0001609253-25-000027 | 10-K | XBRL Viewer | California Resources Corp

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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax valuation allowance
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	$ 0	$ 35	$ 0
Charged (Credited) to Costs and Expenses	0	(35)	35
Charged (Credited) to Other Accounts	0	0	0
Deductions	0	0	0
Balance at End of Period	0	0	35
Other asset valuation allowance
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	3	1	0
Charged (Credited) to Costs and Expenses	0	2	1
Charged (Credited) to Other Accounts	(3)	0	0
Deductions	0	0	0
Balance at End of Period	$ 0	$ 3	$ 1

DEBT - Revolving Credit Facility Narrative (Details)						1 Months Ended	12 Months Ended
DEBT - Revolving Credit Facility Narrative (Details)	Aug. 22, 2024 USD ($)	Jun. 05, 2024 USD ($)	Apr. 26, 2023	Jan. 20, 2021 USD ($)	Oct. 27, 2020	Jan. 20, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 01, 2024 USD ($)	Oct. 31, 2024 USD ($)	Jul. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Apr. 29, 2022
Debt Instrument [Line Items]
Loss on early extinguishment of debt							$ 5,000,000	$ 1,000,000	$ 0
Repayments of assumed debt		$ 990,000,000
Unamortized premium							$ 3,000,000	0
Senior Notes (Unsecured)
Debt Instrument [Line Items]
Loss on early extinguishment of debt				$ 2,000,000				$ 1,000,000
Senior Notes (Unsecured) \| 7.125% Unsecured Debt Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				7.125%		7.125%
Net proceeds from issuance of senior notes used to make cash distribution to occidental				$ 587,000,000
Debt issuance costs, net				13,000,000		$ 13,000,000
Percentage of principal amount at which notes can be redeemed in case of change control						101.00%
Senior Notes (Unsecured) \| 7.125% Unsecured Debt Notes \| After the Second Anniversary Date, Before Third Anniversary Date
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date						102.00%
Senior Notes (Unsecured) \| 7.125% Unsecured Debt Notes \| After the Third Anniversary Date, Before Fourth Anniversary Date
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date						100.00%
Senior Notes (Unsecured) \| Second Lien Term Loan, EHP Notes, And Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of debt				587,000,000
Senior Notes (Unsecured) \| 2029 Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000	$ 600,000,000
Debt instrument, interest rate, stated percentage		8.25%					8.25%
Net proceeds from issuance of senior notes used to make cash distribution to occidental	298,000,000	$ 590,000,000
Debt issuance costs, net	5,000,000	$ 10,000,000
Unamortized premium	$ 3,000,000
Debt instrument, redemption price, percentage of principal amount redeemed		35.00%
Senior Notes (Unsecured) \| 2029 Senior Notes \| After the Second Anniversary Date, Before Third Anniversary Date
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date		108.25%
Senior Notes (Unsecured) \| 2029 Senior Notes \| After the Third Anniversary Date, Before Fourth Anniversary Date
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date		100.00%
Senior Notes (Unsecured) \| 2029 Senior Notes \| Prior to 90 Days
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date		104.125%
Senior Notes (Unsecured) \| 2029 Senior Notes \| After 90 Days, Before First Anniversary Date
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date		102.063%
Senior Notes (Unsecured) \| 2029 Senior Notes \| After the First Anniversary Date, Before Second Anniversary Date
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date		100.00%
Senior Notes (Unsecured) \| 2029 Senior Notes \| Fifth Year
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date		101.00%
Senior Notes (Unsecured) \| 2026 Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount				$ 600,000,000		$ 600,000,000
Debt instrument, interest rate, stated percentage							7.125%
Loss on early extinguishment of debt							$ 5,000,000
Senior Notes (Unsecured) \| 2026 Senior Notes \| Prior to 90 Days
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date				102.00%
Senior Notes (Unsecured) \| 2026 Senior Notes \| After 90 Days, Before First Anniversary Date
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date				100.00%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							1,150,000,000					$ 1,100,000,000	$ 630,000,000
Line of credit facility, amount available for borrowing							$ 983,000,000
Borrowing base										$ 1,500,000,000		$ 1,500,000,000	$ 1,200,000,000
Period to enter into hedges on production							60 months
Debt instrument, covenant leverage ratio			2.5		3.00									1.75
Derivative, hedging percent														25.00%
Commitment fee percentage					20.00%
Line of credit facility, commitment fee amount, writeoff							$ 6,000,000
Line of credit facility, accordion feature, increase limit										50,000,000
Line of credit facility, accordion feature, higher borrowing capacity option										$ 1,150,000,000
Revolving Credit Facility \| Line of Credit \| Second Amendment
Debt Instrument [Line Items]
Increase (decrease) in debt issuance costs, net							3,000,000
Revolving Credit Facility \| Line of Credit \| Fourth Amendment
Debt Instrument [Line Items]
Increase (decrease) in debt issuance costs, net							7,000,000
Revolving Credit Facility \| Line of Credit \| Fifth Amendment
Debt Instrument [Line Items]
Increase (decrease) in debt issuance costs, net							$ 7,000,000
Revolving Credit Facility \| Line of Credit \| First 24 Months \| Crude Oil Hedge Positions
Debt Instrument [Line Items]
Derivative, hedging percent					50.00%
Revolving Credit Facility \| Line of Credit \| Month 25 Through Month 36
Debt Instrument [Line Items]
Derivative, hedging percent					33.00%
Revolving Credit Facility \| Line of Credit \| Month 25 Through Month 36 \| Crude Oil Hedge Positions
Debt Instrument [Line Items]
Derivative, period					12 months
Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Margin increase, additional increase each subsequent fiscal quarter							0.375%
Debt instrument, covenant leverage ratio					1.5
Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Margin increase, additional increase each subsequent fiscal quarter							0.50%
Debt instrument, covenant leverage ratio					2.0
Revolving Credit Facility \| Line of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Interest rate added to variable rate basis			0.50%				0.50%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Interest rate added to variable rate basis							1.00%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate basis							2.50%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis							3.50%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate basis			1.50%				1.50%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis			2.50%				2.50%
Revolving Credit Facility \| 2026 Senior Notes
Debt Instrument [Line Items]
Debt instrument, covenant, revolving commitments, minimum										25.00%
Letters of Credit \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 300,000,000			$ 300,000,000	$ 250,000,000
Letters of credit outstanding, amount							$ (167,000,000)
Debt covenant, additional borrowing capacity, multiplier			33.33%

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS.


	Year ended December 31,
	2024		2023		2022

	(in millions, except per share amounts)
Numerator for Basic and Diluted EPS
Net income	$	376	$	564	$	524






Denominator for Basic EPS
Weighted-average shares	79.3		69.6		75.5

Potential dilutive common shares:
Restricted Stock Units	0.5		1.0		0.7
Performance Stock Units	0.5		0.9		0.7
Warrants	1.0		1.0		0.7
Deferred Consideration Obligation (related to the Aera Merger)	0.1		—		—

Denominator for Diluted Earnings per Share
Weighted-average shares - diluted	81.4		72.5		77.6

EPS
Basic	$	4.74	$	8.10	$	6.94
Diluted	$	4.62	$	7.78	$	6.75

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Common Stock Issuances

The following is a summary of changes in our common shares outstanding:


			Common Shares Outstanding











Balance, December 31, 2022			71,949,742
Shares issued for warrant exercises			35,441
Shares issued under ESPP			41,013
Shares issued under stock-based compensation arrangements			75,344
Treasury stock - shares repurchased			(3,407,655)
Balance, December 31, 2023			68,693,885
Issued as part of the Aera Merger			21,315,707
Shares issued for warrant exercises			3,769,703
Shares issued under ESPP			38,257
Shares issued under stock-based compensation arrangements(a)			1,740,189
Treasury stock - shares repurchased			(3,649,348)
Shares cancelled for taxes			(808,071)
Balance at December 31, 2024			91,100,322

(a)A significant number of stock-based compensation awards were settled in the first quarter of 2024. These awards were primarily granted in January 2021 following our emergence from bankruptcy.

Scheduleof Share Repurchases

The following is a summary of our share repurchases, held as treasury stock, for the periods presented:


	Total Number of Shares Purchased	Dollar Value of Shares Purchased		Average Price Paid per Share

	(number of shares)	(in millions)		($ per share)
Year ended December 31, 2022	7,366,272	$	313	$	42.47
Year ended December 31, 2023	3,407,655	$	143	$	41.69
Year ended December 31, 2024	3,649,348	$	192	$	52.12

Inception of Program (May 2021) through December 31, 2024	18,513,263	$	796	$	42.82

Note: The total value of shares purchased includes approximately $2 million and $1 million in the years ended December 31, 2024 and 2023 related to excise taxes on share repurchases, which was effective beginning in 2023. Commissions paid were not significant in all periods presented.

Schedule of Dividends Declared

Our Board of Directors declared the following cash dividends for each of the periods presented.


	Total Dividend		Annual Rate Per Share

	(in millions)		($ per share)
Year ended December 31, 2022	59		$	0.7925
Year ended December 31, 2023	81		$	1.1575
Year ended December 31, 2024	113		$	1.3950
	$	253

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income consists of after-tax amounts for our pension and postretirement benefit plans. See Note 14 Pension and Postretirement Benefit Plans for further information.


	Year ended December 31,
	2024		2023		2022

	(in millions)
Beginning accumulated other comprehensive income	$	74	$	81	$	72
Actuarial gain (loss) associated with pension and postretirement	4		(2)		18
Prior service credit	3		—		—
Recognition of prior service credit due to curtailment	—		(3)		—
Recognition of net actuarial gain due to curtailment	(4)		—		—
Recognition of net actuarial loss due to special termination benefits	4		—		—
Amortization of prior service credit	(5)		(5)		(5)

Other comprehensive income (loss)	2		(10)		13
Total recorded in accumulated other comprehensive income, before tax	76		71		85
Income tax (provision) benefit	(1)		3		(4)
Total recorded in accumulated other comprehensive income, net of tax	$	75	$	74	$	81

AERA MERGER

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

AERA MERGER

On July 1, 2024, we obtained by way of merger all of the ownership interests in Aera. We applied the acquisition method of accounting and are the accounting acquirer. The Aera Merger added significant oil-weighted production and proved developed reserves to CRC, primarily in the San Joaquin and Ventura basins.

In connection with the closing of the Aera Merger, we issued 21,315,707 shares of common stock to the Sellers. We expect to issue an additional 346,093 shares for deferred consideration. This deferred consideration is related to pre-effective date and restructuring income taxes of Sellers. Changes in the fair value of this deferred consideration for the six months ended December 31, 2024 was not significant. We also paid approximately $990 million in connection with the extinguishment of all of Aera's outstanding indebtedness using the proceeds from the issuance of our 8.25% senior notes due 2029 (2029 Senior Notes) and cash on hand. The net cash paid by us at legal close to acquire Aera was $853 million, consisting of $990 million to repay Aera's outstanding debt less Aera's cash on hand of $137 million. For more information on the 2029 Senior Notes and recent amendments to our Revolving Credit Facility, refer to Note 5 Debt.

As of July 1, 2024, immediately following the closing of the Aera Merger, our existing stockholders prior to the Aera Merger owned 76% of CRC and the Sellers owned 24% of CRC.

At the date of this filing, our assessment of the fair value of assets acquired and liabilities assumed is not complete. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of Aera's assets, measurement of leases, valuation of inventory, valuation of certain accrued liabilities, determination of Aera's asset retirement obligations and preparation of final tax returns that will provide the tax overpayments available to us as well as the underlying tax basis of the assets acquired and liabilities assumed.

During the three months ended December 31, 2024, we recognized measurement period adjustments that decreased asset retirement obligations by $54 million, increased inventories by $12 million, increased other current assets by $40 million, decreased deferred tax liability by $19 million, decreased other noncurrent assets by $9 million, increased accounts payable by $1 million, increased accrued liabilities by $29 million, and decreased other long-term liabilities by $23 million with a decrease to property, plant and equipment, net of $71 million (after an increase in total purchase consideration of $19 million). We recognized $12 million of measurement period adjustments in total operating expenses on our consolidated statement of operations for the year ended December 31, 2024. These adjustments related to additional accretion expense and depreciation, depletion and amortization expense resulting from changes to the purchase price allocation.

We expect to complete the accounting for the purchase during the 12-month period subsequent to the Aera Merger closing date and further adjustments may be made to the provisional amounts recorded as of December 31, 2024. We have measured assets and liabilities at acquisition date fair value on a nonrecurring basis.

The following table summarizes the total purchase consideration:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock issued (dividend adjusted)	21,315,707
Common stock per share fair value (on July 1, 2024)	$	53.28
Fair value of share consideration	$	1,136
Fair value of Aera debt	990
Deferred consideration obligation	18
Total purchase consideration	$	2,144

The following table presents the preliminary purchase price allocation to the identifiable assets acquired and the liabilities assumed based on their estimated fair values as of the closing date of the Aera Merger:


	Preliminary Purchase Price Allocation
	(in millions)
Assets Acquired
Cash	$	137
Accounts receivable	176
Inventories	30
Other current assets	49
Investment in unconsolidated subsidiary	59
Property, plant and equipment	3,048
Pension and other postretirement benefits	73
Other noncurrent assets	57
Total Assets Acquired	3,629

Liabilities Assumed
Accounts payable	(158)
Accrued liabilities	(157)
Asset retirement obligations	(646)
Fair value of derivative contracts	(351)
Pension and other postretirement benefits	(35)
Deferred tax liability	(101)
Other long-term liabilities	(37)
Total Liabilities Assumed	(1,485)
Net Assets Acquired	$	2,144

We recorded cash based on Aera's bank balances as of July 1, 2024, which included restricted cash of $27 million in an escrow account. The measurements for predominately all of the other current and other noncurrent assets acquired and accounts payable, accrued liabilities and other long-term liabilities assumed are based on contracts in place at Aera on the acquisition date. Assets and liabilities related to Aera's pension and other postretirement benefit plans were measured based on actuarial valuations using Level 3 inputs. For more information on Aera's pension and other postretirement benefit plans, see Note 14 Pension and Postretirement Benefit Plans.

The fair value of an investment in an unconsolidated subsidiary was based on a preliminary appraisal using both the cost approach and available market data. The fair value of derivative instruments was based on observable inputs, primarily forward commodity-price curves. These inputs are considered Level 2 inputs in the fair value hierarchy.

The fair value of certain acquired property, plant and equipment, primarily consisting of proved oil and natural gas properties, land and corporate assets including software and computer equipment, was based on preliminary appraisals. The fair value of proved oil and natural gas properties as of the acquisition date is based on estimated discounted future net cash flows incorporating market participant assumptions on an after-tax basis. Significant inputs to the valuation include estimates of future production volumes, future operating and development costs, future commodity prices, a weighted average cost of capital and a projected inflation rate. When estimating the fair value of proved properties, additional risk adjustments were applied to proved undeveloped reserves to reflect the relative uncertainty of the reserve class. These inputs are classified as Level 3 unobservable inputs, including the underlying commodity price assumptions which are based on the five-year NYMEX forward strip prices, escalated for inflation thereafter, and adjusted for price differentials.

The liability for future asset retirement obligations was determined by calculating the present value of estimated future abandonment costs. We utilized several assumptions, including a credit-adjusted risk-free interest rate, estimated remediation costs, estimated timing of when the work will be performed and a projected inflation rate.

Deferred income taxes represent the tax effects of differences in the tax basis and merger-date fair values of assets acquired and liabilities assumed. Refer to Note 8 Income Taxes for additional information on the deferred tax asset and liability balances.

Lease-related assets and liabilities acquired are remeasured as if the leases were new at the merger date. These agreements are still under review for measurement at an updated incremental borrowing rate. Lease assets are included in property, plant and equipment and the liabilities are included in accrued liabilities and other long-term liabilities.

Supplemental Unaudited Pro Forma Financial Information

The following supplemental unaudited pro forma financial information presents the condensed consolidated results of operations for the years ended December 31, 2024 and 2023 as if the Aera Merger had occurred on January 1, 2023.


	Year ended December 31,
	2024		2023

	(in millions)
Total operating revenue	$	3,883	$	4,838
Net income	$	355	$	721

EPS
Basic	$	3.94	$	7.93
Diluted	$	3.85	$	7.65

The pro forma information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the Aera Merger been completed on January 1, 2023, nor is it necessarily indicative of future operating results of the combined entity. The pro forma financial information for the years ended December 31, 2024 and 2023 is a result of combining our statements of operations with Aera's pre-merger results from January 1, 2024 and 2023 and includes adjustments for revenues and direct expenses. The pro forma results do not reflect any cost savings anticipated as a result of the Aera Merger and exclude the impact of any severance. The pro forma results include adjustments to depreciation, depletion and amortization (DD&A) based on the purchase price allocated to property, plant, and equipment and the estimated useful lives as well as adjustments to interest and accretion expense. We also included pro forma adjustments for certain compensation-related costs and transaction costs we incurred related to the Aera Merger. The pro forma adjustments include estimates and assumptions based on currently available information. Management believes the estimates and assumptions are reasonable, and the relative effects of the Aera Merger are properly reflected. Future results may vary significantly from the results reflected in the following pro forma information.

For the period of July 1, 2024 through December 31, 2024, total operating revenue and income before income taxes associated with Aera totaled $1,205 million and $512 million, respectively.

In connection with the Aera Merger, we incurred transaction and integration costs of $57 million and employee severance and related costs of $30 million during the year ended December 31, 2024, which are included in other operating expenses, net on our consolidated statements of operations.

In August 2024, management committed to a reduction in force as part of the integration process following the Aera Merger, which, when complete, will result in a 12% reduction in the combined company's employee headcount. We initiated this workforce reduction to align the size and composition of our workforce with expected future operating and capital plans. In addition, employee severance and related costs includes expenses from a voluntary separation program for eligible employees.

The accelerated vesting of certain awards for former Aera executives was $7 million, and is included in general and administrative expenses for the year ended December 31, 2024. The accelerated vesting was based on existing change of control provisions within the former Aera employee award agreements.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 372	$ 496
Trade receivables	330	216
Inventories	90	72
Assets held for sale	10	13
Receivables from affiliate	46	19
Other current assets, net	176	113
Total current assets	1,024	929
PROPERTY, PLANT AND EQUIPMENT	6,738	3,437
Accumulated depreciation, depletion and amortization	(1,058)	(667)
Total property, plant and equipment, net	5,680	2,770
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES	86	19
DEFERRED TAX ASSETS	73	132
OTHER NONCURRENT ASSETS	272	148
TOTAL ASSETS	7,135	3,998
CURRENT LIABILITIES
Accounts payable	369	245
Liabilities associated with assets held for sale	0	5
Accrued liabilities	611	366
Total current liabilities	980	616
NONCURRENT LIABILITIES
Long-term debt, net	1,132	540
Asset retirement obligations	995	422
Deferred tax liabilities	113	0
Other long-term liabilities	377	201
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value); no shares outstanding at December 31, 2024 or 2023	0	0
Common stock (200,000,000 shares authorized at $0.01 par value); (109,613,585 and 83,557,800 shares issued; 91,100,322 and 68,693,885 shares outstanding at December 31, 2024 and 2023, respectively)	1	1
Treasury stock (18,513,263 shares held at cost at December 31, 2024 and 14,863,915 shares held at December 31, 2023)	(796)	(604)
Additional paid-in capital	2,578	1,329
Retained earnings	1,680	1,419
Accumulated other comprehensive income	75	74
Total stockholders' equity	3,538	2,219
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 7,135	$ 3,998

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Actuarial (losses) gains associated with pension and postretirement plans, tax	$ 1	$ 3	$ 4

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS


	Balance at Beginning of Period		Charged (Credited) to Costs and Expenses		Charged (Credited) to Other Accounts		Deductions		Balance at End of Period

	(in millions)
2024
Deferred tax valuation allowance	$	—	$	—	$	—	$	—	$	—
Other asset valuation allowance	$	3	$	—	$	(3)	$	—	$	—
2023
Deferred tax valuation allowance	$	35	$	(35)	$	—	$	—	$	—
Other asset valuation allowance	$	1	$	2	$	—	$	—	$	3
2022
Deferred tax valuation allowance	$	—	$	35	$	—	$	—	$	35
Other asset valuation allowance	$	—	$	1	$	—	$	—	$	1

DERIVATIVES - Narrative (Details) $ in Millions	12 Months Ended
DERIVATIVES - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 27, 2020
Derivatives
Net gain (loss) from commodity derivatives	$ 241	$ (12)	$ (551)
Settlements and amortized premiums	(33)	(272)	(738)
Non-cash commodity derivative gain (loss)	274	260	$ 187
Natural Gas
Derivatives
Net gain (loss) from commodity derivatives	2
Settlements and amortized premiums	32
Non-cash commodity derivative gain (loss)	$ (30)	$ (8)
Revolving Credit Facility \| Line of Credit
Derivatives
Ratio of indebtedness to consolidated EDITDAX				1.5

SUPPLEMENTAL ACCOUNT BALANCES - Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accrued liabilities current [abstract]
Employee-related costs	$ 184	$ 82
Taxes other than on income	100	35
Asset retirement obligations	134	99
Interest	12	18
Operating lease liability	15	15
Fair value of derivative contracts	50	8
Premiums due on commodity derivative contracts	14	21
Income taxes payable	0	18
Payables for oil and natural gas production	25	13
All other	77	57
Accrued liabilities	$ 611	$ 366

DIVESTITURES AND ACQUISITIONS	12 Months Ended
DIVESTITURES AND ACQUISITIONS	Dec. 31, 2024
ACQUISITIONS AND DIVESTITURES
DIVESTITURES AND ACQUISITIONS	DIVESTITURES AND ACQUISITIONS Divestitures Fort Apache in Huntington Beach In March 2024, we sold our 0.9-acre Fort Apache real estate property in Huntington Beach, California for purchase price of $10 million and recognized a $6 million gain. Ventura During 2021, 2022 and 2024, we entered into transactions to sell our Ventura basin assets. The Ventura divestiture contemplated multiple closings that were subject to customary closing conditions. The closings that occurred in the second half of 2021 resulted in the divestiture of the vast majority of our Ventura basin assets. The transfer of the remaining assets in the Ventura basin was approved in June 2024 by the State Lands Commission. On October 14, 2024, we completed the sale of the Ventura basin assets and recognized a $4 million gain. During the year ended December 31, 2022, we recognized a gain of $11 million related to the sale of additional Ventura basin assets. Round Mountain Unit On December 29, 2023, we entered into an agreement to sell our non-operated working interest in the Round Mountain Unit in the San Joaquin basin, recognizing a gain of $25 million. We retained an option to capture, transport and store CO2 emissions from the production at Round Mountain Unit for future carbon management projects. This option can be terminated by the buyer after January 1, 2028. Lost Hills On February 1, 2022, we sold our 50% non-operated working interest in certain horizons within our Lost Hills field, located in the San Joaquin basin, recognizing a gain of $49 million. We retained an option to capture, transport and store 100% of the CO2 from steam generators across the Lost Hills field for future carbon management projects. This option can be terminated by the buyer after January 1, 2026. We also retained 100% of the deep rights and related seismic data. CRC Plaza In 2022, we sold our commercial office building located in Bakersfield, California for net proceeds of $13 million, recognizing no gain or loss on the sale following recognition of impairment charges in 2022. We also leased back a portion of the building with a term of 18 months. See Note 3 Property, Plant and Equipment for details of impairment charges we recognized prior to the sale of this property. Other Divestitures In 2024, we sold non-core assets recognizing a $1 million gain. In 2023, we sold a non-producing asset in exchange for the assumption of liabilities recognizing a $7 million gain. In 2022, we sold non-core assets recognizing a $1 million loss. Acquisitions In 2024, we acquired land for our carbon management segment for approximately $6 million. In 2023, we acquired land for our carbon management segment for approximately $5 million. In 2022, we acquired land for our carbon management segment for approximately $17 million, with the intent to divest a portion of the surface acreage at that time. We classified a portion of this surface acreage as held for sale, recording these assets at fair value and recognizing an impairment of $3 million in the first quarter of 2023. The fair value, using Level 3 inputs in the fair value hierarchy, declined during the first quarter of 2023 due to market conditions (including inflation and rising interest rates). During the fourth quarter of 2024, we marketed the remaining surface acreage and also included these assets as held for sale. We reduced the carrying value of the surface acreage to fair value and recognized an impairment charge of $1 million during the fourth quarter of 2024. The fair value, using Level 3 inputs in the fair value hierarchy, declined due to market conditions. The assets being divested continue to be actively marketed and remain classified as held for sale as of December 31, 2024 on our consolidated balance sheet.

REVENUE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of revenue
Typical term of payment following invoicing	30 days
Revenue	$ 2,537	$ 2,155	$ 2,643
Other revenue
Disaggregation of revenue
Revenue	$ 3	$ 15	$ 14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information
Interest paid, net of amount capitalized	$ (80)	$ (44)	$ (43)
Income taxes paid	105	121	20
Interest income	18	21	4
Supplemental Disclosure of Non-cash Investing and Financing Activities
Contribution to the Carbon TerraVault JV	20	15	2
Dividends accrued for stock-based compensation awards	2	3	2
Issuance of shares for stock-based compensation awards	90	5	0
Excise tax on share repurchases	$ 2	$ 1	$ 0

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

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+ Details

STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,219	$ 1,864	$ 1,688
Total recorded in accumulated other comprehensive income, before tax	76	71	85
Income tax (provision) benefit	(1)	3	(4)
Ending balance	3,538	2,219	1,864
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	74	81	72
Ending balance	75	74	81
Actuarial gain (loss) associated with pension and postretirement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	4	(2)	18
Prior service credit
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	3	0	0
Recognition of prior service credit due to curtailment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	0	(3)	0
Recognition of net actuarial gain due to curtailment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	(4)	0	0
Recognition of net actuarial loss due to special termination benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	4	0	0
Amortization of prior service credit
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	(5)	(5)	(5)
Other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	$ 2	$ (10)	$ 13

SEGMENT INFORMATION - Reconciliation of Capital Investments from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	$ 255	$ 185	$ 379
Operating Segments \| Oil and Natural Gas
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	234	153	349
Operating Segments \| Carbon Management
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	12	5	4
Reconciliation (Income)/Expense
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	$ 9	$ 27	$ 26

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2022 shares	Dec. 31, 2024 USD ($) day employee shares	Dec. 31, 2023 USD ($) day employee	Dec. 31, 2022 USD ($) day employee	Jul. 01, 2024 USD ($)	Jan. 31, 2021 shares	Jan. 18, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ESPP (in shares) \| shares		95,750
Aera
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, assumed liability					$ 8
Cash-settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments to settle award		$ 18	$ 11	$ 6
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 10
Weighted-average period over which unrecognized compensation expense is expected to be recognized		2 years
Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years
Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 16
Weighted-average period over which unrecognized compensation expense is expected to be recognized		2 years
Number of trading days \| day				60
Award service period				3 years
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards		0.00%	0.00%	0.00%
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards		200.00%	200.00%	100.00%
Long-Term Cash Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years	3 years	3 years
Unrecognized compensation expense		$ 11
Weighted-average period over which unrecognized compensation expense is expected to be recognized		2 years
Number of trading days \| day		60	60	60
Award service period		3 years	3 years	3 years
Number of non-executive employees \| employee		500	500	500
Grant value of awards forfeited		$ 3
Long-Term Cash Incentive Awards \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Long-Term Cash Incentive Awards \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Long-Term Cash Incentive Awards \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Long-Term Cash Incentive Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards		75.00%	75.00%	75.00%
Long-Term Cash Incentive Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards		150.00%	150.00%	150.00%
Aera Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 5
Weighted-average period over which unrecognized compensation expense is expected to be recognized		1 year 7 months 6 days
Aera Incentive Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years
Vesting percentage		0.00%
Aera Incentive Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Vesting percentage		200.00%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of share purchase price of common stock under ESPP	85.00%
Aggregate number of common stock shares authorized for issuance (in shares) \| shares	1,250,000
2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares) \| shares						9,257,740	9,257,740

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Repurchase of 2026 Senior Notes On February 28, 2025, we repurchased $123 million in face value of our 2026 Senior Notes at par resulting in an extinguishment loss of approximately $1 million for the write-off of unamortized debt issuance costs. Dividends On March 2, 2025, our Board of Directors declared a cash dividend of $0.3875 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 10, 2025 and is expected to be paid on March 21, 2025. Stock-Based Compensation In February 2025, certain of our executives were granted an aggregate of approximately 233,922 RSUs and 350,884 PSUs. The PSUs cliff vest on the third anniversary of the grant date. The RSUs vest ratably over three years, with units vesting on the anniversary date of each grant, generally subject to continued employment through the applicable vesting dates.

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	$ 1,024	$ 929
Total property, plant and equipment, net	5,680	2,770
Investments in consolidated subsidiaries	0	0
Deferred tax asset	73	132
Investment in unconsolidated subsidiaries	86	19
Other assets	272	148
TOTAL ASSETS	7,135	3,998
Total current liabilities	980	616
Long-term debt, net	1,132	540
Asset retirement obligations	995	422
Other long-term liabilities	377	201
Amounts due to (from) affiliates	0
Deferred tax liability	113	0
Total equity attributable to common stock	3,538	2,219	$ 1,864	$ 1,688
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,135	3,998
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	0	0
Total property, plant and equipment, net	0	0
Investments in consolidated subsidiaries	(19,887)	(3,647)
Deferred tax asset	0	0
Investment in unconsolidated subsidiaries	0	0
Other assets	0	0
TOTAL ASSETS	(19,887)	(3,647)
Total current liabilities	0	0
Long-term debt, net	0	0
Asset retirement obligations	0	0
Other long-term liabilities	0	0
Amounts due to (from) affiliates	0
Deferred tax liability	0
Total equity attributable to common stock	(19,887)	(3,647)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(19,887)	(3,647)
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	437	511
Total property, plant and equipment, net	14	14
Investments in consolidated subsidiaries	4,869	2,311
Deferred tax asset	73	132
Investment in unconsolidated subsidiaries	0	0
Other assets	113	12
TOTAL ASSETS	5,506	2,980
Total current liabilities	224	142
Long-term debt, net	1,132	540
Asset retirement obligations	0	0
Other long-term liabilities	114	79
Amounts due to (from) affiliates	385
Deferred tax liability	113
Total equity attributable to common stock	3,538	2,219
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	5,506	2,980
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	46	20
Total property, plant and equipment, net	31	12
Investments in consolidated subsidiaries	(32)	(11)
Deferred tax asset	0	0
Investment in unconsolidated subsidiaries	27	19
Other assets	58	36
TOTAL ASSETS	130	76
Total current liabilities	14	13
Long-term debt, net	0	0
Asset retirement obligations	0	0
Other long-term liabilities	138	73
Amounts due to (from) affiliates	0
Deferred tax liability	0
Total equity attributable to common stock	(22)	(10)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	130	76
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	541	398
Total property, plant and equipment, net	5,635	2,744
Investments in consolidated subsidiaries	15,050	1,347
Deferred tax asset	0	0
Investment in unconsolidated subsidiaries	59	0
Other assets	101	100
TOTAL ASSETS	21,386	4,589
Total current liabilities	742	461
Long-term debt, net	0	0
Asset retirement obligations	995	422
Other long-term liabilities	125	49
Amounts due to (from) affiliates	(385)
Deferred tax liability	0
Total equity attributable to common stock	19,909	3,657
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 21,386	$ 4,589

INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount
U.S. federal statutory tax rate	$ 108	$ 157	$ 160
State and local income taxes, net of federal income tax effect	38	40	68
Tax credits
Marginal well credit	(12)	0	(8)
Other tax credit	0	(1)	(5)
Nontaxable or nondeductible items	9	6	4
Change in valuation allowances	0	(17)	17
Other adjustments	(3)	(1)	1
Total income tax provision	$ 140	$ 184	$ 237
Percent
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	7.00%	5.00%	9.00%
Tax credits
Marginal well credit	(2.00%)	0.00%	(1.00%)
Other tax credit	0.00%	0.00%	(1.00%)
Nontaxable or nondeductible items	2.00%	1.00%	1.00%
Change in valuation allowances	0.00%	(2.00%)	2.00%
Other adjustments	(1.00%)	0.00%	0.00%
Effective tax rate	27.00%	25.00%	31.00%

LEASES - Operating Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating lease costs
Operating lease costs	$ 26	$ 23
Short-term lease costs	50	52
Variable lease costs	2	2
Total operating lease costs	78	77
Finance lease costs	1	0
Sublease income	(2)	(2)
Total lease costs	$ 77	$ 75

DERIVATIVES - Schedule of Gain (Loss) on Derivative Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash commodity derivative gain	$ 274	$ 260	$ 187
Settlements and amortized premiums	(33)	(272)	(738)
Net gain (loss) from commodity derivatives	$ 241	$ (12)	$ (551)

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Balance Sheet Information Related to Operating Leases

We have recorded the following amounts on our balance sheet as of December 31, 2024 and 2023:


	Classification	2024		2023

Assets		(in millions)
Operating lease, net	Other noncurrent assets	$	105	$	73
Finance lease, net	PP&E	3		—
Total lease assets		$	108	$	73

Liabilities
Current
Operating lease	Accrued liabilities	$	15	$	15
Finance lease	Accrued liabilities	1		—
Long-term
Operating lease	Other long-term liabilities	$	76	$	55
Finance lease	Other long-term liabilities	2		—
Total lease liabilities		$	94	$	70

Schedule of Operating Lease Costs

Our lease costs, including amounts capitalized to PP&E, shown in the table below are before joint-interest recoveries. Lease payments are reduced by joint interest recoveries on our consolidated statement of operations through our joint-interest billing process.



	Year ended December 31,
	2024		2023

	(in millions)



Operating lease costs	$	26	$	23
Short-term lease costs(a)	50		52
Variable lease costs	2		2
Total operating lease costs	78		77
Finance lease costs	1		—
Sublease income	(2)		(2)
Total lease costs	$	77	$	75

(a)Contracts with terms of less than one month or less are excluded from our disclosure of short-term lease costs.

Schedule of Other Operating and Finance Lease Information

Other supplemental information related to our operating leases as of December 31, 2024 and 2023 is provided below:



	Year ended December 31,
	2024		2023
	(in millions)
Cash paid for lease liabilities
Lease liabilities associated with operating activities	$	29	$	28
Lease liabilities associated with investing activities	$	8	$	2
Lease liabilities associated with financing activities	$	1	$	—

ROU assets obtained in exchange for new operating lease liabilities	$	52	$	32
ROU assets obtained in exchange for new finance lease liabilities	$	3	$	—



	2024		2023
Operating Leases
Weighted-average remaining lease term (in years)	5.95		7.34
Weighted-average discount rate	8.1	%	6.7	%

Finance Leases
Weighted-average remaining lease term (in years)	3.37		—
Weighted-average discount rate	9.0	%	—	%

Schedule of Maturities of our Operating Lease Liabilities

Our operating and finance lease payments as of December 31, 2024 are as follows:




	Operating Leases		Finance Leases

	(in millions)
2025	$	27	$	1
2026	25		1
2027	19		1
2028	17		—
2029	12		—
Thereafter	23		—
Less: Interest	(24)		—
Present value of lease liabilities	$	99	$	3

Schedule of Maturities of our Financing Lease Liabilities

Our operating and finance lease payments as of December 31, 2024 are as follows:




	Operating Leases		Finance Leases

	(in millions)
2025	$	27	$	1
2026	25		1
2027	19		1
2028	17		—
2029	12		—
Thereafter	23		—
Less: Interest	(24)		—
Present value of lease liabilities	$	99	$	3

DEBT - Schedule of Financial Covenants (Details) - Revolving Credit Facility - Line of Credit	Apr. 26, 2023	Apr. 29, 2022	Oct. 27, 2020
Debt Instrument [Line Items]
Consolidated Total Net Leverage Ratio	2.5	1.75	3.00
Current Ratio			1.00

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Property, plant and equipment increased	$ 3,000
Asset impairment	14	$ 3	$ 2
Materials and supplies impairment	13
Non-core impairment	$ 1
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Ventura Basin
Property, Plant and Equipment
Proceeds from sale of oil and gas			13
Bakersfield Office Building
Property, Plant and Equipment
Asset impairment			$ 2

PENSION AND POSTRETIREMENT BENEFIT PLANS - Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Benefit Obligation Assumptions
Discount rate	5.61%	4.98%
Rate of compensation increase	4.93%	4.00%
Interest crediting rate	5.28%
Net Periodic Benefit Cost Assumptions
Discount rate	5.22%	5.19%
Expected return on assets	7.00%	6.98%
Rate of compensation increase	4.96%	4.00%
Interest crediting rate	6.37%
Postretirement Benefits
Benefit Obligation Assumptions
Discount rate	5.50%	4.99%
Net Periodic Benefit Cost Assumptions
Discount rate	5.13%	5.20%
Expected return on assets	6.99%	6.50%

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Materials and supplies	$ 86	$ 68
Finished goods	4	4
Total	$ 90	$ 72

AERA MERGER - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Aera $ in Millions	Jul. 01, 2024 USD ($)
Assets Acquired
Cash	$ 137
Accounts receivable	176
Inventories	30
Other current assets	49
Investment in unconsolidated subsidiary	59
Property, plant and equipment	3,048
Pension and other postretirement benefits	73
Other noncurrent assets	57
Recognized amounts of identifiable assets acquired	3,629
Liabilities Assumed
Accounts payable	(158)
Accrued liabilities	(157)
Asset retirement obligations	(646)
Fair value of derivative contracts	(351)
Pension and other postretirement benefits	(35)
Deferred tax liability	(101)
Other long-term liabilities	(37)
Total Liabilities Assumed	(1,485)
Net Assets Acquired	$ 2,144

REVENUE - Performance Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from marketing of purchased commodities
Disaggregation of revenue
Revenue from marketing of purchased commodities	$ 235	$ 407	$ 331
Oil
Disaggregation of revenue
Revenue from marketing of purchased commodities	99	0	1
Natural gas
Disaggregation of revenue
Revenue from marketing of purchased commodities	128	401	314
NGLs
Disaggregation of revenue
Revenue from marketing of purchased commodities	$ 8	$ 6	$ 16

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 376	$ 564	$ 524
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	388	225	198
Deferred income tax provision	71	35	226
Asset impairments	14	3	2
Net (gain) loss from commodity derivatives	(211)	20	551
Settlement payments from commodity derivatives	(64)	(272)	(738)
Loss on early extinguishment of debt	5	1	0
Net gain on asset divestitures	(11)	(32)	(59)
Other non-cash charges to income, net	139	103	43
Changes in operating assets and liabilities, net:
Decrease (increase) in trade receivables	58	110	(81)
(Increase) in inventories	(1)	(12)	0
Decrease in other current assets, net	28	0	35
Decrease in accounts payable and accrued liabilities	(182)	(92)	(11)
Net cash provided by operating activities	610	653	690
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(255)	(185)	(379)
Changes in accrued capital investments	29	(13)	1
Proceeds from asset divestitures	15	32	80
Purchase of a business, net of cash acquired	(853)	0	0
Acquisitions	(6)	(5)	(17)
Distribution related to the Carbon TerraVault JV	0	0	12
Capitalized joint venture transaction costs	0	0	(12)
Other	(7)	(4)	(2)
Net cash used in investing activities	(1,077)	(175)	(317)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from 2029 Senior Notes, net	888	0	0
Debt repurchases	(303)	(56)	0
Debt amendment costs	(18)	(8)	0
Repurchases of common stock	(192)	(143)	(313)
Common stock dividends	(113)	(81)	(59)
Payments on equity-settled awards	(4)	0	0
Issuance of common stock	2	2	1
Bridge loan commitments	(5)	0	0
Stock warrants exercised	130	0	0
Shares cancelled for taxes	(42)	(3)	0
Net cash provided by (used in) financing activities	343	(289)	(371)
(Decrease) increase in cash	(124)	189	2
Cash and cash equivalents—beginning of period	496	307	305
Cash and cash equivalents—end of period	372	496	307
Revolving Credit Facility
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	30	0	0
Repayments of Revolving Credit Facility	$ (30)	$ 0	$ 0

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Total property, plant and equipment	$ 6,738	$ 3,437
Accumulated depreciation, depletion and amortization	(1,058)	(667)
Total property, plant and equipment, net	5,680	2,770
Proved oil and natural gas properties
Property, Plant and Equipment
Total property, plant and equipment	6,343	3,156
Facilities and other
Property, Plant and Equipment
Total property, plant and equipment	$ 395	$ 281

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

On January 18, 2021, our Board of Directors approved the California Resources Corporation 2021 Long Term Incentive Plan (Long Term Incentive Plan). The Long Term Incentive Plan provides for potential grants of stock options, stock appreciation rights, restricted stock awards, restricted stock units, vested stock awards, dividend equivalents, other stock-based awards and substitute awards to employees, officers, non-employee directors and other service providers of the Company and its affiliates.

The Long Term Incentive Plan provides for the reservation of 9,257,740 shares of common stock for future issuances, subject to adjustment as provided in the Long Term Incentive Plan. Shares of stock subject to an award under the Long Term Incentive Plan that expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated without the actual delivery of shares (restricted stock awards are not considered “delivered shares” for this purpose) will again be available for new awards under the Long Term Incentive Plan. However, (i) shares tendered or withheld in payment of any exercise or purchase price of an award or taxes relating to awards, (ii) shares that were subject to an option or a stock appreciation right but were not issued or delivered as a result of the net settlement or net exercise of the option or stock appreciation right, and (iii) shares repurchased on the open market with the proceeds from the exercise price of an option, will not, in each case, again be available for new awards under the Long Term Incentive Plan.

Shares of our common stock may be withheld by us in satisfaction of tax withholding obligations arising upon the vesting of restricted stock units (RSUs) and performance stock units (PSUs).

Stock-based compensation expense is recorded on our consolidated statements of operations based on job function of the employees receiving the grants as shown in the table below.


	Year ended December 31,
	2024		2023		2022

	(in millions)
General and administrative expenses	$	32	$	40	$	26
Operating costs	6		7		4
Carbon management business expenses	2		1		—
Total stock-based compensation expense	$	40	$	48	$	30

Income tax benefit	$	8	$	9	$	6

We paid $18 million, $11 million, and $6 million for our long-term cash incentive awards for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively.

Stock Settled Awards

Restricted Stock Units

Executives and non-employee directors were granted RSUs, which are in the form of, or equivalent in value to, actual shares of our common stock. The awards generally vest from two to three years following the grant date. Dividend equivalents are accumulated and paid when the shares are issued.

The following table sets forth RSU activity for the year ended December 31, 2024:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2023	1,288	$	29.49
Granted	219	$	54.28
Vested	(860)	$	27.35
Forfeited or Cancelled	(4)	$	45.91
Unvested at December 31, 2024	643	$	40.36

Compensation expense was measured on the date of grant using the quoted market price of our common stock and is primarily recognized on a straight-line basis over the requisite service periods adjusted for actual forfeitures, if any.

As of December 31, 2024, the unrecognized compensation expense for our unvested RSUs was approximately $10 million and is expected to be recognized over a weighted-average remaining service period of approximately two years.

Performance Stock Units

In 2024 and 2023, executives were granted PSUs which are earned based on our absolute total shareholder return and total shareholder return relative to the SPDR S&P Oil and Gas Exploration and Production Exchange-Traded Fund listed on the New York Stock Exchange. The PSUs have payouts that range from 0% to 200% of the target award and settle in common shares once certified. Dividend equivalents for these awards are accumulated and paid out upon certification of the award.

In 2022, executives were granted PSUs which are earned upon the attainment of specified 60-trading day volume weighted average prices for shares of our common stock generally during a three-year service period commencing on the grant date. Once units are earned, the earned units are not reduced for subsequent decreases in stock price. For the duration of the three-year period, a minimum of 0% and a maximum of 100% of the PSUs granted could be earned. The grant date fair value and associated equity compensation expense was measured using a Monte Carlo simulation model which runs a probabilistic assessment of the number of units that will be earned based on a projection of our stock price during the three-year service period. Although certain events may accelerate vesting, earned PSUs generally vest on the third anniversary of the grant date, and are settled in shares of our common stock at the three-year anniversary of the grant date.

The following table sets forth PSU activity for the year ended December 31, 2024:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2023	1,373	$	28.13
Granted	281	$	59.00
Vested	(869)	$	19.66
Forfeited or Cancelled	(21)	$	38.00
Unvested at December 31, 2024	764	$	48.83

The range of assumptions used in the valuation of PSUs granted during 2024, 2023 and 2022 were as follows:


	2024		2023		2022



Expected volatility(a)	38.58% - 40.30%		42.36% - 55.00%		60.00	%
Risk-free interest rate(b)	4.52% - 4.86%		3.81% - 4.95%		1.59% - 2.55%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.5 - 3		1.5 - 3		2 - 3

(a)Expected volatility was calculated using the historic volatility of a peer group due to our limited trading history since our emergence from bankruptcy. We included the historic volatility of our stock, excluding our first two trading months, in the peer group. Expected volatility was calculated using the historic volatility of our stock beginning in 2023 for certain awards as we established enough stock history.

(b)Based on the U.S. Treasury yield for a two- or three-year term at the grant date, as applicable.

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

Compensation expense is recognized on a straight-line basis over the requisite service periods adjusted for actual forfeitures, if any. Events that accelerate the vesting of an award have no effect on the requisite service period until such an event becomes probable.

As of December 31, 2024, the unrecognized compensation expense for our unvested PSUs was approximately $16 million and is expected to be recognized over a weighted-average remaining service period of approximately two years.

Cash Incentive Awards

In each of the years of 2024, 2023 and 2022, we granted performance cash-settled awards to approximately 500 non-executive employees where half of the award is variable with payouts ranging from 75% to 150% of the grant value. The variable portion of the award is determined based upon the attainment of specified 60-trading day volume weighted average prices for shares of our common stock preceding each vesting date. These awards vest ratably over a three-year service period, with one third of the grants vesting on each of the first three anniversaries of the grant date. The fair value of the awards is adjusted on a quarterly basis for the cumulative change in the value determined using a Monte Carlo simulation model which runs a probabilistic assessment of our stock price for each of the three-year service periods.

The assumptions used in the valuation of our cash awards as of December 31, 2024 were as follows:



	2024 Awards		2023 Awards		2022 Awards



Expected volatility(a)	35	%	37	%	38	%
Risk-free interest rate(b)	4.25	%	4.17	%	4.24	%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.15		1.15		0.5

(a)Expected volatility was calculated using the historical volatility of our stock.

(b)Based on the U.S. Treasury yield for the remaining terms.

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

As of December 31, 2024, the unrecognized compensation expense for all of our unvested cash-settled awards was $11 million and is expected to be recognized over a weighted-average remaining service period of approximately two years. The value of awards forfeited during the year ended December 31, 2024 was approximately $3 million.

Aera Incentive Awards

Upon closing of the Aera Merger we assumed cash-settled incentive awards that had been granted to certain Aera employees. The awards were granted by Aera in 2022, 2023, and 2024 and vest ratably over periods between two to three years. Awards that vested prior to July 1, 2024 were earned based on the performance metrics of Aera and we assumed a liability of $8 million for the vested awards. Following July 1, 2024, the unvested awards will be earned based on our absolute total shareholder return and total shareholder return relative to the SPDR S&P Oil and Gas Exploration and Production Exchange-Traded Fund listed on the New York Stock Exchange. The awards pay out between 0% to 200%.



	2024 Awards		2023 Awards



Expected volatility(a)	34.81	%	38.53	%
Risk-free interest rate(b)	4.25	%	4.16	%
Dividend yield(c)	—	%	—	%
Forecast period (in years)	2.00		1

(a)Expected volatility was calculated using the historical volatility of our stock.

(b)Based on the U.S. Treasury yield for the remaining terms.

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

As of December 31, 2024, the unrecognized compensation expense for these cash-settled awards was approximately $5 million and is expected to be recognized over a weighted-average remaining service period of 1.6 years.

Employee Stock Purchase Plan

In May 2022, our shareholders approved a new California Resources Corporation Employee Stock Purchase Plan (ESPP), which took effect in July 2022. The ESPP provides our employees with the ability to purchase shares of our common stock at a price equal to 85% of the closing price of a share of our common stock as of the first or last day of each fiscal quarter, whichever amount is less. The maximum number of shares of our common stock which may be issued pursuant to the ESPP is subject to certain annual limits and has a cumulative limit of 1,250,000 shares.

As of December 31, 2024, a total of 95,750 common shares were issued under our ESPP.

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Net income

$ 376

$ 564

$ 524

Other comprehensive income (loss)

Actuarial gain (loss) associated with pension and postretirement plans

^[1]

(1)

Prior service credit

^[1]

Recognition of prior service credit due to curtailment

^[1]

(2)

Recognition of net actuarial gain due to curtailment

^[1]

(3)

Recognition of net actuarial loss due to special termination benefits

^[1]

Amortization of prior service cost credit included in net periodic benefit cost, net of tax

^[1]

(4)

Total other comprehensive income (loss)

(7)

Comprehensive income

$ 377

$ 557

$ 533

[1]	Amounts are net of a tax provision of $1 million, tax benefit of $3 million, and tax provision of $4 million in tax for the years ended December 31, 2024, 2023, and 2022, respectively.

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Jul. 01, 2024
Operating Loss Carryforwards [Line Items]
Deferred tax liabilities, other comprehensive income	$ 1
Liability recorded for unrecognized tax benefits	0	$ 0
Aera Acquisition
Operating Loss Carryforwards [Line Items]
Deferred tax liability			$ 101
CALIFORNIA
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	7
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	29
Carryforward for business interest expense	753
Tax benefit not recognized from net operating loss carryforwards limited from ownership change	2
State and local \| CALIFORNIA
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,000
Tax credit carryforward	21
Tax benefit not recognized from net operating loss carryforwards limited from ownership change	$ 24

SUPPLEMENTAL ACCOUNT BALANCES - Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Net amounts due from joint interest partners	$ 41	$ 43
Fair value of commodity derivative contracts	14	21
Prepaid expenses	28	19
Greenhouse gas allowances	27	12
Income tax receivable	50	0
All other	16	18
Other current assets, net	$ 176	113
Due from joint interest partners, allowances		$ 3

PENSION AND POSTRETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

Prior to the Aera Merger, we maintained two qualified defined benefit pension plans covering union employees and a postretirement health care plan for certain retired employees. In connection with the Aera Merger, we acquired a qualified defined benefit cash balance pension plan and a non-qualified cash balance pension plan that restores benefits lost due to governmental limitations on the qualified plan. We also acquired two postretirement benefit plans that provide health care benefits for certain retired employees. Certain of the postretirement benefit obligations are funded through 401(h) accounts under the qualified pension plans. Aera's pension and postretirement obligations were remeasured as of the July 1, 2024 acquisition date. At that time, for Aera's pension plans, we recognized a net benefit asset of $64 million and a net benefit liability of $8 million and for Aera's postretirement benefit plans, we recognized a net benefit asset of $9 million and a net benefit liability of $27 million. Accumulated other comprehensive income balances for the acquired Aera plans were eliminated in purchase accounting.

In August 2024, we amended Aera's pension and postretirement benefit plans. For Aera’s defined benefit pension plans and post age 65 postretirement benefit plan, participants no longer accrue additional benefits for service after September 30, 2024. However, for each of the foregoing plans, future service will count towards vesting of benefits accrued based on past service. In addition, for both of Aera’s postretirement benefit plans, we expanded the eligibility provisions in the event of an involuntary layoff. Following the Aera Merger, we recognized a curtailment gain of $4 million and a one-time cost of special termination benefits of $4 million included in net periodic benefit costs for the year ended December 31, 2024.

Defined Contribution Plans

All of our employees are eligible to participate in our tax-qualified, defined contribution retirement plan that provides for periodic cash contributions by us based on annual cash compensation and employee deferrals.

Certain salaried employees participate in non-qualified supplemental defined contribution plans that restore benefits lost due to government limitations on qualified plans. We recognized $30 million and $24 million in other long-term liabilities for the years ended December 31, 2024 and 2023, respectively, related to these supplemental plans.

We expensed $27 million in 2024, $19 million in 2023 and $18 million in 2022 under the provisions of these defined contribution and supplemental plans.

Defined Benefit Plans

Participation in defined benefit pension plans sponsored by us is limited. During 2024, approximately 800 employees accrued benefits under these plans primarily in connection with the acquired Aera pension plans. As a result of the amendments made in September 2024 to the acquired Aera pension plans, only approximately 60 employees were accruing benefits at year-end, all of whom were union employees.

Pension costs for the defined benefit pension plans, determined by independent actuarial valuations, are funded by us through payments to trust funds, which are administered by independent trustees.

Postretirement Benefit Plans

We provide postretirement medical and dental benefits for our eligible former employees and their dependents. Our former employees are required to make monthly contributions for the coverage, but the benefits are primarily funded by us as claims are paid during the year.

Obligations and Funded Status of our Defined Benefit Plans

The following table shows the amounts recognized on our balance sheets related to pension and postretirement benefit plans, as well as plans that we or our subsidiaries sponsor:



	December 31, 2024				December 31, 2023
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Amounts recognized on the balance sheet
Other assets	$	67	$	13	$	2	$	—
Accrued liabilities	(1)		(6)		—		(3)
Other long-term liabilities	(6)		(53)		(3)		(33)
	$	60	$	(46)	$	(1)	$	(36)

Accumulated other comprehensive income, net of tax	$	2	$	73	$	2	$	72

The following table shows the funding status of our pension and post-retirement benefit plans along with a reconciliation of our benefit obligations and changes in fair value of plan assets:


	Year ended December 31,
	2024		2023

	(in millions)
Pension
Changes in the benefit obligation
Benefit obligation—beginning of year	$	34	$	30
Liabilities assumed in the Aera Merger	249		—
Service cost—benefits earned during the period	3		1
Interest cost on projected benefit obligation	8		1
Actuarial (gain) loss(a)	(2)		3

Benefits paid	(20)		(1)


Benefit obligation—end of year	$	272	$	34

Changes in plan assets
Fair value of plan assets—beginning of year	$	34	$	32
Additions due to the Aera Merger	305		—
Actual return on plan assets	10		3
Employer contributions	3		—
Benefits paid	(20)		(1)
Fair value of plan assets—end of year	$	332	$	34

Net benefit asset	$	60	$	—

Postretirement
Changes in the benefit obligation
Benefit obligation—beginning of year	$	37	$	38
Liabilities assumed in the Aera Merger	70		—
Service cost—benefits earned during the period	2		2
Interest cost on projected benefit obligation	4		2
Actuarial gain(b)	(5)		(2)
Cost of special termination benefits	4		—
Curtailment gain	(4)		—
Benefits paid	(5)		(3)
Plan amendment	(3)		—


Benefit obligation—end of year	$	100	$	37

Changes in plan assets
Fair value of plan assets—beginning of year	$	1	$	1
Additions due to the Aera Merger	52		—
Actual gain (loss) on plan assets	2		—
Employer contributions	4		3
Benefits paid	(5)		(3)
Fair value of plan assets—end of year	$	54	$	1

Net benefit liability	$	(46)	$	(36)

(a)The gain reflected in the changes in the pension benefit obligation for the year ended December 31, 2024 was primarily due to movement in the discount rates.

(b)The gain reflected in the changes in the postretirement benefit obligation for the year ended December 31, 2024 was primarily due to movement in the discount rate.

The following table sets for the details of our obligations and assets related to our defined benefit pension plans for the years ended December 31:



	2024		2023

	(in millions)
Projected benefit obligation	$	272	$	34
Accumulated benefit obligation	$	268	$	30
Fair value of plan assets	$	332	$	34

Components of Net Periodic Benefit Cost

We record the service cost component of net periodic pension cost with other employee compensation and all other components, including settlement costs, are reported as other non-operating income (expenses), net on our consolidated statements of operations. The following table set forth the components of our net periodic pension and postretirement benefit costs:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Pension
Net periodic benefit costs
Service cost—benefits earned during the period	$	3	$	1	$	1
Interest cost on projected benefit obligation	8		1		1
Expected return on plan assets	(13)		(2)		(1)



Net periodic benefit costs	$	(2)	$	—	$	1

Postretirement
Net periodic benefit costs
Service cost—benefits earned during the period	$	2	$	2	$	2
Interest cost on projected benefit obligation	4		2		1
Expected return on plan assets	(2)		—		—
Cost of special termination benefits	4		—		—
Amortization of prior service cost credit	(5)		(5)		(5)



Amortization of net actuarial gain	(1)		(2)		—
Curtailment gain	(4)		(3)		—
Net periodic benefit costs	$	(2)	$	(6)	$	(2)

Components of accumulated other comprehensive income (loss) (AOCI) are presented net of tax. The following table presents the changes in plan assets and benefit obligations recognized in other comprehensive (loss) income:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Pension
Net actuarial (gain) loss	$	—	$	(1)	$	4



Total	$	—	$	(1)	$	4

Postretirement

Net actuarial (gain) loss	$	(5)	$	1	$	9
Prior service credit	(3)		—		—
Actuarial net gain due to curtailment	4		—		—
Special termination benefits	(4)		—		—

Amortization of prior service credit due to curtailment	—		(2)		—
Amortization of prior service credit	5		(4)		(4)
Amortization net actuarial gain (loss)	2		(1)		—
Total	$	(1)	$	(6)	$	5

The following table sets forth the valuation assumptions, on a weighted-average basis, used to determine our benefit obligations and net periodic benefit cost:



	Year ended December 31,
	2024		2023
Pension
Benefit Obligation Assumptions
Discount rate	5.61	%	4.98	%
Rate of compensation increase	4.93	%	4.00	%
Interest crediting rate	5.28	%	N/A
Net Periodic Benefit Cost Assumptions
Discount rate	5.22	%	5.19	%
Expected return on assets	7.00	%	6.98	%
Rate of compensation increase	4.96	%	4.00	%
Interest crediting rate	6.37	%	N/A

Postretirement
Benefit Obligation Assumptions
Discount rate	5.50	%	4.99	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.13	%	5.20	%
Expected return on assets	6.99	%	6.50	%

For pension plans and postretirement benefit plans that we or our subsidiaries sponsor, we based the discount rate on the FTSE Above Median AA yield curve in 2024 and in 2023. The weighted-average rate of increase in future compensation levels is consistent with our past and anticipated future compensation increases for employees participating in pension plans that determine benefits using compensation. The assumed return on assets is estimated with regard to current market factors but within the context of historical returns for the asset mix that exists at year end.

In 2024 and 2023, we used the Society of Actuaries Pri-2012 mortality assumptions reflecting the MP-2021 scale which plan sponsors in the U.S. use in the actuarial valuations that determine a plan sponsor’s pension and postretirement obligations.

The postretirement benefit obligation was determined by application of the terms of medical and dental benefits, including the effect of established maximums on covered costs, together with relevant actuarial assumptions and healthcare cost trend rates projected at an assumed U.S. Consumer Price Index (CPI) increase of 2.45% and 2.38% as of December 31, 2024 and 2023, respectively. Under the terms of our postretirement plans, participants other than certain union employees pay for all medical cost increases in excess of increases in the CPI. For those union employees, we projected that, as of December 31, 2024, health care cost trend rates would be 6.50% in 2025 decreasing until they reach 4.50% in 2033 and remain at 4.50% thereafter. For those union employees, we projected that, as of December 31, 2023, health care cost trend rates would be 6.75% in 2024 decreasing until they reach 4.50% in 2033 and remain at 4.50% thereafter.

The actuarial assumptions used could change in the near term as a result of changes in expected future trends and other factors that, depending on the nature of the changes, could cause increases or decreases in the plan assets and liabilities.

Fair Value of Plan Assets

We employ a total return investment approach that uses a diversified blend of equity and fixed-income investments to optimize the long-term return of plan assets at a prudent level of risk. Equity investments were diversified across U.S. and non-U.S. stocks, as well as differing styles and market capitalizations. Other asset classes, such as private equity and real estate, may have been used with the goals of enhancing long-term returns and improving portfolio diversification. In 2024 and 2023, the target allocation of pension plan assets was 45% and 50% equity securities and 55% and 50% debt securities, respectively. Investment performance was measured and monitored on an ongoing basis through quarterly investment portfolio and manager guideline compliance reviews, annual liability measurements and periodic studies.

The fair values of our pension plan assets by asset category are as follows:


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Comingled funds
Bonds	24		162		—		186
Commodities	17		—		—		17
U.S. equity	—		84		—		84
International equity	24		20		—		44






Total pension plan assets	$	65	$	266	$	—	$	331


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Commingled funds
Bonds	—		18		—		18
Commodities	—		—		—		—
U.S. equity	—		6		—		6
International equity	—		10		—		10






Total pension plan assets	$	—	$	34	$	—	$	34

The fair values of our postretirement benefit plan assets by asset category are as follows:


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Comingled funds
Bonds	4		26		—		30
Commodities	3		—		—		3
U.S. equity	—		13		—		13
International equity	4		2		—		6






Total pension plan assets	$	11	$	41	$	—	$	52

Our postretirement benefit plan assets of $1 million in 2023 were invested in mutual funds (Level 1 on the fair value hierarchy) with target allocations of 40% equities and 60% debt securities.

Expected Contributions and Benefit Payments

In 2025, we expect to contribute $1 million to our pension plans and expect to contribute $7 million to our postretirement benefit plans. Estimated future undiscounted benefit payments by the plans, which reflect expected future service, as appropriate, are as follows:


	Pension Benefits		Postretirement Benefits

For the years ended December 31,	(in millions)
2025	$	25	$	10
2026	$	17	$	9
2027	$	16	$	9
2028	$	18	$	9
2029	$	17	$	8
2030 - 2034	$	85	$	41

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES
Oil, natural gas and NGL sales	$ 2,537	$ 2,155	$ 2,643
Net gain (loss) from commodity derivatives	241	(12)	(551)
Total operating revenues	3,198	2,801	2,707
OPERATING EXPENSES
Energy operating costs	966	822	785
General and administrative expenses	321	267	222
Depreciation, depletion and amortization	388	225	198
Asset impairment	14	3	2
Taxes other than on income	242	165	162
Accretion expense	87	46	43
Net loss on natural gas purchase derivatives	30	8	0
Carbon management business expenses	56	37	14
Measurement period adjustments	(12)	0	0
Other operating expenses, net	183	58	26
Total operating expenses	2,589	2,025	1,954
Net gain on asset divestitures	11	32	59
OPERATING INCOME	620	808	812
NON-OPERATING (EXPENSES) INCOME
Interest and debt expense	(87)	(56)	(53)
Loss on early extinguishment of debt	(5)	(1)	0
Loss from investment in unconsolidated subsidiaries	(10)	(9)	(1)
Other non-operating (loss) income	(2)	6	3
INCOME BEFORE INCOME TAXES	516	748	761
Income tax provision	(140)	(184)	(237)
NET INCOME	$ 376	$ 564	$ 524
Net income attributable to common stock per share
Basic (in dollars per share)	$ 4.74	$ 8.10	$ 6.94
Diluted (in dollars per share)	$ 4.62	$ 7.78	$ 6.75
Weighted-average common shares outstanding
Basic (in shares)	79.3	69.6	75.5
Diluted (in shares)	81.4	72.5	77.6
Revenue from marketing of purchased commodities
REVENUES
Interest and other revenue	$ 235	$ 407	$ 331
OPERATING EXPENSES
Cost of sales	193	224	285
Electricity sales
REVENUES
Interest and other revenue	159	211	261
Interest and other revenue
REVENUES
Oil, natural gas and NGL sales	3	15	14
Interest and other revenue	26	40	23
Electricity generation expenses
OPERATING EXPENSES
Cost of sales	40	103	167
Transportation costs
OPERATING EXPENSES
Cost of sales	$ 81	$ 67	$ 50

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	$ 3,198	$ 2,801	$ 2,707
Total costs and other	2,589	2,025	1,954
Gain on asset divestitures	11	32	59
Non-operating (loss) income	(104)	(60)	(51)
INCOME BEFORE INCOME TAXES	516	748	761
Income tax provision	140	184	237
NET INCOME	376	564	524
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	(165)	0	0
Total costs and other	(165)	0	0
Gain on asset divestitures	0	0	0
Non-operating (loss) income	0	0	0
INCOME BEFORE INCOME TAXES	0	0	0
Income tax provision	0	0	0
NET INCOME	0	0	0
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	18	21	4
Total costs and other	290	239	177
Gain on asset divestitures	0	0	0
Non-operating (loss) income	(92)	(51)	(55)
INCOME BEFORE INCOME TAXES	(364)	(269)	(228)
Income tax provision	140	184	237
NET INCOME	(504)	(453)	(465)
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	0	0	0
Total costs and other	66	49	37
Gain on asset divestitures	0	0	0
Non-operating (loss) income	(21)	(14)	(3)
INCOME BEFORE INCOME TAXES	(87)	(63)	(40)
Income tax provision	0	0	0
NET INCOME	(87)	(63)	(40)
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	3,345	2,780	2,703
Total costs and other	2,398	1,737	1,740
Gain on asset divestitures	11	32	59
Non-operating (loss) income	9	5	7
INCOME BEFORE INCOME TAXES	967	1,080	1,029
Income tax provision	0	0	0
NET INCOME	$ 967	$ 1,080	$ 1,029

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

We, or certain of our subsidiaries, are involved, in the normal course of business, in lawsuits, environmental and other claims and other contingencies that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief.

We accrue reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserve balances at December 31, 2024 and 2023 were not material to our consolidated balance sheets as of such dates. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of reserves cannot be accurately determined.

In October 2020, Signal Hill Services, Inc. defaulted on its decommissioning obligations associated with two offshore platforms. The Bureau of Safety and Environmental Enforcement (BSEE) determined that former lessees, including our former parent, Occidental Petroleum Corporation (Oxy) with a 37.5% share, are responsible for accrued decommissioning obligations associated with these offshore platforms. Oxy sold its interest in the platforms approximately 30 years ago and it is our understanding that Oxy has not had any connection to the operations since that time and challenged BSEE's order. Oxy notified us of the claim under the indemnification provisions of the Separation and Distribution Agreement between us and Oxy. In September 2021, we accepted the indemnification claim from Oxy and are challenging the order from BSEE. In March 2024, we entered into a cost sharing agreement with former lessees to share in ongoing maintenance costs during the pendency of the challenge to the BSEE order. We estimate our ongoing share of maintenance costs for the platforms could be approximately $5 million per year. Due to the preliminary stage of the process, no cost estimates to abandon the offshore platforms have been determined.

We have certain commitments under contracts, including purchase commitments for goods and services used in the normal course of business such as pipeline capacity, easements related to oil and natural gas segment, obligations under long-term service agreements and field equipment.

At December 31, 2024, total purchase obligations on a discounted basis were as follows:


	December 31, 2024
	(in millions)
2025	$	40
2026	18
2027	15
2028	15
2029	15
Thereafter	94
Total	197
Less: Interest	(67)
Present value of purchase obligations	$	130

AERA MERGER - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
AERA MERGER - Narrative (Details) - USD ($) $ in Millions	Jul. 01, 2024	Aug. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 05, 2024
Business Acquisition, Contingent Consideration [Line Items]
Purchase of a business, net of cash acquired					$ 853	$ 0	$ 0
Measurement period adjustments					$ (12)	$ 0	$ 0
Expected number of positions eliminated, percent		12.00%
California Resources Corporation \| Existing CRC Stockholders
Business Acquisition, Contingent Consideration [Line Items]
Business acquisition, percentage of ownership after transaction	76.00%
California Resources Corporation \| Aera
Business Acquisition, Contingent Consideration [Line Items]
Business acquisition, percentage of ownership after transaction	24.00%
2029 Senior Notes \| Senior Notes (Unsecured)
Business Acquisition, Contingent Consideration [Line Items]
Debt instrument, interest rate, stated percentage			8.25%	8.25%	8.25%			8.25%
Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Common stock issued in connection with acquisition (in shares)					21,315,707,000
Aera
Business Acquisition, Contingent Consideration [Line Items]
Settlement of Aera debt	$ 990
Purchase of a business, net of cash acquired	853
Cash acquired from acquisition	137
Decrease in asset retirement obligation			$ 54
Increase in inventories			12
Increase in other current assets			40
Decrease in deferred tax liability			19
Decrease in other noncurrent assets			9
Increase in accounts payable			1
Increase in accrued liabilities			29
Decrease in other noncurrent liabilities			23
Decrease in property, plant and equipment			71
Increase in consideration transferred			$ 19
Measurement period adjustments					$ (12)
Restricted cash	$ 27
Revenue of acquiree since acquisition date, actual				$ 1,205
Earnings (loss) of acquiree since acquisition date, actual				$ 512
Business combination, integration related costs					57
Business combination, acquisition related costs					30
Share-based payment arrangement, accelerated cost					$ 7
Aera \| Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Common stock issued in connection with acquisition (in shares)	21,315,707
Common stock issued in connection with acquisition, deferred consideration (in shares)	346,093

INVESTMENTS AND RELATED PARTY TRANSACTIONS - Changes Investments in Unconsolidated Subsidiaries (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments [Roll Forward]
Equity Method Investments, Beginning Balance		$ 19
Income (loss) from investment in unconsolidated subsidiary		(10)	$ (9)	$ (1)
Equity Method Investments, Ending Balance	$ 86	86	19
Midway Sunset Cogeneration Company
Equity Method Investments [Roll Forward]
Income (loss) from investment in unconsolidated subsidiary	2
Distributions	(2)
Equity Method Investments, Ending Balance	59	59
Carbon TerraVault JV
Equity Method Investments [Roll Forward]
Equity Method Investments, Beginning Balance		19	13
Income (loss) from investment in unconsolidated subsidiary		(12)	(9)
Contributions		20	15
Equity Method Investments, Ending Balance	$ 27	$ 27	$ 19	$ 13

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Net income before income taxes, for all periods presented, was generated from domestic operations. The following table summarizes components of our income tax provision:


	Year ended December 31,
	2024		2023		2022

	(in millions)

Federal	$	42	$	146	$	10
State and local	27		3		1
Current	69		149		11

Federal	$	51	$	(12)	$	141
State and local	20		47		85
Deferred tax provision	71		35		226
Total income tax provision	$	140	$	184	$	237

Schedule of Income Taxes Paid

Income taxes paid by jurisdiction are as follows:


	Year ended December 31,
	2024		2023
	(in millions)
Federal	$	73	$	120
State and local	32		1
Total taxes paid	$	105	$	121

Schedule of U.S. Federal Income Tax Statutory Rate

Our effective tax rate differs from the amount computed by applying the U.S. federal income tax statutory rate to income before income taxes as follows:


	Year ended December 31,
	2024				2023				2022
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	108	21	%	$	157	21	%	$	160	21	%
State and local income taxes, net of federal income tax effect(a)	38		7		40		5		68		9


Tax credits
Marginal well credit	(12)		(2)		—		—		(8)		(1)
Other tax credit	—		—		(1)		—		(5)		(1)
Nontaxable or nondeductible items	9		2		6		1		4		1

Change in valuation allowances	—		—		(17)		(2)		17		2
Other adjustments	(3)		(1)		(1)		—		1		—
Effective tax rate	$	140	27	%	$	184	25	%	$	237	31	%

(a)State and local income taxes are predominately in California.

Schedule of Tax Effects of Temporary differences Resulting in Deferred Income Taxes

The tax effects of temporary differences resulting in deferred income tax assets and liabilities at December 31, 2024 and 2023 were as follows:



	2024				2023
	Deferred Tax Assets		Deferred Tax Liabilities		Deferred Tax Assets		Deferred Tax Liabilities

	(in millions)

Property, plant and equipment	$	—	$	(700)	$	19	$	(286)


Deferred compensation and benefits	66		—		40		—
Asset retirement obligations	342		—		157		—


Interest expense carryforward	158		—		161		—


All other	169		(75)		96		(55)


Total deferred taxes	$	735	$	(775)	$	473	$	(341)

LEASES - Supplement Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 105	$ 73
Operating Lease, Right-of-Use Asset, Statement of Financial Position Flag	OTHER NONCURRENT ASSETS	OTHER NONCURRENT ASSETS
Finance lease, net	$ 3	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position Flag	Total property, plant and equipment, net	Total property, plant and equipment, net
Total lease assets	$ 108	$ 73
Operating lease liability	$ 15	$ 15
Operating Lease, Liability, Current, Statement of Financial Position Flag	Accrued liabilities	Accrued liabilities
Finance lease	$ 1	$ 0
Finance Lease, Liability, Current, Statement of Financial Position Flag	Accrued liabilities	Accrued liabilities
Operating lease	$ 76	$ 55
Operating Lease, Liability, Noncurrent, Statement of Financial Position Flag	Other long-term liabilities	Other long-term liabilities
Finance lease	$ 2	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position Flag	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 94	$ 70

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Equity [Abstract]
Common stock dividends	$ 113	$ 81	$ 59	$ 253
Dividends declared, common stock (in dollars per share)	$ 1.3950	$ 1.1575	$ 0.7925

INVESTMENTS AND RELATED PARTY TRANSACTIONS - Equity Method Investment Unconsolidated Subsidiary, Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Receivables from affiliate	$ 46	$ 19
Other long-term liabilities	377	201
Related Party
Schedule of Equity Method Investments [Line Items]
Receivables from affiliate	46	19
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities	107	52
Carbon TerraVault JV \| Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Equity method investments, distributed to satisfy future capital calls	43	17
Carbon TerraVault JV \| Management Services Agreement \| Related Party
Schedule of Equity Method Investments [Line Items]
Receivables from affiliate	$ 3	$ 2

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share Based Compensation Expense

Stock-based compensation expense is recorded on our consolidated statements of operations based on job function of the employees receiving the grants as shown in the table below.


	Year ended December 31,
	2024		2023		2022

	(in millions)
General and administrative expenses	$	32	$	40	$	26
Operating costs	6		7		4
Carbon management business expenses	2		1		—
Total stock-based compensation expense	$	40	$	48	$	30

Income tax benefit	$	8	$	9	$	6

Schedule of Changes in Cash and Stock-Settled Restricted Stock Units (RSUs)

The following table sets forth RSU activity for the year ended December 31, 2024:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2023	1,288	$	29.49
Granted	219	$	54.28
Vested	(860)	$	27.35
Forfeited or Cancelled	(4)	$	45.91
Unvested at December 31, 2024	643	$	40.36

Schedule of Changes in Cash and Stock-Settled Performance Stock Units (PSUs)

The following table sets forth PSU activity for the year ended December 31, 2024:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2023	1,373	$	28.13
Granted	281	$	59.00
Vested	(869)	$	19.66
Forfeited or Cancelled	(21)	$	38.00
Unvested at December 31, 2024	764	$	48.83

Schedule of Grant Date Assumptions used in the Black-Scholes Valuation for Stock Options

The range of assumptions used in the valuation of PSUs granted during 2024, 2023 and 2022 were as follows:


	2024		2023		2022



Expected volatility(a)	38.58% - 40.30%		42.36% - 55.00%		60.00	%
Risk-free interest rate(b)	4.52% - 4.86%		3.81% - 4.95%		1.59% - 2.55%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.5 - 3		1.5 - 3		2 - 3

(b)Based on the U.S. Treasury yield for a two- or three-year term at the grant date, as applicable.

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

The assumptions used in the valuation of our cash awards as of December 31, 2024 were as follows:



	2024 Awards		2023 Awards		2022 Awards



Expected volatility(a)	35	%	37	%	38	%
Risk-free interest rate(b)	4.25	%	4.17	%	4.24	%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.15		1.15		0.5

(a)Expected volatility was calculated using the historical volatility of our stock.

(b)Based on the U.S. Treasury yield for the remaining terms.

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.



	2024 Awards		2023 Awards



Expected volatility(a)	34.81	%	38.53	%
Risk-free interest rate(b)	4.25	%	4.16	%
Dividend yield(c)	—	%	—	%
Forecast period (in years)	2.00		1

(a)Expected volatility was calculated using the historical volatility of our stock.

(b)Based on the U.S. Treasury yield for the remaining terms.

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36478
Entity Registrant Name	California Resources Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5670947
Entity Address, Address Line One	1 World Trade Center, Suite 1500
Entity Address, City or Town	Long Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90831
City Area Code	888
Local Phone Number	848-4754
Title of 12(b) Security	Common Stock
Trading Symbol	CRC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 3,592,717,138
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		90,778,229
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement to be filed within 120 days after December 31, 2024 with the Securities and Exchange Commission in connection with the registrant's 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001609253
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

We have operating leases primarily for carbon sequestration easements, drilling rigs, vehicles and commercial office space. ASC 805 Business Combinations, requires lease-related assets and liabilities acquired to be measured as if the lease were new at the acquisition date, using our incremental borrowing rate. The Aera leases are still being evaluated. We intend for leases acquired through the acquisition to retain the previous lease classification.

We have recorded the following amounts on our balance sheet as of December 31, 2024 and 2023:


	Classification	2024		2023

Assets		(in millions)
Operating lease, net	Other noncurrent assets	$	105	$	73
Finance lease, net	PP&E	3		—
Total lease assets		$	108	$	73

Liabilities
Current
Operating lease	Accrued liabilities	$	15	$	15
Finance lease	Accrued liabilities	1		—
Long-term
Operating lease	Other long-term liabilities	$	76	$	55
Finance lease	Other long-term liabilities	2		—
Total lease liabilities		$	94	$	70

We combine lease and nonlease components in determining fixed minimum lease payments for our drilling rigs and commercial office space. If applicable, fixed minimum lease payments are reduced by lease incentives for our commercial office space and increased by mobilization and demobilization fees for our drilling rigs. Certain of our lease agreements include options to extend or terminate the lease, which we may exercise at our sole discretion. For our existing leases, we did not include these options in determining our fixed minimum lease payments over the lease term. Our leases do not include options to purchase the leased property. Lease agreements for our fleet vehicles include residual value guarantees, none of which are recognized in our financial statements until the underlying contingency is resolved. In addition, we have entered into easements with respect to our carbon management segment. Our right-of-use asset for these easements was $57 million and $36 million for the years ended December 31, 2024 and 2023, respectively.

Variable lease costs for our drilling rigs include costs to operate, move and repair the rigs. Variable lease costs for commercial office space include utilities and common area maintenance charges. Variable lease costs for our fleet vehicles include other-than-routine maintenance and other various amounts in excess of our fixed minimum rental fee.



	Year ended December 31,
	2024		2023

	(in millions)



Operating lease costs	$	26	$	23
Short-term lease costs(a)	50		52
Variable lease costs	2		2
Total operating lease costs	78		77
Finance lease costs	1		—
Sublease income	(2)		(2)
Total lease costs	$	77	$	75

(a)Contracts with terms of less than one month or less are excluded from our disclosure of short-term lease costs.

We sublease certain commercial office space to third parties where we are the primary obligor under the head lease. The lease terms on those subleases never extend past the term of the head lease and the subleases contain no extension options or residual value guarantees. Sublease income is recognized based on the contract terms and included as a reduction of operating lease cost under our head lease.

Other supplemental information related to our operating leases as of December 31, 2024 and 2023 is provided below:



	Year ended December 31,
	2024		2023
	(in millions)
Cash paid for lease liabilities
Lease liabilities associated with operating activities	$	29	$	28
Lease liabilities associated with investing activities	$	8	$	2
Lease liabilities associated with financing activities	$	1	$	—

ROU assets obtained in exchange for new operating lease liabilities	$	52	$	32
ROU assets obtained in exchange for new finance lease liabilities	$	3	$	—



	2024		2023
Operating Leases
Weighted-average remaining lease term (in years)	5.95		7.34
Weighted-average discount rate	8.1	%	6.7	%

Finance Leases
Weighted-average remaining lease term (in years)	3.37		—
Weighted-average discount rate	9.0	%	—	%

Our operating and finance lease payments as of December 31, 2024 are as follows:




	Operating Leases		Finance Leases

	(in millions)
2025	$	27	$	1
2026	25		1
2027	19		1
2028	17		—
2029	12		—
Thereafter	23		—
Less: Interest	(24)		—
Present value of lease liabilities	$	99	$	3

INVESTMENTS AND RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following tables present changes to our investments in unconsolidated subsidiaries for the periods presented:


	Midway Sunset Cogeneration Company
	(in millions)
Acquisition Date Fair Value at July 1, 2024	$	59
Income from investment in unconsolidated subsidiary	2

Distributions	(2)

Investment, December 31, 2024	$	59


	Carbon TerraVault JV
	(in millions)
Investment, December 31, 2022	$	13
Loss from investment in unconsolidated subsidiary	(9)
Contributions	15
Investment, December 31, 2023	19
Loss from investment in unconsolidated subsidiary	(12)
Contributions	20


Investment, December 31, 2024	$	27

The tables below present the summarized financial information related to our equity method investment in the Carbon TerraVault JV (and do not include amounts we have incurred related to development of our carbon management segment, Carbon TerraVault), along with related party transactions for the periods presented.



	December 31,		December 31,
	2024		2023

	(in millions)
Receivables from affiliate(a)	$	46	$	19
Other long-term liabilities - Contingent liability (related to Carbon TerraVault JV put and call rights)	$	107	$	52

(a)Receivable from affiliate includes the remaining amount of Brookfield's initial contributions to the Carbon TerraVault JV which are available to us (either for distribution, borrowing or to offset against future capital calls) and amounts due to us under the MSA (described further below). At December 31, 2024, the amount of $46 million includes $43 million remaining of Brookfield's initial contribution available to us and $3 million related to the MSA and vendor reimbursements. At December 31, 2023, the amount of $19 million includes $17 million remaining of Brookfield's initial contribution available to us and $2 million related to the MSA and vendor reimbursements.

AERA MERGER - Schedule of Merger Consideration and Preliminary Purchase Price Allocation (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jul. 01, 2024	Dec. 31, 2024
Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Shares of common stock (dividend adjusted) (in shares)		21,315,707,000
Aera
Business Acquisition, Contingent Consideration [Line Items]
Common stock per share fair value (in dollars per share)	$ 53.28
Fair value of share consideration	$ 1,136
Fair value of Aera debt	990
Deferred consideration obligation	18
Total purchase consideration	$ 2,144
Aera \| Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Shares of common stock (dividend adjusted) (in shares)	21,315,707

REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table provides disaggregated revenue for sales of produced oil, natural gas and NGLs to external customers:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Oil	$	2,255	$	1,534	$	1,968
NGLs	186		198		264
Natural gas	96		309		258
Sales to external customers	$	2,537	$	2,041	$	2,490

We consider our performance obligations to be satisfied upon transfer of control of the commodity.


	Year ended December 31,
	2024		2023		2022

	(in millions)
Oil	$	99	$	—	$	1
Natural gas	128		401		314
NGLs	8		6		16
Revenue from marketing of purchased commodities	$	235	$	407	$	331

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

We have designated certain of our subsidiaries as Unrestricted Subsidiaries under the indenture governing our 2026 Senior Notes (2026 Senior Notes Indenture) and 2029 Senior Notes (2029 Senior Notes Indenture). Unrestricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) are subject to fewer restrictions under the indentures. We are required under the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture to present the financial condition and results of operations of CRC and its Restricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) separate from the financial condition and results of operations of its Unrestricted Subsidiaries. The following consolidating balance sheets as of December 31, 2024 and 2023 and the consolidating statements of operations for the year ended December 31, 2024, 2023 and 2022, as applicable, reflect the consolidating financial information of CRC (Parent), our combined Unrestricted Subsidiaries, our combined Restricted Subsidiaries and the elimination entries necessary to arrive at the information for the Company on a consolidated basis. The financial information may not necessarily be indicative of the financial condition and results of operations had the Unrestricted Subsidiaries operated as independent entities.

Condensed Consolidating Balance Sheets

As of December 31, 2024 and 2023


	As of December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	437	$	46	$	541	$	—	$	1,024
Total property, plant and equipment, net	14		31		5,635		—		5,680
Investments in consolidated subsidiaries	4,869		(32)		15,050		(19,887)		—
Deferred tax asset	73		—		—		—		73
Investment in unconsolidated subsidiaries	—		27		59		—		86
Other assets	113		58		101		—		272
TOTAL ASSETS	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Total current liabilities	224		14		742		—		$	980
Long-term debt	1,132		—		—		—		1,132
Asset retirement obligations	—		—		995		—		995
Other long-term liabilities	114		138		125		—		377
Amounts due to (from) affiliates	385		—		(385)		—		—
Deferred tax liability	113		—		—		—		113
Total equity	3,538		(22)		19,909		(19,887)		3,538
TOTAL LIABILITIES AND EQUITY	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135


	As of December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	511	$	20	$	398	$	—	$	929
Total property, plant and equipment, net	14		12		2,744		—		2,770
Investments in consolidated subsidiaries	2,311		(11)		1,347		(3,647)		—
Deferred tax asset	132		—		—		—		132
Investment in unconsolidated subsidiary	—		19		—		—		19
Other assets	12		36		100		—		148
TOTAL ASSETS	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998

Total current liabilities	142		13		461		—		$	616
Long-term debt	540		—		—		—		540
Asset retirement obligations	—		—		422		—		422
Other long-term liabilities	79		73		49		—		201

Total equity	2,219		(10)		3,657		(3,647)		2,219
TOTAL LIABILITIES AND EQUITY	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998

Condensed Consolidating Statement of Operations

For the years ended December 31, 2024, 2023 and 2022


	Year ended December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	18	$	—	$	3,345	$	(165)	$	3,198
Total costs and other	290		66		2,398		(165)		2,589
Gain on asset divestitures	—		—		11		—		11
Non-operating (loss) income	(92)		(21)		9		—		(104)
(LOSS) INCOME BEFORE INCOME TAXES	(364)		(87)		967		—		516
Income tax provision	(140)		—		—		—		(140)
NET (LOSS) INCOME	$	(504)	$	(87)	$	967	$	—	$	376


	Year ended December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	21	$	—	$	2,780	$	—	$	2,801
Total costs and other	239		49		1,737		—		2,025
Gain on asset divestitures	—		—		32		—		32
Non-operating (loss) income	(51)		(14)		5		—		(60)
(LOSS) INCOME BEFORE INCOME TAXES	(269)		(63)		1,080		—		748
Income tax provision	(184)		—		—		—		(184)
NET (LOSS) INCOME	$	(453)	$	(63)	$	1,080	$	—	$	564


	Year ended December 31, 2022
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	4	$	—	$	2,703	$	—	$	2,707
Total costs and other	177		37		1,740		—		1,954
Gain on asset divestitures	—		—		59		—		59
Non-operating (loss) income	(55)		(3)		7		—		(51)
(LOSS) INCOME BEFORE INCOME TAXES	(228)		(40)		1,029		—		761
Income tax provision	(237)		—		—		—		(237)
NET (LOSS) INCOME	$	(465)	$	(40)	$	1,029	$	—	$	524

LEASES - Operating and Finance Lease Liabilities (Details) $ in Millions	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 27
2026	25
2027	19
2028	17
2029	12
Thereafter	23
Less: Interest	(24)
Present value of lease liabilities	99
Finance Leases
2025	1
2026	1
2027	1
2028	0
2029	0
Thereafter	0
Less: Interest	0
Present value of lease liabilities	$ 3

STOCKHOLDERS' EQUITY - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			44 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Equity [Abstract]
Total Number of Shares Purchased (in shares)	3,649,348	3,407,655	7,366,272	18,513,263
Dollar Value of Shares Purchased	$ 192	$ 143	$ 313	$ 796
Average Price Paid per Share (in dollars per share)	$ 52.12	$ 41.69	$ 42.47	$ 42.82
Stock repurchase, excise tax	$ 2	$ 1

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation We have prepared this report in accordance with United States (U.S.) generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission applicable to annual financial information. All financial information presented consists of our consolidated results of operations, financial position and cash flows. We have eliminated intercompany transactions and balances. We account for our share of oil and natural gas producing activities, in which we have a direct working interest, by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on our consolidated financial statements. We have conformed Aera’s accounting policies to our legacy methods for all significant balances included in our consolidated financial statements. Our consolidated results of operations include the results of Aera beginning July 1, 2024, the closing date of the Aera Merger. The Aera Merger and related transactions have significantly impacted the comparability of our financial results for 2024 and prior years. In applying the equity method of accounting, our investments in our unconsolidated subsidiaries are recognized either at cost, as is the case with Carbon TerraVault JV HoldCo, LLC, or at fair value if acquired in a business combination, as is the case for Midway Sunset Cogeneration Company. These investments are then adjusted for our proportionate share of income or loss in addition to contributions and distributions. Certain prior period balances related to natural gas liquid (NGL) marketing activities were reclassified to conform to our 2024 presentation. For the years ended December 31, 2023 and 2022, we reclassified $6 million and $17 million, respectively, related to NGL storage activities from other revenue to revenue from marketing of purchased commodities on our consolidated statements of operations. For the years ended December 31, 2023 and 2022, we reclassified $3 million and $12 million, respectively, related to NGL processing fees from other operating expenses, net to costs related to marketing of purchased commodities on our consolidated statements of operations.
Use of Estimates	Use of Estimates The process of preparing financial statements in conformity with U.S. GAAP requires management to select appropriate accounting policies and make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments. Further, actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our consolidated financial statements.
Risks And Uncertainties	Risks and Uncertainties Our revenue, profitability and future growth of our oil and natural gas segment are substantially dependent upon prevailing and future prices for the commodities we produce and sell, which can be volatile and fluctuate significantly due to factors beyond our control, including our ability to obtain permits. We are in the early stages of developing a carbon capture and sequestration business which is subject to risks as an emerging industry and availability of tax incentives. We operate exclusively in California which is a highly regulated environment.
Concentration of Customers	Concentration of Customers We sell crude oil, natural gas and NGLs to marketers, California refineries and other customers that have access to transportation and storage facilities. In light of the ongoing energy deficit in California and strong demand for native crude oil production, we do not believe that the loss of any single customer would have a material adverse effect on our consolidated financial statements taken as a whole. For the year ended December 31, 2024, four customers of our oil and gas segment each accounted for at least 10%, and collectively 67%, of our sales (before the effects of hedging). For the year ended December 31, 2023, three customers of our oil and gas segment each accounted for at least 10%, and collectively 44%, of our sales (before the effects of hedging). For the year ended December 31, 2022, three customers of our oil and gas segment each accounted for at least 10%, and collectively accounted for 52%, of our sales (before the effects of hedging).
Recently Adopted Accounting and Disclosure Changes and Recently Issued but not Adopted Accounting and Disclosure Changes	Recently Adopted Accounting and Disclosure Changes In November 2023, the Financial Accounting Standards Board’s (FASB) issued improvements to the segment disclosure requirements primarily to enhance disclosure of significant segment expenses. The new disclosure requirements are applied retrospectively to all prior periods included in the financial statements. We adopted these new rules for the year ended December 31, 2024 adding Note 16 Segment Information. In December 2023, the FASB issued improvements to the disclosure requirements for Income Taxes (ASC 740). The new disclosure requirements are to be applied on a prospective basis, but a retrospective application is permitted. We early adopted these rules for the year ended December 31, 2024, retrospectively presenting our income tax disclosures, as shown in Note 8 Income Taxes. Recently Issued but not Adopted Accounting and Disclosure Changes In November 2024, the FASB issued new disclosure requirements to enhance disclosure of certain costs and expenses. These new expense disclosures will apply to us. The rules are effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, early adoption is permitted. We expect that the adoption of these rules will only impact our disclosures and have no impact to our results of operations, cash flows and financial condition.
Fair Value Measurements	Fair Value Measurements Our assets and liabilities measured at fair value are categorized in a three-level fair-value hierarchy, based on the inputs to the valuation techniques: Level 1—using quoted prices in active markets for the assets or liabilities; Level 2—using observable inputs other than quoted prices for the assets or liabilities; and Level 3—using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. We apply the market approach for certain recurring fair value measurements, maximize our use of observable inputs and minimize use of unobservable inputs. We generally use an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management's judgments regarding expectations of projected cash flows and discount rates. Commodity derivatives are carried at fair value. We utilize the mid-point between bid and ask prices for valuing these instruments. Our commodity derivatives comprise of over-the-counter bilateral financial commodity contracts, which are generally valued using industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contracted prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable data or are supported by observable prices based on transactions executed in the marketplace. We classify these measurements as Level 2. Our PP&E may be written down to fair value if we determine that there has been an impairment. The fair value is determined as of the date of the assessment generally using discounted cash flow models based on management’s expectations for the future. Inputs include estimates of future production, prices based on commodity forward price curves, inclusive of market differentials, as of the date of the estimate, estimated future operating and development costs and a risk-adjusted discount rate. The carrying amounts of cash and other on-balance sheet financial instruments, other than fixed-rate debt, approximate fair value. See Note 5 Debt for the fair value of our fixed-rate debt. We may enter into joint ventures that are considered to be a variable interest entity (VIE). A VIE is a legal entity that possesses any of the following conditions: the entity's equity at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, equity owners are unable to direct the activities that most significantly impact the legal entity's economic performance (or they possess disproportionate voting rights in relation to the economic interest in the legal entity), or the equity owners lack the obligation to absorb the legal entity's expected losses or the right to receive the legal entity's expected residual returns. We consolidate a VIE if we determine that we have (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that are more than insignificant to the VIE. If an entity is determined to be a VIE but we do not have a controlling interest, the entity is accounted for under either the cost or equity method depending on whether we exercise significant influence. See Note 4 Investments and Related Party Transactions for more information on the Carbon TerraVault JV. We also may enter into investments in entities that are considered to be voting interest entities (VOEs). A VOE is a legal entity that does not meet the conditions of a VIE as outlined above. We consolidate a VOE if we determine that we have a controlling financial interest in the VOE. If an entity is determined to be a VOE but we do not have a controlling financial interest, the entity is accounted for under either the cost or equity method, depending on the structure of the entity. See Note 4 Investments and Related Party Transactions for more information on our investment in the Midway Sunset Cogeneration Company. These evaluations are highly complex and involve management judgment and may involve the use of estimates and assumptions based on available information. The evaluation requires continual assessment. Investments in unconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value may have occurred, which is other than temporary.
Business Combinations	Business Combinations We account for business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations (ASC 805). Under the acquisition method of accounting in ASC 805, the assets acquired and liabilities assumed are measured as of their acquisition date fair value. Fair value is the price that we estimate would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting for business combinations requires the allocation of the purchase price to the various assets and liabilities of the acquired business and recording deferred taxes for any differences between the allocated values and tax basis of assets and liabilities. Any excess of the purchase price over the amounts assigned to assets and liabilities is recorded as goodwill. If the fair value of the assets acquired and the liabilities assumed are greater than the purchase price, then a bargain purchase gain is recognized. Transaction and integration costs associated with business combinations are expensed as incurred.
Revenue Recognition	Revenue Recognition We derive substantially all of our revenue from sales of oil, natural gas and NGLs, with the remaining revenue generated from sales of electricity and marketing activities related to storage and managing excess pipeline capacity. Revenues are recognized when control of promised goods is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods. See Note 15 Revenue for more information on our revenue from contracts with customers.
Restricted Cash	Restricted Cash Restricted cash of $18 million, included in cash and cash equivalents on our consolidated balance sheet, at December 31, 2024 primarily includes funds held in an escrow account established to secure well and infrastructure abandonment and habitat restoration at an oil and gas field previously owned by Aera. Refer to Note 2 Aera Merger for more information. Funds will be released from the escrow account as work is completed. The Merger Agreement provides that 50% of the amount of released funds exceeds the cumulative abandonment and habitat restoration expenditures from January 1, 2024 onward is payable to the prior owners of Aera (Sellers). We do not expect this return of excess cash to be significant. We had no restricted cash at December 31, 2023.
Inventories	Inventories Materials and supplies, which primarily consist of well equipment and tubular goods used in oil and natural gas operations, are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods are predominantly comprised of oil and natural gas liquids (NGLs), which are valued at the lower of cost or net realizable value.
Assets Held for Sale	Assets Held for Sale We may market certain non-core oil and natural gas assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commitment to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within one year, the asset is being actively marketed for sale and it is unlikely that significant changes will be made to the plan. If all of these criteria are met, the asset is presented as held for sale on our consolidated balance sheet and measured at the lower of the carrying amount or estimated fair vale less costs to sell. DD&A expense is not recorded on assets once classified as held for sale.
Derivative Instruments	Derivative Instruments The fair value of our derivative contracts are netted when a legal right of offset exists with the same counterparty with an intent to offset. Since we did not apply hedge accounting to our commodity derivatives for any of the periods presented, we recognized fair value adjustments, on a net basis, in our consolidated statements of operations. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging program goals, even though they are not accounted for as cash-flow or fair-value hedges.
Property, Plant and Equipment (PP&E)	Property, Plant and Equipment (PP&E) We use the successful efforts method to account for our oil and natural gas properties. Under this method, we capitalize costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells, including permitting, land preparation and drilling costs, are initially capitalized pending a determination of whether we find proved reserves. If we find proved reserves, the costs of exploratory wells remain capitalized. Otherwise, we charge the costs of the related wells to expense. In cases where we cannot determine whether we have found proved reserves at the completion of exploration drilling, we conduct additional testing and evaluation of the wells. We generally expense the costs of such exploratory wells if we do not find proved reserves within a one-year period after initial drilling has been completed. Proved Reserves – Proved reserves are those quantities of oil and natural gas that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a specific date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. We have no proved oil and natural gas reserves for which the determination of economic producibility is subject to the completion of major capital investments. Several factors could change our proved oil and natural gas reserves. For example, for long-lived properties, higher commodity prices typically result in additional reserves becoming economic and lower commodity prices may lead to existing reserves becoming uneconomic. Estimation of future production and development costs is also subject to change partially due to factors beyond our control, such as energy costs and inflation or deflation of oil field service costs. These factors, in turn, could lead to changes in the quantity of proved reserves. Additional factors that could result in a change of proved reserves include production decline rates and operating performance differing from those estimated when the proved reserves were initially recorded as well as availability of capital to implement the development activities contemplated in the reserves estimates and changes in management's plans with respect to such development activities. We perform impairment tests with respect to proved properties when product prices decline other than temporarily, reserve estimates change significantly, other significant events occur or management's plans change with respect to these properties in a manner that may impact our ability to realize the recorded asset amounts. Impairment tests incorporate a number of assumptions involving expectations of undiscounted future cash flows, which can change significantly over time. These assumptions include estimates of future product prices, which we based on forward price curves and, when applicable, contractual prices, estimates of oil and natural gas reserves and estimates of future expected operating and development costs. Any impairment loss would be calculated as the excess of the asset's net book value over its estimated fair value. We recognize any impairment loss on proved properties by adjusting the carrying amount of the asset. Unproved Properties – When we make acquisitions that include unproved properties, we assign values based on estimated reserves that we believe will ultimately be proved. As exploration and development work progresses and if reserves are proved, we transfer the book value from unproved to proved based on the initially determined acquisition cost per BOE. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, regulatory changes, contractual conditions or other factors, the capitalized costs of the related properties would be expensed. Impairments of unproved properties are primarily based on qualitative factors including intent of property development, lease term and recent development activity. The timing of impairments on unproved properties, if warranted, depends upon management's plans, the nature, timing and extent of future exploration and development activities and their results. We recognize any impairment loss on unproved properties by providing a valuation allowance. Depreciation, Depletion and Amortization – We determine depreciation, depletion and amortization (DD&A) of oil and natural gas producing properties by the unit-of-production method. Our unproved reserves are not subject to DD&A until they are classified as proved properties. We amortize acquisition costs over total proved reserves, and capitalized development and successful exploration costs over proved developed reserves. Our gas and power plant assets are depreciated over the estimated useful lives of the assets, using the straight-line method, with expected initial useful lives of the assets of up to 30 years. We depreciated other property and equipment using the straight-line method based on expected useful lives of the individual assets or group of assets. The useful lives typically include ranges of 4-10 years for leasehold improvements, 1-4 years for software and telecommunications equipment and up to 5 years for computer hardware. We expense annual lease rentals, the costs of injection used in production and exploration, and geological, geophysical and seismic costs as incurred. Costs of maintenance and repairs are expensed as incurred, except that the costs of replacements that expand capacity or add proven oil and natural gas reserves are capitalized.
Stock-Based Incentive Plans	Stock-Based Incentive Plans The terms of our long-term incentive plan were approved by our board of directors in January 2021.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated as net income divided by the weighted average number of our common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of our common shares outstanding including the effect of dilutive potential common shares. We compute basic and diluted earnings per share (EPS) using the two-class method required for participating securities, when applicable, and the treasury stock method when participating securities are not in place. Certain restricted and performance stock awards are considered participating securities when such shares have non-forfeitable dividend rights, which participate at the same rate as common stock. Under the two-class method, net income allocated to participating securities is subtracted from net income attributable to common stock in determining net income available to common stockholders. In loss periods, no allocation is made to participating securities because the participating securities do not share in losses.
Asset Retirement Obligations	Asset Retirement Obligations We recognize the fair value of asset retirement obligations (ARO) in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The fair value of the retirement obligation is based on future retirement cost estimates and incorporates many assumptions such as time of abandonment, current regulatory requirements, technological changes, future inflation rates and a risk-adjusted discount rate. When the liability is initially recorded, we capitalize the cost by increasing the related PP&E balances. If the estimated future cost or timing of cash flow changes, we adjust the fair value of the liability and PP&E. Over time the liability is increased, and expense is recognized for accretion. The cost capitalized to PP&E is recovered over either the useful life of our facilities or the unit-of-production method for our minerals. We have asset retirement obligations for certain of our facilities, which includes plant and field decommissioning, and the plugging and abandonment of wells. In certain cases, we will recognize ARO in the periods in which sufficient information becomes available to reasonably estimate their fair values. Additionally, for certain plants, we do not have a legal obligation to decommission them and, accordingly, we have not recorded a liability.
Loss Contingencies	Loss Contingencies In the normal course of business, we are involved in lawsuits, claims and other environmental and legal proceedings and audits. We accrue reserves for these matters when it is probable that a liability has been incurred and the liability can be reasonably estimated. In addition, we disclose, if material, in aggregate, our exposure to losses in excess of the amount recorded on the balance sheet for these matters if it is reasonably possible that an additional material loss may be incurred. We review our loss contingencies on an ongoing basis. Loss contingencies are based on judgments made by management with respect to the likely outcome of these matters and are adjusted as appropriate. Management’s judgments could change based on new information, changes in, or interpretations of, laws or regulations, changes in management’s plans or intentions, opinions regarding the outcome of legal proceedings, or other factors.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized when it is more likely than not that they will be realized. We periodically assess our deferred tax assets and reduce such assets by a valuation allowance if we deem it is more likely than not that some portion or all of the deferred tax assets will not be realized. We recognize the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a tax authority. We recognize interest and penalties, if any, related to uncertain tax positions as a component of the income tax provision. No interest or penalties related to uncertain tax positions were recognized in the financial statements for the periods presented.
Production-Sharing Type Contracts	Production-Sharing Type Contracts Our share of production and reserves from operations in the Wilmington field is subject to contractual arrangements similar to production-sharing contracts (PSCs) that are in effect through the economic life of the assets. Under such contracts we are obligated to fund all capital and operating costs. We record a share of production and reserves to recover a portion of such capital and operating costs and an additional share for profit. Our portion of the production represents volumes: (i) to recover our partners’ share of capital and operating costs that we incur on their behalf, (ii) for our share of contractually defined base production and (iii) for our share of remaining production thereafter. We generate returns through our defined share of production from (ii) and (iii) above. These contracts do not transfer any right of ownership to us and reserves reported from these arrangements are based on our economic interest as defined in the contracts. Our share of production and reserves from these contracts decreases when product prices rise and increases when prices decline, assuming comparable capital investment and operating costs. However, our net economic benefit is greater when product prices are higher. These PSCs represented approximately 12% and 18% of our total production for the years ended December 31, 2024 and 2023, respectively. In line with industry practice for reporting PSCs, we report 100% of operating costs under such contracts in our consolidated statements of operations as opposed to reporting only our share of those costs. We report the proceeds from production designed to recover our partners' share of such costs (cost recovery) in our revenues. Our reported production volumes reflect only our share of the total volumes produced, including cost recovery, which is less than the total volumes produced under the PSCs. This difference in reporting full operating costs but only our net share of production equally inflates our revenue and operating costs per barrel and has no effect on our net results.
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans All of our regular, full-time employees participate in postretirement benefit plans we sponsor. These plans are primarily funded as benefits are paid. In addition, a portion of our employees also participate in defined benefit pension plans sponsored by us. We recognize the net overfunded or underfunded amounts in the consolidated financial statements at each measurement date. We determine our defined benefit pension and postretirement benefit plan obligations based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. We estimate the rate of return on assets with regard to current market factors but within the context of historical returns. Pension plan assets are measured at fair value. Publicly registered mutual funds are valued using quoted market prices in active markets. Commingled funds are valued at the fund units’ net asset value (NAV) provided by the issuer, which represents the quoted price in a non-active market. Actuarial gains and losses that have not yet been recognized through income, are recorded in accumulated other comprehensive income within equity, net of taxes, until they are amortized as a component of net periodic benefit cost.
Leases	Leases We account for our leases in which we are the lessee, other than mineral leases including oil and natural gas leases, under an accounting standard which requires us to recognize most leases, including operating leases, on the balance sheet. The majority of our leases are for commercial office space, fleet vehicles, drilling rigs, easements and facilities. We categorize leases as either operating or financing at lease commencement. We recognize a right-of-use (ROU) asset and associated lease liability for each operating and finance lease with contractual terms of greater than 12 months on the balance sheet. In considering whether a contract contains a lease, we first consider whether there is an identifiable asset and then consider how and for what purpose the asset would be used over the contract term. Our ROU assets are measured at the initial amount of the lease liability determined by measuring the present value of the fixed minimum lease payments, adjusted for any payments made before or at the lease commencement date, discounted using our incremental borrowing rate (IBR). In determining our IBR, we consider the average cost of borrowing for publicly traded corporate bond yields, which are adjusted to reflect our credit rating, the remaining lease term for each class of our leases and frequency of payments. The ROU assets for operating leases are amortized over the term of the lease using the straight-line method. Lease expense also includes accretion of the lease liability recognized using the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets.
Share Repurchase Program	Share Repurchase Program We repurchase shares of our common stock from time to time under a program authorized by our Board of Directors, including pursuant to a contract, instruction or written plan meeting requirements of Rule 10b5-1(c)(1) of the Exchange Act. Share repurchases have not been retired and are displayed separately as treasury stock on our consolidated balance sheet.
Government Grants	Government Grants Our carbon business has been awarded government grants to assist in developing carbon capture and storage projects, including the evaluation of technology related to direct air capture and determining the suitability of certain reservoirs located in California for carbon storage. We will recognize the government funding as either a reduction of research expense or a reduction to the carrying amount of an asset where equipment is required to be constructed and used during the research period. Grant income is recognized when it is probable the cost will be recovered under the conditions of the agreement, generally when costs are incurred by us. The amounts presented as a reduction of research expenses included in other operating expenses, net in our consolidated statement of operations for the year ended December 31, 2024 and on our balance sheet as of December 31, 2024 are not significant. No amounts have been recognized for asset related grants.

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended			12 Months Ended
	Mar. 02, 2025	Feb. 28, 2025	Feb. 26, 2025	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Loss on early extinguishment of debt							$ 5	$ 1	$ 0
Dividends declared, common stock (in dollars per share)				$ 0.17	$ 0.17	$ 0.17
Restricted Stock Units
Subsequent Event [Line Items]
Granted (in shares)							219,000
Performance Stock Units
Subsequent Event [Line Items]
Granted (in shares)							281,000
Subsequent Event
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)	$ 0.3875
Subsequent Event \| 2026 Senior Notes
Subsequent Event [Line Items]
Debt instrument, repurchased face amount		$ 123
Loss on early extinguishment of debt		$ 1
Subsequent Event \| Restricted Stock Units
Subsequent Event [Line Items]
Granted (in shares)			233,922
Award vesting period			3 years
Subsequent Event \| Performance Stock Units
Subsequent Event [Line Items]
Granted (in shares)			350,884
Cliff vesting period			3 years

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Units
Unvested, beginning of year (in shares) \| shares	1,288
Granted (in shares) \| shares	219
Vested (in shares) \| shares	(860)
Forfeited or Cancelled (in shares) \| shares	(4)
Unvested, end of year (in shares) \| shares	643
Weighted-Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share) \| $ / shares	$ 29.49
Granted (in dollars per share) \| $ / shares	54.28
Vested (in dollars per share) \| $ / shares	27.35
Forfeited or Cancelled (in dollars per share) \| $ / shares	45.91
Unvested, end of year (in dollars per share) \| $ / shares	$ 40.36

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2021	$ 1,688	$ 1	$ (148)	$ 1,288	$ 475	$ 72
Increase (decrease) in Equity
Net income	524				524
Share-based compensation	19			19
Repurchases of common stock	(313)		(313)
Cash dividends	(61)				(61)
Other comprehensive income, net of tax	9					9
Other	(2)			(2)
Ending balance at Dec. 31, 2022	1,864	1	(461)	1,305	938	81
Increase (decrease) in Equity
Net income	564				564
Share-based compensation	28			28
Repurchases of common stock	(143)		(143)
Cash dividends	(83)				(83)
Shares cancelled for taxes	(3)			(3)
Other comprehensive income, net of tax	(7)					(7)
Other	(1)			(1)
Ending balance at Dec. 31, 2023	2,219	1	(604)	1,329	1,419	74
Increase (decrease) in Equity
Net income	376				376
Share-based compensation	25			25
Repurchases of common stock	(192)		(192)
Shares issued for warrants	130			130
Shares issued for Aera Merger	1,136			1,136
Cash dividends	(115)				(115)
Shares cancelled for taxes	(42)			(42)
Other comprehensive income, net of tax	1					1
Ending balance at Dec. 31, 2024	$ 3,538	$ 1	$ (796)	$ 2,578	$ 1,680	$ 75

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of revenue
Operating revenues	$ 2,537	$ 2,155	$ 2,643
Oil and Natural Gas
Disaggregation of revenue
Operating revenues	2,537	2,041	2,490
Oil \| Oil and Natural Gas
Disaggregation of revenue
Operating revenues	2,255	1,534	1,968
NGLs \| Oil and Natural Gas
Disaggregation of revenue
Operating revenues	186	198	264
Natural gas \| Oil and Natural Gas
Disaggregation of revenue
Operating revenues	$ 96	$ 309	$ 258

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

DIVESTITURES AND ACQUISITIONS - Acquisition (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ACQUISITIONS AND DIVESTITURES
Payments to acquire land			$ 6	$ 5	$ 17
Impairment of long-lived assets held for sale	$ 1	$ 3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 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

DERIVATIVES

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

We continue to maintain a commodity hedging program primarily focused on crude oil to help protect our cash flows, margins and capital program from the volatility of commodity prices. We also enter into natural gas swaps for the purpose of hedging our fuel consumption in our steamflood operations as well as swaps for natural gas purchases and sales related to our marketing activities. We did not have any commodity derivatives designated as accounting hedges as of and during the years ended December 31, 2024, 2023 and 2022. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging requirements and program goals, even though they are not accounted for as accounting hedges. Our Revolving Credit Facility includes covenants that require us to maintain a certain level of hedges unless the ratio of our indebtedness to Consolidated EBITDAX is less than or equal to 1.5:1.0. For more information on the requirements of our Revolving Credit Facility, see Note 5 Debt.

Summary of Derivative Contracts

We held the following Brent-based contracts as of December 31, 2024:


	Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028
Sold Calls:
Barrels per day	30,000		30,000		30,000		29,000		15,000		—		—
Weighted-average price per barrel	$	87.08	$	87.08	$	87.08	$	87.13	$	85.00	$	—	$	—

Purchased Puts
Barrels per day	30,000		30,000		30,000		29,000		15,000		—		—
Weighted-average price per barrel	$	61.67	$	61.67	$	61.67	$	61.72	$	60.00	$	—	$	—

Swaps
Barrels per day	52,837		46,506		44,126		42,626		30,449		13,882		1,697
Weighted-average price per barrel	$	72.48	$	71.31	$	70.62	$	69.94	$	67.95	$	65.53	$	65.00

The outcomes of the derivative positions are as follows:

•Sold calls – we make settlement payments for prices above the indicated weighted-average price per barrel.

•Purchased puts – we receive settlement payments for prices below the indicated weighted-average price per barrel.

•Swaps – we make settlement payments for prices above the indicated weighted-average price per barrel and receive settlement payments for prices below the indicated weighted-average price per barrel.

At December 31, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below. Financial swaps are purchased to hedge the cost of natural gas used in production of steam-flood crude volumes. The natural gas price index used to hedge each file is based on a number of factors including liquidity and transportation cost.


	Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028

SoCal Border
MMBtu per day	10,000		29,074		25,750		22,408		660		—		—
Weighted-average price per MMBtu	$	6.02	$	3.44	$	3.48	$	3.53	$	6.29	$	—	$	—

NWPL Rockies
MMBtu per day	50,999		51,750		51,750		51,750		44,618		12,616		1,576
Weighted-average price per MMBtu	$	5.48	$	2.95	$	2.95	$	4.22	$	4.01	$	4.34	$	3.95

PG&E Citygate
MMBtu per day	14,000		—		—		—		—		—		—
Weighted-average price per MMBtu	$	6.10	$	—	$	—	$	—	$	—	$	—	$	—

Fair Value of Derivatives

Derivative instruments not designated as hedging instruments are required to be recorded on the balance sheet at fair value. We report gains and losses on our derivative contracts related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Non-cash commodity derivative gain	$	274	$	260	$	187


Settlements and amortized premiums	(33)		(272)		(738)

Net gain (loss) from commodity derivatives	$	241	$	(12)	$	(551)

We report gains and losses on our derivative contracts for purchased natural gas used to generate steam for our steamflood operations as a component of operating expense on our consolidated statements of operations. For the years ended December 31, 2024, we recognized a net loss of $30 million (which includes a non-cash gain of $2 million and $32 million of settlement payments). For the year ended December 31, 2023, we recognized a non-cash loss of $8 million. We did not have derivative contracts related to purchased natural gas for our marketing activities during the year ended December 31, 2022.

Our derivative contracts are measured at fair value using industry-standard models with various inputs, including quoted forward prices, and are classified as Level 2 in the required fair value hierarchy for the periods presented.

The following tables present the fair values of our outstanding commodity derivatives as of December 31, 2024 and December 31, 2023. See Note 2 Aera Merger for the fair value of Aera's acquired derivative contracts on July 1, 2024.


December 31, 2024
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet

Assets:	(in millions)
Other current assets, net	$	26	$	(12)	$	14
Other noncurrent assets	32		(16)		16

Liabilities:
Current - Fair value of derivative contracts	(62)		12		(50)
Other long-term liabilities	(61)		16		(45)
	$	(65)	$	—	$	(65)


December 31, 2023
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet

Assets:	(in millions)
Other current assets, net	$	39	$	(18)	$	21
Other noncurrent assets	38		(32)		6

Liabilities:
Current - Fair value of derivative contracts	(26)		18		(8)
Noncurrent - Fair value of derivative contracts	(34)		32		(2)
	$	17	$	—	$	17

Counterparty Credit Risk

As of December 31, 2024, the majority of our credit exposure was with investment-grade counterparties. We actively evaluate the creditworthiness of our counterparties, assign credit limits and monitor exposure against those assigned limits. We believe exposure to credit-related losses was not significant for all periods presented. At December 31, 2024, and 2023, we did not have collateral posted for financial instruments.

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

Net income before income taxes, for all periods presented, was generated from domestic operations. The following table summarizes components of our income tax provision:


	Year ended December 31,
	2024		2023		2022

	(in millions)

Federal	$	42	$	146	$	10
State and local	27		3		1
Current	69		149		11

Federal	$	51	$	(12)	$	141
State and local	20		47		85
Deferred tax provision	71		35		226
Total income tax provision	$	140	$	184	$	237

Income taxes paid by jurisdiction are as follows:


	Year ended December 31,
	2024		2023
	(in millions)
Federal	$	73	$	120
State and local	32		1
Total taxes paid	$	105	$	121

Our effective tax rate differs from the amount computed by applying the U.S. federal income tax statutory rate to income before income taxes as follows:


	Year ended December 31,
	2024				2023				2022
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	108	21	%	$	157	21	%	$	160	21	%
State and local income taxes, net of federal income tax effect(a)	38		7		40		5		68		9


Tax credits
Marginal well credit	(12)		(2)		—		—		(8)		(1)
Other tax credit	—		—		(1)		—		(5)		(1)
Nontaxable or nondeductible items	9		2		6		1		4		1

Change in valuation allowances	—		—		(17)		(2)		17		2
Other adjustments	(3)		(1)		(1)		—		1		—
Effective tax rate	$	140	27	%	$	184	25	%	$	237	31	%

(a)State and local income taxes are predominately in California.

During the year ended December 31, 2023, we released a valuation allowance for a portion of the tax loss on the sale of our Lost Hills assets after we jointly agreed to amend the original tax treatment with the buyer. See Note 9 Divestitures and Acquisitions for more information on the Lost Hills transaction. This valuation allowance was initially recorded during the year ended December 31, 2022 for the realizability of a capital loss on the sale of Lost Hills, the deductibility of which was limited. Changes related to the valuation allowance related to state taxes is included as state and local income taxes, net of federal income tax effect in our rate reconciliation above.

The tax effects of temporary differences resulting in deferred income tax assets and liabilities at December 31, 2024 and 2023 were as follows:



	2024				2023
	Deferred Tax Assets		Deferred Tax Liabilities		Deferred Tax Assets		Deferred Tax Liabilities

	(in millions)

Property, plant and equipment	$	—	$	(700)	$	19	$	(286)


Deferred compensation and benefits	66		—		40		—
Asset retirement obligations	342		—		157		—


Interest expense carryforward	158		—		161		—


All other	169		(75)		96		(55)


Total deferred taxes	$	735	$	(775)	$	473	$	(341)

We expect to realize our deferred tax assets through future operating income and reversal of taxable temporary differences. The amount of deferred tax assets considered realizable is not assured and could be adjusted if estimates change.

Changes in our deferred tax assets and liabilities during 2024 primarily relates to the acquisition of Aera as described in Note 2 Aera Merger. We recorded a net deferred tax liability of $101 million in purchase accounting related to the Aera acquisition and a deferred tax liability of $1 million was recorded to accumulated other comprehensive income related to our pension and other postretirement benefit plans.

Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2024, our U.S. federal net operating loss carryforwards was $29 million, which begins to expire in 2037. Our carryforward for disallowed interest expense of $753 million does not expire.

As of December 31, 2024, our California net operating loss carryforwards was $2 billion, which begins to expire in 2029, and our tax credit carryforwards were $21 million, which begin to expire in 2041. California has suspended the use of net operating loss carryforwards for tax years 2024 through 2026 and also limited the utilization of tax credits up to $5 million per year for the same period.

Our ability to utilize a portion of our net operating loss, tax credit and interest expense carryforwards is subject to an annual limitation. As a result, we recognized a deferred tax asset of $2 million for U.S. federal net operating loss carryforwards (that do not expire) and $24 million for California net operating loss carryforwards. Additionally, we recognized a deferred tax asset for $7 million of our California tax credit carryforwards, included in the all other category in the deferred tax table above. We expect our remaining carryforwards will expire unused.

Other

We did not record a liability for unrecognized tax benefits as of December 31, 2024 and 2023. We remain subject to audit by the Internal Revenue Service for calendar years 2021 through 2023 and by California for calendar years 2020 through 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

DEBT - Schedule of Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Variable rate debt	$ 0	$ 0
Fair Value of Long-Term Debt	1,158	554
2026 Senior Notes
Debt Instrument [Line Items]
Fixed rate debt	245	554
2029 Senior Notes
Debt Instrument [Line Items]
Fixed rate debt	$ 913	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEBT - Repurchases (Details) - USD ($) $ in Millions		12 Months Ended
DEBT - Repurchases (Details) - USD ($) $ in Millions	Jan. 20, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 5	$ 1	$ 0
Senior Notes (Unsecured)
Debt Instrument [Line Items]
Debt instrument, repurchased face amount			55
Loss on early extinguishment of debt	$ 2		$ 1
2026 Senior Notes \| Senior Notes (Unsecured)
Debt Instrument [Line Items]
Debt instrument, repurchased face amount		300
Debt instrument, repurchase amount		303
Loss on early extinguishment of debt		5
Deferred debt issuance cost, writeoff		$ 2
2026 Senior Notes \| Senior Notes (Unsecured) \| After 90 Days, Before First Anniversary Date
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date	100.00%
2026 Senior Notes \| Senior Notes (Unsecured) \| Prior to 90 Days
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date	102.00%

SUPPLEMENTAL ACCOUNT BALANCES - Other Noncurrent Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Operating lease right-of-use assets	$ 105	$ 73
Deferred financing costs - Revolving Credit Facility	23	11
Emission reduction credits	11	11
Prepaid power plant maintenance	5	34
Fair value of commodity derivative contracts	16	6
Funded pension	67	2
All other	45	11
Other noncurrent assets	$ 272	$ 148

DEBT - Other (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Principal maturities of long-term debt
2025	$ 0
2026	245
2027	0
2028	0
2029	900
Thereafter	0
Total	$ 1,145	$ 545

PENSION AND POSTRETIREMENT BENEFIT PLANS - Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net periodic benefit costs
Curtailment gain	$ (4)
Net periodic benefit costs	4
Pension Benefits
Net periodic benefit costs
Service cost—benefits earned during the period	3	$ 1	$ 1
Interest cost on projected benefit obligation	8	1	1
Expected return on plan assets	(13)	(2)	(1)
Net periodic benefit costs	(2)	0	1
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial (gain) loss	0	(1)	4
Total	0	(1)	4
Postretirement Benefits
Net periodic benefit costs
Service cost—benefits earned during the period	2	2	2
Interest cost on projected benefit obligation	4	2	1
Expected return on plan assets	(2)	0	0
Cost of special termination benefits	4	0	0
Amortization of prior service cost credit	(5)	(5)	(5)
Amortization of net actuarial gain	(1)	(2)	0
Curtailment gain	(4)	(3)	0
Net periodic benefit costs	(2)	(6)	(2)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial (gain) loss	(5)	1	9
Prior service credit	(3)	0	0
Actuarial net gain due to curtailment	4	0	0
Special termination benefits	(4)	0	0
Amortization of prior service credit due to curtailment	0	(2)	0
Amortization of prior service credit	5	(4)	(4)
Amortization net actuarial gain (loss)	2	(1)	0
Total	$ (1)	$ (6)	$ 5

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

The following is a summary of changes in our common shares outstanding:


			Common Shares Outstanding











Balance, December 31, 2022			71,949,742
Shares issued for warrant exercises			35,441
Shares issued under ESPP			41,013
Shares issued under stock-based compensation arrangements			75,344
Treasury stock - shares repurchased			(3,407,655)
Balance, December 31, 2023			68,693,885
Issued as part of the Aera Merger			21,315,707
Shares issued for warrant exercises			3,769,703
Shares issued under ESPP			38,257
Shares issued under stock-based compensation arrangements(a)			1,740,189
Treasury stock - shares repurchased			(3,649,348)
Shares cancelled for taxes			(808,071)
Balance at December 31, 2024			91,100,322

(a)A significant number of stock-based compensation awards were settled in the first quarter of 2024. These awards were primarily granted in January 2021 following our emergence from bankruptcy.

Share Repurchase Program

Our Board of Directors authorized a Share Repurchase Program to acquire up to $1.35 billion of our common stock through December 31, 2025. The repurchases may be effected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares and our Board of Directors may modify, suspend, or discontinue authorization of the program at any time. The following is a summary of our share repurchases, held as treasury stock, for the periods presented:


	Total Number of Shares Purchased	Dollar Value of Shares Purchased		Average Price Paid per Share

	(number of shares)	(in millions)		($ per share)
Year ended December 31, 2022	7,366,272	$	313	$	42.47
Year ended December 31, 2023	3,407,655	$	143	$	41.69
Year ended December 31, 2024	3,649,348	$	192	$	52.12

Inception of Program (May 2021) through December 31, 2024	18,513,263	$	796	$	42.82

Dividends

Dividends are payable to shareholders in quarterly increments, subject to the quarterly approval of our Board of Directors. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by our Board of Directors each quarter after reviewing our financial performance. See Note 19 Subsequent Events for information on future cash dividends.

Our Board of Directors declared quarterly cash dividends of $0.17 per share of common stock for each of the first three quarters of 2022. On November 2, 2022, our Board of Directors approved an increase in our dividend policy to an expected total annual dividend of $1.13 per share. On November 1, 2023, our Board of Directors increased our dividend policy to an expected total annual dividend of $1.24 per share. On August 2, 2024, our Board of Directors increased the cash dividend policy to anticipate a total annual dividend of $1.55 per share.

Our Board of Directors declared the following cash dividends for each of the periods presented.


	Total Dividend		Annual Rate Per Share

	(in millions)		($ per share)
Year ended December 31, 2022	59		$	0.7925
Year ended December 31, 2023	81		$	1.1575
Year ended December 31, 2024	113		$	1.3950
	$	253

Warrants

In October 2020, we reserved an aggregate 4,384,182 shares of our common stock for issuance upon the exercise of warrants, which were exercisable at $36 per share through October 28, 2024. As of December 31, 2024, we had no outstanding warrants.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income consists of after-tax amounts for our pension and postretirement benefit plans. See Note 14 Pension and Postretirement Benefit Plans for further information.


	Year ended December 31,
	2024		2023		2022

	(in millions)
Beginning accumulated other comprehensive income	$	74	$	81	$	72
Actuarial gain (loss) associated with pension and postretirement	4		(2)		18
Prior service credit	3		—		—
Recognition of prior service credit due to curtailment	—		(3)		—
Recognition of net actuarial gain due to curtailment	(4)		—		—
Recognition of net actuarial loss due to special termination benefits	4		—		—
Amortization of prior service credit	(5)		(5)		(5)

Other comprehensive income (loss)	2		(10)		13
Total recorded in accumulated other comprehensive income, before tax	76		71		85
Income tax (provision) benefit	(1)		3		(4)
Total recorded in accumulated other comprehensive income, net of tax	$	75	$	74	$	81

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

INVESTMENTS AND RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS AND RELATED PARTY TRANSACTIONS

The following tables present changes to our investments in unconsolidated subsidiaries for the periods presented:


	Midway Sunset Cogeneration Company
	(in millions)
Acquisition Date Fair Value at July 1, 2024	$	59
Income from investment in unconsolidated subsidiary	2

Distributions	(2)

Investment, December 31, 2024	$	59


	Carbon TerraVault JV
	(in millions)
Investment, December 31, 2022	$	13
Loss from investment in unconsolidated subsidiary	(9)
Contributions	15
Investment, December 31, 2023	19
Loss from investment in unconsolidated subsidiary	(12)
Contributions	20


Investment, December 31, 2024	$	27

Midway Sunset Cogeneration Company

In July 2024, our merger with Aera led to our ownership of Midway Sunset Cogeneration Company, which is a partnership designed to own, manage, and operate a cogeneration facility in Kern County, California. We hold a 50% interest in Midway Sunset Cogeneration Company and San Joaquin Energy Company, a subsidiary of NRG Energy, Inc. (NRG), holds a 50% interest. We determined that Midway Sunset Cogeneration Company is a voting interest entity, where we share decision-making power with San Joaquin Energy Company on all matters that most significantly impact the economic performance of the company. Therefore, we account for our investment in Midway Sunset Cogeneration Company under the equity method of accounting. We recorded our investment at a preliminary fair value of $59 million which was $48 million in excess of Aera's investment in the underlying assets of the partnership. This difference is associated with PP&E and we expect this amount will reverse over the remaining useful life of the power plant. There are no significant transactions between us and Midway Sunset Cogeneration Company.

Carbon TerraVault JV

In August 2022, we entered into a joint venture with BGTF Sierra Aggregator LLC (Brookfield) for the further development of a carbon management business in California (Carbon TerraVault JV). We hold a 51% interest in the Carbon TerraVault JV and Brookfield holds a 49% interest. Our initial contribution included rights to inject CO2 into the 26R reservoir in our Elk Hills field for permanent CO2 storage (26R reservoir). Brookfield has contributed $92 million to date. The remaining amount of Brookfield's initial investment will depend on the amount of storage capacity that is permitted subject to certain contractual adjustments.

We determined that the Carbon TerraVault JV is a variable interest entity (VIE); however, we share decision-making power with Brookfield on all matters that most significantly impact the economic performance of the joint venture. Therefore, we account for our investment in the Carbon TerraVault JV under the equity method of accounting. Transactions between us and the Carbon TerraVault JV are related party transactions.

Because the parties have certain put and call rights (repurchase features) with respect to the 26R reservoir if certain milestones are not met, the initial investment (including accrued interest) by Brookfield is reflected as a contingent liability included in other long-term liabilities on our consolidated balance sheets. The contingent liability was $107 million and $52 million at December 31, 2024 and 2023, respectively, inclusive of interest. The joint venture does not have a definitive term and terminates upon either party holding all of the ownership interests in the joint venture.

Both Brookfield and CRC have granted the other party a right to participate in projects that involve the capture, transportation and storage of CO2 in California. These projects may be developed through the Carbon TerraVault JV or other joint ventures. This right expires upon the earlier of (1) August 2027, (2) when a final investment decision has been approved by the investment committee of the Carbon TerraVault JV for storage projects representing in excess of 5 million metric tons per annum (MMTPA) in the aggregate, or (3) when Brookfield has made contributions to the joint venture in excess of $500 million (unless Brookfield elects to increase its commitment). The non-presenting party has the option to accept, decline or defer its decision to participate. If the decision is deferred, then the presenting party may continue to pursue development; however during this time and prior to a final investment decision, the non-presenting party may elect to participate provided they pay their share of the project development costs incurred up to that point.



	December 31,		December 31,
	2024		2023

	(in millions)
Receivables from affiliate(a)	$	46	$	19
Other long-term liabilities - Contingent liability (related to Carbon TerraVault JV put and call rights)	$	107	$	52

We have a Management Services Agreement (MSA) with the Carbon TerraVault JV whereby we provide administrative, operational and commercial services under a cost-plus arrangement. Services may be supplemented by using third parties and payments to us under the MSA are limited to the amounts in an approved budget. The MSA may be terminated by mutual agreement of the parties, among other events. For the years ended December 31, 2024 and 2023, we invoiced $9 million and $8 million, respectively, to the Carbon TerraVault JV under the MSA for back-office operational and commercial services. These amounts reduced our general and administrative expense and carbon management business expense. There were no amounts invoiced to the Carbon TerraVault JV in 2022.

We are also performing well abandonment work at our Elk Hills field as part of the permitting process for injection of CO2 at the 26R reservoir. During the years ended December 31, 2024 and 2023, we performed abandonment work and sought reimbursement in the amounts of $14 million and $6 million, respectively, from the Carbon TerraVault JV. We have recorded these reimbursements as a reduction to property, plant and equipment on our consolidated balance sheets.

The underlying net assets of the Carbon TerraVault JV were $309 million and $310 million as of December 31, 2024 and 2023, respectively, which includes cash on hand and PP&E, net of current liabilities. The difference between the carrying value of our investment of $27 million and $19 million at December 31, 2024 and 2023, respectively, and the carrying value of the underlying net assets of the joint venture relates to our accounting for the contribution of the 26R reservoir as a financing arrangement due to the put and call features of the joint venture. The joint venture recognized the contributions by the members at fair value.

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
Property, plant and equipment	$ 0	$ 19
Deferred compensation and benefits	66	40
Asset retirement obligations	342	157
Interest expense carryforward	158	161
All other	169	96
Total deferred taxes	735	473
Deferred Tax Liabilities
Property, plant and equipment	(700)	(286)
All other	(75)	(55)
Total deferred taxes	$ (775)	$ (341)

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The following tables provide segment profit or loss and reconciliations of segment profit or loss to consolidated income before income taxes for the years ended December 31, 2024, 2023, and 2022.


	Year ended December 31, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation of Operating Revenues		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	2,537	$	—	$	2,537	$	—	$	2,537



Other revenue	7		—		7		—		7
Intersegment revenues	28		—		28		—		28
Segment operating revenues	2,572		—		2,572


Other revenues and income(a)							654		654



Elimination of intersegment revenues							(28)		(28)
Total operating revenues									$	3,198

(a)Other revenues and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.


	Year ended December 31, 2023
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation of Operating Revenues		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	2,041	$	—	$	2,041	$	—	$	2,041



Other revenue	17		—		17		—		17
Intersegment revenue	114		—		114		—		114
Segment operating revenues	2,172		—		2,172				2,172


Other revenues and income(a)							629		629



Total operating revenue									$	2,801

(a)Other revenues and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.


	Year ended December 31, 2022
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation of Operating Revenues		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	2,490	$	—	$	2,490	$	—	$	2,490



Other revenue	17		—		17		—		17
Intersegment revenue	153		—		153		—		153
Operating revenues	2,660		—		2,660				2,660


Other revenues and income(a)							47		47



Total operating revenues									$	2,707

(a)Other revenues and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Year ended December 31, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense	Total

	(in millions)
Segment operating revenues	$	2,572	$	—	$	2,572		$	2,572
Less:
Operating costs:
Energy operating costs	296		—		296		(17)	279
Gas processing costs	16		—		16		—	16
Non-energy operating costs	671		—		671		—	671
General and administrative expenses	43		15		58		263	321
Depreciation, depletion and amortization	354		—		354		34	388

Taxes other than on income	207		—		207		35	242



Loss (income) from investment in unconsolidated subsidiaries	—		12		12		(2)	10


Other segment expenses(a)	170		67		237		—	237
Segment profit or (loss)	$	815	$	(94)	$	721




Other profit or loss(b)							(133)	(133)
Unallocated amounts(c)							25	25








Income before income taxes								$	516

(a)Amounts for our oil and natural gas segment include purchases of wet gas processed by us, power and fuel costs purchased during maintenance at our Elk Hills power plant, transportation costs, asset impairment and accretion expense, net of a gain on asset divestitures. Amounts for our carbon management segment primarily include operating lease costs, interest expense and asset impairment.

(b)Other profit or loss includes margin from purchased commodities and electricity margin.

(c)Unallocated amounts include net gain from commodity derivatives, net loss on natural gas purchase derivatives, transportation costs, interest and debt expense, other operating expenses, net, other non-operating loss, loss on early extinguishment of debt, and interest and other revenue, net of a gain on asset divestitures.


	Year ended December 31, 2023
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense	Total

	(in millions)















Segment operating revenues	$	2,172	$	—	$	2,172		$	2,172
Less:
Operating costs:
Energy operating costs	323		—		323		—	323
Gas processing costs	18		—		18		—	18
Non-energy operating costs	481		—		481		—	481
General and administrative expenses	42		12		54		213	267
Depreciation, depletion and amortization	205		—		205		20	225
Taxes other than on income	114		—		114		51	165



Loss from investment in unconsolidated subsidiary	—		9		9		—	9


Other segment expenses(b)	67		45		112		—	112
Segment profit or (loss)	$	922	$	(66)	$	856


Other profit or loss(b)							(291)	(291)

Unallocated amounts(c)							115	115




Income before income taxes								$	748

(a)Amounts for our oil and natural gas segment include purchases of wet gas processed by us, transportation costs and accretion expense, net of a gain on asset divestitures. Amounts for our carbon management segment include operating lease costs, interest expense and asset impairment.

(b)Other profit or loss includes margin from purchased commodities and electricity margin.

(c)Unallocated amounts include net loss from commodity derivatives, net loss on natural gas purchase derivatives, transportation costs, interest and debt expense, other operating expenses, net, other non-operating income, loss on early extinguishment of debt, and interest and other revenue.


	Year ended December 31, 2022
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense	Total

	(in millions)















Segment operating revenues	$	2,660	$	—	$	2,660		$	2,660
Less:
Operating costs:
Energy operating costs	323		—		323		—	323
Gas processing costs	17		—		17		—	17
Non-energy operating costs	445		—		445		—	445
General and administrative expenses	36		12		48		174	222
Depreciation, depletion and amortization	177		—		177		21	198
Taxes other than on income	111		—		111		51	162



Loss from investment in unconsolidated subsidiary	—		1		1		—	1


Other segment expenses(b)	14		28		42		—	42
Segment profit or (loss)	$	1,537	$	(41)	$	1,496


Other profit or loss(b)							(140)	(140)


Unallocated amounts(c)							629	629



Income before income taxes								$	761

(a)Amounts for our oil and natural gas segment primarily include transportation costs and accretion expense, net of a gain on asset divestitures. Amounts for our carbon management segment primarily include operating lease costs. Amounts for our carbon management segment also include $12 million to build replacement water injection facilities which will allow the diversion of produced water away from a depleted oil and natural gas reservoir.

(b)Other profit or loss includes margin from purchased commodities and electricity margin.

(c)Unallocated amounts include net loss from commodity derivatives, transportation costs, interest and debt expense, other operating expenses, net, other non-operating income and interest and other revenue.

Reconciliation of Capital Investments from Segments to Consolidated

The following table provides capital investments for our operating segments and a reconciliation to consolidated capital investments for the years ended December 31, 2024, 2023 and 2022.


	Oil and Natural Gas		Carbon Management		Corporate and Other		Consolidated

	(in millions)
Year ended December 31, 2024	$	234	$	12	$	9	$	255
Year ended December 31, 2023	$	153	$	5	$	27	$	185
Year ended December 31, 2022	$	349	$	4	$	26	$	379

INCOME TAXES - Schedule of Components of Income Tax Expense (benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 42	$ 146	$ 10
State and local	27	3	1
Current	69	149	11
Deferred
Federal	51	(12)	141
State and local	20	47	85
Deferred tax provision	71	35	226
Total income tax provision	$ 140	$ 184	$ 237

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 01, 2024	Jan. 31, 2021	Jan. 18, 2021
Revenue Recognition
Restricted cash	$ 18
Inventory write-down	$ 13
Period before costs expensed for no proved reserves	1 year
Settlement payments of asset retirement obligations	$ 92	$ 51
Divestitures of asset retirement obligations	2	9
Increase (decrease) from revisions of estimated cash flows	(32)	37
Asset retirement obligation, liabilities settled and divested	94	60
Interest and penalties related to uncertain tax positions	$ 0	$ 0	$ 0
Percentage of production represented by PSC-type contracts	12.00%	18.00%
Percentage of operating costs reported under PSC-type contracts	100.00%
Aera
Revenue Recognition
Inventories				$ 30
Revenue from marketing of purchased commodities
Revenue Recognition
Interest and other revenue	$ 235	$ 407	331
Cost of sales	$ 193	224	285
Revision of Prior Period, Reclassification, Adjustment \| Revenue from marketing of purchased commodities
Revenue Recognition
Interest and other revenue		6	17
Cost of sales		$ 3	$ 12
2021 Incentive Plan
Revenue Recognition
Shares reserved for future issuance (in shares)					9,257,740	9,257,740
Gas plant and power plant assets
Revenue Recognition
Expected useful lives	30 years
Improvements \| Minimum
Revenue Recognition
Expected useful lives	4 years
Improvements \| Maximum
Revenue Recognition
Expected useful lives	10 years
Software and Telecommunications Equipment \| Minimum
Revenue Recognition
Expected useful lives	1 year
Software and Telecommunications Equipment \| Maximum
Revenue Recognition
Expected useful lives	4 years
Hardware
Revenue Recognition
Expected useful lives	5 years
Four Customers \| Oil And Gas Sales And Other Revenue \| Major Customers
Revenue Recognition
Concentration risk percentage	67.00%
Three Customers \| Oil And Gas Sales And Other Revenue \| Major Customers
Revenue Recognition
Concentration risk percentage		44.00%	52.00%

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

We capitalize the costs incurred to acquire or develop our oil and natural gas assets, including ARO and interest. Our total property, plant and equipment increased $3 billion related to our provisional allocation of fair value to assets acquired in the Aera Merger on the acquisition date. We evaluate long-lived assets on a quarterly basis for possible impairment.

Property, plant and equipment, net consisted of the following:



	December 31, 2024		December 31, 2023

	(in millions)
Proved oil and natural gas properties	$	6,343	$	3,156

Facilities and other	395		281
Total property, plant and equipment	6,738		3,437
Accumulated depreciation, depletion and amortization	(1,058)		(667)
Total property, plant and equipment, net	$	5,680	$	2,770

Asset Impairments

In 2024, we recognized impairments of $14 million. See Note 1 Nature of Business, Summary of Significant Accounting Policies and Other for information a $13 million impairment on materials and supplies. Additionally, we had a $1 million impairment related to a non-core asset during the year ended December 31, 2024.

In 2023, we recognized an impairment of $3 million related to land acquired for our carbon management activities. The fair value, using Level 3 inputs in the fair value hierarchy, declined during the first quarter of 2023 due to market conditions (including inflation and rising interest rates).

We recognized an asset impairment of $2 million for the year ended December 31, 2022 related to a write-down of CRC Plaza, a commercial office building located in Bakersfield, California to fair value. In 2022, we sold CRC Plaza for $13 million. See Note 9 Divestitures and Acquisitions for further information regarding the sale of CRC Plaza.

INVESTMENTS AND RELATED PARTY TRANSACTIONS- Narrative (Details) MT in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2022 USD ($) MT	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 01, 2024 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries				$ 48
Investment in unconsolidated subsidiaries		$ 86	$ 19
Other long-term liabilities		377	201
Midway Sunset Cogeneration Company
Schedule of Equity Method Investments [Line Items]
Interest in joint venture				50.00%
Equity method investments, fair value disclosure				$ 59
Investment in unconsolidated subsidiaries		59		$ 59
Midway Sunset Cogeneration Company \| San Joaquin Energy Company
Schedule of Equity Method Investments [Line Items]
Interest in joint venture				50.00%
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Interest in joint venture	51.00%
Investment in unconsolidated subsidiaries		27	19
Investment in unconsolidated subsidiaries		27	19		$ 13
General and administrative expense		9	8
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities		107	52
Carbon TerraVault JV \| Brookfield
Schedule of Equity Method Investments [Line Items]
Interest in joint venture	49.00%
Committed amount	$ 500
Contribution from noncontrolling interest		92
Metric tons of carbon per annum \| MT	5
Equity in net assets		309	310
Elk Hills
Schedule of Equity Method Investments [Line Items]
Reimbursement for abandonment work		$ 14	$ 6

PENSION AND POSTRETIREMENT BENEFIT PLANS - Obligations and Funded Status of our Defined Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 01, 2024
Pension Benefits
Amounts recognized on the balance sheet
Other assets	$ 67	$ 2		$ 64
Accrued liabilities	(1)	0
Other long-term liabilities	(6)	(3)
Amounts recognized in the consolidated balance sheets, total	60	(1)
Accumulated other comprehensive income, net of tax	2	2
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation—beginning of year	34	30
Liabilities assumed in the Aera Merger	249	0
Service cost—benefits earned during the period	3	1	$ 1
Interest cost on projected benefit obligation	8	1	1
Actuarial (gain) loss	(2)	3
Benefits paid	(20)	(1)
Benefit obligation—beginning of year	272	34	30
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets—beginning of year	34	32
Additions due to the Aera Merger	305	0
Actual return on plan assets	10	3
Employer contributions	3	0
Benefits paid	(20)	(1)
Fair value of plan assets—end of year	332	34	32
Net benefit asset	60	0
Postretirement Benefits
Amounts recognized on the balance sheet
Other assets	13	0		$ 9
Accrued liabilities	(6)	(3)
Other long-term liabilities	(53)	(33)
Amounts recognized in the consolidated balance sheets, total	(46)	(36)
Accumulated other comprehensive income, net of tax	73	72
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation—beginning of year	37	38
Liabilities assumed in the Aera Merger	70	0
Service cost—benefits earned during the period	2	2	2
Interest cost on projected benefit obligation	4	2	1
Actuarial (gain) loss	(5)	(2)
Cost of special termination benefits	4	0	0
Curtailment gain	(4)	0
Benefits paid	(5)	(3)
Plan amendment	(3)	0
Benefit obligation—beginning of year	100	37	38
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets—beginning of year	1	1
Additions due to the Aera Merger	52	0
Actual return on plan assets	2	0
Employer contributions	4	3
Benefits paid	(5)	(3)
Fair value of plan assets—end of year	54	1	$ 1
Net benefit asset	$ (46)	$ (36)

REVENUE

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from customers is recognized when obligations under the terms of a contract are satisfied.

Sales of our Produced Oil, Natural Gas and NGLs

Revenue from sales of our oil, natural gas and NGL production is recognized upon delivery (and transfer of control) of the commodity to the customer. In certain instances, transportation and processing fees are incurred by us prior to delivery to customers. We record these transportation and processing fees as transportation costs on our consolidated statements of operations.

Our contracts with customers are generally less than a year and based on index prices. We recognize revenue in the amount that we expect to receive once we are able to adequately estimate the consideration (i.e., when market prices are known). Our contracts with customers typically require payment within 30 days following the month of delivery. The following table provides disaggregated revenue for sales of produced oil, natural gas and NGLs to external customers:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Oil	$	2,255	$	1,534	$	1,968
NGLs	186		198		264
Natural gas	96		309		258
Sales to external customers	$	2,537	$	2,041	$	2,490

We also process third-party wet gas at one of our gas processing facilities, which is sold to customers. We recognized $3 million, $15 million and $14 million included in other revenue on our consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively.

Electricity Sales

The electrical output of our Elk Hills power plant that is not used in our operations is primarily sold into the California Independent System Operator (CAISO) wholesale power market. We also sold power not used in our operations to a utility under a power purchase and sales agreement (PPA) that terminated in December 2023, which included a monthly capacity payment plus a variable payment based on the quantity of power purchased each month. Revenue is recognized when obligations under the terms of a contract are satisfied; generally, this occurs upon delivery of the electricity. Revenue is measured as the amount of consideration we expect to receive based on CAISO market pricing with payment due the month following delivery. We recognize revenue using the output method and consider our performance obligations to be satisfied upon delivery of electricity or as the contracted amount of capacity is made available to the customer in the case of capacity payments.

Revenue from Marketing of Purchased Commodities

From time-to-time, we enter into transactions for third-party production, which we report as revenue from marketing of purchased commodities on our condensed consolidated statements of operations. Revenues from marketing of purchased commodities results from (1) the storage or transportation of natural gas to take advantage of differences in pricing or location, (2) marketing oil sales that have resulted from third-party purchases or (3) sales of NGLs from inventory storage. To transport our natural gas as well as third-party volumes, we have entered into firm pipeline commitments. We report associated expense related to our marketing of purchased commodities in total operating expenses on our consolidated statements of operations. We consider our performance obligations to be satisfied upon transfer of control of the commodity.


	Year ended December 31,
	2024		2023		2022

	(in millions)
Oil	$	99	$	—	$	1
Natural gas	128		401		314
NGLs	8		6		16
Revenue from marketing of purchased commodities	$	235	$	407	$	331

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SEGMENT INFORMATION - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 2,537	$ 2,155	$ 2,643
Segment operating revenues	3,198	2,801	2,707
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	2,572	2,172	2,660
Operating Segments Excluding Intersegment Elimination
Segment Reporting, Revenue Reconciling Item [Line Items]
Other revenues and income	654	629	47
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	(28)
Reportable Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	2,537	2,041	2,490
Interest and other revenue	7	17	17
Reportable Segment \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	2,572	2,172	2,660
Reportable Segment \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	(28)	(114)	(153)
Oil and Natural Gas
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	2,537	2,041	2,490
Interest and other revenue	7	17	17
Oil and Natural Gas \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	2,572	2,172	2,660
Oil and Natural Gas \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	(28)	(114)	(153)
Carbon Management
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	0	0	0
Interest and other revenue	0	0	0
Carbon Management \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	0	0	0
Carbon Management \| Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	$ 0	$ 0	$ 0

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Total taxes paid	$ 105	$ 121	$ 20
Federal
Operating Loss Carryforwards [Line Items]
Total taxes paid	73	120
State and local
Operating Loss Carryforwards [Line Items]
Total taxes paid	$ 32	$ 1

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended
	Aug. 02, 2024	Nov. 01, 2023	Nov. 02, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Oct. 31, 2020
Equity [Abstract]
Stock repurchase program authorized amount							$ 1,350
Dividends declared, common stock (in dollars per share)				$ 0.17	$ 0.17	$ 0.17
Total annual dividend anticipated, common stock (in dollars per share)	$ 1.55	$ 1.24	$ 1.13
Shares reserved for future issuance (in shares)								4,384,182
Warrant exercise price (in dollars per share)								$ 36
Warrant outstanding (in shares)							0

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 26, 2023	Dec. 31, 2024	Aug. 22, 2024	Jun. 05, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount		$ 1,145,000			$ 545,000
Unamortized debt discount and issuance costs		(16,000)			(5,000)
Unamortized premium		3,000			0
Long-term debt, net		1,132,000			540,000
Senior Notes (Unsecured) \| 2026 Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 245,000			545,000
Interest rate		7.125%
Senior Notes (Unsecured) \| 2029 Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 900,000			0
Unamortized premium			$ 3,000
Interest rate		8.25%		8.25%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Principal amount		$ 0			$ 0
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Interest rate added to variable rate basis		1.00%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate basis		2.50%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis		3.50%
Revolving Credit Facility \| Line of Credit \| Alternative Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate basis		1.50%
Revolving Credit Facility \| Line of Credit \| Alternative Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis		2.50%
Revolving Credit Facility \| Line of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Interest rate added to variable rate basis	0.50%	0.50%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate added to variable rate basis	1.00%
Revolving Credit Facility \| Line of Credit \| Credit Spread Adjustment
Debt Instrument [Line Items]
Interest rate added to variable rate basis	0.10%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate basis	1.50%	1.50%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis	2.50%	2.50%
Revolving Credit Facility \| Line of Credit \| Term SOFR Loans, Applicable Margin \| Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate basis	2.50%
Revolving Credit Facility \| Line of Credit \| Term SOFR Loans, Applicable Margin \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis	3.50%

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

We conduct our business primarily through two reportable segments: (1) oil and natural gas and (2) carbon management. We identified these segments based on the nature of their activities, the types of products sold and services to be provided. Our oil and natural gas segment explores for, develops, and produces oil and condensate, natural gas liquids and natural gas. Our carbon management segment, that we refer to as Carbon TerraVault, is expected to build, install, operate and maintain CO2 capture equipment, transportation assets and storage facilities. Our oil and natural gas segment and carbon management segment operate exclusively in California.

Our chief operating decision maker (CODM) is Francisco Leon, Chief Executive Officer. The CODM uses segment profit or loss to assess the performance of each business, as well as our overall performance, and to make decisions about resources to be allocated to the segment, including capital investments.

Intersegment revenues relates to sales of produced natural gas to our Elk Hills power plant. Direct labor-related costs are allocated to our reportable segments based on job function. General and administrative expenses are allocated to a segment if they directly support a segment's activities. We do not allocate income taxes to our segments. We use proportionate consolidation to account for our share of oil and natural gas producing activities.

The following tables provide segment profit or loss and reconciliations of segment profit or loss to consolidated income before income taxes for the years ended December 31, 2024, 2023, and 2022.


	Year ended December 31, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation of Operating Revenues		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	2,537	$	—	$	2,537	$	—	$	2,537



Other revenue	7		—		7		—		7
Intersegment revenues	28		—		28		—		28
Segment operating revenues	2,572		—		2,572


Other revenues and income(a)							654		654



Elimination of intersegment revenues							(28)		(28)
Total operating revenues									$	3,198

(a)Other revenues and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.


	Year ended December 31, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense	Total

	(in millions)
Segment operating revenues	$	2,572	$	—	$	2,572		$	2,572
Less:
Operating costs:
Energy operating costs	296		—		296		(17)	279
Gas processing costs	16		—		16		—	16
Non-energy operating costs	671		—		671		—	671
General and administrative expenses	43		15		58		263	321
Depreciation, depletion and amortization	354		—		354		34	388

Taxes other than on income	207		—		207		35	242



Loss (income) from investment in unconsolidated subsidiaries	—		12		12		(2)	10


Other segment expenses(a)	170		67		237		—	237
Segment profit or (loss)	$	815	$	(94)	$	721




Other profit or loss(b)							(133)	(133)
Unallocated amounts(c)							25	25








Income before income taxes								$	516

(b)Other profit or loss includes margin from purchased commodities and electricity margin.


	Year ended December 31, 2023
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation of Operating Revenues		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	2,041	$	—	$	2,041	$	—	$	2,041



Other revenue	17		—		17		—		17
Intersegment revenue	114		—		114		—		114
Segment operating revenues	2,172		—		2,172				2,172


Other revenues and income(a)							629		629



Total operating revenue									$	2,801

(a)Other revenues and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.


	Year ended December 31, 2023
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense	Total

	(in millions)















Segment operating revenues	$	2,172	$	—	$	2,172		$	2,172
Less:
Operating costs:
Energy operating costs	323		—		323		—	323
Gas processing costs	18		—		18		—	18
Non-energy operating costs	481		—		481		—	481
General and administrative expenses	42		12		54		213	267
Depreciation, depletion and amortization	205		—		205		20	225
Taxes other than on income	114		—		114		51	165



Loss from investment in unconsolidated subsidiary	—		9		9		—	9


Other segment expenses(b)	67		45		112		—	112
Segment profit or (loss)	$	922	$	(66)	$	856


Other profit or loss(b)							(291)	(291)

Unallocated amounts(c)							115	115




Income before income taxes								$	748

(b)Other profit or loss includes margin from purchased commodities and electricity margin.


	Year ended December 31, 2022
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation of Operating Revenues		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	2,490	$	—	$	2,490	$	—	$	2,490



Other revenue	17		—		17		—		17
Intersegment revenue	153		—		153		—		153
Operating revenues	2,660		—		2,660				2,660


Other revenues and income(a)							47		47



Total operating revenues									$	2,707

(a)Other revenues and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.


	Year ended December 31, 2022
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense	Total

	(in millions)















Segment operating revenues	$	2,660	$	—	$	2,660		$	2,660
Less:
Operating costs:
Energy operating costs	323		—		323		—	323
Gas processing costs	17		—		17		—	17
Non-energy operating costs	445		—		445		—	445
General and administrative expenses	36		12		48		174	222
Depreciation, depletion and amortization	177		—		177		21	198
Taxes other than on income	111		—		111		51	162



Loss from investment in unconsolidated subsidiary	—		1		1		—	1


Other segment expenses(b)	14		28		42		—	42
Segment profit or (loss)	$	1,537	$	(41)	$	1,496


Other profit or loss(b)							(140)	(140)


Unallocated amounts(c)							629	629



Income before income taxes								$	761

(b)Other profit or loss includes margin from purchased commodities and electricity margin.

Total assets by segment is not disclosed as it is not used by our CODM in decision-making; however, we regularly provide capital investment by segment to our CODM and have provided segment capital with a reconciliation to our consolidated capital investment for the years ended December 31, 2024, 2023 and 2022. See Note 4 Investments and Related Party Transactions for information on our investment in the Carbon TerraVault JV, which is part of our carbon management segment. See Note 13 Leases for information leases we have entered into for our carbon management business.

The following table provides capital investments for our operating segments and a reconciliation to consolidated capital investments for the years ended December 31, 2024, 2023 and 2022.


	Oil and Natural Gas		Carbon Management		Corporate and Other		Consolidated

	(in millions)
Year ended December 31, 2024	$	234	$	12	$	9	$	255
Year ended December 31, 2023	$	153	$	5	$	27	$	185
Year ended December 31, 2022	$	349	$	4	$	26	$	379

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Oil Hedge Positions

We held the following Brent-based contracts as of December 31, 2024:


	Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028
Sold Calls:
Barrels per day	30,000		30,000		30,000		29,000		15,000		—		—
Weighted-average price per barrel	$	87.08	$	87.08	$	87.08	$	87.13	$	85.00	$	—	$	—

Purchased Puts
Barrels per day	30,000		30,000		30,000		29,000		15,000		—		—
Weighted-average price per barrel	$	61.67	$	61.67	$	61.67	$	61.72	$	60.00	$	—	$	—

Swaps
Barrels per day	52,837		46,506		44,126		42,626		30,449		13,882		1,697
Weighted-average price per barrel	$	72.48	$	71.31	$	70.62	$	69.94	$	67.95	$	65.53	$	65.00


	Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028

SoCal Border
MMBtu per day	10,000		29,074		25,750		22,408		660		—		—
Weighted-average price per MMBtu	$	6.02	$	3.44	$	3.48	$	3.53	$	6.29	$	—	$	—

NWPL Rockies
MMBtu per day	50,999		51,750		51,750		51,750		44,618		12,616		1,576
Weighted-average price per MMBtu	$	5.48	$	2.95	$	2.95	$	4.22	$	4.01	$	4.34	$	3.95

PG&E Citygate
MMBtu per day	14,000		—		—		—		—		—		—
Weighted-average price per MMBtu	$	6.10	$	—	$	—	$	—	$	—	$	—	$	—

We report gains and losses on our derivative contracts related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Non-cash commodity derivative gain	$	274	$	260	$	187


Settlements and amortized premiums	(33)		(272)		(738)

Net gain (loss) from commodity derivatives	$	241	$	(12)	$	(551)

Schedule of Fair Values (at Gross and Net) of Outstanding Derivatives


December 31, 2024
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet

Assets:	(in millions)
Other current assets, net	$	26	$	(12)	$	14
Other noncurrent assets	32		(16)		16

Liabilities:
Current - Fair value of derivative contracts	(62)		12		(50)
Other long-term liabilities	(61)		16		(45)
	$	(65)	$	—	$	(65)


December 31, 2023
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet

Assets:	(in millions)
Other current assets, net	$	39	$	(18)	$	21
Other noncurrent assets	38		(32)		6

Liabilities:
Current - Fair value of derivative contracts	(26)		18		(8)
Noncurrent - Fair value of derivative contracts	(34)		32		(2)
	$	17	$	—	$	17

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations on a Discounted Basis

At December 31, 2024, total purchase obligations on a discounted basis were as follows:


	December 31, 2024
	(in millions)
2025	$	40
2026	18
2027	15
2028	15
2029	15
Thereafter	94
Total	197
Less: Interest	(67)
Present value of purchase obligations	$	130

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Los Angeles, CA
Auditor Firm ID	185

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligations Roll forward
Beginning balance	$ 521	$ 491
Liabilities assumed in the Aera Merger	646	0
Liabilities settled and divested	(94)	(60)
Accretion expense	84	46
Revisions of estimated cash flows	(32)	37
Additions	4	7
Ending balance	1,129	521
Current liability (included in accrued liabilities)	134	99
Non-current liability	995	422
Asset retirement obligation, accretion expense, measurement period adjustments	$ 3
Asset retirement obligations associated with assets held for sale		$ 5

STOCK-BASED COMPENSATION - Cash Incentive Awards (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield		0.00%
Long-Term Cash Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.00%	37.00%	38.00%
Risk-free interest rate	4.25%	4.17%	4.24%
Dividend yield	0.00%	0.00%	0.00%
Forecast period (in years)	2 years 1 month 24 days	1 year 1 month 24 days	6 months
Aera Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.81%	38.53%
Risk-free interest rate	4.25%	4.16%
Dividend yield	0.00%	0.00%
Forecast period (in years)	2 years	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (c)(2)(iii)(02)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

PENSION AND POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) employee	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 31, 2024 age	Jul. 01, 2024 USD ($) plan	Jun. 30, 2024 plan
Defined Benefit Plan Disclosure
Defined benefit plan, number of plans \| plan						2
Defined benefit plans, postretirement benefits, number of plans acquired \| plan					2
Defined benefit plan, age threshold for retirement benefits \| age				65
Curtailment loss	$ 4
Net periodic benefit costs	4
Other long-term liabilities for the supplemental retirement plan	30	$ 24
Expenses under provisions of defined contribution and supplemental plans	$ 27	$ 19	$ 18
Equity Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets	45.00%	50.00%
Debt Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets	55.00%	50.00%
Pension Benefits
Defined Benefit Plan Disclosure
Other assets	$ 67	$ 2			$ 64
Liability, defined benefit pension plan					8
Net periodic benefit costs	$ (2)	0	1
Number of employees accruing benefits under defined benefit plans \| employee	800
Expected contribution in 2024	$ 1
Fair value of plan assets	$ 332	34	32
Pension Benefits \| Aera
Defined Benefit Plan Disclosure
Number of employees accruing benefits under defined benefit plans \| employee	60
Postretirement Benefits
Defined Benefit Plan Disclosure
Other assets	$ 13	0			9
Liability, defined benefit pension plan					$ 27
Curtailment loss	4	3	0
Net periodic benefit costs	$ (2)	$ (6)	(2)
Defined benefit plan, health care cost trend rate consumer price index	2.45%	2.38%
Expected contribution in 2024	$ 7
Fair value of plan assets	$ 54	$ 1	$ 1
Postretirement Benefits \| Equity Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets		40.00%
Postretirement Benefits \| Debt Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets		60.00%
Postretirement Benefits \| Mutual funds
Defined Benefit Plan Disclosure
Fair value of plan assets		$ 1
Postretirement Benefits \| Union employees
Defined Benefit Plan Disclosure
Projected healthcare cost rate in ninth year after current fiscal year	4.50%
Projected healthcare cost rate in tenth year and thereafter	4.50%
Projected healthcare cost rate in tenth year after current fiscal year		4.50%
Projected healthcare cost rate in eleventh year and thereafter		4.50%
Postretirement Benefits \| Minimum \| Union employees
Defined Benefit Plan Disclosure
Projected healthcare cost rate in next fiscal year	6.50%	6.75%

PENSION AND POSTRETIREMENT BENEFIT PLANS - Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Asset Class:
Total pension plan assets	$ 332	$ 34	$ 32
Pension Benefits \| Pension Plan Assets - Gross
Asset Class:
Total pension plan assets	331	34
Pension Benefits \| Pension Plan Assets - Gross \| Level 1
Asset Class:
Total pension plan assets	65	0
Pension Benefits \| Pension Plan Assets - Gross \| Level 2
Asset Class:
Total pension plan assets	266	34
Pension Benefits \| Pension Plan Assets - Gross \| Level 3
Asset Class:
Total pension plan assets	0	0
Pension Benefits \| Bonds
Asset Class:
Total pension plan assets	186	18
Pension Benefits \| Bonds \| Level 1
Asset Class:
Total pension plan assets	24	0
Pension Benefits \| Bonds \| Level 2
Asset Class:
Total pension plan assets	162	18
Pension Benefits \| Bonds \| Level 3
Asset Class:
Total pension plan assets	0	0
Pension Benefits \| Commodities
Asset Class:
Total pension plan assets	17	0
Pension Benefits \| Commodities \| Level 1
Asset Class:
Total pension plan assets	17	0
Pension Benefits \| Commodities \| Level 2
Asset Class:
Total pension plan assets	0	0
Pension Benefits \| Commodities \| Level 3
Asset Class:
Total pension plan assets	0	0
Pension Benefits \| U.S. equity
Asset Class:
Total pension plan assets	84	6
Pension Benefits \| U.S. equity \| Level 1
Asset Class:
Total pension plan assets	0	0
Pension Benefits \| U.S. equity \| Level 2
Asset Class:
Total pension plan assets	84	6
Pension Benefits \| U.S. equity \| Level 3
Asset Class:
Total pension plan assets	0	0
Pension Benefits \| International equity
Asset Class:
Total pension plan assets	44	10
Pension Benefits \| International equity \| Level 1
Asset Class:
Total pension plan assets	24	0
Pension Benefits \| International equity \| Level 2
Asset Class:
Total pension plan assets	20	10
Pension Benefits \| International equity \| Level 3
Asset Class:
Total pension plan assets	0	0
Postretirement Benefits
Asset Class:
Total pension plan assets	54	$ 1	$ 1
Postretirement Benefits \| Pension Plan Assets - Gross
Asset Class:
Total pension plan assets	52
Postretirement Benefits \| Pension Plan Assets - Gross \| Level 1
Asset Class:
Total pension plan assets	11
Postretirement Benefits \| Pension Plan Assets - Gross \| Level 2
Asset Class:
Total pension plan assets	41
Postretirement Benefits \| Pension Plan Assets - Gross \| Level 3
Asset Class:
Total pension plan assets	0
Postretirement Benefits \| Bonds
Asset Class:
Total pension plan assets	30
Postretirement Benefits \| Bonds \| Level 1
Asset Class:
Total pension plan assets	4
Postretirement Benefits \| Bonds \| Level 2
Asset Class:
Total pension plan assets	26
Postretirement Benefits \| Bonds \| Level 3
Asset Class:
Total pension plan assets	0
Postretirement Benefits \| Commodities
Asset Class:
Total pension plan assets	3
Postretirement Benefits \| Commodities \| Level 1
Asset Class:
Total pension plan assets	3
Postretirement Benefits \| Commodities \| Level 2
Asset Class:
Total pension plan assets	0
Postretirement Benefits \| Commodities \| Level 3
Asset Class:
Total pension plan assets	0
Postretirement Benefits \| U.S. equity
Asset Class:
Total pension plan assets	13
Postretirement Benefits \| U.S. equity \| Level 1
Asset Class:
Total pension plan assets	0
Postretirement Benefits \| U.S. equity \| Level 2
Asset Class:
Total pension plan assets	13
Postretirement Benefits \| U.S. equity \| Level 3
Asset Class:
Total pension plan assets	0
Postretirement Benefits \| International equity
Asset Class:
Total pension plan assets	6
Postretirement Benefits \| International equity \| Level 1
Asset Class:
Total pension plan assets	4
Postretirement Benefits \| International equity \| Level 2
Asset Class:
Total pension plan assets	2
Postretirement Benefits \| International equity \| Level 3
Asset Class:
Total pension plan assets	$ 0

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended
	Oct. 31, 2020 platform	Dec. 31, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Number of offshore platforms with decommissioning obligations defaulted \| platform	2
Offshore platforms with decommissioning obligations defaulted percentage	37.50%
Offshore platforms with decommissioning obligations defaulted period since interest sold	30 years
Decommissioning liability, noncurrent		$ 5
Long Term Purchase and Contractual Obligation
Purchase obligations
2025		40
2026		18
2027		15
2028		15
2029		15
Thereafter		94
Total		197
Less: Interest		(67)
Present value of purchase obligations		$ 130

SUPPLEMENTAL ACCOUNT BALANCES

12 Months Ended

Dec. 31, 2024

SUPPLEMENTAL INFORMATION [Abstract]

SUPPLEMENTAL ACCOUNT BALANCES

Other current assets, net — Other current assets, net include the following:



	December 31, 2024		December 31, 2023

	(in millions)
Net amounts due from joint interest partners(a)	$	41	$	43

Fair value of commodity derivative contracts	14		21

Prepaid expenses	28		19
Greenhouse gas allowances	27		12

Income tax receivable	50		—
All other	16		18
Other current assets, net	$	176	$	113

(a)Included in the net amounts due from joint interest partners are an insignificant amount of allowances as of December 31, 2024 and allowances of $3 million as of December 31, 2023.

Other noncurrent assets — Other noncurrent assets include the following:



	December 31, 2024		December 31, 2023

	(in millions)
Operating lease right-of-use assets	$	105	$	73
Deferred financing costs - Revolving Credit Facility	23		11
Emission reduction credits	11		11
Prepaid power plant maintenance	5		34
Fair value of commodity derivative contracts	16		6
Funded pension	67		2
All other	45		11
Other noncurrent assets	$	272	$	148

Accrued liabilities — Accrued liabilities include the following:



	December 31, 2024		December 31, 2023

	(in millions)
Employee-related costs	$	184	$	82
Taxes other than on income	100		35
Asset retirement obligations	134		99
Interest	12		18
Operating lease liability	15		15
Fair value of derivative contracts	50		8
Premiums due on commodity derivative contracts	14		21



Income taxes payable	—		18
Payables for oil and natural gas production	25		13

All other	77		57
Accrued liabilities	$	611	$	366

Other long-term liabilities — Other long-term liabilities includes the following:



	December 31, 2024		December 31, 2023

	(in millions)
Compensation-related liabilities	$	50	$	38
Postretirement and pension benefit plans	59		36
Operating lease liability	76		55

Fair value of derivative contracts	45		2
Contingent liability(a)	107		52
Other	40		18
Other long-term liabilities	$	377	$	201

(a)See Note 4 Investments and Related Party Transactions for information on the contingent liability related to the Carbon TerraVault JV.

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

As of December 31, 2024 and 2023, our long-term debt consisted of the following:


	December 31,		December 31,
	2024		2023		Interest Rate	Maturity

	(in millions)
Revolving Credit Facility	$	—	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a)	March 16, 2029
2026 Senior Notes	245		545		7.125%	February 1, 2026
2029 Senior Notes	900		—		8.250%	June 15, 2029
Principal amount	$	1,145	$	545
Unamortized debt discount and issuance costs	(16)		(5)
Unamortized premium	3		—
Long-term debt, net	$	1,132	$	540

(a)At our election, borrowings under the amended Revolving Credit Facility may be alternate base rate (ABR) loans or term SOFR loans, plus an applicable margin. ABR loans bear interest at a rate equal to the highest of (i) the federal funds effective rate plus 0.50%, (ii) the administrative agent prime rate and (iii) the one-month SOFR rate plus 1%. Term SOFR loans bear interest at term SOFR, plus an additional 10 basis points per annum credit spread adjustment. The applicable margin is adjusted based on the commitment utilization percentage and will vary from (i) in the case of ABR loans, 1.50% to 2.50% and (ii) in the case of term SOFR loans, 2.50% to 3.50%.

Revolving Credit Facility

On April 26, 2023, we entered into an Amended and Restated Credit Agreement (as amended, restated supplemented or modified as of the date hereof, the Revolving Credit Facility) with Citibank, N.A., as administrative agent, and certain other lenders, which amended and restated in its entirety the prior credit agreement, dated October 27, 2020. As of December 31, 2024, our Revolving Credit Facility consisted of a senior revolving loan facility with an aggregate commitment of $1.15 billion. The amount we are able to borrow under our Revolving Credit Facility is limited to the amount of these commitments. Our Revolving Credit Facility also included a sub-limit of $300 million for the issuance of letters of credit. As of December 31, 2024, $167 million letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters. As of December 31, 2024, we had $983 million of availability on our Revolving Credit Facility after taking into account $167 million in letters of credit outstanding. Our borrowing base of $1.5 billion is redetermined semi-annually and was re-affirmed in November 2024 as part of our recent amendment, which is discussed further below.

The proceeds of all or a portion of the Revolving Credit Facility may be used for our working capital needs and for other purposes subject to meeting certain criteria.

Security – The lenders have a first-priority lien on a substantial majority of our assets.

Interest Rate – We can elect to borrow at either an adjusted SOFR rate or an alternate base rate (ABR), plus an applicable margin. The ABR is equal to the highest of (i) the federal funds effective rate plus 0.50%, (ii) the administrative agent prime rate and (iii) the one-month SOFR rate plus 1%. The applicable margin is adjusted based on the borrowing base utilization percentage and will vary from (i) in the case of SOFR loans, 2.5% to 3.5% and (ii) in the case of ABR loans, 1.5% to 2.5%. The unused portion of the facility is subject to a commitment fee which will vary between 0.375% and 0.50% per annum based on the borrowing base utilization. We also pay customary fees and expenses. Interest on ABR loans is payable quarterly in arrears. Interest on SOFR loans is payable at the end of each SOFR period, but not less than quarterly.

Amortization Payments – The Revolving Credit Facility does not include any obligation to make amortizing payments.

Borrowing Base – The borrowing base, currently $1.5 billion, will be redetermined semi-annually each April and October.

Financial Covenants – Our Revolving Credit Facility includes the following financial covenants:

Ratio

Components

Required Levels

Tested

Consolidated Total Net Leverage Ratio

Ratio of Consolidated Total Debt to Consolidated EBITDAX(a)

Not greater than 3.00 to 1.00

Quarterly

Current Ratio

Ratio of consolidated current assets to consolidated current liabilities(b)

Not less than 1.00 to 1.00

Quarterly

(a)Consolidated EBITDAX is calculated as defined in the Revolving Credit Facility.

(b)The available credit under our Revolving Credit Facility is included in consolidated current assets as part of the calculation of the current ratio.

Other Covenants – Our Revolving Credit Facility includes covenants that, among other things, restrict our ability to incur additional indebtedness, grant liens, make asset sales and investments, repay existing indebtedness, make subsidiary distributions and enter into transactions that would result in fundamental changes. We are also restricted in the amount of cash dividends we can pay on our common stock unless we meet certain covenants included in the Revolving Credit Facility.

Our Revolving Credit Facility, among other things, permits us to make certain restricted payments (such as dividends and share repurchases) and certain investments (including in our carbon management segment); provides for the release of liens on certain assets securing the loans made under the Revolving Credit Facility, including our Elk Hills power plant; permits us to designate the entities that hold certain of our assets, including our Elk Hills power plant, as unrestricted subsidiaries subject to meeting certain conditions; sets the period for which we can enter into hedges on our production at 60 months. In October 2023, we further amended our Revolving Credit Facility to increase our flexibility to incur new indebtedness in the form of term loans secured on a pari passu basis with the obligations under the Revolving Credit Facility. The aggregate amount of such term loans shall not exceed the lesser of the following: (i) the borrowing base then in effect minus the Aggregate Elected Revolving Commitment Amounts (as defined in the Revolving Credit Facility) then in effect and (ii) an amount equal to 33 1/3% of the sum of (A) the Aggregate Elected Revolving Commitment Amounts (as defined in the Revolving Credit Facility) then in effect plus (B) the aggregate term loan exposure of any lender then outstanding.

Our Revolving Credit Facility requires us to maintain hedges on a minimum amount of crude oil production (determined on (i) the date of delivery of annual and quarterly financial statements and (ii) the date of delivery of a reserve report delivered in connection with an interim borrowing base redetermination) of no less than (i) in the event that our Consolidated Total Net Leverage Ratio (as defined in the Revolving Credit Facility) is greater than 2.0:1.0 as of the end of the most recent fiscal quarter test period, 50.0% of our reasonably anticipated oil production from our proved developed producing reserves for each quarter during the period ending the earlier of (1) the maturity date of the Revolving Credit Facility and (2) 12 months after the delivery of the compliance certificate for the relevant test period and (ii) in the event that our Consolidated Total Net Leverage Ratio is less than or equal to 2.0:1.0 but greater than 1.5:1.0 as of the end of the most recent fiscal quarter test period, 33.0% of our reasonably anticipated oil production from our proved developed producing reserves for each quarter during the period ending the earlier of (1) the maturity date of the Revolving Credit Facility and (2) 12 months after the delivery of the compliance certificate for the relevant test period. The foregoing minimum hedge requirements do not apply to the extent that our Consolidated Total Net Leverage Ratio is less than or equal to 1.5:1.0 as of the last day of the most recently ended fiscal quarter test period.

Furthermore, the restricted payment and investments covenants permit unlimited investments and/or restricted payments so long as either (a) (i) no Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing under the Revolving Credit Facility, (ii) the undrawn availability under the Revolving Credit Facility at such time is not less than 20.0% of the total commitment, (iii) the Consolidated Total Net Leverage Ratio is less than or equal to 2.5:1.0 and (iv) Distributable Free Cash Flow is greater than or equal to zero on such date of determination; or (b) (i) no Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing under the Revolving Credit Facility at the time of such investment or restricted payment, (ii) the undrawn availability under the Revolving Credit Facility at such time is not less than 25.0% of the total commitment and (iii) the Consolidated Total Net Leverage Ratio is less than or equal to 1.75:1.0.

Events of Default and Change of Control – Our Revolving Credit Facility provides for certain events of default, including upon a change of control, as defined in the Revolving Credit Facility, that entitles our lenders to declare the outstanding loans immediately due and payable, subject to certain limitations and conditions.

Amendments

In February 2024, in connection with the Aera Merger, we entered into a second amendment to our Revolving Credit Facility to, among other things, permit the incurrence of indebtedness under a bridge loan facility. We did not utilize a bridge loan facility in connection with the Aera Merger and wrote-off $6 million of bridge loan and commitment fees during the year ended December 31, 2024 included in other non-operating (loss) income on our condensed consolidated statement of operations. We capitalized approximately $3 million in deferred financing fees related to this amendment to other assets on our consolidated statement of financial position during the year ended December 31, 2024.

In March 2024, we entered into a third amendment to our Revolving Credit Facility. This amendment facilitated certain matters with respect to the Aera Merger, including the postponement of the regular spring borrowing base redetermination until the fall of 2024 and certain other amendments.

In July 2024, we entered into a fourth amendment to our Revolving Credit Facility as part of the Aera Merger. This amendment increased the aggregate revolving commitments available under the Revolving Credit Facility from $630 million to $1.1 billion. Our ability to borrow under our Revolving Credit Facility is limited to the amount of these commitments. This amendment also increased the borrowing base from $1.2 billion to $1.5 billion, among other matters. We capitalized approximately $7 million in deferred financing fees related to this amendment to other assets on our consolidated statement of financial position during the year ended December 31, 2024.

On November 1, 2024, we entered into a fifth amendment to our Revolving Credit Facility. The amendments included, among other things:

•increasing the amount of the revolving commitments by $50 million to $1,150 million to reflect changes to our lender group;

•extending the maturity date of the facility from July 31, 2027 to March 16, 2029;

•amending the springing maturity to permit our 2026 Senior Notes to remain outstanding past October 31, 2025 so long as the aggregate availability (less the outstanding 2026 Senior Notes) is not less than 25% of the total revolving commitments;

•increasing our capacity to issue letters of credit from $250 million to $300 million; and

•other technical amendments.

We capitalized approximately $7 million in deferred financing fees related to this amendment to other assets on our consolidated statement of financial position during the year ended December 31, 2024.

2026 Senior Notes

On January 20, 2021, we completed an offering of $600 million in aggregate principal amount of our 7.125% senior unsecured notes due 2026 (2026 Senior Notes). The net proceeds of $587 million, after $13 million of debt issuance costs, were used to repay in full our Second Lien Term Loan and EHP Notes, with the remainder used to repay substantially all of the then outstanding borrowings under our Revolving Credit Facility. We recognized a $2 million loss on extinguishment of debt, including unamortized debt issuance costs, associated with these repayments.

Security – Our 2026 Senior Notes are general unsecured obligations which are guaranteed on a senior unsecured basis by certain of our material subsidiaries.

Redemption – We may redeem the 2026 Senior Notes at any time prior to the maturity date at a redemption price equal to (i) 102% of the principal amount if redeemed in the twelve months beginning February 1, 2024 and (ii) 100% of the principal amount if redeemed after February 1, 2025, in each case plus accrued and unpaid interest.

Other Covenants – Our 2026 Senior Notes include covenants that, among other things, restrict our ability to incur additional indebtedness, issue preferred stock, grant liens, make asset sales and investments, repay existing indebtedness, make subsidiary distributions and enter into transactions that would result in fundamental changes.

Events of Default and Change of Control – Our 2026 Senior Notes provide for certain triggering events, including upon a change of control, as defined in the indenture, that would require us to repurchase all or any part of the 2026 Senior Notes at a price equal to 101% of the aggregate principal amount plus accrued and unpaid interest.

2029 Notes Offering and Follow-On Offering

On June 5, 2024, we completed the offering of $600 million in aggregate principal amount of the 2029 Senior Notes. The terms of the 2029 Senior Notes are governed by the indenture, dated as of June 5, 2024, by and among us, the guarantors and Wilmington Trust, National Association, as trustee (2029 Senior Notes Indenture). The net proceeds of $590 million, after $10 million of debt discount and issuance costs, were used along with available cash to repay all of Aera's outstanding debt for approximately $990 million at closing of the Aera Merger. See Note 2 Aera Merger for more information on the closing of the Aera Merger.

On August 22, 2024, we completed a follow-on offering of an additional $300 million in aggregate principal amount of 2029 Senior Notes. The net proceeds from this offering of $298 million, after $3 million of debt premium and $5 million of debt issuance costs, were used to repurchase a portion of our 7.125% senior notes due 2026 (2026 Senior Notes). The 2029 Senior Notes issued on August 22, 2024 are governed by the same indenture as the $600 million of 2029 Senior Notes that were previously issued on June 5, 2024.

Security – Our 2029 Senior Notes are general unsecured obligations which are guaranteed on a senior unsecured basis by all of our existing subsidiaries that guarantee our obligations under the Revolving Credit Facility and our existing 2026 Senior Notes.

Redemption – We may redeem the 2029 Senior Notes at any time on or after June 15, 2026 at the redemption prices of (i) 104.125% during the twelve-month period beginning on June 15, 2026, (ii) 102.063% during the twelve-month period beginning on June 15, 2027 and (iii) 100% after June 15, 2028 and before the maturity date. Prior to June 15, 2026, we may redeem up to 35% of the aggregate principal amount of the 2029 Senior Notes with an amount of cash not greater than the net cash proceeds from certain equity offerings at the redemption price of 108.250%. In addition, before June 15, 2026, we may redeem some or all of the 2029 Senior Notes at a redemption price equal to 100% of the aggregate principal amount of the 2029 Senior Notes redeemed, plus the applicable premium as specified in the 2029 Senior Notes Indenture and accrued and unpaid interest, if any, to, but excluding, the redemption date.

Other Covenants – Our 2029 Senior Notes include covenants that, among other things, restrict our ability to incur additional indebtedness, issue preferred stock, grant liens, make asset sales and investments, repay existing indebtedness, make subsidiary distributions, and enter into transactions that would result in fundamental changes.

Events of Default and Change of Control – Our 2029 Senior Notes provide for certain triggering events, including upon a change of control, as defined in the indenture, that would require us to repurchase all or any part of the 2029 Senior Notes at a price equal to 101% of the aggregate principal amount plus accrued and unpaid interest.

Tender Offer and Note Repurchases

In the year ended December 31, 2024, we repurchased $300 million in face value of our 2026 Senior Notes for $303 million, resulting in a loss on early extinguishment of debt in the amount of $5 million which includes a $2 million write-off of unamortized debt issuance costs. In the year ended December 31, 2023, we repurchased $55 million in principal amount of our 2026 Senior Notes at par resulting in an extinguishment loss of $1 million for the write-off of unamortized debt issuance costs.

Our 2026 Senior Notes are redeemable at any time prior to the maturity date at a redemption price equal to (i) 102% of the principal amount if redeemed in the twelve months beginning February 1, 2024, and (ii) 100% of the principal amount if redeemed after February 1, 2025, in each case plus accrued and unpaid interest.

Fair Value

As shown in the table below, we estimate the fair value of our fixed rate 2029 Senior Notes and 2026 Senior Notes based on known prices from market transactions (using Level 1 inputs on the fair value hierarchy).


	December 31,		December 31,
	2024		2023

	(in millions)
Variable rate debt	$	—	$	—
Fixed rate debt
2026 Senior Notes	245		554
2029 Senior Notes	913		—
Fair Value of Long-Term Debt	$	1,158	$	554

Other

At December 31, 2024, all obligations under our Revolving Credit Facility and Senior Notes are guaranteed by certain of our material wholly owned subsidiaries. See Note 18 Condensed Consolidating Financial Information for additional information.

The terms and conditions of all of our indebtedness are subject to additional qualifications and limitations that are set forth in the relevant governing documents.

At December 31, 2024, we were in compliance with all debt covenants under our Revolving Credit Facility.

Principal maturities of debt outstanding at December 31, 2024 are as follows:


	As of December 31, 2024
	(in millions)
2025	$	—
2026	245
2027	—
2028	—
2029	900
Thereafter	—
Total	$	1,145

STOCK-BASED COMPENSATION - Performance Stock Unit Awards (Details) - Performance Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Units
Unvested, beginning of year (in shares) \| shares	1,373
Granted (in shares) \| shares	281
Vested (in shares) \| shares	(869)
Forfeited or Cancelled (in shares) \| shares	(21)
Unvested, end of year (in shares) \| shares	764
Weighted-Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share) \| $ / shares	$ 28.13
Granted (in dollars per share) \| $ / shares	59.00
Vested (in dollars per share) \| $ / shares	19.66
Forfeited or Cancelled (in dollars per share) \| $ / shares	38.00
Unvested, end of year (in dollars per share) \| $ / shares	$ 48.83

DIVESTITURES AND ACQUISITIONS - Divestitures (Details) $ in Millions				1 Months Ended	12 Months Ended
	Oct. 14, 2024 USD ($)	Dec. 29, 2023 USD ($)	Feb. 01, 2022 USD ($)	Mar. 31, 2024 USD ($) a	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Proceeds from asset divestitures					$ 15	$ 32	$ 80
Gain on asset divestitures					11	32	59
Fort Apache In Huntington Beach \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Area of real estate property \| a				0.9
Proceeds from asset divestitures				$ 10
Gain on asset divestitures				$ 6
Round Mountain Unit \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Gain on asset divestitures		$ 25
Ventura Basin \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Gain on asset divestitures	$ 4						11
Lost Hills, San Joaquin Basin \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Gain on asset divestitures			$ 49
Working interest acquired by MIRA			50.00%
Option retained to capture carbon emissions, percent			100.00%
Percent of deep rights and related seismic data retained			100.00%
CRC Plaza \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from asset divestitures							13
Gain on asset divestitures							$ 0
Term of lease							18 months
Other Divestitures \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Gain (loss) on disposition of business					$ 1	$ 7	$ (1)

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

Nature of Business

We are an independent energy and carbon management company committed to energy transition. We are committed to environmental stewardship while safely providing local, responsibly sourced energy. We are also focused on maximizing the value of our land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.

Our reportable segments include oil and natural gas and carbon management. The oil and gas segment explores for, develops, and produces oil and condensate, natural gas liquids and natural gas. The carbon management segment, which we refer to as Carbon TerraVault, is expected to build, install, operate and maintain CO2 capture equipment, transportation assets and storage facilities. Our carbon management segment includes our investment in the Carbon TerraVault joint venture. See Note 4 Investments and Related Party Transactions and Note 16 Segment Information for additional information.

On July 1, 2024, pursuant to the Agreement and Plan of Merger, dated as of February 7, 2024 (the Merger Agreement), we acquired Aera Energy LLC (Aera) in an all-stock transaction (Aera Merger). See Note 2 Aera Merger for transaction details. The effective date of the acquisition was January 1, 2024.

Except when the context otherwise requires or where otherwise indicated, all references to ‘‘CRC,’’ the ‘‘Company,’’ ‘‘we,’’ ‘‘us’’ and ‘‘our’’ refer to California Resources Corporation and its consolidated subsidiaries as of the date presented.

Basis of Presentation

We have prepared this report in accordance with United States (U.S.) generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission applicable to annual financial information.

All financial information presented consists of our consolidated results of operations, financial position and cash flows. We have eliminated intercompany transactions and balances. We account for our share of oil and natural gas producing activities, in which we have a direct working interest, by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on our consolidated financial statements. We have conformed Aera’s accounting policies to our legacy methods for all significant balances included in our consolidated financial statements. Our consolidated results of operations include the results of Aera beginning July 1, 2024, the closing date of the Aera Merger. The Aera Merger and related transactions have significantly impacted the comparability of our financial results for 2024 and prior years. In applying the equity method of accounting, our investments in our unconsolidated subsidiaries are recognized either at cost, as is the case with Carbon TerraVault JV HoldCo, LLC, or at fair value if acquired in a business combination, as is the case for Midway Sunset Cogeneration Company. These investments are then adjusted for our proportionate share of income or loss in addition to contributions and distributions.

Certain prior period balances related to natural gas liquid (NGL) marketing activities were reclassified to conform to our 2024 presentation. For the years ended December 31, 2023 and 2022, we reclassified $6 million and $17 million, respectively, related to NGL storage activities from other revenue to revenue from marketing of purchased commodities on our consolidated statements of operations. For the years ended December 31, 2023 and 2022, we reclassified $3 million and $12 million, respectively, related to NGL processing fees from other operating expenses, net to costs related to marketing of purchased commodities on our consolidated statements of operations.

Use of Estimates

The process of preparing financial statements in conformity with U.S. GAAP requires management to select appropriate accounting policies and make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments. Further, actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our consolidated financial statements.

Risks and Uncertainties

Our revenue, profitability and future growth of our oil and natural gas segment are substantially dependent upon prevailing and future prices for the commodities we produce and sell, which can be volatile and fluctuate significantly due to factors beyond our control, including our ability to obtain permits. We are in the early stages of developing a carbon capture and sequestration business which is subject to risks as an emerging industry and availability of tax incentives. We operate exclusively in California which is a highly regulated environment.

Concentration of Customers

We sell crude oil, natural gas and NGLs to marketers, California refineries and other customers that have access to transportation and storage facilities. In light of the ongoing energy deficit in California and strong demand for native crude oil production, we do not believe that the loss of any single customer would have a material adverse effect on our consolidated financial statements taken as a whole.

For the year ended December 31, 2024, four customers of our oil and gas segment each accounted for at least 10%, and collectively 67%, of our sales (before the effects of hedging). For the year ended December 31, 2023, three customers of our oil and gas segment each accounted for at least 10%, and collectively 44%, of our sales (before the effects of hedging). For the year ended December 31, 2022, three customers of our oil and gas segment each accounted for at least 10%, and collectively accounted for 52%, of our sales (before the effects of hedging).

Recently Adopted Accounting and Disclosure Changes

In November 2023, the Financial Accounting Standards Board’s (FASB) issued improvements to the segment disclosure requirements primarily to enhance disclosure of significant segment expenses. The new disclosure requirements are applied retrospectively to all prior periods included in the financial statements. We adopted these new rules for the year ended December 31, 2024 adding Note 16 Segment Information.

In December 2023, the FASB issued improvements to the disclosure requirements for Income Taxes (ASC 740). The new disclosure requirements are to be applied on a prospective basis, but a retrospective application is permitted. We early adopted these rules for the year ended December 31, 2024, retrospectively presenting our income tax disclosures, as shown in Note 8 Income Taxes.

Recently Issued but not Adopted Accounting and Disclosure Changes

In November 2024, the FASB issued new disclosure requirements to enhance disclosure of certain costs and expenses. These new expense disclosures will apply to us. The rules are effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, early adoption is permitted. We expect that the adoption of these rules will only impact our disclosures and have no impact to our results of operations, cash flows and financial condition.

Accounting Policies

Fair Value Measurements

Our assets and liabilities measured at fair value are categorized in a three-level fair-value hierarchy, based on the inputs to the valuation techniques:

Level 1—using quoted prices in active markets for the assets or liabilities;

Level 2—using observable inputs other than quoted prices for the assets or liabilities; and

Level 3—using unobservable inputs.

Transfers between levels, if any, are recognized at the end of each reporting period. We apply the market approach for certain recurring fair value measurements, maximize our use of observable inputs and minimize use of unobservable inputs. We generally use an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management's judgments regarding expectations of projected cash flows and discount rates.

Commodity derivatives are carried at fair value. We utilize the mid-point between bid and ask prices for valuing these instruments. Our commodity derivatives comprise of over-the-counter bilateral financial commodity contracts, which are generally valued using industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contracted prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable data or are supported by observable prices based on transactions executed in the marketplace. We classify these measurements as Level 2.

Our PP&E may be written down to fair value if we determine that there has been an impairment. The fair value is determined as of the date of the assessment generally using discounted cash flow models based on management’s expectations for the future. Inputs include estimates of future production, prices based on commodity forward price curves, inclusive of market differentials, as of the date of the estimate, estimated future operating and development costs and a risk-adjusted discount rate.

The carrying amounts of cash and other on-balance sheet financial instruments, other than fixed-rate debt, approximate fair value. See Note 5 Debt for the fair value of our fixed-rate debt.

We may enter into joint ventures that are considered to be a variable interest entity (VIE). A VIE is a legal entity that possesses any of the following conditions: the entity's equity at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, equity owners are unable to direct the activities that most significantly impact the legal entity's economic performance (or they possess disproportionate voting rights in relation to the economic interest in the legal entity), or the equity owners lack the obligation to absorb the legal entity's expected losses or the right to receive the legal entity's expected residual returns. We consolidate a VIE if we determine that we have (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that are more than insignificant to the VIE. If an entity is determined to be a VIE but we do not have a controlling interest, the entity is accounted for under either the cost or equity method depending on whether we exercise significant influence. See Note 4 Investments and Related Party Transactions for more information on the Carbon TerraVault JV.

We also may enter into investments in entities that are considered to be voting interest entities (VOEs). A VOE is a legal entity that does not meet the conditions of a VIE as outlined above. We consolidate a VOE if we determine that we have a controlling financial interest in the VOE. If an entity is determined to be a VOE but we do not have a controlling financial interest, the entity is accounted for under either the cost or equity method, depending on the structure of the entity. See Note 4 Investments and Related Party Transactions for more information on our investment in the Midway Sunset Cogeneration Company.

These evaluations are highly complex and involve management judgment and may involve the use of estimates and assumptions based on available information. The evaluation requires continual assessment. Investments in unconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value may have occurred, which is other than temporary.

Business Combinations

We account for business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations (ASC 805). Under the acquisition method of accounting in ASC 805, the assets acquired and liabilities assumed are measured as of their acquisition date fair value. Fair value is the price that we estimate would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Accounting for business combinations requires the allocation of the purchase price to the various assets and liabilities of the acquired business and recording deferred taxes for any differences between the allocated values and tax basis of assets and liabilities. Any excess of the purchase price over the amounts assigned to assets and liabilities is recorded as goodwill. If the fair value of the assets acquired and the liabilities assumed are greater than the purchase price, then a bargain purchase gain is recognized. Transaction and integration costs associated with business combinations are expensed as incurred.

Revenue Recognition

We derive substantially all of our revenue from sales of oil, natural gas and NGLs, with the remaining revenue generated from sales of electricity and marketing activities related to storage and managing excess pipeline capacity. Revenues are recognized when control of promised goods is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods. See Note 15 Revenue for more information on our revenue from contracts with customers.

Restricted Cash

Restricted cash of $18 million, included in cash and cash equivalents on our consolidated balance sheet, at December 31, 2024 primarily includes funds held in an escrow account established to secure well and infrastructure abandonment and habitat restoration at an oil and gas field previously owned by Aera. Refer to Note 2 Aera Merger for more information. Funds will be released from the escrow account as work is completed. The Merger Agreement provides that 50% of the amount of released funds exceeds the cumulative abandonment and habitat restoration expenditures from January 1, 2024 onward is payable to the prior owners of Aera (Sellers). We do not expect this return of excess cash to be significant. We had no restricted cash at December 31, 2023.

Inventories

Materials and supplies, which primarily consist of well equipment and tubular goods used in oil and natural gas operations, are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods are predominantly comprised of oil and natural gas liquids (NGLs), which are valued at the lower of cost or net realizable value. Inventories, by category, are as follows:



	2024		2023

	(in millions)
Materials and supplies	$	86	$	68
Finished goods	4		4
Total	$	90	$	72

In the year ended December 31, 2024, we recorded an impairment of excess and obsolete materials and supplies of $13 million. The impairment related to the write-down of obsolete materials and supplies to fair value using Level 3 inputs in the fair value hierarchy.

We acquired materials and supplies inventory with an estimated value of $30 million in connection with the Aera Merger. See Note 2 Aera Merger for additional information.

Assets Held for Sale

We may market certain non-core oil and natural gas assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commitment to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within one year, the asset is being actively marketed for sale and it is unlikely that significant changes will be made to the plan. If all of these criteria are met, the asset is presented as held for sale on our consolidated balance sheet and measured at the lower of the carrying amount or estimated fair vale less costs to sell. DD&A expense is not recorded on assets once classified as held for sale.

The assets classified as held for sale at December 31, 2024 include land acquired for our carbon management activities. See Note 9 Divestitures and Acquisitions for more information.

Derivative Instruments

The fair value of our derivative contracts are netted when a legal right of offset exists with the same counterparty with an intent to offset. Since we did not apply hedge accounting to our commodity derivatives for any of the periods presented, we recognized fair value adjustments, on a net basis, in our consolidated statements of operations. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging program goals, even though they are not accounted for as cash-flow or fair-value hedges.

Property, Plant and Equipment (PP&E)

We use the successful efforts method to account for our oil and natural gas properties. Under this method, we capitalize costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells, including permitting, land preparation and drilling costs, are initially capitalized pending a determination of whether we find proved reserves. If we find proved reserves, the costs of exploratory wells remain capitalized. Otherwise, we charge the costs of the related wells to expense. In cases where we cannot determine whether we have found proved reserves at the completion of exploration drilling, we conduct additional testing and evaluation of the wells. We generally expense the costs of such exploratory wells if we do not find proved reserves within a one-year period after initial drilling has been completed.

Proved Reserves – Proved reserves are those quantities of oil and natural gas that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a specific date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. We have no proved oil and natural gas reserves for which the determination of economic producibility is subject to the completion of major capital investments.

Several factors could change our proved oil and natural gas reserves. For example, for long-lived properties, higher commodity prices typically result in additional reserves becoming economic and lower commodity prices may lead to existing reserves becoming uneconomic. Estimation of future production and development costs is also subject to change partially due to factors beyond our control, such as energy costs and inflation or deflation of oil field service costs. These factors, in turn, could lead to changes in the quantity of proved reserves. Additional factors that could result in a change of proved reserves include production decline rates and operating performance differing from those estimated when the proved reserves were initially recorded as well as availability of capital to implement the development activities contemplated in the reserves estimates and changes in management's plans with respect to such development activities.

We perform impairment tests with respect to proved properties when product prices decline other than temporarily, reserve estimates change significantly, other significant events occur or management's plans change with respect to these properties in a manner that may impact our ability to realize the recorded asset amounts. Impairment tests incorporate a number of assumptions involving expectations of undiscounted future cash flows, which can change significantly over time. These assumptions include estimates of future product prices, which we based on forward price curves and, when applicable, contractual prices, estimates of oil and natural gas reserves and estimates of future expected operating and development costs. Any impairment loss would be calculated as the excess of the asset's net book value over its estimated fair value. We recognize any impairment loss on proved properties by adjusting the carrying amount of the asset.

Unproved Properties – When we make acquisitions that include unproved properties, we assign values based on estimated reserves that we believe will ultimately be proved. As exploration and development work progresses and if reserves are proved, we transfer the book value from unproved to proved based on the initially determined acquisition cost per BOE. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, regulatory changes, contractual conditions or other factors, the capitalized costs of the related properties would be expensed.

Impairments of unproved properties are primarily based on qualitative factors including intent of property development, lease term and recent development activity. The timing of impairments on unproved properties, if warranted, depends upon management's plans, the nature, timing and extent of future exploration and development activities and their results. We recognize any impairment loss on unproved properties by providing a valuation allowance.

Depreciation, Depletion and Amortization – We determine depreciation, depletion and amortization (DD&A) of oil and natural gas producing properties by the unit-of-production method. Our unproved reserves are not subject to DD&A until they are classified as proved properties. We amortize acquisition costs over total proved reserves, and capitalized development and successful exploration costs over proved developed reserves. Our gas and power plant assets are depreciated over the estimated useful lives of the assets, using the straight-line method, with expected initial useful lives of the assets of up to 30 years. We depreciated other property and equipment using the straight-line method based on expected useful lives of the individual assets or group of assets. The useful lives typically include ranges of 4-10 years for leasehold improvements, 1-4 years for software and telecommunications equipment and up to 5 years for computer hardware.

We expense annual lease rentals, the costs of injection used in production and exploration, and geological, geophysical and seismic costs as incurred. Costs of maintenance and repairs are expensed as incurred, except that the costs of replacements that expand capacity or add proven oil and natural gas reserves are capitalized.

Stock-Based Incentive Plans

The terms of our long-term incentive plan were approved by our board of directors in January 2021. In accordance with this long-term incentive plan, we reserved 9,257,740 shares of common stock (subject to adjustment) for future issuances to certain executives, employees and non-employee directors that are more fully described in Note 10 Stock-Based Compensation.

Earnings Per Share

Basic earnings per share is calculated as net income divided by the weighted average number of our common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of our common shares outstanding including the effect of dilutive potential common shares. We compute basic and diluted earnings per share (EPS) using the two-class method required for participating securities, when applicable, and the treasury stock method when participating securities are not in place. Certain restricted and performance stock awards are considered participating securities when such shares have non-forfeitable dividend rights, which participate at the same rate as common stock.

Under the two-class method, net income allocated to participating securities is subtracted from net income attributable to common stock in determining net income available to common stockholders. In loss periods, no allocation is made to participating securities because the participating securities do not share in losses.

Asset Retirement Obligations

We recognize the fair value of asset retirement obligations (ARO) in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The fair value of the retirement obligation is based on future retirement cost estimates and incorporates many assumptions such as time of abandonment, current regulatory requirements, technological changes, future inflation rates and a risk-adjusted discount rate. When the liability is initially recorded, we capitalize the cost by increasing the related PP&E balances. If the estimated future cost or timing of cash flow changes, we adjust the fair value of the liability and PP&E. Over time the liability is increased, and expense is recognized for accretion. The cost capitalized to PP&E is recovered over either the useful life of our facilities or the unit-of-production method for our minerals.

We have asset retirement obligations for certain of our facilities, which includes plant and field decommissioning, and the plugging and abandonment of wells. In certain cases, we will recognize ARO in the periods in which sufficient information becomes available to reasonably estimate their fair values. Additionally, for certain plants, we do not have a legal obligation to decommission them and, accordingly, we have not recorded a liability.

The following table summarizes the activity related to our 2024 and 2023 ARO:



	Year ended December 31,
	2024		2023

	(in millions)
Beginning balance	$	521	$	491
Liabilities assumed in the Aera Merger	646		—
Liabilities settled and divested	(94)		(60)
Accretion expense(a)	84		46


Revisions of estimated cash flows	(32)		37
Additions	4		7


Ending balance(b)	$	1,129	$	521

Current liability (included in accrued liabilities)	$	134	$	99
Non-current liability	$	995	$	422

(a)For the year ended December 31, 2024, we recognized a $3 million adjustment in measurement period adjustments related to accretion on the Aera asset retirement obligation.

(b)The table excludes $5 million related to asset retirement obligations associated with assets held for sale at December 31, 2023 that were sold in October 2024. Refer to Note 9 Divestitures and Acquisitions for more information on our Ventura divestiture.

Liabilities assumed during 2024 relates to the acquisition of Aera as described in Note 2 Aera Merger. Our liabilities settled and divested in 2024 included $92 million related to settlement payments and $2 million related to the divestiture of our Fort Apache real estate property in Huntington Beach, California. Revisions of our estimated cash flows decreased $32 million, which reflects efficiencies gained in how we perform our well abandonment.

Our liabilities settled and divested in 2023 of $60 million, included $51 million for settlement payments and $9 million of liabilities assumed related to our sale of our non-operated working interest in the Round Mountain Unit and a non-producing asset. Revisions of our estimated obligation increased $37 million, which reflected changes in the timing of settlement.

Loss Contingencies

In the normal course of business, we are involved in lawsuits, claims and other environmental and legal proceedings and audits. We accrue reserves for these matters when it is probable that a liability has been incurred and the liability can be reasonably estimated. In addition, we disclose, if material, in aggregate, our exposure to losses in excess of the amount recorded on the balance sheet for these matters if it is reasonably possible that an additional material loss may be incurred. We review our loss contingencies on an ongoing basis.

Loss contingencies are based on judgments made by management with respect to the likely outcome of these matters and are adjusted as appropriate. Management’s judgments could change based on new information, changes in, or interpretations of, laws or regulations, changes in management’s plans or intentions, opinions regarding the outcome of legal proceedings, or other factors.

Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized when it is more likely than not that they will be realized. We periodically assess our deferred tax assets and reduce such assets by a valuation allowance if we deem it is more likely than not that some portion or all of the deferred tax assets will not be realized.

We recognize the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a tax authority. We recognize interest and penalties, if any, related to uncertain tax positions as a component of the income tax provision. No interest or penalties related to uncertain tax positions were recognized in the financial statements for the periods presented.

Production-Sharing Type Contracts

Our share of production and reserves from operations in the Wilmington field is subject to contractual arrangements similar to production-sharing contracts (PSCs) that are in effect through the economic life of the assets. Under such contracts we are obligated to fund all capital and operating costs. We record a share of production and reserves to recover a portion of such capital and operating costs and an additional share for profit. Our portion of the production represents volumes: (i) to recover our partners’ share of capital and operating costs that we incur on their behalf, (ii) for our share of contractually defined base production and (iii) for our share of remaining production thereafter. We generate returns through our defined share of production from (ii) and (iii) above. These contracts do not transfer any right of ownership to us and reserves reported from these arrangements are based on our economic interest as defined in the contracts. Our share of production and reserves from these contracts decreases when product prices rise and increases when prices decline, assuming comparable capital investment and operating costs. However, our net economic benefit is greater when product prices are higher. These PSCs represented approximately 12% and 18% of our total production for the years ended December 31, 2024 and 2023, respectively.

In line with industry practice for reporting PSCs, we report 100% of operating costs under such contracts in our consolidated statements of operations as opposed to reporting only our share of those costs. We report the proceeds from production designed to recover our partners' share of such costs (cost recovery) in our revenues. Our reported production volumes reflect only our share of the total volumes produced, including cost recovery, which is less than the total volumes produced under the PSCs. This difference in reporting full operating costs but only our net share of production equally inflates our revenue and operating costs per barrel and has no effect on our net results.

Pension and Postretirement Benefit Plans

All of our regular, full-time employees participate in postretirement benefit plans we sponsor. These plans are primarily funded as benefits are paid. In addition, a portion of our employees also participate in defined benefit pension plans sponsored by us. We recognize the net overfunded or underfunded amounts in the consolidated financial statements at each measurement date.

We determine our defined benefit pension and postretirement benefit plan obligations based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. We estimate the rate of return on assets with regard to current market factors but within the context of historical returns.

Pension plan assets are measured at fair value. Publicly registered mutual funds are valued using quoted market prices in active markets. Commingled funds are valued at the fund units’ net asset value (NAV) provided by the issuer, which represents the quoted price in a non-active market.

Actuarial gains and losses that have not yet been recognized through income, are recorded in accumulated other comprehensive income within equity, net of taxes, until they are amortized as a component of net periodic benefit cost.

Leases

We account for our leases in which we are the lessee, other than mineral leases including oil and natural gas leases, under an accounting standard which requires us to recognize most leases, including operating leases, on the balance sheet. The majority of our leases are for commercial office space, fleet vehicles, drilling rigs, easements and facilities. We categorize leases as either operating or financing at lease commencement. We recognize a right-of-use (ROU) asset and associated lease liability for each operating and finance lease with contractual terms of greater than 12 months on the balance sheet. In considering whether a contract contains a lease, we first consider whether there is an identifiable asset and then consider how and for what purpose the asset would be used over the contract term. Our ROU assets are measured at the initial amount of the lease liability determined by measuring the present value of the fixed minimum lease payments, adjusted for any payments made before or at the lease commencement date, discounted using our incremental borrowing rate (IBR). In determining our IBR, we consider the average cost of borrowing for publicly traded corporate bond yields, which are adjusted to reflect our credit rating, the remaining lease term for each class of our leases and frequency of payments.

The ROU assets for operating leases are amortized over the term of the lease using the straight-line method. Lease expense also includes accretion of the lease liability recognized using the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets.

Share Repurchase Program

We repurchase shares of our common stock from time to time under a program authorized by our Board of Directors, including pursuant to a contract, instruction or written plan meeting requirements of Rule 10b5-1(c)(1) of the Exchange Act. Share repurchases have not been retired and are displayed separately as treasury stock on our consolidated balance sheet.

Government Grants

Our carbon business has been awarded government grants to assist in developing carbon capture and storage projects, including the evaluation of technology related to direct air capture and determining the suitability of certain reservoirs located in California for carbon storage. We will recognize the government funding as either a reduction of research expense or a reduction to the carrying amount of an asset where equipment is required to be constructed and used during the research period. Grant income is recognized when it is probable the cost will be recovered under the conditions of the agreement, generally when costs are incurred by us. The amounts presented as a reduction of research expenses included in other operating expenses, net in our consolidated statement of operations for the year ended December 31, 2024 and on our balance sheet as of December 31, 2024 are not significant. No amounts have been recognized for asset related grants.

Supplemental Cash Flow Information

Supplemental disclosures to our consolidated statements of cash flows, excluding leases and ARO, are presented below:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Supplemental Cash Flow Information
Interest paid, net of amount capitalized	$	(80)	$	(44)	$	(43)
Income taxes paid	$	105	$	121	$	20
Interest income	$	18	$	21	$	4

Supplemental Disclosure of Non-cash Investing and Financing Activities



Contribution to the Carbon TerraVault JV	$	20	$	15	$	2
Dividends accrued for stock-based compensation awards	$	2	$	3	$	2
Issuance of shares for stock-based compensation awards	$	90	$	5	$	—
Excise tax on share repurchases	$	2	$	1	$	—

SEGMENT INFORMATION - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating revenues	$ 3,198	$ 2,801	$ 2,707
Energy operating costs	279	323	323
Gas processing costs	16	18	17
Non-energy operating costs	671	481	445
General and administrative expenses	321	267	222
Depreciation, depletion and amortization	388	225	198
Taxes other than on income	242	165	162
Loss (income) from investment in unconsolidated subsidiaries	10	9	1
Other segment expenses	237	112	42
Segment profit or (loss)	620	808	812
Income (loss) before income taxes	516	748	761
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating revenues	2,572	2,172	2,660
Operating Segments \| Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating revenues	2,572	2,172	2,660
Energy operating costs	296	323	323
Gas processing costs	16	18	17
Non-energy operating costs	671	481	445
General and administrative expenses	58	54	48
Depreciation, depletion and amortization	354	205	177
Taxes other than on income	207	114	111
Loss (income) from investment in unconsolidated subsidiaries	12	9	1
Other segment expenses	237	112	42
Segment profit or (loss)	721	856	1,496
Operating Segments \| Oil and Natural Gas
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating revenues	2,572	2,172	2,660
Energy operating costs	296	323	323
Gas processing costs	16	18	17
Non-energy operating costs	671	481	445
General and administrative expenses	43	42	36
Depreciation, depletion and amortization	354	205	177
Taxes other than on income	207	114	111
Loss (income) from investment in unconsolidated subsidiaries	0	0	0
Other segment expenses	170	67	14
Segment profit or (loss)	815	922	1,537
Operating Segments \| Carbon Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating revenues	0	0	0
Energy operating costs	0	0	0
Gas processing costs	0	0	0
Non-energy operating costs	0	0	0
General and administrative expenses	15	12	12
Depreciation, depletion and amortization	0	0	0
Taxes other than on income	0	0	0
Loss (income) from investment in unconsolidated subsidiaries	12	9	1
Other segment expenses	67	45	28
Segment profit or (loss)	(94)	(66)	(41)
Replacement water injection facilities			12
Reconciliation (Income)/Expense
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Energy operating costs	(17)	0	0
Gas processing costs	0	0	0
Non-energy operating costs	0	0	0
General and administrative expenses	263	213	174
Depreciation, depletion and amortization	34	20	21
Taxes other than on income	35	51	51
Loss (income) from investment in unconsolidated subsidiaries	(2)	0	0
Other segment expenses	0	0	0
Other profit or loss	(133)	(291)	(140)
Unallocated amounts	$ 25	$ 115	$ 629

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic and diluted earnings per share (EPS) were calculated using the treasury stock method. Our restricted and performance stock unit awards, as described in Note 10 Stock-Based Compensation, are not considered participating securities since the dividend rights on unvested shares are forfeitable.

For basic EPS, the weighted-average number of common shares outstanding excludes underlying shares related to equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive. Under the treasury stock method, we assume that proceeds from the exercise of options, warrants and similar instruments are used to purchase common stock at average market price of our stock each period. For PSUs, we measure the performance of our common stock against certain market conditions to determine the percentage earned for each period and the number of potential common shares included in diluted EPS. An insignificant number of potential common shares were not earned, and therefore were not treated as issued in our diluted EPS calculation for the year ended December 31, 2024.

The following table presents the calculation of basic and diluted EPS.


	Year ended December 31,
	2024		2023		2022

	(in millions, except per share amounts)
Numerator for Basic and Diluted EPS
Net income	$	376	$	564	$	524






Denominator for Basic EPS
Weighted-average shares	79.3		69.6		75.5

Potential dilutive common shares:
Restricted Stock Units	0.5		1.0		0.7
Performance Stock Units	0.5		0.9		0.7
Warrants	1.0		1.0		0.7
Deferred Consideration Obligation (related to the Aera Merger)	0.1		—		—

Denominator for Diluted Earnings per Share
Weighted-average shares - diluted	81.4		72.5		77.6

EPS
Basic	$	4.74	$	8.10	$	6.94
Diluted	$	4.62	$	7.78	$	6.75

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

LEASES - Narrative (Details) $ in Millions	12 Months Ended
LEASES - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) option	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
ROU asset obtained in exchange for lease obligations	$ 105	$ 73
Number of sublease extension options \| option	0
Carbon Management
Lessee, Lease, Description [Line Items]
ROU asset obtained in exchange for lease obligations	$ 57	$ 36

AERA MERGER - Schedule of Pro Forma Information (Details) - Aera - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Total operating revenue	$ 3,883	$ 4,838
Net income	$ 355	$ 721
EPS
Basic (in dollars per share)	$ 3.94	$ 7.93
Diluted (in dollars per share)	$ 3.85	$ 7.65

SUPPLEMENTAL ACCOUNT BALANCES - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Compensation-related liabilities	$ 50	$ 38
Postretirement and pension benefit plans	59	36
Operating lease liability	76	55
Fair value of derivative contracts	45	2
Contingent liability	107	52
Other	40	18
Other long-term liabilities	$ 377	$ 201

SUPPLEMENTAL ACCOUNT BALANCES (Tables)

12 Months Ended

Dec. 31, 2024

SUPPLEMENTAL INFORMATION [Abstract]

Schedule of Other Current Assets

Other current assets, net include the following:



	December 31, 2024		December 31, 2023

	(in millions)
Net amounts due from joint interest partners(a)	$	41	$	43

Fair value of commodity derivative contracts	14		21

Prepaid expenses	28		19
Greenhouse gas allowances	27		12

Income tax receivable	50		—
All other	16		18
Other current assets, net	$	176	$	113

(a)Included in the net amounts due from joint interest partners are an insignificant amount of allowances as of December 31, 2024 and allowances of $3 million as of December 31, 2023.

Schedule of Other Noncurrent Assets

Other noncurrent assets include the following:



	December 31, 2024		December 31, 2023

	(in millions)
Operating lease right-of-use assets	$	105	$	73
Deferred financing costs - Revolving Credit Facility	23		11
Emission reduction credits	11		11
Prepaid power plant maintenance	5		34
Fair value of commodity derivative contracts	16		6
Funded pension	67		2
All other	45		11
Other noncurrent assets	$	272	$	148

Schedule of Accrued Liabilities

Accrued liabilities include the following:



	December 31, 2024		December 31, 2023

	(in millions)
Employee-related costs	$	184	$	82
Taxes other than on income	100		35
Asset retirement obligations	134		99
Interest	12		18
Operating lease liability	15		15
Fair value of derivative contracts	50		8
Premiums due on commodity derivative contracts	14		21



Income taxes payable	—		18
Payables for oil and natural gas production	25		13

All other	77		57
Accrued liabilities	$	611	$	366

Schedule of Other Long-Term Liabilities

Other long-term liabilities includes the following:



	December 31, 2024		December 31, 2023

	(in millions)
Compensation-related liabilities	$	50	$	38
Postretirement and pension benefit plans	59		36
Operating lease liability	76		55

Fair value of derivative contracts	45		2
Contingent liability(a)	107		52
Other	40		18
Other long-term liabilities	$	377	$	201

(a)See Note 4 Investments and Related Party Transactions for information on the contingent liability related to the Carbon TerraVault JV.

PENSION AND POSTRETIREMENT BENEFIT PLANS - Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension Benefits
Estimated future undiscounted benefit payments
2025	$ 25
2026	17
2027	16
2028	18
2029	17
2030 - 2034	85
Postretirement Benefits
Estimated future undiscounted benefit payments
2025	10
2026	9
2027	9
2028	9
2029	8
2030 - 2034	$ 41

PENSION AND POSTRETIREMENT BENEFIT PLANS - Obligations and Asset Fair Values (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Postretirement and Other Benefit Plans Disclosure
Projected benefit obligation	$ 272	$ 34
Accumulated benefit obligation	268	30
Fair value of plan assets	$ 332	$ 34

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 376	$ 564	$ 524

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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+ Details

DERIVATIVES - Fair Value (Details) - Commodity Contracts - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Liabilities:
Total derivatives	$ 0	$ 0
Gross Amounts Recognized
Liabilities:
Total derivatives	(65)	17
Net Amounts Presented on the Consolidated Balance Sheet
Liabilities:
Total derivatives	(65)	17
Other current assets, net
Assets:
Gross Amounts Recognized	26	39
Gross Amounts Offset on the Consolidated Balance Sheet	(12)	(18)
Net Amounts Presented on the Consolidated Balance Sheet	14	21
Other noncurrent assets
Assets:
Gross Amounts Recognized	32	38
Gross Amounts Offset on the Consolidated Balance Sheet	(16)	(32)
Net Amounts Presented on the Consolidated Balance Sheet	16	6
Current - Fair value of derivative contracts
Liabilities:
Gross Amounts Recognized	(62)	(26)
Gross Amounts Offset on the Consolidated Balance Sheet	12	18
Net Amounts Presented on the Consolidated Balance Sheet	(50)	(8)
Other long-term liabilities
Liabilities:
Gross Amounts Recognized	(61)	(34)
Gross Amounts Offset on the Consolidated Balance Sheet	16	32
Net Amounts Presented on the Consolidated Balance Sheet	$ (45)	$ (2)

EARNINGS PER SHARE - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator for Basic and Diluted EPS
Net income	$ 376	$ 564	$ 524
Denominator for Basic EPS
Weighted-average shares — basic (in shares)	79.3	69.6	75.5
Denominator for Diluted Earnings per Share
Weighted-average shares — diluted (in shares)	81.4	72.5	77.6
EPS
Basic (in dollars per share)	$ 4.74	$ 8.10	$ 6.94
Diluted (in dollars per share)	$ 4.62	$ 7.78	$ 6.75
Restricted Stock Units
Potential dilutive common shares:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.5	1.0	0.7
Performance Stock Units
Potential dilutive common shares:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.5	0.9	0.7
Warrants
Potential dilutive common shares:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	1.0	1.0	0.7
Deferred Consideration Obligation (related to the Aera Merger)
Potential dilutive common shares:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.1	0.0	0.0

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared, common stock (in dollars per share)	$ 1.3950	$ 1.1575	$ 0.7925

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 40	$ 48	$ 30
Income tax benefit	8	9	6
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	32	40	26
Operating costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	6	7	4
Carbon management business expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2	$ 1	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, authorized shares (in shares)	20,000,000,000,000	20,000,000,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, outstanding shares (in shares)	0	0
Common stock, authorized shares (in shares)	200,000,000,000,000	200,000,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares (in shares)	109,613,585	83,557,800
Common stock, outstanding shares (in shares)	91,100,322	68,693,885
Treasury stock (in shares)	18,513,263	14,863,915

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

As of December 31, 2024 and 2023, our long-term debt consisted of the following:


	December 31,		December 31,
	2024		2023		Interest Rate	Maturity

	(in millions)
Revolving Credit Facility	$	—	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a)	March 16, 2029
2026 Senior Notes	245		545		7.125%	February 1, 2026
2029 Senior Notes	900		—		8.250%	June 15, 2029
Principal amount	$	1,145	$	545
Unamortized debt discount and issuance costs	(16)		(5)
Unamortized premium	3		—
Long-term debt, net	$	1,132	$	540


	December 31,		December 31,
	2024		2023

	(in millions)
Variable rate debt	$	—	$	—
Fixed rate debt
2026 Senior Notes	245		554
2029 Senior Notes	913		—
Fair Value of Long-Term Debt	$	1,158	$	554

Schedule of Financial Performance Covenants

Financial Covenants – Our Revolving Credit Facility includes the following financial covenants:

Ratio

Components

Required Levels

Tested

Consolidated Total Net Leverage Ratio

Ratio of Consolidated Total Debt to Consolidated EBITDAX(a)

Not greater than 3.00 to 1.00

Quarterly

Current Ratio

Ratio of consolidated current assets to consolidated current liabilities(b)

Not less than 1.00 to 1.00

Quarterly

(a)Consolidated EBITDAX is calculated as defined in the Revolving Credit Facility.

(b)The available credit under our Revolving Credit Facility is included in consolidated current assets as part of the calculation of the current ratio.

Schedule of Principal Maturities of Debt Outstanding

Principal maturities of debt outstanding at December 31, 2024 are as follows:


	As of December 31, 2024
	(in millions)
2025	$	—
2026	245
2027	—
2028	—
2029	900
Thereafter	—
Total	$	1,145

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:



	December 31, 2024		December 31, 2023

	(in millions)
Proved oil and natural gas properties	$	6,343	$	3,156

Facilities and other	395		281
Total property, plant and equipment	6,738		3,437
Accumulated depreciation, depletion and amortization	(1,058)		(667)
Total property, plant and equipment, net	$	5,680	$	2,770

LEASES - Supplemental Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Lease liabilities associated with operating activities	$ 29	$ 28
Lease liabilities associated with investing activities	8	2
Lease liabilities associated with financing activities	1	0
ROU assets obtained in exchange for new operating lease liabilities	52	32
ROU assets obtained in exchange for new finance lease liabilities	$ 3	$ 0
Weighted-average remaining lease term (in years)	5 years 11 months 12 days	7 years 4 months 2 days
Weighted-average discount rate	8.10%	6.70%
Weighted-average remaining lease term (in years)	3 years 4 months 13 days
Weighted-average discount rate	9.00%

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Balance Sheets related to Pension and Postretirement Benefit Plans

The following table shows the amounts recognized on our balance sheets related to pension and postretirement benefit plans, as well as plans that we or our subsidiaries sponsor:



	December 31, 2024				December 31, 2023
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Amounts recognized on the balance sheet
Other assets	$	67	$	13	$	2	$	—
Accrued liabilities	(1)		(6)		—		(3)
Other long-term liabilities	(6)		(53)		(3)		(33)
	$	60	$	(46)	$	(1)	$	(36)

Accumulated other comprehensive income, net of tax	$	2	$	73	$	2	$	72

Schedule of Funding Status of our Pension and Post-Retirement Benefit Plans

The following table shows the funding status of our pension and post-retirement benefit plans along with a reconciliation of our benefit obligations and changes in fair value of plan assets:


	Year ended December 31,
	2024		2023

	(in millions)
Pension
Changes in the benefit obligation
Benefit obligation—beginning of year	$	34	$	30
Liabilities assumed in the Aera Merger	249		—
Service cost—benefits earned during the period	3		1
Interest cost on projected benefit obligation	8		1
Actuarial (gain) loss(a)	(2)		3

Benefits paid	(20)		(1)


Benefit obligation—end of year	$	272	$	34

Changes in plan assets
Fair value of plan assets—beginning of year	$	34	$	32
Additions due to the Aera Merger	305		—
Actual return on plan assets	10		3
Employer contributions	3		—
Benefits paid	(20)		(1)
Fair value of plan assets—end of year	$	332	$	34

Net benefit asset	$	60	$	—

Postretirement
Changes in the benefit obligation
Benefit obligation—beginning of year	$	37	$	38
Liabilities assumed in the Aera Merger	70		—
Service cost—benefits earned during the period	2		2
Interest cost on projected benefit obligation	4		2
Actuarial gain(b)	(5)		(2)
Cost of special termination benefits	4		—
Curtailment gain	(4)		—
Benefits paid	(5)		(3)
Plan amendment	(3)		—


Benefit obligation—end of year	$	100	$	37

Changes in plan assets
Fair value of plan assets—beginning of year	$	1	$	1
Additions due to the Aera Merger	52		—
Actual gain (loss) on plan assets	2		—
Employer contributions	4		3
Benefits paid	(5)		(3)
Fair value of plan assets—end of year	$	54	$	1

Net benefit liability	$	(46)	$	(36)

(a)The gain reflected in the changes in the pension benefit obligation for the year ended December 31, 2024 was primarily due to movement in the discount rates.

(b)The gain reflected in the changes in the postretirement benefit obligation for the year ended December 31, 2024 was primarily due to movement in the discount rate.

Schedule of Obligations and Assets to our Defined Benefit Pension Plans

The following table sets for the details of our obligations and assets related to our defined benefit pension plans for the years ended December 31:



	2024		2023

	(in millions)
Projected benefit obligation	$	272	$	34
Accumulated benefit obligation	$	268	$	30
Fair value of plan assets	$	332	$	34

Schedule of Net Periodic Pension and Postretirement Benefit Costs

The following table set forth the components of our net periodic pension and postretirement benefit costs:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Pension
Net periodic benefit costs
Service cost—benefits earned during the period	$	3	$	1	$	1
Interest cost on projected benefit obligation	8		1		1
Expected return on plan assets	(13)		(2)		(1)



Net periodic benefit costs	$	(2)	$	—	$	1

Postretirement
Net periodic benefit costs
Service cost—benefits earned during the period	$	2	$	2	$	2
Interest cost on projected benefit obligation	4		2		1
Expected return on plan assets	(2)		—		—
Cost of special termination benefits	4		—		—
Amortization of prior service cost credit	(5)		(5)		(5)



Amortization of net actuarial gain	(1)		(2)		—
Curtailment gain	(4)		(3)		—
Net periodic benefit costs	$	(2)	$	(6)	$	(2)

Schedule of Changes in Plan Assets and Benefit Obligations

The following table presents the changes in plan assets and benefit obligations recognized in other comprehensive (loss) income:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Pension
Net actuarial (gain) loss	$	—	$	(1)	$	4



Total	$	—	$	(1)	$	4

Postretirement

Net actuarial (gain) loss	$	(5)	$	1	$	9
Prior service credit	(3)		—		—
Actuarial net gain due to curtailment	4		—		—
Special termination benefits	(4)		—		—

Amortization of prior service credit due to curtailment	—		(2)		—
Amortization of prior service credit	5		(4)		(4)
Amortization net actuarial gain (loss)	2		(1)		—
Total	$	(1)	$	(6)	$	5

Schedule of Weighted-Average Basis used to our Determine Benefit Obligations

The following table sets forth the valuation assumptions, on a weighted-average basis, used to determine our benefit obligations and net periodic benefit cost:



	Year ended December 31,
	2024		2023
Pension
Benefit Obligation Assumptions
Discount rate	5.61	%	4.98	%
Rate of compensation increase	4.93	%	4.00	%
Interest crediting rate	5.28	%	N/A
Net Periodic Benefit Cost Assumptions
Discount rate	5.22	%	5.19	%
Expected return on assets	7.00	%	6.98	%
Rate of compensation increase	4.96	%	4.00	%
Interest crediting rate	6.37	%	N/A

Postretirement
Benefit Obligation Assumptions
Discount rate	5.50	%	4.99	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.13	%	5.20	%
Expected return on assets	6.99	%	6.50	%

Schedule of Fair Values of our Pension Plan Assets

The fair values of our pension plan assets by asset category are as follows:


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Comingled funds
Bonds	24		162		—		186
Commodities	17		—		—		17
U.S. equity	—		84		—		84
International equity	24		20		—		44






Total pension plan assets	$	65	$	266	$	—	$	331


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Commingled funds
Bonds	—		18		—		18
Commodities	—		—		—		—
U.S. equity	—		6		—		6
International equity	—		10		—		10






Total pension plan assets	$	—	$	34	$	—	$	34

The fair values of our postretirement benefit plan assets by asset category are as follows:


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Comingled funds
Bonds	4		26		—		30
Commodities	3		—		—		3
U.S. equity	—		13		—		13
International equity	4		2		—		6






Total pension plan assets	$	11	$	41	$	—	$	52

Schedule of Estimated Future Undiscounted Benefit Payments

Estimated future undiscounted benefit payments by the plans, which reflect expected future service, as appropriate, are as follows:


	Pension Benefits		Postretirement Benefits

For the years ended December 31,	(in millions)
2025	$	25	$	10
2026	$	17	$	9
2027	$	16	$	9
2028	$	18	$	9
2029	$	17	$	8
2030 - 2034	$	85	$	41

STOCK-BASED COMPENSATION - Schedule of Percentage of Payouts Target Awards (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield			0.00%
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility				60.00%
Dividend yield		0.00%		0.00%
Trading period excluded	2 months
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		38.58%	42.36%
Risk-free interest rate		4.52%	3.81%	1.59%
Forecast period (in years)		2 years 6 months	1 year 6 months	2 years
Expected term		2 years
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		40.30%	55.00%
Risk-free interest rate		4.86%	4.95%	2.55%
Forecast period (in years)		3 years	3 years	3 years
Expected term		3 years

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventories, by category, are as follows:



	2024		2023

	(in millions)
Materials and supplies	$	86	$	68
Finished goods	4		4
Total	$	90	$	72

Schedule of Rollforward of Asset Retirement Obligation

The following table summarizes the activity related to our 2024 and 2023 ARO:



	Year ended December 31,
	2024		2023

	(in millions)
Beginning balance	$	521	$	491
Liabilities assumed in the Aera Merger	646		—
Liabilities settled and divested	(94)		(60)
Accretion expense(a)	84		46


Revisions of estimated cash flows	(32)		37
Additions	4		7


Ending balance(b)	$	1,129	$	521

Current liability (included in accrued liabilities)	$	134	$	99
Non-current liability	$	995	$	422

(a)For the year ended December 31, 2024, we recognized a $3 million adjustment in measurement period adjustments related to accretion on the Aera asset retirement obligation.

Schedule of Supplemental Cash Flow Information

Supplemental disclosures to our consolidated statements of cash flows, excluding leases and ARO, are presented below:


	Year ended December 31,
	2024		2023		2022

	(in millions)
Supplemental Cash Flow Information
Interest paid, net of amount capitalized	$	(80)	$	(44)	$	(43)
Income taxes paid	$	105	$	121	$	20
Interest income	$	18	$	21	$	4

Supplemental Disclosure of Non-cash Investing and Financing Activities



Contribution to the Carbon TerraVault JV	$	20	$	15	$	2
Dividends accrued for stock-based compensation awards	$	2	$	3	$	2
Issuance of shares for stock-based compensation awards	$	90	$	5	$	—
Excise tax on share repurchases	$	2	$	1	$	—

DERIVATIVES - Summary of Derivative Contracts (Details) - Not Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2024 MMBTU $ / barrel $ / MMBTU bbl
Sold Calls - Crude Oil Q1 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	87.08
Sold Calls - Crude Oil Q2 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	87.08
Sold Calls - Crude Oil Q3 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	87.08
Sold Calls - Crude Oil Q4 2025
Derivatives
Barrels per day (in barrels) \| bbl	29,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	87.13
Sold Calls - Crude Oil 2026
Derivatives
Barrels per day (in barrels) \| bbl	15,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	85.00
Sold Calls - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
Sold Calls - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
Purchased Puts - Crude Oil Q1 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.67
Purchased Puts - Crude Oil Q2 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.67
Purchased Puts - Crude Oil Q3 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.67
Purchased Puts - Crude Oil Q4 2025
Derivatives
Barrels per day (in barrels) \| bbl	29,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.72
Purchased Puts - Crude Oil 2026
Derivatives
Barrels per day (in barrels) \| bbl	15,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	60.00
Purchased Puts - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
Purchased Puts - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
Swaps - Crude Oil Q1 2025
Derivatives
Barrels per day (in barrels) \| bbl	52,837
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	72.48
Swaps - Crude Oil Q2 2025
Derivatives
Barrels per day (in barrels) \| bbl	46,506
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	71.31
Swaps - Crude Oil Q3 2025
Derivatives
Barrels per day (in barrels) \| bbl	44,126
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	70.62
Swaps - Crude Oil Q4 2025
Derivatives
Barrels per day (in barrels) \| bbl	42,626
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	69.94
Swaps - Crude Oil 2026
Derivatives
Barrels per day (in barrels) \| bbl	30,449
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	67.95
Swaps - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	13,882
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	65,530,000
Swaps - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	1,697
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	65.00
SoCal Border - Natural Gas Q1 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	10,000
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	6.02
SoCal Border - Natural Gas Q2 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	29,074
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.44
SoCal Border - Natural Gas Q3 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	25,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.48
SoCal Border - Natural Gas Q4 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	22,408
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.53
SoCal Border - Natural Gas 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	660
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	6.29
SoCal Border - Natural Gas 2027
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
SoCal Border - Natural Gas 2028
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
NWPL Rockies - Natural Gas Q1 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	50,999
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	5.48
NWPL Rockies - Natural Gas Q2 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	2.95
NWPL Rockies - Natural Gas Q3 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	2.95
NWPL Rockies - Natural Gas Q4 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.22
NWPL Rockies - Natural Gas 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	44,618
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.01
NWPL Rockies - Natural Gas 2027
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	12,616
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.34
NWPL Rockies - Natural Gas 2028
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	1,576
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.95
PG&E Citygate - Natural Gas Q1 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	14,000
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	6.10
PG&E Citygate - Natural Gas Q2 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas Q3 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas Q4 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas 2027
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas 2028
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0

STOCKHOLDERS' EQUITY - Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the year (in shares)	68,693,885
Shares issued under ESPP (in shares)	95,750
Balance at the end of the year (in shares)	91,100,322	68,693,885
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the year (in shares)	68,693,885,000	71,949,742,000
Issued as part of the Aera Merger (in shares)	21,315,707,000
Shares issued from warrant exercises (in shares)	3,769,703,000	35,441,000
Shares issued under ESPP (in shares)	38,257,000	41,013,000
Shares issued for stock-based compensation arrangements (in shares)	1,740,189,000	75,344,000
Treasury stock - shares repurchased (in shares)	(3,649,348,000)	(3,407,655,000)
Shares cancelled for taxes (in shares)	(808,071,000)
Balance at the end of the year (in shares)	91,100,322,000	68,693,885,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

AERA MERGER (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Merger Consideration and Preliminary Purchase Price Allocation

The following table summarizes the total purchase consideration:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock issued (dividend adjusted)	21,315,707
Common stock per share fair value (on July 1, 2024)	$	53.28
Fair value of share consideration	$	1,136
Fair value of Aera debt	990
Deferred consideration obligation	18
Total purchase consideration	$	2,144

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Preliminary Purchase Price Allocation
	(in millions)
Assets Acquired
Cash	$	137
Accounts receivable	176
Inventories	30
Other current assets	49
Investment in unconsolidated subsidiary	59
Property, plant and equipment	3,048
Pension and other postretirement benefits	73
Other noncurrent assets	57
Total Assets Acquired	3,629

Liabilities Assumed
Accounts payable	(158)
Accrued liabilities	(157)
Asset retirement obligations	(646)
Fair value of derivative contracts	(351)
Pension and other postretirement benefits	(35)
Deferred tax liability	(101)
Other long-term liabilities	(37)
Total Liabilities Assumed	(1,485)
Net Assets Acquired	$	2,144

Schedule of Business Acquisition, Pro Forma Information


	Year ended December 31,
	2024		2023

	(in millions)
Total operating revenue	$	3,883	$	4,838
Net income	$	355	$	721

EPS
Basic	$	3.94	$	7.93
Diluted	$	3.85	$	7.65

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Financial Statements

Condensed Consolidating Balance Sheets

As of December 31, 2024 and 2023


	As of December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	437	$	46	$	541	$	—	$	1,024
Total property, plant and equipment, net	14		31		5,635		—		5,680
Investments in consolidated subsidiaries	4,869		(32)		15,050		(19,887)		—
Deferred tax asset	73		—		—		—		73
Investment in unconsolidated subsidiaries	—		27		59		—		86
Other assets	113		58		101		—		272
TOTAL ASSETS	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Total current liabilities	224		14		742		—		$	980
Long-term debt	1,132		—		—		—		1,132
Asset retirement obligations	—		—		995		—		995
Other long-term liabilities	114		138		125		—		377
Amounts due to (from) affiliates	385		—		(385)		—		—
Deferred tax liability	113		—		—		—		113
Total equity	3,538		(22)		19,909		(19,887)		3,538
TOTAL LIABILITIES AND EQUITY	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135


	As of December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	511	$	20	$	398	$	—	$	929
Total property, plant and equipment, net	14		12		2,744		—		2,770
Investments in consolidated subsidiaries	2,311		(11)		1,347		(3,647)		—
Deferred tax asset	132		—		—		—		132
Investment in unconsolidated subsidiary	—		19		—		—		19
Other assets	12		36		100		—		148
TOTAL ASSETS	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998

Total current liabilities	142		13		461		—		$	616
Long-term debt	540		—		—		—		540
Asset retirement obligations	—		—		422		—		422
Other long-term liabilities	79		73		49		—		201

Total equity	2,219		(10)		3,657		(3,647)		2,219
TOTAL LIABILITIES AND EQUITY	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998

Condensed Consolidating Statement of Operations

For the years ended December 31, 2024, 2023 and 2022


	Year ended December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	18	$	—	$	3,345	$	(165)	$	3,198
Total costs and other	290		66		2,398		(165)		2,589
Gain on asset divestitures	—		—		11		—		11
Non-operating (loss) income	(92)		(21)		9		—		(104)
(LOSS) INCOME BEFORE INCOME TAXES	(364)		(87)		967		—		516
Income tax provision	(140)		—		—		—		(140)
NET (LOSS) INCOME	$	(504)	$	(87)	$	967	$	—	$	376


	Year ended December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	21	$	—	$	2,780	$	—	$	2,801
Total costs and other	239		49		1,737		—		2,025
Gain on asset divestitures	—		—		32		—		32
Non-operating (loss) income	(51)		(14)		5		—		(60)
(LOSS) INCOME BEFORE INCOME TAXES	(269)		(63)		1,080		—		748
Income tax provision	(184)		—		—		—		(184)
NET (LOSS) INCOME	$	(453)	$	(63)	$	1,080	$	—	$	564


	Year ended December 31, 2022
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	4	$	—	$	2,703	$	—	$	2,707
Total costs and other	177		37		1,740		—		1,954
Gain on asset divestitures	—		—		59		—		59
Non-operating (loss) income	(55)		(3)		7		—		(51)
(LOSS) INCOME BEFORE INCOME TAXES	(228)		(40)		1,029		—		761
Income tax provision	(237)		—		—		—		(237)
NET (LOSS) INCOME	$	(465)	$	(40)	$	1,029	$	—	$	524