Table of Contents Index to Financial Statements We refer you to  Note 11  to the consolidated financial statements included in this Annual Report for additional discussion about our income taxes. LIQUIDITY AND CAPITAL RESOURCES We depend primarily on funds generated from our operations, our 2018 credit facility, our cash and cash equivalents balance and capital markets as our primary sources of liquidity. In October 2020, the banks participating in our 2018 credit facility reaffirmed our elected borrowing base and aggregate commitments to be $1.8 billion. Upon the closing of the Merger in November 2020 and satisfaction of related conditions, the elected borrowing base and total aggregate commitments increased from $1.8 billion to $2.0 billion, the maximum permitted lien amount based on provisions in certain of our senior notes indentures. As of February 25, 2021, we had approximately $1.3 billion of total available liquidity, which exceeds our currently modeled needs, and looking forward in 2021, we remain committed to our strategy of free cash flow generation through capital discipline. We refer you to  Note 9 to the consolidated financial statements included in this Annual Report and the section below under “Credit Arrangements and Financing Activities” for additional discussion of our 2018 credit facility and related covenant requirements. Our cash flow from operating activities is highly dependent upon our ability to sell and the sales prices that we receive for our natural gas and liquids production. Natural gas, oil and NGL prices are subject to wide fluctuations and are driven by market supply and demand, which is impacted by many factors. See "Market Conditions and Commodity Prices" in the Overview section of  Item 7  in Part II for additional discussion about current and potential future market conditions. The sales price we receive for our production is also influenced by our commodity derivative program. Our derivative contracts allow us to ensure a certain level of cash flow to fund our operations. In 2020, $362 million in realized gains on derivatives have offset a large portion of the impact of lower commodity prices, and although we are continually adding additional derivative positions for portions of our expected 2021, 2022 and 2023 production, there can be no assurance that we will be able to add derivative positions to cover the remainder of our expected production at favorable prices. See  “Risk Factors”  in Item 1A, “ Quantitative and Qualitative Disclosures about Market Risk ” in Item 7A and  Note 6  in the consolidated financial statements included in this Annual Report for further details. Our commodity hedging activities are subject to the credit risk of our counterparties being financially unable to settle the transaction. We actively monitor the credit status of our counterparties, performing both quantitative and qualitative assessments based on their credit ratings and credit default swap rates where applicable, and to date have not had any credit defaults associated with our transactions. However, any future failures by one or more counterparties could negatively impact our cash flow from operating activities. Our short-term cash flows are also dependent on the timely collection of receivables from our customers and joint interest owners. We actively manage this risk through credit management activities and, through the date of this filing, have not experienced any significant write-offs for non- collectable amounts. However, any sustained inaccessibility of credit by our customers and joint interest owners could adversely impact our cash flows. Due to these factors, we are unable to forecast with certainty our future level of cash flow from operations. Accordingly, we expect to adjust our discretionary uses of cash depending upon available cash flow. Further, we may from time to time seek to retire, rearrange or amend some or all of our outstanding debt or debt agreements through cash purchases, and/or exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Credit Arrangements and Financing Activities In April 2018, we replaced our credit facility entered into in 2016 with a new revolving credit facility (the "2018 credit facility") with a group of banks that, as amended, has a maturity date of April 2024. The 2018 credit facility has an aggregate maximum revolving credit amount of $3.5 billion and, in October 2020, the banks participating in our 2018 credit facility reaffirmed the borrowing base to be $1.8 billion, which also reflected our aggregate commitments. Upon the closing of the Merger in November 2020, the borrowing base and total aggregate commitments were increased from $1.8 billion to $2.0 billion. The borrowing base is subject to redetermination at least twice a year, in April and October, and is subject to change based primarily on drilling results, commodity prices, our future derivative position, the level of capital investment and operating costs. On October 8, 2020, we entered into an amendment to the credit agreement governing the 2018 credit facility to, among other matters, limit our unrestricted cash and cash equivalents to $200 million when loans under the 2018 credit facility are outstanding, subject to certain exceptions, and to increase the applicable rate by 25 basis points on loans outstanding under the 2018 credit facility. The 2018 credit facility is secured by substantially all of our assets, including most of our subsidiaries. The permitted lien provisions in certain senior note indentures currently limit liens securing indebtedness to the greater of $2.0 billion or 25% of 59