expense over the vesting period of the awards. The performance units granted in 2020 include a performance condition based on return on average capital employed and a market condition based on relative total shareholder return (“TSR”). In 2021, of the two types of performance units granted, the first type of award includes a performance condition based on return on capital employed and a performance condition based on reinvestment rate, and the second type of award includes one market condition based on relative TSR. The liability-classified performance units granted in 2022 and 2023 include performance conditions based on return on capital employed and reinvestment rate. The fair values of all market conditions discussed above are calculated by Monte Carlo models on a quarterly basis. As of March 31, 2024, there was $3 million of total unrecognized compensation cost related to liability-classified performance units. This cost is expected to be recognized over a weighted-average period of 1.8 years. The amount of unrecognized compensation cost for liability-classified awards will fluctuate over time as they are marked to market. The final value of the performance unit awards is contingent upon the Company’s actual performance against these performance measures. Number Weighted Average (in thousands) Unvested units at December 31, 2023 12,152 $ 0.94 Granted — $ — Vested (3,365) $ 1.59 Forfeited — $ — Unvested units at March 31, 2024 8,787 $ 0.55 Cash-Based Compensation The Company recognized the following amounts in performance cash award compensation costs for the three months ended March 31, 2024 and 2023: For the three months ended March 31, (in millions) 2024 2023 Performance cash awards – expensed $ 3 $ 2 Performance cash awards – capitalized $ 3 $ 2 Performance Cash Awards From 2020 through 2022 the Company granted performance cash awards that vest over a four-year period and are payable in cash on an annual basis. In 2023 and 2024, the Company granted performance cash awards that vest over a three-year period and are payable in cash on an annual basis. The value of each unit of the award equals one dollar. The Company recognizes the cost of these awards as general and administrative expense and capitalized expense over the vesting period of the awards. The performance cash awards granted from 2020 through 2024 include a performance condition determined annually by the Company. For all years, the performance measure is a targeted discretionary cash flow amount. If the Company, in its sole discretion, determines that the threshold was not met, the amount for that vesting period will not vest and will be cancelled. As of March 31, 2024, there was $54 million of total unrecognized compensation cost related to performance cash awards. This cost is expected to be recognized over a weighted-average period of 2.3 years. The final value of the performance cash awards is contingent upon the Company’s actual performance against these performance measures. Number Weighted Average Fair Value (in thousands) Unvested units at December 31, 2023 49,678 $ 1.00 Granted 28,202 $ 1.00 Vested (20,232) $ 1.00 Forfeited (364) $ 1.00 Unvested units at March 31, 2024 57,284 $ 1.00

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company’s reportable business segments have been identified based on the differences in products or services provided. The Company’s E&P segment is comprised of gas and oil properties which are managed as a whole rather than through discrete operating segments. Operational information for the Company’s E&P segment is tracked by geographic area; however, financial performance and allocation of resources are assessed at the segment level without regard to geographic area. Revenues for the E&P segment are derived from the production and sale of natural gas and liquids. The Marketing segment generates revenue through the marketing of both Company and third-party produced natural gas and liquids volumes. Summarized financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements included in Item 8 of the 2023 Annual Report. Management evaluates the performance of its segments based on operating income, defined as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown below to consolidated income before income taxes, is the sum of operating income, interest expense, gain (loss) on derivatives, gain on early extinguishment of debt and other income (loss). The “Other” column includes items not related to the Company’s reportable segments, including real estate and corporate items. Corporate general and administrative costs, depreciation expense and taxes, other than income taxes, are allocated to the segments. Exploration and Production Marketing Total Reportable Segments Other Total Three months ended March 31, 2024 (in millions) Revenues from external customers $ 838 $ 579 $ 1,417 $ — $ 1,417 Intersegment revenues (14) 798 784 — 784 Depreciation, depletion and amortization expense 261 1 262 — 262 Impairments 2,093 — 2,093 — 2,093 Operating income (loss) (2,061) 4 (2,057) — (2,057) Interest expense (1) 35 — 35 — 35 Gain on derivatives 126 — 126 — 126 Other income, net 1 — 1 — 1 Benefit for income taxes (1) (430) — (430) — (430) Assets 9,856 (2) 391 10,247 151 10,398 Capital investments (3) 537 — 537 1 538 Three months ended March 31, 2023 Revenues from external customers $ 1,439 $ 679 $ 2,118 $ — $ 2,118 Intersegment revenues (10) 1,362 1,352 — 1,352 Depreciation, depletion and amortization expense 312 1 313 — 313 Operating income 578 28 606 — 606 Interest expense (1) 36 — 36 — 36 Gain on derivatives 1,401 — 1,401 — 1,401 Loss on early extinguishment of debt — — — (19) (19) Other loss, net (1) — (1) — (1) Provision for income taxes (1) 12 — 12 — 12 Assets 12,260 (2) 552 12,812 125 12,937 Capital investments (3) 664 — 664 1 665 (1) Interest expense and provision (benefit) for income taxes by segment is an allocation of corporate amounts as they are incurred at the corporate level. (2) E&P assets includes office, technology, water infrastructure, drilling rigs and other ancillary equipment not directly related to natural gas and oil properties. This also includes deferred tax assets which are an allocation of corporate amounts as they are incurred at the corporate level. (3) Capital investments include an increase of $14 million and a decrease $6 million for the three months ended March 31, 2024 and March 31, 2023, respectively, relating to the change in accrued expenditures between periods. The following table presents the breakout of other assets, which represent corporate assets not allocated to segments and assets for non-reportable segments as of March 31, 2024 and 2023: As of March 31, (in millions) 2024 2023 Cash and cash equivalents $ 29 $ 3 Accounts receivable — 1 Prepayments 15 12 Other current assets 1 — Property, plant and equipment 23 19 Unamortized debt expense 14 18 Right-of-use lease assets 47 55 Non-qualified retirement plan 2 2 Other long-term assets (1) 20 15 $ 151 $ 125 (1) Consists primarily of costs associated with the development of the Company’s enterprise resource technology as of March 31, 2024 and residual assets associated with the Company’s pension plan as of March 31, 2023, respectively.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS New Accounting Standards Implemented in this Report None. New Accounting Standards Not Yet Adopted in this Report In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update is to enhance disclosures on reportable segments and provide additional detailed information about significant segment expenses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company continues to assess the impact of the new guidance, but it is not expected to have a material impact on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update is to enhance disclosures through further disaggregated information on the effective tax rate reconciliation based on specified categories, as well as disaggregation of incomes taxes paid by jurisdiction. The guidance in ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company continues to assess the impact of the new guidance, but it is not expected to have a material impact on the consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (1,535)	$ 1,939

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Revenue from Contracts with Customers	Natural gas and liquids. Natural gas, oil and NGL sales are recognized when control of the product is transferred to the customer at a designated delivery point. The pricing provisions of the Company’s contracts are primarily tied to a market index with certain adjustments based on factors such as delivery, quality of the product and prevailing supply and demand conditions in the geographic areas in which the Company operates. Under the Company’s sales contracts, the delivery of each unit of natural gas, oil and NGLs represents a separate performance obligation, and revenue is recognized at the point in time when the performance obligations are fulfilled. There is no significant financing component to the Company’s revenues as payment terms are typically within 30 to 60 days of control transfer. Furthermore, consideration from a customer corresponds directly with the value to the customer of the Company’s performance completed to date. As a result, the Company recognizes revenue in the amount to which the Company has a right to invoice and has not disclosed information regarding its remaining performance obligations. The Company records revenue from its natural gas and liquids production in the amount of its net revenue interest in sales from its properties. Accordingly, natural gas and liquid sales are not recognized for deliveries in excess of the Company’s net revenue interest, while natural gas and liquid sales are recognized for any under-delivered volumes. Marketing. The Company, through its marketing affiliate, generally markets natural gas, oil and NGLs for its affiliated E&P companies as well as other joint owners who choose to market with the Company. In addition, the Company markets some products purchased from third parties. Marketing revenues for natural gas, oil and NGL sales are recognized when control of the product is transferred to the customer at a designated delivery point. The pricing provisions of the Company’s contracts are primarily tied to market indices with certain adjustments based on factors such as delivery, quality of the product and prevailing supply and demand conditions. Under the Company’s marketing contracts, the delivery of each unit of natural gas, oil and NGLs represents a separate performance obligation, and revenue is recognized at the point in time when the performance obligations are fulfilled. Customers are invoiced and revenues are recorded each month as natural gas, oil and NGLs are delivered, and payment terms are typically within 30 to 60 days of control transfer. Furthermore, consideration from a customer corresponds directly with the value to the customer of the Company’s performance completed to date. As a result, the Company recognizes revenue in the amount to which the Company has a right to invoice and has not disclosed information regarding its remaining performance obligations.
New Accounting Standards Implemented in this Report and New Accounting Standards Not Yet Adopted in this Report	New Accounting Standards Implemented in this Report None. New Accounting Standards Not Yet Adopted in this Report In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update is to enhance disclosures on reportable segments and provide additional detailed information about significant segment expenses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company continues to assess the impact of the new guidance, but it is not expected to have a material impact on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update is to enhance disclosures through further disaggregated information on the effective tax rate reconciliation based on specified categories, as well as disaggregation of incomes taxes paid by jurisdiction. The guidance in ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company continues to assess the impact of the new guidance, but it is not expected to have a material impact on the consolidated financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue by Segment	The following table reconciles operating revenues as presented on the consolidated statements of operations to the operating revenues by segment: (in millions) E&P Marketing Intersegment Total Three months ended March 31, 2024 Gas sales $ 571 $ — $ 13 $ 584 Oil sales 81 — 1 82 NGL sales 174 — — 174 Marketing — 1,377 (798) 579 Other (1) (2) — — (2) Total $ 824 $ 1,377 $ (784) $ 1,417 (in millions) Three months ended March 31, 2023 Gas sales $ 1,136 $ — $ 9 $ 1,145 Oil sales 94 — 1 95 NGL sales 201 — — 201 Marketing — 2,041 (1,362) 679 Other (1) (2) — — (2) Total $ 1,429 $ 2,041 $ (1,352) $ 2,118 (1) For the three months ended March 31, 2024 and the three months ended March 31, 2023, other E&P revenues consists primarily of losses on purchaser imbalances associated with natural gas and certain NGLs.
Disaggregation of Revenue on Geographic Basis	Associated E&P revenues are also disaggregated for analysis on a geographic basis by the core areas in which the Company operates, which are Appalachia and Haynesville. For the three months ended March 31, (in millions) 2024 2023 Appalachia $ 554 $ 923 Haynesville 270 506 Total $ 824 $ 1,429
Reconciliation of Accounts Receivable	The following table reconciles the Company’s receivables from contracts with customers to consolidated accounts receivable as presented on the consolidated balance sheet: (in millions) March 31, 2024 December 31, 2023 Receivables from contracts with customers $ 433 $ 622 Other accounts receivable 58 58 Total accounts receivable $ 491 $ 680

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Summary of Cash and Cash Equivalents	The following table presents a summary of cash and cash equivalents as of March 31, 2024 and December 31, 2023: (in millions) March 31, 2024 December 31, 2023 Cash $ 23 $ 1 Marketable securities (1) 6 20 Total $ 29 $ 21 (1) Typically consists of government stable value money market funds.

NATURAL GAS AND OIL PROPERTIES

NATURAL GAS AND OIL PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2024
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Oil and Gas Exploration and Production Industries Disclosures	Prices used to calculate the ceiling value of reserves were as follows: March 31, 2024 March 31, 2023 Natural gas (per MMBtu) $ 2.45 $ 5.96 Oil (per Bbl) $ 77.48 $ 90.97 NGLs (per Bbl) $ 21.17 $ 30.69

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table presents the computation of earnings per share for the three months ended March 31, 2024 and 2023: For the three months ended March 31, (in millions, except share/per share amounts) 2024 2023 Net income (loss) $ (1,535) $ 1,939 Number of common shares: Weighted average outstanding 1,101,824,856 1,100,278,261 Effect of issuance of non-vested restricted common stock — 790,131 Effect of issuance of non-vested restricted units — 1,328,244 Weighted average and dilutive outstanding 1,101,824,856 1,102,396,636 Earnings (loss) per common share Basic $ (1.39) $ 1.76 Diluted $ (1.39) $ 1.76
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three months ended March 31, 2024 and 2023, as they would have had an antidilutive effect: For the three months ended March 31, 2024 2023 Unexercised stock options 459,638 866,318 Unvested restricted common stock 977,979 — Restricted units 3,490,947 1,914,812 Performance units 554,248 326,088 Total 5,482,812 3,107,218

DERIVATIVES AND RISK MANAGEME_2

DERIVATIVES AND RISK MANAGEMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments Notional Amount, Weighted Average Contract Prices and Fair Value	As of March 31, 2024 and March 31, 2023, the Company’s derivative financial instruments consisted of fixed price swaps, two-way costless collars, three-way costless collars, basis swaps, and options (calls and puts). A description of the Company’s derivative financial instruments is provided below: Fixed price swaps If the Company sells a fixed price swap, the Company receives a fixed price for the contract, and pays a floating market price to the counterparty. If the Company purchases a fixed price swap, the Company receives a floating market price for the contract and pays a fixed price to the counterparty. Two-way costless collars Arrangements that contain a fixed floor price (“purchased put option”) and a fixed ceiling price (“sold call option”) based on an index price which, in aggregate, have no net cost. At the contract settlement date, (1) if the index price is higher than the ceiling price, the Company pays the counterparty the difference between the index price and ceiling price, (2) if the index price is between the floor and ceiling prices, no payments are due from either party, and (3) if the index price is below the floor price, the Company will receive the difference between the floor price and the index price. Three-way costless collars Arrangements that contain a purchased put option, a sold call option and a sold put option based on an index price that, in aggregate, have no net cost. At the contract settlement date, (1) if the index price is higher than the sold call strike price, the Company pays the counterparty the difference between the index price and sold call strike price, (2) if the index price is between the purchased put strike price and the sold call strike price, no payments are due from either party, (3) if the index price is between the sold put strike price and the purchased put strike price, the Company will receive the difference between the purchased put strike price and the index price, and (4) if the index price is below the sold put strike price, the Company will receive the difference between the purchased put strike price and the sold put strike price. Basis swaps Arrangements that guarantee a price differential for natural gas from a specified delivery point. If the Company sells a basis swap, the Company receives a payment from the counterparty if the price differential is greater than the stated terms of the contract and pays the counterparty if the price differential is less than the stated terms of the contract. If the Company purchases a basis swap, the Company pays the counterparty if the price differential is greater than the stated terms of the contract and receives a payment from the counterparty if the price differential is less than the stated terms of the contract. Options (Calls and Puts) The Company purchases and sells options in exchange for premiums. If the Company purchases a call option, the Company receives from the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. If the Company sells a call option, the Company pays the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. If the Company purchases a put option, the Company receives from the counterparty the excess (if any) of the strike price over the market price of the put option at the time of settlement, but if the market price is above the put’s strike price, no payment is due from either party. If the Company sells a put option, the Company pays the counterparty the excess (if any) of the strike price over the market price of the put option at the time of settlement, but if the market price is above the put’s strike price, no payment is due from either party. The following tables provide information about the Company’s financial instruments that are sensitive to changes in commodity prices and that are used to protect the Company’s exposure. None of the financial instruments below are designated for hedge accounting treatment. The tables present the notional amount, the weighted average contract prices and the fair value by expected maturity dates as of March 31, 2024: Financial Protection on Production Weighted Average Price per MMBtu Volume (Bcf) Swaps Sold Puts Purchased Puts Sold Calls Basis Differential Fair Value at March 31, 2024 (in millions) Natural Gas 2024 Fixed price swaps 409 $ 3.58 $ — $ — $ — $ — $ 486 Two-way costless collars 33 — — 3.07 3.53 — 24 Three-way costless collars 60 — 2.50 3.25 4.19 — 30 Total 502 $ 540 2025 Fixed price swaps 33 $ 3.47 $ — $ — $ — $ — $ — Two-way costless collars 73 — — 3.50 5.40 — 33 Three-way costless collars 161 — 2.59 3.66 5.88 — 62 Total 267 $ 95 Basis Swaps 2024 94 $ — $ — $ — $ — $ (0.71) $ (11) 2025 9 — — — — (0.64) 2 Total 103 $ (9) Volume (MBbls) Weighted Average Strike Price per Bbl Fair Value at March 31, 2024 (in millions) Swaps Sold Puts Purchased Puts Sold Calls Oil 2024 Fixed price swaps 1,057 $ 71.62 $ — $ — $ — $ (9) Two-way costless collars 348 — — 70.00 86.40 (1) Three-way costless collars 534 — 56.72 66.72 88.26 (1) Total 1,939 $ (11) 2025 Fixed price swaps 41 $ 77.66 $ — $ — $ — $ — Three-way costless collars 1,278 — 58.92 68.92 92.83 — Total 1,319 $ — Ethane 2024 Fixed price swaps 5,335 $ 10.05 $ — $ — $ — $ 10 2025 Fixed price swaps 2,190 $ 10.19 $ — $ — $ — $ — Propane 2024 Fixed price swaps 4,483 $ 31.23 $ — $ — $ — $ (17) 2025 Fixed price swaps 1,341 $ 30.25 $ — $ — $ — $ (1) Normal Butane 2024 Fixed price swaps 1,073 $ 39.42 $ — $ — $ — $ (2) 2025 Fixed price swaps 548 $ 35.28 $ — $ — $ — $ — Natural Gasoline 2024 Fixed price swaps 1,210 $ 61.45 $ — $ — $ — $ (5) 2025 Fixed price swaps 730 $ 56.44 $ — $ — $ — $ (4) Other Derivative Contracts Volume (Bcf) Weighted Average Strike Price per MMBtu Fair Value at March 31, 2024 (in millions) Call Options – Natural Gas (Net) 2024 55 $ 7.00 $ — 2025 73 7.00 (4) 2026 73 7.00 (11) Total 201 $ (15)
Balance Sheet Classification of Derivative Financial Instruments	The balance sheet classification of the assets and liabilities related to derivative financial instruments are summarized below as of March 31, 2024 and December 31, 2023: Derivative Assets Fair Value (in millions) Balance Sheet Classification March 31, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Fixed price swaps – natural gas Derivative assets $ 498 $ 466 Fixed price swaps – oil Derivative assets — 1 Fixed price swaps – ethane Derivative assets 10 9 Fixed price swaps – propane Derivative assets 1 12 Fixed price swaps – normal butane Derivative assets — 1 Fixed price swaps – natural gasoline Derivative assets — 2 Two-way costless collars – natural gas Derivative assets 38 36 Two-way costless collars – oil Derivative assets — 3 Three-way costless collars – natural gas Derivative assets 84 62 Three-way costless collars – oil Derivative assets 3 1 Basis swaps – natural gas Derivative assets 7 14 Put options – natural gas Derivative assets — 8 Fixed price swaps – natural gas Other long-term assets 3 — Two-way costless collars – natural gas Other long-term assets 33 46 Three-way costless collars – natural gas Other long-term assets 86 116 Three-way costless collars – oil Other long-term assets 7 10 Basis swaps – natural gas Other long-term assets 2 4 Total derivative assets $ 772 $ 791 Derivative Liabilities Fair Value (in millions) Balance Sheet Classification March 31, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Fixed price swaps – natural gas Derivative liabilities $ 12 $ 18 Fixed price swaps – oil Derivative liabilities 9 2 Fixed price swaps – propane Derivative liabilities 18 1 Fixed price swaps – normal butane Derivative liabilities 2 — Fixed price swaps – natural gasoline Derivative liabilities 6 — Two-way costless collars – natural gas Derivative liabilities 6 14 Two-way costless collars – oil Derivative liabilities 1 1 Three-way costless collars – natural gas Derivative liabilities 40 27 Three-way costless collars – oil Derivative liabilities 3 1 Basis swaps – natural gas Derivative liabilities 18 6 Call options – natural gas Derivative liabilities 1 1 Put options – natural gas Derivative liabilities — 8 Fixed price swaps – natural gas Long-term derivative liabilities 3 — Fixed price swaps – propane Long-term derivative liabilities 1 — Fixed price swaps – natural gasoline Long-term derivative liabilities 3 — Two-way costless collars – natural gas Long-term derivative liabilities 8 15 Three-way costless collars – natural gas Long-term derivative liabilities 38 60 Three-way costless collars – oil Long-term derivative liabilities 8 8 Call options – natural gas Long-term derivative liabilities 14 17 Total derivative liabilities $ 191 $ 179 Net Derivative Position March 31, 2024 December 31, 2023 (in millions) Net current derivative asset (liability) $ 525 $ 536 Net long-term derivative asset (liability) 56 76 Non-performance risk adjustment (1) (2) Net total derivative asset (liability) $ 580 $ 610
Summary of Before Tax Effect of Fair Value Hedges not Designated for Hedge Accounting	The following tables summarize the before-tax effect of the Company’s derivative instruments on the consolidated statements of operations for the three months ended March 31, 2024 and 2023: Unsettled Gain (Loss) on Derivatives Recognized in Earnings Consolidated Statement of Operations Classification of Gain (Loss) on Derivatives, Unsettled For the three months ended March 31, Derivative Instrument 2024 2023 (in millions) Fixed price swaps – natural gas Gain (Loss) on Derivatives $ 38 $ 961 Fixed price swaps – oil Gain (Loss) on Derivatives (8) 12 Fixed price swaps – ethane Gain (Loss) on Derivatives 1 9 Fixed price swaps – propane Gain (Loss) on Derivatives (29) 1 Fixed price swaps – normal butane Gain (Loss) on Derivatives (3) 1 Fixed price swaps – natural gasoline Gain (Loss) on Derivatives (11) 1 Two-way costless collars – natural gas Gain (Loss) on Derivatives 4 241 Two-way costless collars – oil Gain (Loss) on Derivatives (3) — Three-way costless collars – natural gas Gain (Loss) on Derivatives 1 263 Three-way costless collars – oil Gain (Loss) on Derivatives (3) 12 Basis swaps – natural gas Gain (Loss) on Derivatives (21) (30) Call options – natural gas Gain (Loss) on Derivatives 3 61 Sold put options - natural gas Gain (Loss) on Derivatives 8 (6) Purchased put options – natural gas Gain (Loss) on Derivatives (8) 2 Total gain (loss) on unsettled derivatives $ (31) $ 1,528 Settled Gain (Loss) on Derivatives Recognized in Earnings (1) Consolidated Statement of Operations Classification of Gain (Loss) on Derivatives, Settled For the three months ended March 31, Derivative Instrument 2024 2023 (in millions) Fixed price swaps – natural gas Gain (Loss) on Derivatives $ 140 $ (45) Fixed price swaps – oil Gain (Loss) on Derivatives (4) (4) Fixed price swaps – ethane Gain (Loss) on Derivatives 3 1 Fixed price swaps – propane Gain (Loss) on Derivatives (2) 1 Fixed price swaps – normal butane Gain (Loss) on Derivatives (1) — Fixed price swaps – natural gasoline Gain (Loss) on Derivatives (1) — Two-way costless collars – natural gas Gain (Loss) on Derivatives 9 — Three-way costless collars – natural gas Gain (Loss) on Derivatives 16 (33) Three-way costless collars – oil Gain (Loss) on Derivatives — (7) Basis swaps – natural gas Gain (Loss) on Derivatives (4) (29) Call options – natural gas Gain (Loss) on Derivatives — (7) Sold put options - natural gas Gain (Loss) on Derivatives (10) — Purchased put options – natural gas Gain (Loss) on Derivatives 10 — Total gain (loss) on settled derivatives $ 156 $ (123) Total gain (loss) on derivatives (2) $ 126 $ 1,401 (1) The Company calculates gain (loss) on derivatives, settled, as the summation of gains and losses on positions that settled within the period. (2) Total gain (loss) on derivatives includes non-performance risk adjustments of $1 million in gains and $4 million in losses for the three months ended March 31, 2024 and March 31, 2023, respectively. Total Gain (Loss) on Derivatives Recognized in Earnings For the three months ended March 31, 2024 2023 (in millions) Total gain (loss) on unsettled derivatives $ (31) $ 1,528 Total gain (loss) on settled derivatives 156 (123) Non-performance risk adjustment 1 (4) Total gain (loss) on derivatives $ 126 $ 1,401

RECLASSIFICATIONS FROM ACCUMU_2

RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The following tables detail the components of accumulated other comprehensive income (loss) for the three months ended March 31, 2024: (in millions) Other Postretirement Foreign Currency Total Beginning balance December 31, 2023 $ 11 $ (14) $ (3) Other comprehensive income before reclassifications — — — Amounts reclassified from other comprehensive income (1) 2 — 2 Net current-period other comprehensive income 2 — 2 Ending balance March 31, 2024 $ 13 $ (14) $ (1) (1)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Carrying Amount and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 (in millions) Carrying Fair Carrying Fair Cash and cash equivalents $ 29 $ 29 $ 21 $ 21 2022 revolving credit facility due April 2027 270 270 220 220 Senior notes (1) 3,743 3,599 3,743 3,626 Derivative instruments, net 580 580 610 610 (1) Excludes unamortized debt issuance costs and debt discounts.
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are summarized below: March 31, 2024 Fair Value Measurements Using: (in millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) at Fair Value Assets Fixed price swaps $ — $ 512 $ — $ 512 Two-way costless collars — 71 — 71 Three-way costless collars — 180 — 180 Basis swaps — 9 — 9 Liabilities Fixed price swaps — (54) — (54) Two-way costless collars — (15) — (15) Three-way costless collars — (89) — (89) Basis swaps — (18) — (18) Call options — (15) — (15) Total (1) $ — $ 581 $ — $ 581 (1) Excludes a net reduction to the asset fair value of $1 million related to estimated non-performance risk. December 31, 2023 Fair Value Measurements Using: (in millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) at Fair Value Assets Fixed price swaps $ — $ 491 $ — $ 491 Two-way costless collars — 85 — 85 Three-way costless collars — 189 — 189 Basis swaps — 18 — 18 Purchase Put - Natural Gas — 8 — 8 Liabilities Fixed price swaps — (21) — (21) Two-way costless collars — (30) — (30) Three-way costless collars — (96) — (96) Basis swaps — (6) — (6) Call options — (18) — (18) Put options — (8) — (8) Total (1) $ — $ 612 $ — $ 612 (1) Excludes a net reduction to the asset fair value of $2 million related to estimated non-performance risk.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Components of Debt	DEBT The components of debt as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Premium/Discount Total Current portion of long-term debt: 4.95% Senior Notes due January 2025 (1) $ 389 $ — $ — $ 389 Total current portion of long-term debt $ 389 $ — $ — $ 389 Long-term debt: Variable rate (7.16% at March 31, 2024) 2022 revolving credit facility, due April 2027 $ 270 $ — (2) $ — $ 270 8.375% Senior Notes due September 2028 304 (3) — 301 5.375% Senior Notes due February 2029 700 (4) 17 713 5.375% Senior Notes due March 2030 1,200 (12) — 1,188 4.75% Senior Notes due February 2032 1,150 (13) — 1,137 Total long-term debt $ 3,624 $ (32) $ 17 $ 3,609 Total debt $ 4,013 $ (32) $ 17 $ 3,998 December 31, 2023 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Premium/Discount Total Variable rate (7.20% at December 31, 2023) 2022 revolving credit facility, due April 2027 $ 220 $ — (2) $ — $ 220 4.95% Senior Notes due January 2025 (1) 389 — — 389 8.375% Senior Notes due September 2028 304 (3) — 301 5.375% Senior Notes due February 2029 700 (5) 18 713 5.375% Senior Notes due March 2030 1,200 (13) — 1,187 4.75% Senior Notes due February 2032 1,150 (13) — 1,137 Total debt $ 3,963 $ (34) $ 18 $ 3,947 (1) Effective in July 2018, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since their issuance. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which had the effect of increasing the interest rate on the 2025 Notes to 6.45% following the July 23, 2020 interest payment due date. The first coupon payment to the bondholders at the higher interest rate was paid in January 2021. On September 1, 2021, S&P upgraded the Company’s bond rating to BB, and on January 6, 2022, S&P further upgraded the Company’s bond rating to BB+, which decreased the interest rate on the 2025 Notes to 5.95% beginning with coupon payments paid after January 2022. On May 31, 2022, Moody’s upgraded the Company’s bond rating to Ba1, which decreased the interest rate on the 2025 Notes from 5.95% to 5.70% for coupon payments paid after July 2022. (2) At March 31, 2024 and December 31, 2023, unamortized issuance expense of $14 million and $15 million, respectively, associated with the 2022 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets.
Schedule of Maturities of Long-term Debt	The following is a summary of scheduled debt maturities by year as of March 31, 2024: (in millions) 2024 $ — 2025 389 2026 — 2027 270 2028 304 Thereafter 3,050 $ 4,013

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Obligation under Transportation Agreements	As of March 31, 2024, future payments under non-cancelable firm transportation and gathering agreements are as follows: Payments Due by Period (in millions) Total Less than 1 1 to 3 Years 3 to 5 Years 5 to 8 Years More than 8 Infrastructure currently in service $ 8,016 $ 1,030 $ 1,950 $ 1,698 $ 1,634 $ 1,704 Pending regulatory approval and/or construction (1) 1,192 61 170 195 294 472 Total transportation charges $ 9,208 $ 1,091 $ 2,120 $ 1,893 $ 1,928 $ 2,176 (1) Based on estimated in-service dates as of March 31, 2024.

LONG-TERM INCENTIVE COMPENSAT_2

LONG-TERM INCENTIVE COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Stock-Based Compensation Costs	The Company recognized the following amounts in total related to long-term incentive compensation costs for the three months ended March 31, 2024 and 2023: For the three months ended March 31, (in millions) 2024 2023 Long-term incentive compensation – expensed $ 11 $ 4 Long-term incentive compensation – capitalized $ 6 $ 3
Schedule of Equity-Classified Stock-Based Compensation Costs	The Company recognized the following amounts in employee equity-classified stock-based compensation costs for the three months ended March 31, 2024 and 2023: For the three months ended March 31, (in millions) 2024 2023 Equity-classified awards – expensed $ 7 $ 1 Equity-classified awards – capitalized $ 3 $ 1
Summary of Equity-Classified Stock Option Activity	The following table summarizes equity-classified stock option activity for the three months ended March 31, 2024 and provides information for options outstanding and options exercisable as of March 31, 2024: Number Weighted Average (in thousands) Outstanding at December 31, 2023 820 $ 8.59 Granted — $ — Exercised — $ — Forfeited or expired (820) $ 8.59 Outstanding at March 31, 2024 — $ — Exercisable at March 31, 2024 — $ —
Summary of Equity-Classified Restricted Stock Activity	The following table summarizes equity-classified restricted stock activity for the three months ended March 31, 2024 and provides information for unvested shares as of March 31, 2024: Number Weighted Average (in thousands) Unvested shares at December 31, 2023 169 $ 5.09 Granted — $ — Vested (54) $ 4.90 Forfeited — $ — Unvested shares at March 31, 2024 115 $ 5.17
Summary of Equity-Classified Restricted and Performance Stock Units Activity	The following table summarizes equity-classified restricted stock units for the three months ended March 31, 2024 and provides information for unvested units as of March 31, 2024. Number Weighted Average (in thousands) Unvested units at December 31, 2023 2,706 $ 4.74 Granted 3,182 $ 7.10 Vested (1,084) $ 4.69 Forfeited — $ — Unvested units at March 31, 2024 4,804 $ 6.32 Number Weighted Average (in thousands) Unvested units at December 31, 2023 1,757 $ 6.08 Granted — $ — Vested — $ — Forfeited — $ — Unvested units at March 31, 2024 1,757 $ 6.08
Schedule of Liability-Classified Stock-Based Compensation Costs	The Company recognized the following amounts in employee liability-classified stock-based compensation costs for the three months ended March 31, 2024: For the three months ended March 31, (in millions) 2024 2023 Liability-classified stock-based compensation cost – expensed $ 1 $ 1 Liability-classified stock-based compensation cost – capitalized $ — $ —
Summary of Liability-Classified Restricted Stock Unit Activity	Number Weighted Average (in thousands) Unvested units at December 31, 2023 1,741 $ 4.67 Granted — $ — Vested (1,741) $ 6.93 Forfeited — $ — Unvested units at March 31, 2024 — $ —
Summary of Liability-Classified Performance Unit Activity	Number Weighted Average (in thousands) Unvested units at December 31, 2023 12,152 $ 0.94 Granted — $ — Vested (3,365) $ 1.59 Forfeited — $ — Unvested units at March 31, 2024 8,787 $ 0.55
Schedule of Performance Cash Award Compensation Costs	The Company recognized the following amounts in performance cash award compensation costs for the three months ended March 31, 2024 and 2023: For the three months ended March 31, (in millions) 2024 2023 Performance cash awards – expensed $ 3 $ 2 Performance cash awards – capitalized $ 3 $ 2
Summary of Performance Cash Awards Activity	Number Weighted Average Fair Value (in thousands) Unvested units at December 31, 2023 49,678 $ 1.00 Granted 28,202 $ 1.00 Vested (20,232) $ 1.00 Forfeited (364) $ 1.00 Unvested units at March 31, 2024 57,284 $ 1.00

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Financial Information for Company's Reportable Segments	Summarized financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements included in Item 8 of the 2023 Annual Report. Management evaluates the performance of its segments based on operating income, defined as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown below to consolidated income before income taxes, is the sum of operating income, interest expense, gain (loss) on derivatives, gain on early extinguishment of debt and other income (loss). The “Other” column includes items not related to the Company’s reportable segments, including real estate and corporate items. Corporate general and administrative costs, depreciation expense and taxes, other than income taxes, are allocated to the segments. Exploration and Production Marketing Total Reportable Segments Other Total Three months ended March 31, 2024 (in millions) Revenues from external customers $ 838 $ 579 $ 1,417 $ — $ 1,417 Intersegment revenues (14) 798 784 — 784 Depreciation, depletion and amortization expense 261 1 262 — 262 Impairments 2,093 — 2,093 — 2,093 Operating income (loss) (2,061) 4 (2,057) — (2,057) Interest expense (1) 35 — 35 — 35 Gain on derivatives 126 — 126 — 126 Other income, net 1 — 1 — 1 Benefit for income taxes (1) (430) — (430) — (430) Assets 9,856 (2) 391 10,247 151 10,398 Capital investments (3) 537 — 537 1 538 Three months ended March 31, 2023 Revenues from external customers $ 1,439 $ 679 $ 2,118 $ — $ 2,118 Intersegment revenues (10) 1,362 1,352 — 1,352 Depreciation, depletion and amortization expense 312 1 313 — 313 Operating income 578 28 606 — 606 Interest expense (1) 36 — 36 — 36 Gain on derivatives 1,401 — 1,401 — 1,401 Loss on early extinguishment of debt — — — (19) (19) Other loss, net (1) — (1) — (1) Provision for income taxes (1) 12 — 12 — 12 Assets 12,260 (2) 552 12,812 125 12,937 Capital investments (3) 664 — 664 1 665 (1) Interest expense and provision (benefit) for income taxes by segment is an allocation of corporate amounts as they are incurred at the corporate level. (2) E&P assets includes office, technology, water infrastructure, drilling rigs and other ancillary equipment not directly related to natural gas and oil properties. This also includes deferred tax assets which are an allocation of corporate amounts as they are incurred at the corporate level. (3) Capital investments include an increase of $14 million and a decrease $6 million for the three months ended March 31, 2024 and March 31, 2023, respectively, relating to the change in accrued expenditures between periods. The following table presents the breakout of other assets, which represent corporate assets not allocated to segments and assets for non-reportable segments as of March 31, 2024 and 2023: As of March 31, (in millions) 2024 2023 Cash and cash equivalents $ 29 $ 3 Accounts receivable — 1 Prepayments 15 12 Other current assets 1 — Property, plant and equipment 23 19 Unamortized debt expense 14 18 Right-of-use lease assets 47 55 Non-qualified retirement plan 2 2 Other long-term assets (1) 20 15 $ 151 $ 125 (1) Consists primarily of costs associated with the development of the Company’s enterprise resource technology as of March 31, 2024 and residual assets associated with the Company’s pension plan as of March 31, 2023, respectively.

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Jan. 10, 2024 USD ($)
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Number of segments | segment	2
Merger-related expenses	$ 9,000	$ 0
Southwestern Energy Company | Chesapeake Energy Corporation
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Share exchange ratio			0.0867
Fee to be reimbursed by acquired upon termination of agreement			$ 55,600
Fee to be reimbursed by acquired upon termination of agreement			389,000
Fee to be reimbursed by acquiree upon termination of agreement			37,250
Fee to be paid by acquiree upon termination of agreement			$ 260,000

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Contract asset associated with revenues from contracts with customers	$ 0
Contract liability associated with revenues from contracts with customers	$ 0
Minimum | NGL sales
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Minimum | Marketing
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum | NGL sales
Disaggregation of Revenue [Line Items]
Payment terms	60 days
Maximum | Marketing
Disaggregation of Revenue [Line Items]
Payment terms	60 days

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 1,417	$ 2,118
E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	838	1,439
Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	579	679
Operating Segments | E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	824	1,429
Operating Segments | Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	1,377	2,041
Intersegment Revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	(784)	(1,352)
Intersegment Revenues | E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	14	10
Intersegment Revenues | Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	(798)	(1,362)
Gas sales
Disaggregation of Revenue [Line Items]
Total operating revenues	584	1,145
Gas sales | Operating Segments | E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	571	1,136
Gas sales | Operating Segments | Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	0	0
Gas sales | Intersegment Revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	13	9
Oil sales
Disaggregation of Revenue [Line Items]
Total operating revenues	82	95
Oil sales | Operating Segments | E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	81	94
Oil sales | Operating Segments | Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	0	0
Oil sales | Intersegment Revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	1	1
NGL sales
Disaggregation of Revenue [Line Items]
Total operating revenues	174	201
NGL sales | Operating Segments | E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	174	201
NGL sales | Operating Segments | Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	0	0
NGL sales | Intersegment Revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	0	0
Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	579	679
Marketing | Operating Segments | E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	0	0
Marketing | Operating Segments | Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	1,377	2,041
Marketing | Intersegment Revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	(798)	(1,362)
Other
Disaggregation of Revenue [Line Items]
Total operating revenues	(2)	(2)
Other | Operating Segments | E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	(2)	(2)
Other | Operating Segments | Marketing
Disaggregation of Revenue [Line Items]
Total operating revenues	0	0
Other | Intersegment Revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 0	$ 0

REVENUE RECOGNITION - Disaggr_2

REVENUE RECOGNITION - Disaggregation of Revenue on Geographic Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 1,417	$ 2,118
E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	838	1,439
Operating Segments | E&P
Disaggregation of Revenue [Line Items]
Total operating revenues	824	1,429
Operating Segments | E&P | Appalachia
Disaggregation of Revenue [Line Items]
Total operating revenues	554	923
Operating Segments | E&P | Haynesville
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 270	$ 506

REVENUE RECOGNITION - Reconcili

REVENUE RECOGNITION - Reconciliation of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 433	$ 622
Other accounts receivable	58	58
Total accounts receivable	$ 491	$ 680

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash	$ 23	$ 1
Marketable securities	6	20
Total	$ 29	$ 21

NATURAL GAS AND OIL PROPERTIE_2

NATURAL GAS AND OIL PROPERTIES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) hedgePosition
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Natural gas, oil and NGL reserves discount	10%
Period of time needed to calculate ceiling value of reserves	12 months
Number of hedge positions designated for hedge accounting | hedgePosition	0
Impairment of oil and gas properties | $	$ 2,093

NATURAL GAS AND OIL PROPERTIE_3

NATURAL GAS AND OIL PROPERTIES - Oil and Gas Exploration and Production Industries Disclosures (Details)	3 Months Ended
	Mar. 31, 2024 $ / bbl $ / MMBTU	Mar. 31, 2023 $ / bbl $ / MMBTU
Natural Gas
Natural Gas and Oil Properties [Line Items]
Full cost ceiling test, price per MMBtu (in dollars per MMBtu) | $ / MMBTU	2.45	5.96
Oil
Natural Gas and Oil Properties [Line Items]
Full cost ceiling test, price per barrel (in dollars per bbl)	77.48	90.97
NGL
Natural Gas and Oil Properties [Line Items]
Full cost ceiling test, price per barrel (in dollars per bbl)	21.17	30.69

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ (1,535)	$ 1,939
Number of common shares:
Weighted average outstanding (in shares)	1,101,824,856	1,100,278,261
Weighted average and potential dilutive outstanding (in shares)	1,101,824,856	1,102,396,636
Earnings (loss) per common share
Basic (in dollars per share)	$ (1.39)	$ 1.76
Diluted (in dollars per share)	$ (1.39)	$ 1.76
Restricted Common Stock
Number of common shares:
Effect of issuance of non-vested restricted common stock and units (in shares)	0	790,131
Restricted units
Number of common shares:
Effect of issuance of non-vested restricted common stock and units (in shares)	0	1,328,244

EARNINGS PER SHARE - Schedule_2

EARNINGS PER SHARE - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,482,812	3,107,218
Unexercised stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	459,638	866,318
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	977,979	0
Restricted units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,490,947	1,914,812
Performance units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	554,248	326,088

DERIVATIVES AND RISK MANAGEME_3

DERIVATIVES AND RISK MANAGEMENT - Schedule of Derivative Instruments Notional Amount (Details) - Not Designated as Hedging Instrument MBbls in Thousands, Bcf in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / bbl $ / MMBTU MBbls Bcf
Financial protection on production - 2024 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	502
Fair value	$ 540
Financial protection on production - 2024 | Oil
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	1,939
Fair value	$ (11)
Fixed Price Swaps - 2024 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	409
Weighted average price (in dollars per MMBtu, Bbl) | $ / MMBTU	3.58
Fair value	$ 486
Fixed Price Swaps - 2024 | Oil
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	1,057
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	71.62
Fair value	$ (9)
Fixed Price Swaps - 2024 | Ethane
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	5,335
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	10.05
Fair value	$ 10
Fixed Price Swaps - 2024 | Propane
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	4,483
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	31.23
Fair value	$ (17)
Fixed Price Swaps - 2024 | Normal Butane
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	1,073
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	39.42
Fair value	$ (2)
Fixed Price Swaps - 2024 | Natural Gasoline
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	1,210
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	61.45
Fair value	$ (5)
Two Way Costless Collars - 2024 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	33
Fair value	$ 24
Two Way Costless Collars - 2024 | Oil
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	348
Fair value	$ (1)
Two Way Costless Collars - 2024 Sold Calls | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	3.53
Two Way Costless Collars - 2024 Sold Calls | Oil
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / bbl	86.40
Three Way Costless Collars - 2024 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	60
Fair value	$ 30
Three Way Costless Collars - 2024 | Oil
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	534
Fair value	$ (1)
Three Way Costless Collars - 2024 Sold Calls | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	4.19
Three Way Costless Collars - 2024 Sold Calls | Oil
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / bbl	88.26
Financial protection on production - 2025 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	267
Fair value	$ 95
Financial protection on production - 2025 | Oil
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	1,319
Fair value	$ 0
Fixed Price Swaps - 2025 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	33
Weighted average price (in dollars per MMBtu, Bbl) | $ / MMBTU	3.47
Fair value	$ 0
Fixed Price Swaps - 2025 | Oil
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	41
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	77.66
Fair value	$ 0
Fixed Price Swaps - 2025 | Ethane
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	2,190
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	10.19
Fair value	$ 0
Fixed Price Swaps - 2025 | Propane
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	1,341
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	30.25
Fair value	$ (1)
Fixed Price Swaps - 2025 | Normal Butane
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	548
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	35.28
Fair value	$ 0
Fixed Price Swaps - 2025 | Natural Gasoline
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	730
Weighted average price (in dollars per MMBtu, Bbl) | $ / bbl	56.44
Fair value	$ (4)
Two Way Costless Collars - 2025 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	73
Fair value	$ 33
Two Way Costless Collars - 2025 Sold Calls | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	5.40
Three Way Costless Collars - 2025 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	161
Fair value	$ 62
Three Way Costless Collars - 2025 | Oil
Derivative [Line Items]
Volume (Bcf, MBbls) | MBbls	1,278
Fair value	$ 0
Three Way Costless Collars - 2025 Sold Calls | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	5.88
Three Way Costless Collars - 2025 Sold Calls | Oil
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / bbl	92.83
Basis Swaps | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	103
Fair value	$ (9)
Basis Swap - 2024 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	94
Basis differential per MMBtu | $ / MMBTU	(0.71)
Fair value	$ (11)
Basis Swap - 2025 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	9
Basis differential per MMBtu | $ / MMBTU	(0.64)
Fair value	$ 2
Call options | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	201
Fair value	$ (15)
Call Options - 2024 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	55
Weighted average strike price (in dollars per MMBtu) | $ / MMBTU	7
Fair value	$ 0
Call Options 2025 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	73
Weighted average strike price (in dollars per MMBtu) | $ / MMBTU	7
Fair value	$ (4)
Call Options 2026 | Natural Gas
Derivative [Line Items]
Volume (Bcf, MBbls) | Bcf	73
Weighted average strike price (in dollars per MMBtu) | $ / MMBTU	7
Fair value	$ (11)
Sold Puts | Three Way Costless Collars - 2024 Sold Puts | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	2.50
Sold Puts | Three Way Costless Collars - 2024 Sold Puts | Oil
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / bbl	56.72
Sold Puts | Three Way Costless Collars - 2025 Sold Puts | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	2.59
Sold Puts | Three Way Costless Collars - 2025 Sold Puts | Oil
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / bbl	58.92
Purchased Puts | Two Way Costless Collars - 2024 Purchased Puts | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	3.07
Purchased Puts | Two Way Costless Collars - 2024 Purchased Puts | Oil
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / bbl	70
Purchased Puts | Three Way Costless Collars - 2024 Purchased Puts | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	3.25
Purchased Puts | Three Way Costless Collars - 2024 Purchased Puts | Oil
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / bbl	66.72
Purchased Puts | Two Way Costless Collars - 2025 Purchased Puts | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	3.50
Purchased Puts | Three Way Costless Collars - 2025 Purchased Puts | Natural Gas
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / MMBTU	3.66
Purchased Puts | Three Way Costless Collars - 2025 Purchased Puts | Oil
Derivative [Line Items]
Underlying, derivative volume (in dollars per MMBtu, Bbl) | $ / bbl	68.92

DERIVATIVES AND RISK MANAGEME_4

DERIVATIVES AND RISK MANAGEMENT - Narrative (Details) - Not Designated as Hedging Instrument $ in Millions	Mar. 31, 2024 USD ($)
Derivative [Line Items]
Fair value of net derivative asset position increase (decrease)	$ (1)
Commodities
Derivative [Line Items]
Derivative asset	$ 580

DERIVATIVES AND RISK MANAGEME_5

DERIVATIVES AND RISK MANAGEMENT - Balance Sheet Classification of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Net current derivative asset (liability)	$ 525	$ 536
Net long-term derivative asset (liability)	56	76
Non-performance risk adjustment	(1)	(2)
Derivative instruments, net	580	610
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	772	791
Derivative liabilities	191	179
Natural Gas | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	498	466
Natural Gas | Not Designated as Hedging Instrument | Fixed price swaps | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets	3	0
Natural Gas | Not Designated as Hedging Instrument | Fixed price swaps | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	12	18
Natural Gas | Not Designated as Hedging Instrument | Fixed price swaps | Long-term derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	3	0
Natural Gas | Not Designated as Hedging Instrument | Two-way costless collars | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	38	36
Natural Gas | Not Designated as Hedging Instrument | Two-way costless collars | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets	33	46
Natural Gas | Not Designated as Hedging Instrument | Two-way costless collars | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	6	14
Natural Gas | Not Designated as Hedging Instrument | Two-way costless collars | Long-term derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	8	15
Natural Gas | Not Designated as Hedging Instrument | Three-way costless collars | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	84	62
Natural Gas | Not Designated as Hedging Instrument | Three-way costless collars | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets	86	116
Natural Gas | Not Designated as Hedging Instrument | Three-way costless collars | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	40	27
Natural Gas | Not Designated as Hedging Instrument | Three-way costless collars | Long-term derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	38	60
Natural Gas | Not Designated as Hedging Instrument | Basis swaps | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	7	14
Natural Gas | Not Designated as Hedging Instrument | Basis swaps | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets	2	4
Natural Gas | Not Designated as Hedging Instrument | Basis swaps | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	18	6
Natural Gas | Not Designated as Hedging Instrument | Put options | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	8
Natural Gas | Not Designated as Hedging Instrument | Put options | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	8
Natural Gas | Not Designated as Hedging Instrument | Call options | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	1	1
Natural Gas | Not Designated as Hedging Instrument | Call options | Long-term derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	14	17
Oil | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	1
Oil | Not Designated as Hedging Instrument | Fixed price swaps | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	9	2
Oil | Not Designated as Hedging Instrument | Two-way costless collars | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	3
Oil | Not Designated as Hedging Instrument | Two-way costless collars | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	1	1
Oil | Not Designated as Hedging Instrument | Three-way costless collars | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	3	1
Oil | Not Designated as Hedging Instrument | Three-way costless collars | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets	7	10
Oil | Not Designated as Hedging Instrument | Three-way costless collars | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	3	1
Oil | Not Designated as Hedging Instrument | Three-way costless collars | Long-term derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	8	8
Ethane | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	10	9
Propane | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	1	12
Propane | Not Designated as Hedging Instrument | Fixed price swaps | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	18	1
Propane | Not Designated as Hedging Instrument | Fixed price swaps | Long-term derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	1	0
Normal Butane | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	1
Normal Butane | Not Designated as Hedging Instrument | Fixed price swaps | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	2	0
Natural Gasoline | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	2
Natural Gasoline | Not Designated as Hedging Instrument | Fixed price swaps | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	6	0
Natural Gasoline | Not Designated as Hedging Instrument | Fixed price swaps | Long-term derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 3	$ 0

DERIVATIVES AND RISK MANAGEME_6

DERIVATIVES AND RISK MANAGEMENT - Summary of Before-Tax Effect of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	$ (31)	$ 1,528
Total gain (loss) on settled derivatives	156	(123)
Total gain (loss) on derivatives	126	1,401
Non-performance risk adjustment	1	(4)
Fixed price swaps | Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	38	961
Total gain (loss) on settled derivatives	140	(45)
Fixed price swaps | Oil
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	(8)	12
Total gain (loss) on settled derivatives	(4)	(4)
Fixed price swaps | Ethane
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	1	9
Total gain (loss) on settled derivatives	3	1
Fixed price swaps | Propane
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	(29)	1
Total gain (loss) on settled derivatives	(2)	1
Fixed price swaps | Normal Butane
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	(3)	1
Total gain (loss) on settled derivatives	(1)	0
Fixed price swaps | Natural Gasoline
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	(11)	1
Total gain (loss) on settled derivatives	(1)	0
Two-way costless collars | Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	4	241
Total gain (loss) on settled derivatives	9	0
Two-way costless collars | Oil
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	(3)	0
Three-way costless collars | Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	1	263
Total gain (loss) on settled derivatives	16	(33)
Three-way costless collars | Oil
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	(3)	12
Total gain (loss) on settled derivatives	0	(7)
Basis swaps | Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	(21)	(30)
Total gain (loss) on settled derivatives	(4)	(29)
Call options | Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	3	61
Total gain (loss) on settled derivatives	0	(7)
Put options | Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	(8)	2
Total gain (loss) on settled derivatives	10	0
Sold Put | Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on unsettled derivatives	8	(6)
Total gain (loss) on settled derivatives	$ (10)	$ 0

RECLASSIFICATIONS FROM ACCUMU_3

RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 5,888	$ 4,324
Other comprehensive income before reclassifications	0
Amounts reclassified from other comprehensive income	2
Net current-period other comprehensive income	2	(15)
Ending balance	4,366	6,254
Net actuarial gain (loss) incurred in period	2	(2)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3)	6
Net current-period other comprehensive income	2	(15)
Ending balance	(1)	$ (9)
Other Postretirement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	11
Other comprehensive income before reclassifications	0
Amounts reclassified from other comprehensive income	2
Net current-period other comprehensive income	2
Ending balance	13
Foreign Currency
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(14)
Other comprehensive income before reclassifications	0
Amounts reclassified from other comprehensive income	0
Net current-period other comprehensive income	0
Ending balance	$ (14)

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, net	$ 580	$ 610
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	29	21
Derivative instruments, net	580	610
Carrying Amount | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	3,743	3,743
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	29	21
Derivative instruments, net	580	610
Fair Value | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	3,599	3,626
2022 revolving credit facility due April 2027 | Carrying Amount | Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2022 revolving credit facility due April 2027	270	220
2022 revolving credit facility due April 2027 | Fair Value | Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2022 revolving credit facility due April 2027	$ 270	$ 220

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of net derivative asset position increase (decrease)	$ (1)
Fair value of net derivative liability position decrease		$ (2)

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 581	$ 612
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of net derivative asset position increase (decrease)	(1)
Fair value of net derivative liability position decrease		(2)
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	581	612
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Fixed price swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	512	491
Derivative liabilities	(54)	(21)
Fixed price swaps | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Fixed price swaps | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	512	491
Derivative liabilities	(54)	(21)
Fixed price swaps | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Two-way costless collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	71	85
Derivative liabilities	(15)	(30)
Two-way costless collars | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Two-way costless collars | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	71	85
Derivative liabilities	(15)	(30)
Two-way costless collars | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Three-way costless collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	180	189
Derivative liabilities	(89)	(96)
Three-way costless collars | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Three-way costless collars | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	180	189
Derivative liabilities	(89)	(96)
Three-way costless collars | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Basis swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	9	18
Derivative liabilities	(18)	(6)
Basis swaps | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Basis swaps | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	9	18
Derivative liabilities	(18)	(6)
Basis swaps | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Purchase Put - Natural Gas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		8
Purchase Put - Natural Gas | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		0
Purchase Put - Natural Gas | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		8
Purchase Put - Natural Gas | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		0
Call options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(15)	(18)
Call options | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Call options | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(15)	(18)
Call options | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0	0
Put options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		(8)
Put options | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		0
Put options | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		(8)
Put options | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		$ 0

DEBT - Components of Debt (Deta

DEBT - Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	May 31, 2022	Jan. 06, 2022	Apr. 07, 2020	Jul. 31, 2018	Jan. 31, 2015
Debt Instrument [Line Items]
Current portion of long-term debt	$ 389	$ 0
Total debt	4,013	3,963
Unamortized Issuance Expense	(32)	(34)
Unamortized Debt Premium/Discount	17	18
Total long-term debt	3,609	3,947
Total debt	3,998	$ 3,947
Long-term debt
Debt Instrument [Line Items]
Debt Instrument	3,624
Unamortized Issuance Expense	(32)
Unamortized Debt Premium/Discount	17
Total long-term debt	$ 3,609
Line of Credit | 2022 Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, variable interest rate	7.16%	7.20%
Line of Credit | 2022 Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument	$ 270	$ 220
Unamortized Issuance Expense	0	0
Unamortized Debt Premium/Discount	0	0
Total long-term debt	270	220
Senior Notes | 4.95% Senior Notes due January 2025
Debt Instrument [Line Items]
Debt Instrument		389
Unamortized Issuance Expense		0
Unamortized Debt Premium/Discount		0
Total long-term debt		$ 389
Stated interest rate		4.95%	5.70%	5.95%	6.45%	6.20%	4.95%
Senior Notes | 8.375% Senior Notes due September 2028
Debt Instrument [Line Items]
Debt Instrument	304	$ 304
Unamortized Issuance Expense	(3)	(3)
Unamortized Debt Premium/Discount	0	0
Total long-term debt	$ 301	$ 301
Stated interest rate	8.375%	8.375%
Senior Notes | 5.375% Senior Notes due February 2029
Debt Instrument [Line Items]
Debt Instrument	$ 700	$ 700
Unamortized Issuance Expense	(4)	(5)
Unamortized Debt Premium/Discount	17	18
Total long-term debt	$ 713	$ 713
Stated interest rate	5.375%	5.375%
Senior Notes | 5.375% Senior Notes due March 2030
Debt Instrument [Line Items]
Debt Instrument	$ 1,200	$ 1,200
Unamortized Issuance Expense	(12)	(13)
Unamortized Debt Premium/Discount	0	0
Total long-term debt	$ 1,188	$ 1,187
Stated interest rate	5.375%	5.375%
Senior Notes | 4.75% Senior Notes due February 2032
Debt Instrument [Line Items]
Debt Instrument	$ 1,150	$ 1,150
Unamortized Issuance Expense	(13)	(13)
Unamortized Debt Premium/Discount	0	0
Total long-term debt	$ 1,137	$ 1,137
Stated interest rate	4.75%	4.75%
Term Loan
Debt Instrument [Line Items]
Current portion of long-term debt	$ 389
Unamortized Issuance Expense	0
Unamortized Debt Premium/Discount	0
Term Loan | 4.95% Senior Notes due January 2025
Debt Instrument [Line Items]
Current portion of long-term debt	389
Unamortized Issuance Expense	0
Unamortized Debt Premium/Discount	$ 0
Stated interest rate	4.95%
Other long-term assets | Line of Credit | 2022 Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized Issuance Expense	$ (14)	$ (15)

DEBT - Schedule of Debt Maturit

DEBT - Schedule of Debt Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 0
2025	389
2026	0
2027	270
2028	304
Thereafter	3,050
Total debt	$ 4,013	$ 3,963

DEBT 2022 Credit Facility - Nar

DEBT 2022 Credit Facility - Narrative (Details) $ in Millions		3 Months Ended
	Aug. 04, 2022 USD ($)	Mar. 31, 2024 USD ($)	Mar. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Subsidiary ownership		100%
Long-term debt
Debt Instrument [Line Items]
Debt Instrument		$ 3,624
2022 Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.375%
2022 Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		3,500	$ 3,500
Line of credit facility, increase, net	$ 500
Minimum current ratio	1
Leverage ratio, percentage of credit limit	10%
Leverage ratio, amount of credit limit	$ 150
Letters of credit		0
Debt Instrument		$ 270		$ 220
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | On Or After March 31, 2022
Debt Instrument [Line Items]
Leverage ratio	4
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis points	0.10%
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis points	0.50%
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis points	1%
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis points	1.75%
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | Minimum | Base Rate
Debt Instrument [Line Items]
Basis points	0.75%
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital	0.65
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis points	2.75%
Revolving Credit Facility | 2022 Revolving Credit Facility | Line of Credit | Maximum | Base Rate
Debt Instrument [Line Items]
Basis points	1.75%
Revolving Credit Facility | 2022 Revolving Credit Facility Five-Year Tranche | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, expiration period		5 years
Aggregate commitment		$ 2,000	$ 2,000
Revolving Credit Facility | Revolving Credit Facility 2022, Interim Investment Grade Period | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis points	0.10%
Debt instrument, discount coverage ratio	9%
Revolving Credit Facility | Revolving Credit Facility 2022, Interim Investment Grade Period | Line of Credit | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.15%
Revolving Credit Facility | Revolving Credit Facility 2022, Interim Investment Grade Period | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis points	1.25%
Revolving Credit Facility | Revolving Credit Facility 2022, Interim Investment Grade Period | Line of Credit | Minimum | Base Rate
Debt Instrument [Line Items]
Basis points	0.25%
Revolving Credit Facility | Revolving Credit Facility 2022, Interim Investment Grade Period | Line of Credit | Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.275%
Revolving Credit Facility | Revolving Credit Facility 2022, Interim Investment Grade Period | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis points	1.875%
Revolving Credit Facility | Revolving Credit Facility 2022, Interim Investment Grade Period | Line of Credit | Maximum | Base Rate
Debt Instrument [Line Items]
Basis points	0.875%
Revolving Credit Facility | Revolving Credit Facility 2022, Interim Investment Grade Period | Long-term debt
Debt Instrument [Line Items]
Minimum interest coverage ratio	1.50

DEBT - Senior Notes - Narrative

DEBT - Senior Notes - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Feb. 26, 2023	Jan. 31, 2015	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	May 31, 2022	Jan. 06, 2022	Apr. 07, 2020	Jul. 31, 2018
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 0	$ 19
Senior Notes | London Interbank Offered Rate (LIBOR) 1
Debt Instrument [Line Items]
Incremental increase in basis points resulting from downgrades		0.25%
Incremental decrease in basis points resulting from upgrades		0.25%
4.95% Senior Notes due January 2025 | Senior Notes
Debt Instrument [Line Items]
Senior notes, noncurrent		$ 1,000
Stated interest rate		4.95%			4.95%	5.70%	5.95%	6.45%	6.20%
8.375% Senior Notes due September 2028 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate			8.375%		8.375%
7.75% Senior Notes due October 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	7.75%
Loss on early extinguishment of debt	$ 19
Debt instrument, redemption price, percentage of principal amount redeemed	103.875%
Interest payable	$ 13
Repayments of senior debt	450
Write off of deferred debt issuance cost	3
7.75% Senior Notes due October 2027 | Senior Notes | Funded from Cash on Hand
Debt Instrument [Line Items]
Repayments of senior debt	316
7.75% Senior Notes due October 2027 | Senior Notes | Funded from Debt Borrowings
Debt Instrument [Line Items]
Repayments of senior debt	$ 134

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Millions	Jun. 12, 2018 plaintiff defendant	Mar. 31, 2024 USD ($)
Commitments And Contingencies [Line Items]
Obligation under transportation agreements		$ 9,208
Guarantee obligations relative to the firms transportation agreements and gathering project and services		959
Loss contingency, number of individuals and entities | plaintiff	51
Loss contingency, number of defendants | defendant	15
Pending regulatory approval and/or construction
Commitments And Contingencies [Line Items]
Obligation under transportation agreements		$ 1,192

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Schedule of Future Obligation under Transportation Agreements) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Total	$ 9,208
Less than 1 Year	1,091
1 to 3 Years	2,120
3 to 5 Years	1,893
5 to 8 Years	1,928
More than 8 Years	2,176
Infrastructure currently in service
Other Commitments [Line Items]
Total	8,016
Less than 1 Year	1,030
1 to 3 Years	1,950
3 to 5 Years	1,698
5 to 8 Years	1,634
More than 8 Years	1,704
Pending regulatory approval and/or construction
Other Commitments [Line Items]
Total	1,192
Less than 1 Year	61
1 to 3 Years	170
3 to 5 Years	195
5 to 8 Years	294
More than 8 Years	$ 472

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Taxes [Line Items]
Effective tax rate	22%	1%
Decrease in valuation allowance			$ 512
Deferred income tax expense (benefit), tax provision recorded, before offset of release of valuation allowance		$ 451
Tax benefit attributable to release of valuation allowance		$ 439
Valuation allowance related to operating loss	$ 52
Federal
Income Taxes [Line Items]
Operating loss carryforwards subject to a section 382 limitation	2,000
Operating loss carryforwards	4,000
Deferred tax assets, operating loss carryforwards, subject to expiration	3,000
Deferred tax assets, operating loss carryforwards, not subject to expiration	1,000
Indigo Natural Resources, LLC
Income Taxes [Line Items]
Operating loss carryforwards subject to a section 382 limitation	$ 48

LONG-TERM INCENTIVE COMPENSAT_3

LONG-TERM INCENTIVE COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended				72 Months Ended
	Mar. 31, 2024 USD ($) share_unit_type shares	Dec. 31, 2023 awardType	Dec. 31, 2022 awardType	Dec. 31, 2021 awardType	Dec. 31, 2020	Dec. 31, 2023
Stock Based Compensation 2022 Plan
Schedule of Share-based Compensation [Line Items]
Service period	3 years
Unexercised stock options
Schedule of Share-based Compensation [Line Items]
Vesting period	3 years
Expiration period	10 years
Restricted stock
Schedule of Share-based Compensation [Line Items]
Vesting period	3 years
Granted (in shares)	0
Equity-classified awards, unrecognized compensation cost | $	$ 1
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	1 month 6 days
Performance units
Schedule of Share-based Compensation [Line Items]
Vesting period	3 years	3 years	3 years	3 years		3 years
Granted (in shares)	0
Equity-classified awards, unrecognized compensation cost | $	$ 5
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	1 year 7 months 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number	0
Performance units | Awards Granted 2022 - 2023
Schedule of Share-based Compensation [Line Items]
Number of performance unit types granted | share_unit_type	2
Equity-Classified Restricted Stock Units
Schedule of Share-based Compensation [Line Items]
Granted (in shares)	3,182,000
Equity-classified awards, unrecognized compensation cost | $	$ 20
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 4 months 24 days
Liability-Classified Restricted Stock Units
Schedule of Share-based Compensation [Line Items]
Vesting period				3 years		4 years
Granted (in shares)	0
Liability-Classified Performance Units
Schedule of Share-based Compensation [Line Items]
Vesting period						3 years
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	1 year 9 months 18 days
Liability classified awards, unrecognized compensation costs | $	$ 3
Liability-classified performance units, vesting period		3 years	3 years	3 years	3 years
Number of awards | awardType		2	2	2
Granted (in shares)	0
Performance cash awards
Schedule of Share-based Compensation [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 3 months 18 days
Liability classified awards, unrecognized compensation costs | $	$ 54
Granted (in shares)	28,202,000
Performance cash awards | Awards Granted 2020 - 2022
Schedule of Share-based Compensation [Line Items]
Vesting period				4 years
Performance cash awards | Awards Granted 2023 - 2024
Schedule of Share-based Compensation [Line Items]
Vesting period	3 years

LONG-TERM INCENTIVE COMPENSAT_4

LONG-TERM INCENTIVE COMPENSATION - Schedule of Stock-Based Compensation Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Long-term incentive compensation – expensed	$ 11	$ 4
Long-term incentive compensation – capitalized	$ 6	$ 3

LONG-TERM INCENTIVE COMPENSAT_5

LONG-TERM INCENTIVE COMPENSATION - Schedule of Equity-Classified Stock-Based Compensation Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Equity-classified awards – expensed	$ 7	$ 1
Equity-classified awards – capitalized	$ 3	$ 1

LONG-TERM INCENTIVE COMPENSAT_6

LONG-TERM INCENTIVE COMPENSATION - Summary of Equity-Classified Stock Option Activity (Details) - Stock options shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Options
Beginning balance (in shares) | shares	820
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited or expired (in shares) | shares	(820)
Ending balance (in shares) | shares	0
Exercisable (in shares) | shares	0
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 8.59
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Forfeited or expired (in dollars per share) | $ / shares	8.59
Ending balance (in dollars per share) | $ / shares	0
Exercisable (in dollars per share) | $ / shares	$ 0

LONG-TERM INCENTIVE COMPENSAT_7

LONG-TERM INCENTIVE COMPENSATION - Summary of Equity-Classified Restricted Stock Activity (Details) - Restricted stock shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Units
Beginning balance (in shares) | shares	169
Granted (in shares) | shares	0
Vested (in shares) | shares	(54)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	115
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 5.09
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	4.90
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 5.17

LONG-TERM INCENTIVE COMPENSAT_8

LONG-TERM INCENTIVE COMPENSATION - Summary of Equity-Classified Restricted and Performance Stock Units Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Equity-Classified Restricted Stock Units
Number of Units
Beginning balance (in shares) | shares	2,706,000
Granted (in shares) | shares	3,182,000
Vested (in shares) | shares	(1,084,000)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	4,804,000
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 4.74
Granted (in dollars per share) | $ / shares	7.10
Vested (in dollars per share) | $ / shares	4.69
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 6.32
Performance units
Number of Units
Beginning balance (in shares) | shares	1,757,000
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	1,757,000
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 6.08
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 6.08

LONG-TERM INCENTIVE COMPENSAT_9

LONG-TERM INCENTIVE COMPENSATION - Schedule of Liability-Classified Stock-Based Compensation Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive compensation – expensed	$ 11	$ 4
Long-term incentive compensation – capitalized	6	3
Liability-Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive compensation – expensed	1	1
Long-term incentive compensation – capitalized	$ 0	$ 0

LONG-TERM INCENTIVE COMPENSA_10

LONG-TERM INCENTIVE COMPENSATION - Summary of Liability-Classified Restricted Stock Unit Activity (Details) - Liability-Classified Restricted Stock Units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Units
Beginning balance (in shares) | shares	1,741
Granted (in shares) | shares	0
Vested (in shares) | shares	(1,741)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	0
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 4.67
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	6.93
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 0

LONG-TERM INCENTIVE COMPENSA_11

LONG-TERM INCENTIVE COMPENSATION - Summary of Liability-Classified Performance Units (Details) - Liability-Classified Performance Units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Units
Beginning balance (in shares) | shares	12,152
Granted (in shares) | shares	0
Vested (in shares) | shares	(3,365)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	8,787
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 0.94
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	1.59
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 0.55

LONG-TERM INCENTIVE COMPENSA_12

LONG-TERM INCENTIVE COMPENSATION - Schedule of Performance Cash Award Compensation Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance cash awards – expensed	$ 11	$ 4
Performance cash awards – capitalized	6	3
Performance cash awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance cash awards – expensed	3	2
Performance cash awards – capitalized	$ 3	$ 2

LONG-TERM INCENTIVE COMPENSA_13

LONG-TERM INCENTIVE COMPENSATION - Summary of Performance Cash Awards (Details) - Performance cash awards shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Units
Beginning balance (in shares) | shares	49,678
Granted (in shares) | shares	28,202
Vested (in shares) | shares	(20,232)
Forfeited (in shares) | shares	(364)
Ending balance (in shares) | shares	57,284
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 1
Granted (in dollars per share) | $ / shares	1
Vested (in dollars per share) | $ / shares	1
Forfeited (in dollars per share) | $ / shares	1
Ending balance (in dollars per share) | $ / shares	$ 1

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total operating revenues	$ 1,417	$ 2,118
Depreciation, depletion and amortization expense	262	313
Impairments	2,093	0
Operating income (loss)	(2,057)	606
Interest expense	35	36
Gain on derivatives	126	1,401
Gain (loss) on extinguishment of debt	0	(19)
Other loss, net	1	(1)
Provision from income taxes	(430)	12
Assets	10,398	12,937	$ 11,991
Capital investments	538	665
Increase (decrease) in accrued expenditures	14	(6)
Intersegment Revenues
Segment Reporting Information [Line Items]
Total operating revenues	(784)	(1,352)
Operating Segments
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization expense	262	313
Impairments	2,093
Operating income (loss)	(2,057)	606
Interest expense	35	36
Gain on derivatives	126	1,401
Gain (loss) on extinguishment of debt		0
Other loss, net	1	(1)
Provision from income taxes	(430)	12
Assets	10,247	12,812
Capital investments	537	664
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization expense	0	0
Impairments	0
Operating income (loss)	0	0
Interest expense	0	0
Gain on derivatives	0	0
Gain (loss) on extinguishment of debt		(19)
Other loss, net	0	0
Provision from income taxes	0	0
Assets	151	125
Capital investments	1	1
E&P
Segment Reporting Information [Line Items]
Total operating revenues	838	1,439
E&P | Intersegment Revenues
Segment Reporting Information [Line Items]
Total operating revenues	14	10
E&P | Operating Segments
Segment Reporting Information [Line Items]
Total operating revenues	824	1,429
Depreciation, depletion and amortization expense	261	312
Impairments	2,093
Operating income (loss)	(2,061)	578
Interest expense	35	36
Gain on derivatives	126	1,401
Gain (loss) on extinguishment of debt		0
Other loss, net	1	(1)
Provision from income taxes	(430)	12
Assets	9,856	12,260
Capital investments	537	664
Marketing
Segment Reporting Information [Line Items]
Total operating revenues	579	679
Marketing | Intersegment Revenues
Segment Reporting Information [Line Items]
Total operating revenues	(798)	(1,362)
Marketing | Operating Segments
Segment Reporting Information [Line Items]
Total operating revenues	1,377	2,041
Depreciation, depletion and amortization expense	1	1
Impairments	0
Operating income (loss)	4	28
Interest expense	0	0
Gain on derivatives	0	0
Gain (loss) on extinguishment of debt		0
Other loss, net	0	0
Provision from income taxes	0	0
Assets	391	552
Capital investments	$ 0	$ 0

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 29	$ 21
Accounts receivable	491	680
Property, plant and equipment	8,097	9,913
Unamortized debt expense	32	34
Right-of-use lease assets	144	154
Other long-term assets (1)	1,050	663
TOTAL ASSETS	10,398	$ 11,991	$ 12,937
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Cash and cash equivalents	29		3
Accounts receivable	0		1
Prepayments	15		12
Other current assets	1		0
Property, plant and equipment	23		19
Unamortized debt expense	14		18
Right-of-use lease assets	47		55
Non-qualified retirement plan	2		2
Other long-term assets (1)	20		15
TOTAL ASSETS	$ 151		$ 125