0001609253-26-000051 | 10-K | XBRL Viewer | California Resources Corp

Print Document

STOCKHOLDERS' EQUITY - Common Stock Outstanding (Details) - shares		12 Months Ended		56 Months Ended
	Dec. 18, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the year (in shares)		91,100,322
Shares issued under ESPP (in shares)		60,128
Repurchased shares held as treasury stock (in shares)				(26,841,526)
Balance at the end of the year (in shares)		88,754,165	91,100,322	88,754,165
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the year (in shares)		91,100,322	68,693,885
Shares issued from warrant exercises (in shares)			3,769,703
Shares issued under ESPP (in shares)		60,128	38,257
Shares issued under stock-based compensation arrangements (in shares)		478,609	1,740,189
Repurchased shares held as treasury stock (in shares)		(3,378,263)	(3,649,348)
Repurchased shares cancelled (in shares)		(4,950,000)
Shares cancelled for taxes (in shares)		(236,011)	(808,071)
Balance at the end of the year (in shares)		88,754,165	91,100,322	88,754,165
Common Stock \| Berry Merger
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued as part of the merger (in shares)	5,572,115	5,572,115
Common Stock \| Aera Merger
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued as part of the merger (in shares)		107,265	21,315,707

SEGMENT INFORMATION - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	$ 2,910	$ 2,537	$ 2,155
Segment operating revenues	3,669	3,198	2,801
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	2,967	2,572	2,172
Intersegment revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	(47)	(28)
Other revenues and income	749	654	629
Operating Segments Excluding Intersegment Elimination
Segment Reporting, Revenue Reconciling Item [Line Items]
Other revenues and income	749	654	629
Reportable Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	2,910	2,537	2,041
Reportable Segment \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	2,957	2,565	2,041
Other revenue	10	7	17
Segment operating revenues	2,967	2,572	2,172
Reportable Segment \| Intersegment revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues			(114)
Oil and Natural Gas
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	2,910	2,537	2,041
Oil and Natural Gas \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	2,957	2,565	2,041
Other revenue	10	7	17
Segment operating revenues	2,967	2,572	2,172
Oil and Natural Gas \| Intersegment revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues			(114)
Carbon Management \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	0	0	0
Other revenue	0	0	0
Segment operating revenues	$ 0	$ 0	0
Carbon Management \| Intersegment revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues			$ 0

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Units
Unvested, beginning of year (in shares)	650,000
Granted (in shares)	585,000	6,730
Vested (in shares)	(206,000)
Forfeited or Cancelled (in shares)	(36,000)
Unvested, end of year (in shares)	993,000	650,000
Weighted-Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 40.49
Granted (in dollars per share)	45.46	$ 52.54
Vested (in dollars per share)	44.27
Forfeited or Cancelled (in dollars per share)	47.74
Unvested, end of year (in dollars per share)	$ 42.37	$ 40.49

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Financial Statements

The following consolidating balance sheets as of December 31, 2025 and 2024 and the consolidating statements of operations for the year ended December 31, 2025, 2024, and 2023, 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, 2025 and 2024


	As of December 31, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	203	$	20	$	715	$	—	$	938
Total property, plant and equipment, net	27		21		5,857		—		5,905
Investments in consolidated subsidiaries	6,579		(51)		18,099		(24,627)		—
Deferred tax asset	76		—		—		—		76
Investment in unconsolidated subsidiaries	—		57		54		—		111
Other assets	22		31		320		—		373
TOTAL ASSETS	$	6,907	$	78	$	25,045	$	(24,627)	$	7,403

Total current liabilities	180		6		864		—		$	1,050
Long-term debt	1,283		—		—		—		1,283

Asset retirement obligations	—		—		913		—		913
Other long-term liabilities	110		130		89		—		329
Deferred tax liability	154		—		—		—		154
Amounts due to (from) affiliates	1,508		61		(1,569)		—		—
Total equity	3,674		(120)		24,747		(24,627)		3,674
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	6,909	$	77	$	25,044	$	(24,627)	$	7,403


	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 STOCKHOLDERS' EQUITY	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Condensed Consolidating Statement of Operations

For the years ended December 31, 2025, 2024 and 2023


	Year ended December 31, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	10	$	—	$	3,741	$	(82)	$	3,669
Total costs and other	381		62		2,709		(82)		3,070
Loss on asset divestitures	—		—		(1)		—		(1)
Non-operating (loss) income	(94)		(16)		14		—		(96)
(LOSS) INCOME BEFORE INCOME TAXES	(465)		(78)		1,045		—		502
Income tax provision	(139)		—		—		—		(139)
NET (LOSS) INCOME	$	(604)	$	(78)	$	1,045	$	—	$	363


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

	(in millions)
Total operating 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 operating 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

LEASES - Schedule of Operating Lease Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) option	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Operating lease costs
Operating lease costs	$ 30	$ 26	$ 23
Short-term lease costs	112	50	52
Variable lease costs	2	2	2
Total operating lease costs	144	78	77
Finance lease costs	2	1	0
Sublease income	(1)	(2)	(2)
Total lease costs	$ 145	$ 77	$ 75
Number of sublease extension options \| option	0

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Millions	Total	Berry Merger	Aera Merger	Common Stock	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital Berry Merger	Additional Paid-in Capital Aera Merger	Retained Earnings	Accumulated Other Comprehensive Income
Beginning 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)
Issuance of common stock	0
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 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
Increase (decrease) in Equity
Net income	363								363
Share-based compensation	27					27
Repurchases of common stock	(376)				(148)	(228)
Shares issued for Merger		$ 253	$ 6				$ 253	$ 6
Cash dividends	(138)								(138)
Shares cancelled for taxes	(12)					(12)
Other comprehensive income, net of tax	12									12
Other	1					1			0
Ending balance at Dec. 31, 2025	$ 3,674			$ 1	$ (944)	$ 2,625			$ 1,905	$ 87

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - Schedule of Purchase Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Long Term Purchase and Contractual Obligation
Long-term Purchase Commitment [Line Items]
2026	$ 69
2027	36
2028	22
2029	21
2030	27
Thereafter	26
Total	201
Less: Interest	(42)
Present value of purchase obligations	159
Drilling Commitment
Long-term Purchase Commitment [Line Items]
2026	8
2027	$ 9

DERIVATIVES - Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Total current liabilities	Total current liabilities
Commodity Contracts
Liabilities:
Total derivatives	$ 0	$ 0
Commodity Contracts \| Gross Amounts at Fair Value
Liabilities:
Total derivatives	229	(65)
Commodity Contracts \| Net Fair Value
Liabilities:
Total derivatives	229	(65)
Commodity Contracts \| Other current assets, net
Assets:
Gross Amounts at Fair Value	193	26
Netting	(6)	(12)
Net Fair Value	187	14
Commodity Contracts \| Other noncurrent assets
Assets:
Gross Amounts at Fair Value	106	32
Netting	(5)	(16)
Net Fair Value	101	16
Commodity Contracts \| Current liabilities
Liabilities:
Gross Amounts at Fair Value	(48)	(62)
Netting	6	12
Net Fair Value	(42)	(50)
Commodity Contracts \| Noncurrent liabilities
Liabilities:
Gross Amounts at Fair Value	(22)	(61)
Netting	5	16
Net Fair Value	$ (17)	$ (45)

INVESTMENTS AND RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

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:


	Carbon TerraVault JV
	(in millions)
Investment, December 31, 2023	$	19
Share of net loss	(12)
Contributions	20
Investment, December 31, 2024	27
Share of net loss	(6)
Contributions	36


Investment, December 31, 2025	$	57


	Midway Sunset Cogeneration Company
	(in millions)
Investment, December 31, 2024	$	59
Purchase price adjustment (Aera Merger)	(7)

Share of net income	2

Investment, December 31, 2025	$	54

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 is based on the permitted storage capacity, subject to certain contractual adjustments. This remaining amount will be contributed to the joint venture upon entering into contracts for the injection of specified volumes with respect to the 26R reservoir.

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 $117 million and $107 million at December 31, 2025 and 2024, respectively, inclusive of interest. The amount payable to Brookfield under the put and call rights, if exercised, includes additional capital contributions made by Brookfield to develop the 26R storage reservoir, inclusive of interest. This payment would differ from the contingent liability currently recognized because the contingent liability reported in other long-term liabilities on our consolidated balance sheet relates solely to the initial investment by Brookfield and does not include capital contributions made for ongoing development activities of the 26R reservoir. 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. The joint venture does not have a definitive term and terminates upon either party holding all of the ownership interests in the joint venture.

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,
	2025		2024

	(in millions)
Receivables from affiliate(a)	$	14	$	46
Other long-term liabilities(b)	$	117	$	107

(a)At December 31, 2025, the amount of $14 million includes the remaining $8 million of Brookfield's first and second installments of their initial investment which is available to us and $6 million related to the Master Service Agreement (MSA) and vendor reimbursements. 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.

(b)Other long-term liabilities include the contingent liability related to the Carbon TerraVault JV put and call rights.

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, 2025, 2024 and 2023 we invoiced $11 million, $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 carbon management segment expenses.

We also completed 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, 2025 and 2024, we performed abandonment work and sought reimbursement in the amounts of $9 million and $14 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 $367 million and $309 million as of December 31, 2025 and 2024, respectively, which includes cash on hand and PP&E, net of current liabilities. The difference between the carrying value of our investment of $57 million and $27 million at December 31, 2025 and 2024, 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.

Midway Sunset Cogeneration Company

In July 2024, our merger with Aera led to our partial 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 Midway Sunset Cogeneration Company. Therefore, we account for our investment in Midway Sunset Cogeneration Company under the equity method of accounting. We recorded our investment at a fair value of $52 million which was $41 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.

INVESTMENTS AND RELATED PARTY TRANSACTIONS - Equity Method Investment Unconsolidated Subsidiary, Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Receivables from affiliate	$ 14	$ 46
Other long-term liabilities	329	377
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Equity method investments, distributed to satisfy future capital calls	8	43
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Receivables from affiliate	14	46
Other long-term liabilities	117	107
Carbon TerraVault JV \| Related Party \| Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Receivables from affiliate	$ 6	$ 3

- 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

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

We have operating leases primarily for carbon sequestration easements, vehicles, colocation arrangements for servers and commercial office space. We have finance leases primarily for vehicles. 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 leases acquired in the Aera Merger and the Berry Merger retained the previous lease classification.

We have recorded the following amounts on our balance sheet as of December 31, 2025 and 2024:


	Classification	2025		2024

Assets		(in millions)
Operating lease	Other noncurrent assets	$	83	$	105
Finance lease	PP&E	2		3
Total lease assets		$	85	$	108

Liabilities
Current
Operating lease	Accrued liabilities	$	15	$	15
Finance lease	Accrued liabilities	1		1
Long-term
Operating lease	Other long-term liabilities	$	61	$	76
Finance lease	Other long-term liabilities	1		2
Total lease liabilities		$	78	$	94

We combine lease and nonlease components in determining fixed minimum lease payments for our commercial office space. If applicable, fixed minimum lease payments are reduced by lease incentives for our commercial office space. 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.

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.

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,
	2025		2024		2023

	(in millions)



Operating lease costs	$	30	$	26	$	23
Short-term lease costs(a)	112		50		52
Variable lease costs	2		2		2
Total operating lease costs	144		78		77
Finance lease costs	2		1		—
Sublease income(b)	(1)		(2)		(2)
Total lease costs	$	145	$	77	$	75

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

(b)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, 2025 and 2024 is provided below:



	Year ended December 31,
	2025		2024		2023
	(in millions)
Cash paid for lease liabilities
Lease liabilities associated with operating activities	$	34	$	29	$	28
Lease liabilities associated with investing activities	$	19	$	8	$	2
Lease liabilities associated with financing activities	$	1	$	1	$	—

Noncash operating lease assets obtained in exchange for new operating lease liabilities	$	37	$	52	$	32
Noncash finance lease assets obtained in exchange for new finance lease liabilities	$	3	$	3	$	—



	2025		2024
Operating Leases
Weighted-average remaining lease term (in years)	7.00		5.95
Weighted-average discount rate	8.4	%	8.1	%

Finance Leases
Weighted-average remaining lease term (in years)	3.01		3.37
Weighted-average discount rate	8.5	%	9.0	%

Our operating and finance lease payments as of December 31, 2025 are as follows:




	Operating Leases		Finance Leases

	(in millions)
2026	$	18	$	2
2027	16		1
2028	15		1
2029	13		—

Thereafter	46		—
Less: Interest	(32)		(2)
Present value of lease liabilities	$	76	$	2

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accrued liabilities current [abstract]
Compensation-related liabilities	$ 159	$ 184
Taxes other than on income	105	100
Asset retirement obligations - current portion	120	134
Interest	12	12
Operating lease liability	15	15
Settlements and premiums due on commodity derivative contracts	22	15
Advanced payments	19	25
Payables to the former owners of Aera	0	29
Greenhouse gas liability	$ 27	$ 0
Greenhouse gas liability, location	Accrued liabilities	Accrued liabilities
Signal Hill offshore platform expense accrual	$ 13	$ 1
Fair value of derivative contracts	42	50
Other	64	46
Accrued liabilities	$ 598	$ 611

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator for Basic and Diluted EPS
Net income	$ 363	$ 376	$ 564
Denominator for Basic EPS
Weighted-average shares — basic (in shares)	87.0	79.3	69.6
Denominator for Diluted EPS
Weighted-average shares — diluted (in shares)	87.4	81.4	72.5
EPS
Basic (in dollars per share)	$ 4.17	$ 4.74	$ 8.10
Diluted (in dollars per share)	$ 4.15	$ 4.62	$ 7.78
Warrants
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.0	1.0	1.0
Restricted stock units
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.3	0.5	1.0
Performance stock units
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.1	0.5	0.9
Deferred Consideration Obligation (related to the Aera Merger)
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.0	0.1	0.0

DEBT - Schedule of Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Variable rate debt	$ 0	$ 0
Fair Value of Long-Term Debt	1,337	1,158
2026 Senior Notes
Debt Instrument [Line Items]
Fixed rate debt	0	245
2029 Senior Notes
Debt Instrument [Line Items]
Fixed rate debt	943	913
2034 Senior Notes
Debt Instrument [Line Items]
Fixed rate debt	$ 394	$ 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income before income taxes, for all periods presented, was generated from domestic operations. The provision (benefit) for income taxes includes the following components:


	Year ended December 31,
	2025		2024		2023

	(in millions)

U.S. federal	$	30	$	42	$	146
State and local	24		27		3
Current tax provision	54		69		149

U.S. federal	$	61	$	51	$	(12)
State and local	24		20		47
Deferred tax provision	85		71		35
Income tax provision	$	139	$	140	$	184

Schedule of Income Taxes Paid

Income taxes paid, net of refunds, by jurisdiction are as follows:


	Year ended December 31,
	2025		2024		2023
	(in millions)
Federal	$	31	$	73	$	120
State and local	5		32		1
Total taxes paid	$	36	$	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,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	106	21	%	$	108	21	%	$	157	21	%
State and local income taxes, net of federal income tax effect(a)	38		7		38		7		40		5


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

Change in valuation allowance	—		—		—		—		(17)		(2)
Other adjustments	—		—		(3)		(1)		(1)		—
Effective tax rate	$	139	28	%	$	140	27	%	$	184	25	%

(a)State and local income taxes are predominately in California and, with the closing of the Berry Merger, Utah.

(b)Nontaxable or nondeductible items include executive compensation where the deduction is limited and transaction costs which must be capitalized. These transaction costs are generally only deductible upon the disposition on the acquired stock.

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, 2025 and 2024 were as follows:


	2025				2024
	Deferred Tax Assets		Deferred Tax Liabilities		Deferred Tax Assets		Deferred Tax Liabilities

	(in millions)

Property, plant and equipment	$	—	$	(698)	$	—	$	(700)


Deferred compensation and benefits	70		—		66		—
Asset retirement obligations	315		—		342		—
Operating loss and tax credit carryforwards	63		—		33		—

Business interest carryforward	167		—		158		—


All other	106		(101)		136		(75)


Total deferred taxes	$	721	$	(799)	$	735	$	(775)

PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Benefit Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Pension Benefits
Estimated future undiscounted benefit payments
2026	$ 23
2027	15
2028	18
2029	16
2030	16
2031 - 2035	76
Postretirement Benefits
Estimated future undiscounted benefit payments
2026	10
2027	9
2028	8
2029	8
2030	8
2031 - 2035	$ 40

PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Asset Class:
Total pension plan assets	$ 346	$ 332	$ 34
Pension Benefits \| Pension Plan Assets - Gross
Asset Class:
Total pension plan assets	346	331
Pension Benefits \| Pension Plan Assets - Gross \| Level 1
Asset Class:
Total pension plan assets	69	65
Pension Benefits \| Pension Plan Assets - Gross \| Level 2
Asset Class:
Total pension plan assets	277	266
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	188	186
Pension Benefits \| Bonds \| Level 1
Asset Class:
Total pension plan assets	18	24
Pension Benefits \| Bonds \| Level 2
Asset Class:
Total pension plan assets	170	162
Pension Benefits \| Bonds \| Level 3
Asset Class:
Total pension plan assets	0	0
Pension Benefits \| Commodities
Asset Class:
Total pension plan assets	11	17
Pension Benefits \| Commodities \| Level 1
Asset Class:
Total pension plan assets	11	17
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	73	84
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	73	84
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	74	44
Pension Benefits \| International equity \| Level 1
Asset Class:
Total pension plan assets	40	24
Pension Benefits \| International equity \| Level 2
Asset Class:
Total pension plan assets	34	20
Pension Benefits \| International equity \| Level 3
Asset Class:
Total pension plan assets	0	0
Postretirement Benefits
Asset Class:
Total pension plan assets	60	54	$ 1
Postretirement Benefits \| Pension Plan Assets - Gross
Asset Class:
Total pension plan assets	58	52
Postretirement Benefits \| Pension Plan Assets - Gross \| Level 1
Asset Class:
Total pension plan assets	13	11
Postretirement Benefits \| Pension Plan Assets - Gross \| Level 2
Asset Class:
Total pension plan assets	45	41
Postretirement Benefits \| Pension Plan Assets - Gross \| Level 3
Asset Class:
Total pension plan assets	0	0
Postretirement Benefits \| Bonds
Asset Class:
Total pension plan assets	32	30
Postretirement Benefits \| Bonds \| Level 1
Asset Class:
Total pension plan assets	3	4
Postretirement Benefits \| Bonds \| Level 2
Asset Class:
Total pension plan assets	29	26
Postretirement Benefits \| Bonds \| Level 3
Asset Class:
Total pension plan assets	0	0
Postretirement Benefits \| Commodities
Asset Class:
Total pension plan assets	2	3
Postretirement Benefits \| Commodities \| Level 1
Asset Class:
Total pension plan assets	2	3
Postretirement Benefits \| Commodities \| Level 2
Asset Class:
Total pension plan assets	0	0
Postretirement Benefits \| Commodities \| Level 3
Asset Class:
Total pension plan assets	0	0
Postretirement Benefits \| U.S. equity
Asset Class:
Total pension plan assets	12	13
Postretirement Benefits \| U.S. equity \| Level 1
Asset Class:
Total pension plan assets	0	0
Postretirement Benefits \| U.S. equity \| Level 2
Asset Class:
Total pension plan assets	12	13
Postretirement Benefits \| U.S. equity \| Level 3
Asset Class:
Total pension plan assets	0	0
Postretirement Benefits \| International equity
Asset Class:
Total pension plan assets	12	6
Postretirement Benefits \| International equity \| Level 1
Asset Class:
Total pension plan assets	8	4
Postretirement Benefits \| International equity \| Level 2
Asset Class:
Total pension plan assets	4	2
Postretirement Benefits \| International equity \| Level 3
Asset Class:
Total pension plan assets	$ 0	$ 0

REVENUE (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025		2024		2023

	(in millions)
Oil	$	2,647	$	2,255	$	1,534
Natural gas	99		96		309
Natural gas liquids	164		186		198
Oil, natural gas and natural gas liquids sales	$	2,910	$	2,537	$	2,041

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


	Year ended December 31,
	2025		2024		2023

	(in millions)
Oil	$	86	$	99	$	—
Natural gas	144		128		401
Natural gas liquids	8		8		6

Revenue from marketing of purchased commodities	$	238	$	235	$	407

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Millions					1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 18, 2025	Jun. 30, 2025	Jul. 01, 2024	Feb. 28, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Contingent Consideration [Line Items]
Purchase of a business, net of cash acquired							$ 440	$ 853	$ 0
California Resources Corporation \| Existing CRC Stockholders
Business Combination, Contingent Consideration [Line Items]
Business acquisition, percentage of ownership after transaction				76.00%
California Resources Corporation \| Aera
Business Combination, Contingent Consideration [Line Items]
Business acquisition, percentage of ownership after transaction				24.00%
California Resources Corporation \| Berry Merger
Business Combination, Contingent Consideration [Line Items]
Business acquisition, percentage of ownership after transaction		6.00%
2029 Senior Notes \| Senior Notes (Unsecured)
Business Combination, Contingent Consideration [Line Items]
Debt instrument, interest rate, stated percentage	8.25%			8.25%			8.25%
Berry Merger
Business Combination, Contingent Consideration [Line Items]
Common stock issued in connection with merger (in shares)		0.0718
Fai value of purchase consideration		$ 709
Revenue of acquiree since acquisition date, actual	$ 18
Earnings (loss) of acquiree since acquisition date, actual	$ 25
Business combination, integration related costs							$ 20
Berry Merger \| Share-Based Payment Arrangement
Business Combination, Contingent Consideration [Line Items]
Business combination, acquisition related costs							3
Berry Merger \| Employee Severance
Business Combination, Contingent Consideration [Line Items]
Business combination, acquisition related costs							$ 13
Berry Merger \| Common Stock
Business Combination, Contingent Consideration [Line Items]
Common stock issued in connection with acquisition (in shares)		5,572,115					5,572,115
Aera
Business Combination, Contingent Consideration [Line Items]
Fai value of purchase consideration			$ 2,121
Share-based payment arrangement, accelerated cost								7
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
Settlement of Aera debt				$ 990
Purchase of a business, net of cash acquired				853
Cash acquired from acquisition				$ 137
Aera \| Common Stock
Business Combination, Contingent Consideration [Line Items]
Common stock issued in connection with acquisition (in shares)			21,422,972	21,315,707	107,265

LEASES - Schedule of Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease	$ 83	$ 105
Operating Lease, Right-of-Use Asset, Statement of Financial Position Flag	OTHER NONCURRENT ASSETS	OTHER NONCURRENT ASSETS
Finance lease	$ 2	$ 3
Finance Lease, Right-of-Use Asset, Statement of Financial Position Flag	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total lease assets	$ 85	$ 108
Operating lease liability	$ 15	$ 15
Operating Lease, Liability, Current, Statement of Financial Position Flag	Accrued liabilities	Accrued liabilities
Finance lease	$ 1	$ 1
Finance Lease, Liability, Current, Statement of Financial Position Flag	Accrued liabilities	Accrued liabilities
Operating lease	$ 61	$ 76
Operating Lease, Liability, Noncurrent, Statement of Financial Position Flag	Other long-term liabilities	Other long-term liabilities
Finance lease	$ 1	$ 2
Finance Lease, Liability, Noncurrent, Statement of Financial Position Flag	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 78	$ 94

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

Berry Merger

On September 14, 2025, we entered into an agreement to combine with Berry in the Berry Merger. Berry was an independent upstream energy company that explored for and produced oil and natural gas in California, primarily in the San Joaquin basin, and in the Uinta basin in Utah. Berry also provided well servicing and abandonment services, which is included in our oil and natural gas segment. The Berry Merger added high quality, oil-weighted, mostly conventional proved developed reserves and sustainable cash flows to our operations.

Pursuant to the Berry Merger Agreement, on the effective date of the merger, December 18, 2025, we issued 5,572,115 shares of our common stock, which was calculated as 0.0718 shares of our common stock for each outstanding share of Berry stock as of December 17, 2025. As of December 18, 2025, and immediately following the closing of the Berry Merger, the former Berry stockholders owned 6% of CRC. We paid cash or issued replacement equity awards in settlement of certain Berry restricted and performance units. Refer to Note 10 Stock-Based Compensation for more information on these awards. Upon closing of the Berry Merger, Berry's outstanding debt was repaid and the underlying credit agreements were terminated. We repaid a significant portion of this indebtedness with proceeds from our 2034 Senior Notes, which closed in October 2025. For more information on the 2034 Senior Notes, refer to Note 5 Debt.

At the date of this filing, our assessment of the fair value of assets acquired and liabilities assumed remains preliminary. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of Berry's property, plant and equipment, evaluation of Berry's materials and supplies inventory, measurement of leases, valuation of certain assets and liabilities, determination of Berry's asset retirement obligations and preparation of tax returns that will provide underlying tax basis of the assets acquired and liabilities assumed. We expect to complete the purchase price allocation during the 12-month period subsequent to the Berry Merger closing date and adjustments may be made to the provisional amounts recorded as of December 31, 2025.

We measured assets and liabilities at acquisition date fair value on a nonrecurring basis.

The following table summarizes the consideration transferred:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock	5,572,115
Common stock per share fair value on December 17, 2025	$	45.49
Fair value of share consideration	$	253
Settlement of Berry debt	449
Stock-based compensation (see Note 10 Stock-Based Compensation)	7
Total consideration	$	709

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 Berry Merger:


	Preliminary Purchase Price
	(in millions)
Assets Acquired
Cash	$	12
Accounts receivable	87
Inventories	6
Other current assets	29
Property, plant and equipment	659
Fair value of derivative contracts	109
Deferred tax asset	121
Other noncurrent assets	4
Total Assets Acquired	1,027

Liabilities Assumed
Accounts payable	$	(62)
Accrued liabilities	(50)
Asset retirement obligations	(151)
Fair value of derivative contracts	(21)


Other long-term liabilities	(34)
Total Liabilities Assumed	(318)
Net Assets Acquired	$	709

For the period of December 18, 2025 through December 31, 2025, total operating revenue associated with Berry totaled $18 million and loss before income taxes was $25 million, respectively.

In connection with the Berry Merger, we incurred transaction and integration costs of $20 million, employee severance and related retention costs of $13 million, and $3 million related to the acceleration of certain replacement equity awards during the year ended December 31, 2025, which are included in other operating expenses, net on our consolidated statement of operations.

We recorded cash based on Berry's bank balances as of December 18, 2025. 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 Berry on the acquisition date.

The fair value of certain acquired property, plant and equipment, primarily consisting of proved oil and natural gas properties, cogeneration power plants, a gas processing plant, well servicing and support equipment and other corporate assets, was based on preliminary reviews. These assets are still under review for measurement based on final 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 reserve adjustment factors. When estimating the fair value of proved properties, additional risk adjustments were applied to proved 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, included in other noncurrent assets, represent the tax effects of differences in the tax basis and merger-date fair values of assets acquired and liabilities assumed.

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 other assets 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 total operating revenue, net income and earnings per share for the years ended December 31, 2025 and 2024 as if the Berry Merger had occurred on January 1, 2024.


	Year ended December 31,
	2025		2024

	(in millions)
Total operating revenue	$	4,298	$	3,961
Net income	$	329	$	434

EPS
Basic	$	3.56	$	5.11
Diluted	$	3.54	$	4.99

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 Berry Merger been completed on January 1, 2024, nor is it necessarily indicative of future operating results of the combined entity. The pro forma financial information for the years ended December 31, 2025 and 2024 is a result of combining our statements of operations with Berry's pre-merger results from January 1, 2025 and 2024 and includes adjustments for revenues and direct expenses. The pro forma results do not reflect any cost savings anticipated as a result of the Berry Merger and exclude the impact of any employee severance or retention. The pro forma results include adjustments to (i) depreciation, depletion and amortization (DD&A) based on the purchase price allocated to property, plant, and equipment and the estimated useful lives, (ii) interest assuming the issuance of our 2034 Senior Notes, (iii) accretion expense, and (iv) intercompany eliminations with C&J Well Services. We also included pro forma adjustments for certain nonrecurring compensation-related costs and transaction costs we incurred related to the Berry 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 Berry Merger are properly reflected. Future results may vary significantly from the results reflected in the above pro forma information.

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 issued an additional 107,265 shares in February 2025 and we expect to issue an insignificant amount of shares for deferred consideration. This deferred consideration is related to pre-effective date and restructuring income taxes of the former owners of Aera. 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.

We have measured assets and liabilities at acquisition date fair value on a nonrecurring basis. The purchase price allocation was final as of June 30, 2025. The following table summarizes the consideration transferred:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock issued (dividend adjusted)	21,422,972
Common stock per share fair value on July 1, 2024	$	53.28
Fair value of share consideration	$	1,141
Settlement of Aera debt	990
Purchase price settlement, net	(10)
Total purchase consideration	$	2,121

The following table represents the final 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 as of December 31, 2024		Adjustments		Purchase Price as of June 30, 2025
	(in millions)
Assets Acquired
Cash	$	137	$	—	$	137
Accounts receivable	176		—		176
Inventories	30		(1)		29
Other current assets	49		13		62
Investment in unconsolidated subsidiary	59		(7)		52
Property, plant and equipment	3,048		32		3,080
Pension and other postretirement benefits	73		—		73
Other noncurrent assets	57		13		70
Total Assets Acquired	3,629		50		3,679

Liabilities Assumed
Accounts payable	$	(158)	$	—	$	(158)
Accrued liabilities	(157)		(4)		(161)
Asset retirement obligations	(646)		19		(627)
Fair value of derivative contracts	(351)		—		(351)
Pension and other postretirement benefits	(35)		—		(35)
Deferred tax liability	(101)		(70)		(171)

Other long-term liabilities	(37)		(18)		(55)
Total Liabilities Assumed	(1,485)		(73)		(1,558)
Net Assets Acquired	$	2,144	$	(23)	$	2,121

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.

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.

The fair value of an investment in an unconsolidated subsidiary was based on an 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 consisted of proved oil and natural gas properties, land and corporate assets including software and computer equipment, was based on appraisals. The fair value of proved oil and natural gas properties as of the acquisition date was 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.

Deferred income taxes represent the tax effects of differences in the tax basis and merger-date fair values of assets acquired and liabilities assumed.

Lease-related assets and liabilities acquired were remeasured as if the leases were new at the merger date. These agreements were measured 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 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 premerger 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.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

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



	December 31, 2025		December 31, 2024

	(in millions)
Proved oil and natural gas properties	$	7,097	$	6,343
Unproved oil and natural gas properties	11		—
Facilities and other	415		395
Total property, plant and equipment	7,523		6,738
Accumulated depreciation, depletion and amortization	(1,618)		(1,058)
Total property, plant and equipment, net	$	5,905	$	5,680

Schedule of Capitalized Exploratory Well Cost

The following table summarizes the activity of capitalized exploratory well costs:



	December 31, 2025		December 31, 2024		December 31, 2023

	(in millions)
Beginning balance	$	1	$	1	$	1
Additions to capitalized exploratory well costs	10		—		—
Ending balance	11		1		1

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

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, 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
Repurchased shares held as treasury stock			(3,649,348)
Shares cancelled for taxes(b)			(808,071)
Balance, December 31, 2024			91,100,322
Issued as part of the Berry Merger			5,572,115
Additional shares issued as part of the Aera Merger			107,265
Shares issued under ESPP			60,128
Shares issued under stock-based compensation arrangements			478,609
Repurchased shares held as treasury stock			(3,378,263)
Repurchased shares cancelled			(4,950,000)
Shares cancelled for taxes(b)			(236,011)
Balance at December 31, 2025			88,754,165

(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.

(b)In connection with the vesting of equity awards, we withheld and cancelled shares to satisfy applicable tax-withholding requirements.

Schedule of 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, 2023	3,407,655	$	143	$	41.69
Year ended December 31, 2024	3,649,348	$	192	$	52.12
Year ended December 31, 2025	8,328,263	$	377	$	45.29

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. Excise taxes in 2025 were insignificant and include a reversal for 2024 excise taxes that were no longer due. 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, 2023	$	81	$	1.1575
Year ended December 31, 2024	113		$	1.3950
Year ended December 31, 2025	136		$	1.5675
	$	330

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,
	2025		2024		2023

	(in millions)
Beginning accumulated other comprehensive income	$	75	$	74	$	81
Actuarial gain (loss) associated with pension and postretirement	26		4		(2)
Prior service credit	—		3		—
Recognition of prior service credit due to curtailment	—		—		(3)
Recognition of net actuarial loss due to settlement	(2)		—		—
Recognition of net actuarial loss due to curtailment	—		(4)		—
Recognition of net actuarial gain due to special termination benefits	—		4		—
Amortization of prior service credit	(5)		(5)		(5)
Amortization of net actuarial gain	(2)		—		—
Other comprehensive income (loss)	17		2		(10)
Total recorded in accumulated other comprehensive income, before tax	92		76		71
Income tax (provision) benefit	(5)		(1)		3
Total recorded in accumulated other comprehensive income, net of tax	$	87	$	75	$	74

PENSION AND POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) employee	Dec. 31, 2024 USD ($)	Dec. 31, 2023 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
Other assets	$ 19	$ 13
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	28	30
Expenses under provisions of defined contribution and supplemental plans	$ 31	$ 27	$ 19
Equity Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets	45.00%	45.00%
Debt Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets	55.00%	55.00%
Pension Benefits
Defined Benefit Plan Disclosure
Other assets	$ 97	$ 67			$ 64
Liability, defined benefit pension plan					8
Net periodic benefit costs	$ (9)	(2)	0
Pension Benefits \| Aera
Defined Benefit Plan Disclosure
Number of employees accruing benefits under defined benefit plans \| employee	52
Postretirement Benefits
Defined Benefit Plan Disclosure
Other assets	$ 19	13			9
Liability, defined benefit pension plan					$ 27
Curtailment loss	0	4	3
Net periodic benefit costs	$ (3)	$ (2)	$ (6)
Defined benefit plan, health care cost trend rate consumer price index	2.40%	2.45%
Expected contribution in current year	$ 6
Postretirement Benefits \| Union employees
Defined Benefit Plan Disclosure
Projected healthcare cost rate in ninth year after current fiscal year	4.00%
Projected healthcare cost rate in tenth year and thereafter	4.00%
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	8.00%	6.50%

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025
Equity [Abstract]
Common stock dividends	$ 136	$ 113	$ 81	$ 330
Dividends declared, common stock (in dollars per share)	$ 1.5675	$ 1.3950	$ 1.1575

PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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	$ 1	3	$ 1
Interest cost on projected benefit obligation	14	8	1
Expected return on plan assets	(22)	(13)	(2)
Settlement costs	(2)	0	0
Net periodic benefit costs	(9)	(2)	0
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial (gain) loss	(23)	0	(1)
Settlement costs	2	0	0
Total	(21)	0	(1)
Postretirement Benefits
Net periodic benefit costs
Service cost—benefits earned during the period	2	2	2
Interest cost on projected benefit obligation	5	4	2
Expected return on plan assets	(3)	(2)	0
Cost of special termination benefits	0	4	0
Amortization of prior service cost credit	(5)	(5)	(5)
Amortization of net actuarial gain	(2)	(1)	(2)
Curtailment gain	0	(4)	(3)
Net periodic benefit costs	(3)	(2)	(6)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial (gain) loss	(3)	(5)	1
Prior service credit	0	(3)	0
Actuarial net gain due to curtailment	0	4	0
Special termination benefits	0	(4)	0
Amortization of prior service credit due to curtailment	0	0	(2)
Amortization of prior service credit	5	5	(4)
Amortization net actuarial gain (loss)	2	2	(1)
Total	$ 4	$ (1)	$ (6)

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Compensation-related liabilities	$ 48	$ 50
Postretirement and pension benefit plans	57	59
Operating lease liability	61	76
Fair value of commodity derivative contracts	17	45
Contingent liability	117	107
Other	29	40
Other long-term liabilities	$ 329	$ 377

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Merger Consideration and Preliminary Purchase Price Allocation

The following table summarizes the consideration transferred:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock	5,572,115
Common stock per share fair value on December 17, 2025	$	45.49
Fair value of share consideration	$	253
Settlement of Berry debt	449
Stock-based compensation (see Note 10 Stock-Based Compensation)	7
Total consideration	$	709

The following table summarizes the consideration transferred:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock issued (dividend adjusted)	21,422,972
Common stock per share fair value on July 1, 2024	$	53.28
Fair value of share consideration	$	1,141
Settlement of Aera debt	990
Purchase price settlement, net	(10)
Total purchase consideration	$	2,121

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Preliminary Purchase Price
	(in millions)
Assets Acquired
Cash	$	12
Accounts receivable	87
Inventories	6
Other current assets	29
Property, plant and equipment	659
Fair value of derivative contracts	109
Deferred tax asset	121
Other noncurrent assets	4
Total Assets Acquired	1,027

Liabilities Assumed
Accounts payable	$	(62)
Accrued liabilities	(50)
Asset retirement obligations	(151)
Fair value of derivative contracts	(21)


Other long-term liabilities	(34)
Total Liabilities Assumed	(318)
Net Assets Acquired	$	709


	Preliminary Purchase Price as of December 31, 2024		Adjustments		Purchase Price as of June 30, 2025
	(in millions)
Assets Acquired
Cash	$	137	$	—	$	137
Accounts receivable	176		—		176
Inventories	30		(1)		29
Other current assets	49		13		62
Investment in unconsolidated subsidiary	59		(7)		52
Property, plant and equipment	3,048		32		3,080
Pension and other postretirement benefits	73		—		73
Other noncurrent assets	57		13		70
Total Assets Acquired	3,629		50		3,679

Liabilities Assumed
Accounts payable	$	(158)	$	—	$	(158)
Accrued liabilities	(157)		(4)		(161)
Asset retirement obligations	(646)		19		(627)
Fair value of derivative contracts	(351)		—		(351)
Pension and other postretirement benefits	(35)		—		(35)
Deferred tax liability	(101)		(70)		(171)

Other long-term liabilities	(37)		(18)		(55)
Total Liabilities Assumed	(1,485)		(73)		(1,558)
Net Assets Acquired	$	2,144	$	(23)	$	2,121

Schedule of Business Acquisition, Pro Forma Information


	Year ended December 31,
	2025		2024

	(in millions)
Total operating revenue	$	4,298	$	3,961
Net income	$	329	$	434

EPS
Basic	$	3.56	$	5.11
Diluted	$	3.54	$	4.99


	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

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets
Property, plant and equipment	$ 0	$ 0
Deferred compensation and benefits	70	66
Asset retirement obligations	315	342
Operating loss and tax credit carryforwards	63	33
Business interest carryforward	167	158
All other	106	136
Total deferred taxes	721	735
Deferred Tax Liabilities
Property, plant and equipment	(698)	(700)
All other	(101)	(75)
Total deferred taxes	$ (799)	$ (775)

BUSINESS COMBINATIONS - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Berry Merger
Business Combination [Line Items]
Total operating revenue	$ 4,298	$ 3,961
Net income	$ 329	$ 434
EPS
Basic (in dollars per share)	$ 3.56	$ 5.11
Diluted (in dollars per share)	$ 3.54	$ 4.99
Aera
Business Combination [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

- 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 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Actuarial gain (loss) associated with pension and postretirement plans, tax	$ 5	$ 1	$ (3)

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We rely on information systems, computer networks and digital technologies to operate our business, including managing our operations, protecting sensitive data, communicating internally and externally, and preparing financial and operational information. Our cybersecurity program is designed to protect these critical systems and data while supporting business operations and growth objectives. We maintain a comprehensive, risk-based approach to assess, identify and manage material risks from cybersecurity threats. Our controls are based on the NIST Cybersecurity Framework (CSF). Our cybersecurity risk management processes are integrated into our broader enterprise risk management framework and include: (i) regular assessment and monitoring of internal and external cybersecurity threats, (ii) evaluation of potential impacts on business operations, financial performance and stakeholder interests, (iii) periodic evaluation of control effectiveness to determine residual risk levels and guide program improvements, and (iv) integration of cybersecurity considerations into business strategy and technology decisions. Our cybersecurity risk management approach includes external threat analysis, vulnerability scanning and patching, monitoring of alerts, logs, and activities, penetration testing, and external vulnerability assessments. We also have insurance that may reduce the financial impacts of cybersecurity incidents. Our cybersecurity framework is evaluated by internal and external experts on an ongoing basis or within the scope of certain projects or engagements. Where we use third-party service providers, we endeavor to ensure that cybersecurity threats are minimized including by establishing contractual protections that include minimum security and breach notification requirements. We regularly evaluate and adjust these processes based on changes in the threat landscape and business environment. In accordance with our cybersecurity incident response plan, the severity of cybersecurity incidents is classified based on the degree of adverse impact on our business, scale of penetration, risk of propagation, significance of impact, impact on protected information, and our monitoring capability. Incident response is overseen by a cybersecurity incident response team steering committee comprised of members of management with the responsibility to inform senior management and/or the Audit Committee based on incident severity classification.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We rely on information systems, computer networks and digital technologies to operate our business, including managing our operations, protecting sensitive data, communicating internally and externally, and preparing financial and operational information. Our cybersecurity program is designed to protect these critical systems and data while supporting business operations and growth objectives. We maintain a comprehensive, risk-based approach to assess, identify and manage material risks from cybersecurity threats. Our controls are based on the NIST Cybersecurity Framework (CSF). Our cybersecurity risk management processes are integrated into our broader enterprise risk management framework and include: (i) regular assessment and monitoring of internal and external cybersecurity threats, (ii) evaluation of potential impacts on business operations, financial performance and stakeholder interests, (iii) periodic evaluation of control effectiveness to determine residual risk levels and guide program improvements, and (iv) integration of cybersecurity considerations into business strategy and technology decisions. Our cybersecurity risk management approach includes external threat analysis, vulnerability scanning and patching, monitoring of alerts, logs, and activities, penetration testing, and external vulnerability assessments. We also have insurance that may reduce the financial impacts of cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of our Board of Directors is responsible for overseeing our risk assessment and risk management activities, including cybersecurity risks. The Audit Committee is briefed by our Chief Digital & Information Officer on cybersecurity risks at regular meetings and separately as circumstances warrant. Cybersecurity risks are also included in our enterprise risk management program which is reported separately to the Audit Committee. We maintain a dedicated cybersecurity team responsible for program implementation and operational security activities. Our Chief Digital & Information Officer is responsible for assessing and managing our material risks from cybersecurity threats. In carrying out these responsibilities, he is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents through regular briefings and reporting from our cybersecurity team. He has over 28 years of experience in information technology, including leadership roles responsible for cybersecurity and data privacy. He graduated from California State University, Bakersfield with a Bachelor of Science degree in Computer Science.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of our Board of Directors is responsible for overseeing our risk assessment and risk management activities, including cybersecurity risks. The Audit Committee is briefed by our Chief Digital & Information Officer on cybersecurity risks at regular meetings and separately as circumstances warrant. Cybersecurity risks are also included in our enterprise risk management program which is reported separately to the Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	In accordance with our cybersecurity incident response plan, the severity of cybersecurity incidents is classified based on the degree of adverse impact on our business, scale of penetration, risk of propagation, significance of impact, impact on protected information, and our monitoring capability. Incident response is overseen by a cybersecurity incident response team steering committee comprised of members of management with the responsibility to inform senior management and/or the Audit Committee based on incident severity classification.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Digital & Information Officer is responsible for assessing and managing our material risks from cybersecurity threats. In carrying out these responsibilities, he is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents through regular briefings and reporting from our cybersecurity team. He has over 28 years of experience in information technology, including leadership roles responsible for cybersecurity and data privacy. He graduated from California State University, Bakersfield with a Bachelor of Science degree in Computer Science.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee of our Board of Directors is responsible for overseeing our risk assessment and risk management activities, including cybersecurity risks. The Audit Committee is briefed by our Chief Digital & Information Officer on cybersecurity risks at regular meetings and separately as circumstances warrant. Cybersecurity risks are also included in our enterprise risk management program which is reported separately to the Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Digital & Information Officer is responsible for assessing and managing our material risks from cybersecurity threats. In carrying out these responsibilities, he is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents through regular briefings and reporting from our cybersecurity team. He has over 28 years of experience in information technology, including leadership roles responsible for cybersecurity and data privacy. He graduated from California State University, Bakersfield with a Bachelor of Science degree in Computer Science.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In accordance with our cybersecurity incident response plan, the severity of cybersecurity incidents is classified based on the degree of adverse impact on our business, scale of penetration, risk of propagation, significance of impact, impact on protected information, and our monitoring capability. Incident response is overseen by a cybersecurity incident response team steering committee comprised of members of management with the responsibility to inform senior management and/or the Audit Committee based on incident severity classification.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

INVESTMENTS AND RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

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:


	Carbon TerraVault JV
	(in millions)
Investment, December 31, 2023	$	19
Share of net loss	(12)
Contributions	20
Investment, December 31, 2024	27
Share of net loss	(6)
Contributions	36


Investment, December 31, 2025	$	57


	Midway Sunset Cogeneration Company
	(in millions)
Investment, December 31, 2024	$	59
Purchase price adjustment (Aera Merger)	(7)

Share of net income	2

Investment, December 31, 2025	$	54



	December 31,		December 31,
	2025		2024

	(in millions)
Receivables from affiliate(a)	$	14	$	46
Other long-term liabilities(b)	$	117	$	107

(b)Other long-term liabilities include the contingent liability related to the Carbon TerraVault JV put and call rights.

LEASES - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for lease liabilities
Lease liabilities associated with operating activities	$ 34	$ 29	$ 28
Lease liabilities associated with investing activities	19	8	2
Lease liabilities associated with financing activities	1	1	0
Noncash operating lease assets obtained in exchange for new operating lease liabilities	37	52	32
Noncash finance lease assets obtained in exchange for new finance lease liabilities	$ 3	$ 3	$ 0
Operating Leases
Weighted-average remaining lease term (in years)	7 years	5 years 11 months 12 days
Weighted-average discount rate	8.40%	8.10%
Finance Leases
Weighted-average remaining lease term (in years)	3 years 3 days	3 years 4 months 13 days
Weighted-average discount rate	8.50%	9.00%

DIVESTITURES AND ASSET ACQUISITIONS - Acquisition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisitions And Dispositions [Abstract]
Payments to acquire land	$ 6	$ 5

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES
Oil, natural gas and natural gas liquids sales	$ 2,910	$ 2,537	$ 2,155
Net gain (loss) from commodity derivatives	266	241	(12)
Total operating revenues	3,669	3,198	2,801
OPERATING EXPENSES
Operating costs	1,252	966	822
General and administrative expenses	333	321	267
Depreciation, depletion and amortization	511	388	225
Asset impairment	59	14	3
Taxes other than on income	242	242	165
Accretion expense	114	87	46
Net loss on natural gas purchase derivatives	50	30	8
Measurement period adjustments, net	1	(12)	0
Other operating expenses, net	209	239	95
Total operating expenses	3,070	2,589	2,025
(Loss) gain on asset divestitures	(1)	11	32
OPERATING INCOME	598	620	808
NON-OPERATING (EXPENSES) INCOME
Interest and debt expense, net	(106)	(87)	(56)
Loss on early extinguishment of debt	(1)	(5)	(1)
Equity loss from unconsolidated subsidiaries	(4)	(10)	(9)
Other non-operating income (expense), net	15	(2)	6
INCOME BEFORE INCOME TAXES	502	516	748
Income tax provision	(139)	(140)	(184)
NET INCOME	$ 363	$ 376	$ 564
Net income per share
Basic (in dollars per share)	$ 4.17	$ 4.74	$ 8.10
Diluted (in dollars per share)	$ 4.15	$ 4.62	$ 7.78
Weighted-average common shares outstanding
Basic (in shares)	87.0	79.3	69.6
Diluted (in shares)	87.4	81.4	72.5
Revenue from marketing of purchased commodities
REVENUES
Other revenue	$ 238	$ 235	$ 407
OPERATING EXPENSES
Cost of sales	182	193	224
Electricity revenue
REVENUES
Other revenue	233	159	211
Other revenue
REVENUES
Oil, natural gas and natural gas liquids sales	3	3	15
Other revenue	22	26	40
Electricity generation expenses
OPERATING EXPENSES
Cost of sales	38	40	103
Transportation costs
OPERATING EXPENSES
Cost of sales	$ 79	$ 81	$ 67

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 39	$ 40	$ 48
Income tax benefit	7	8	9
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	30	32	40
Operating costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7	6	7
Other operating expenses, net
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2	$ 2	$ 1

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Income before income taxes, for all periods presented, was generated from domestic operations. The provision (benefit) for income taxes includes the following components:


	Year ended December 31,
	2025		2024		2023

	(in millions)

U.S. federal	$	30	$	42	$	146
State and local	24		27		3
Current tax provision	54		69		149

U.S. federal	$	61	$	51	$	(12)
State and local	24		20		47
Deferred tax provision	85		71		35
Income tax provision	$	139	$	140	$	184

Income taxes paid, net of refunds, by jurisdiction are as follows:


	Year ended December 31,
	2025		2024		2023
	(in millions)
Federal	$	31	$	73	$	120
State and local	5		32		1
Total taxes paid	$	36	$	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,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	106	21	%	$	108	21	%	$	157	21	%
State and local income taxes, net of federal income tax effect(a)	38		7		38		7		40		5


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

Change in valuation allowance	—		—		—		—		(17)		(2)
Other adjustments	—		—		(3)		(1)		(1)		—
Effective tax rate	$	139	28	%	$	140	27	%	$	184	25	%

(a)State and local income taxes are predominately in California and, with the closing of the Berry Merger, Utah.

During the year ended December 31, 2023, we released a valuation allowance for a portion of the tax loss on the sale of assets after we jointly agreed to amend the original tax treatment with the buyer. This valuation allowance was initially recorded during the year ended December 31, 2022 for the realizability of a capital loss on the asset sale, 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, 2025 and 2024 were as follows:


	2025				2024
	Deferred Tax Assets		Deferred Tax Liabilities		Deferred Tax Assets		Deferred Tax Liabilities

	(in millions)

Property, plant and equipment	$	—	$	(698)	$	—	$	(700)


Deferred compensation and benefits	70		—		66		—
Asset retirement obligations	315		—		342		—
Operating loss and tax credit carryforwards	63		—		33		—

Business interest carryforward	167		—		158		—


All other	106		(101)		136		(75)


Total deferred taxes	$	721	$	(799)	$	735	$	(775)

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 in 2025 includes an increase in our deferred tax asset of $121 million related to the Berry Merger and an increase in our deferred tax liability of $70 million related to finalizing the purchase accounting for the Aera Merger. See Note 2 Business Combinations for additional information on these transactions. Additionally, we allocated $5 million income tax benefit to accumulated other comprehensive income during 2025.

Carryforwards

As of December 31, 2025, our U.S. federal net operating loss carryforwards were $19 million, which begin to expire in 2037, and our federal tax credit carryforwards were $85 million, which begin to expire in 2037.

As of December 31, 2025, our California net operating loss carryforwards were $2 billion, which begins to expire in 2029, and our tax credit carryforwards were $21 million, which begin to expire in 2038. California has suspended the use of net operating loss carryforwards for tax years 2024 through 2026 and limited the amount of tax credits that may be claimed to $5 million per year for the same period.

Our ability to utilize a portion of our net operating loss, tax credit and business interest carryforwards is subject to an annual limitation. As a result, we recognized a deferred tax asset of $3 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 $28 million for U.S federal tax credit carryforwards and $8 million for our California tax credit carryforwards. We expect our remaining tax credit carryforwards will expire unused.

Our carryforward for federal disallowed business interest expense of $794 million does not expire and may be utilized in future periods to the extent we generate sufficient taxable income and interest capacity. Although our business interest carryforwards are subject to an annual limitation, we recognized a deferred tax asset of $167 million included in the accompanying consolidated balance sheet because these carryforwards do not expire.

Other

On July 4, 2025, An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14th and commonly referred to as the One Big Beautiful Bill Act was signed into law. This law contains several legislative changes including the reinstatement of full expensing for qualified assets placed in service after January 19, 2025. This law also reinstated the expensing of all domestic research and development costs, including favorable transition rules, and increases the limitation on the amount of annual business interest expense which can be deducted each year. As a result of these changes, we are able to accelerate deductions related to property, plant and equipment, research and development expenses and interest expense carryforwards resulting in a current income tax benefit, and corresponding reduction in our cash tax liability, of approximately $40 million in 2025.

We did not record a liability for unrecognized tax benefits as of December 31, 2025 and 2024. We remain subject to audit by the Internal Revenue Service for calendar years 2022 through 2024 and by California for calendar years 2021 through 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: 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 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

REVENUE - Schedule of Performance Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from marketing of purchased commodities
Disaggregation of revenue
Revenue from marketing of purchased commodities	$ 238	$ 235	$ 407
Oil
Disaggregation of revenue
Revenue from marketing of purchased commodities	86	99	0
Natural gas
Disaggregation of revenue
Revenue from marketing of purchased commodities	144	128	401
Natural gas liquids
Disaggregation of revenue
Revenue from marketing of purchased commodities	$ 8	$ 8	$ 6

- 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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended		24 Months Ended
	Oct. 31, 2020 platform	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) well	Dec. 31, 2024 USD ($) well
Other Commitments [Line Items]
Offshore platforms with decommissioning obligations defaulted period since interest sold	30 years
Decommissioning liability, current		$ 12
Decommissioning liability, liabilities incurred		19	$ 5
Cost incurred, abandonment cost				$ 25
Payments under dispute		25
Drilling Commitment
Other Commitments [Line Items]
Commitments under contracts for the first year		8
Commitments under contracts for the second year		$ 9
Oxy
Other Commitments [Line Items]
Number of offshore platforms with decommissioning obligations defaulted \| platform	2
Offshore platforms with decommissioning obligations defaulted percentage	37.50%
California Geologic Energy Management Division
Other Commitments [Line Items]
Number of oil and gas wells abandoned \| well			120	120

SUPPLEMENTAL ACCOUNT BALANCES (Tables)

12 Months Ended

Dec. 31, 2025

SUPPLEMENTAL INFORMATION [Abstract]

Schedule of Other Current Assets

Other current assets, net include the following:



	December 31, 2025		December 31, 2024

	(in millions)
Net amounts due from joint interest partners(a)	$	56	$	41

Fair value of commodity derivative contracts	187		14

Prepaid expenses	38		28
Greenhouse gas allowances	—		27

Income tax receivable	52		50
Other	20		16
Other current assets, net	$	353	$	176

(a)The amounts due from joint interest partners include $2 million and an insignificant amount of allowances for credit losses as of December 31, 2025 and December 31, 2024, respectively.

Schedule of Other Noncurrent Assets

Other noncurrent assets include the following:



	December 31, 2025		December 31, 2024

	(in millions)
Operating lease right-of-use assets	$	83	$	105
Deferred financing costs - Revolving Credit Facility	20		23
Emission reduction credits	11		11

Fair value of commodity derivative contracts	101		16
Funded pension	97		67
Postretirement plan	19		13
Other	42		37
Other noncurrent assets	$	373	$	272

Schedule of Accrued Liabilities

Accrued liabilities include the following:


	December 31, 2025		December 31, 2024

	(in millions)
Compensation-related liabilities	$	159	$	184
Taxes other than on income	105		100
Asset retirement obligations - current portion	120		134
Interest	12		12
Operating lease liability	15		15

Settlements and premiums due on commodity derivative contracts	22		15



Advanced payments	19		25
Payables to the former owners of Aera	—		29
Greenhouse gas liability	27		—

Signal Hill offshore platform expense accrual	13		1
Fair value of derivative contracts	42		50
Other	64		46
Accrued liabilities	$	598	$	611

Schedule of Other Long-Term Liabilities

Other long-term liabilities includes the following:



	December 31, 2025		December 31, 2024

	(in millions)
Compensation-related liabilities	$	48	$	50
Postretirement and pension benefit plans	57		59
Operating lease liability	61		76

Fair value of commodity derivative contracts	17		45
Contingent liability(a)	117		107
Other	29		40
Other long-term liabilities	$	329	$	377

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

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated

The following tables provide segment profit or loss and reconciliations to consolidated income before income taxes for the years ended December 31, 2025, 2024, and 2023. The consolidation and elimination entries necessary to arrive at our consolidated financial information is presented separately.


	Year ended December 31, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	2,957	$	—	$	2,957	$	(47)	$	2,910



Other revenue	10		—		10		—		10

Segment operating revenues	2,967		—		2,967


Other revenues and income(a)							749		749




Total operating revenues									$	3,669

(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		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	2,565	$	—	$	2,565	$	(28)	$	2,537



Other revenue	7		—		7		—		7

Segment operating revenues	2,572		—		2,572


Other revenues and income(a)							654		654



Total operating revenue									$	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		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	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 revenues									$	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.

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Year ended December 31, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense	Total

	(in millions)
Segment operating revenues	$	2,967	$	—	$	2,967		$	2,967
Less:
Operating costs:
Energy operating costs	405		—		405		(31)	374
Gas processing costs	19		—		19		—	19
Non-energy operating costs	856		—		856		3	859
General and administrative expenses	43		13		56		277	333
Depreciation, depletion and amortization	492		—		492		19	511

Taxes other than on income	203		—		203		39	242


Interest and debt expense, net	—		11		11		95	106
Equity loss (income) from unconsolidated subsidiaries	—		6		6		(2)	4


Other segment expenses(a)	261		56		317		—	317
Segment profit or (loss)	$	688	$	(86)	$	602




Other profit or loss(b)							(204)	(204)
Unallocated amounts(c)							(96)	(96)








Income before income taxes								$	502

(a)Other segment expenses for our oil and natural gas segment include transportation costs, accretion expense, asset impairment and other operating expenses, net. Other segment expenses for our carbon management segment primarily includes operating lease costs and asset impairment.

(b)Other profit or loss includes the margin we earn from marketing activities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.

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


	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


Interest and debt expense, net	—		9		9		78	87
Equity loss (income) from unconsolidated subsidiaries	—		12		12		(2)	10


Other segment expenses(a)	170		58		228		—	228
Segment profit or (loss)	$	815	$	(94)	$	721


Other profit or loss(b)							(133)	(133)

Unallocated amounts(c)							(53)	(53)




Income before income taxes								$	516

(a)Amounts for our oil and natural gas segment include transportation costs, accretion expense, asset impairment, and other operating expenses, net and gain on asset divestitures. Amounts for our carbon management segment primarily include operating lease costs.

(b)Other profit or loss includes margin from purchased commodities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.

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


	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


Interest and debt expense, net	—		5		5		51	56
Equity loss from unconsolidated subsidiary	—		9		9		—	9


Other segment expenses(a)	67		40		107		—	107
Segment profit or (loss)	$	922	$	(66)	$	856


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


Unallocated amounts(c)							64	64



Income before income taxes								$	748

(a)Amounts for our oil and natural gas segment include transportation costs, accretion expense, other operating expenses and gain on asset divestitures. Amounts for our carbon management segment primarily include operating lease costs.

(b)Other profit or loss includes margin from purchased commodities and the margin we earn on sale of electricity from our Elk Hills power plant to customers.

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

Schedule of Reconciliation of Capital Investments from Segments to Consolidated


	Oil and Natural Gas		Carbon Management		Corporate and Other		Consolidated

	(in millions)
Year ended December 31, 2025	$	276	$	33	$	13	$	322
Year ended December 31, 2024	$	234	$	12	$	9	$	255
Year ended December 31, 2023	$	153	$	5	$	27	$	185

REVENUE - Narrative (Details) $ in Millions	12 Months Ended
REVENUE - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) facility plant	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of revenue
Typical term of payment following invoicing	30 days
Number of gas processing facilities \| facility	1
Revenue \| $	$ 2,910	$ 2,537	$ 2,155
Number of plants acquired \| plant	4
Electrical output sold, number of plants \| plant	1
Other revenue
Disaggregation of revenue
Revenue \| $	$ 3	$ 3	$ 15

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: 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 7: 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 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 132	$ 372
Trade receivables	333	330
Inventory	106	90
Assets held for sale	0	10
Receivables from affiliate	14	46
Other current assets, net	353	176
Total current assets	938	1,024
PROPERTY, PLANT AND EQUIPMENT	7,523	6,738
Accumulated depreciation, depletion and amortization	(1,618)	(1,058)
Total property, plant and equipment, net	5,905	5,680
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES	111	86
DEFERRED INCOME TAXES	76	73
OTHER NONCURRENT ASSETS	373	272
TOTAL ASSETS	7,403	7,135
CURRENT LIABILITIES
Accounts payable	452	369
Accrued liabilities	598	611
Total current liabilities	1,050	980
NONCURRENT LIABILITIES
Long-term debt, net	1,283	1,132
Asset retirement obligations	913	995
Deferred tax liabilities	154	113
Other long-term liabilities	329	377
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value); no shares outstanding at December 31, 2025 and 2024	0	0
Common stock (200,000,000 shares authorized at $0.01 par value); (110,645,691 and 109,613,585 shares issued; 88,754,165 and 91,100,322 shares outstanding at December 31, 2025 and 2024, respectively)	1	1
Treasury stock (21,891,526 shares held at cost at December 31, 2025 and 18,513,263 shares held at December 31, 2024)	(944)	(796)
Additional paid-in capital	2,625	2,578
Retained earnings	1,905	1,680
Accumulated other comprehensive income	87	75
Total stockholders' equity	3,674	3,538
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 7,403	$ 7,135

DIVESTITURES AND ASSET ACQUISITIONS	12 Months Ended
DIVESTITURES AND ASSET ACQUISITIONS	Dec. 31, 2025
Asset Acquisitions And Dispositions [Abstract]
DIVESTITURES AND ASSET ACQUISITIONS	DIVESTITURES AND ASSET 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. In October 2024, we completed the sale of the Ventura basin assets and recognized a $4 million gain and during 2025, we recognized a loss related to settling purchase price adjustments of $1 million. Round Mountain Unit In December 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. 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. Carbon Management Assets In 2022, we acquired properties for carbon management activities with the intent to divest a portion of these assets. In 2024, we reduced the carrying value of the surface acreage to fair value and recognized an impairment charge of $1 million. In May 2025, we sold a portion of these properties for $1 million and did not recognize a gain or loss on this transaction. In September 2025, we reduced the carrying value of the remainder of these properties classified as held for sale to fair value and recognized an impairment charge of $2 million. The remaining assets were sold in December 2025 for $6 million and we did not recognize a gain or loss on this transaction. The fair value measurement was determined, using Level 3 inputs in the fair value hierarchy and, declined due to market conditions, resulting in an impairment. Asset 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.

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

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), 2029 Senior Notes (2029 Senior Notes Indenture) and 2034 Senior Notes (2034 Senior Notes Indenture). Unrestricted Subsidiaries (as defined in the 2026 Senior Notes Indenture, 2029 Senior Notes Indenture, and 2034 Senior Notes Indenture) are subject to fewer restrictions under the indentures. We are required under the 2026 Senior Notes Indenture, 2029 Senior Notes Indenture and 2034 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, 2029 Senior Notes Indenture, and 2034 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, 2025 and 2024 and the consolidating statements of operations for the year ended December 31, 2025, 2024, and 2023, 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, 2025 and 2024


	As of December 31, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	203	$	20	$	715	$	—	$	938
Total property, plant and equipment, net	27		21		5,857		—		5,905
Investments in consolidated subsidiaries	6,579		(51)		18,099		(24,627)		—
Deferred tax asset	76		—		—		—		76
Investment in unconsolidated subsidiaries	—		57		54		—		111
Other assets	22		31		320		—		373
TOTAL ASSETS	$	6,907	$	78	$	25,045	$	(24,627)	$	7,403

Total current liabilities	180		6		864		—		$	1,050
Long-term debt	1,283		—		—		—		1,283

Asset retirement obligations	—		—		913		—		913
Other long-term liabilities	110		130		89		—		329
Deferred tax liability	154		—		—		—		154
Amounts due to (from) affiliates	1,508		61		(1,569)		—		—
Total equity	3,674		(120)		24,747		(24,627)		3,674
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	6,909	$	77	$	25,044	$	(24,627)	$	7,403


	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 STOCKHOLDERS' EQUITY	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Condensed Consolidating Statement of Operations

For the years ended December 31, 2025, 2024 and 2023


	Year ended December 31, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	10	$	—	$	3,741	$	(82)	$	3,669
Total costs and other	381		62		2,709		(82)		3,070
Loss on asset divestitures	—		—		(1)		—		(1)
Non-operating (loss) income	(94)		(16)		14		—		(96)
(LOSS) INCOME BEFORE INCOME TAXES	(465)		(78)		1,045		—		502
Income tax provision	(139)		—		—		—		(139)
NET (LOSS) INCOME	$	(604)	$	(78)	$	1,045	$	—	$	363


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

	(in millions)
Total operating 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 operating 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

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

We capitalize the costs incurred to acquire, develop and explore our oil and natural gas assets, including ARO and interest. Our total property, plant and equipment increased $659 million related to our provisional allocation of fair value to assets acquired in the Berry Merger on the effective date. We evaluate long-lived assets on a quarterly basis for possible impairment.

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



	December 31, 2025		December 31, 2024

	(in millions)
Proved oil and natural gas properties	$	7,097	$	6,343
Unproved oil and natural gas properties	11		—
Facilities and other	415		395
Total property, plant and equipment	7,523		6,738
Accumulated depreciation, depletion and amortization	(1,618)		(1,058)
Total property, plant and equipment, net	$	5,905	$	5,680

The following table summarizes the activity of capitalized exploratory well costs:



	December 31, 2025		December 31, 2024		December 31, 2023

	(in millions)
Beginning balance	$	1	$	1	$	1
Additions to capitalized exploratory well costs	10		—		—
Ending balance	11		1		1

Asset Impairments

In 2025, we recognized impairments of $59 million, of which $57 million related to proved natural gas properties in the Sacramento basin. At December 31, 2025, we determined that the carrying value of these assets was not recoverable due to a change in development plans after the Berry Merger and current market conditions. The fair value of our proved natural gas properties was determined as of the date of the assessment using undiscounted cash flow models based on management's expectations for the future development and on Level 3 inputs within fair value measurement hierarchy, including unobservable inputs such as estimates of future natural gas production, forward commodity price curves, inflation, pricing adjustments for differentials, reserve adjustment factors and estimated future operating costs. We used a market-based weighted average cost of capital to discount the future net cash flows.

We also recognized asset impairments in the years ended December 31, 2025 and 2024 related to our carbon management assets. Refer to Note 9 Divestitures and Acquisitions for more information. See Note 1 Nature of Business, Summary of Significant Accounting Policies and Other for information on a $13 million impairment on materials and supplies inventory recognized in 2024.

STOCK-BASED COMPENSATION - Schedule of Percentage of Payouts Target Awards (Details) - Performance stock units	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Forecast period (in years)	2 years 10 months 6 days
Expected term	3 years
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%
Forecast period (in years)		2 years 6 months	1 year 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.20%	40.30%	55.00%
Risk-free interest rate	4.08%	4.86%	4.95%
Forecast period (in years)		3 years	3 years

- 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 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-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 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

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, 2025.

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


	Year ended December 31,
	2025		2024		2023

	(in millions, except per share amounts)
Numerator for Basic and Diluted EPS
Net income	$	363	$	376	$	564






Denominator for Basic EPS
Weighted-average shares	87.0		79.3		69.6

Potential common shares, if dilutive:
Warrants	—		1.0		1.0
Restricted stock units	0.3		0.5		1.0
Performance stock units	0.1		0.5		0.9
Deferred Consideration Obligation (related to the Aera Merger)	—		0.1		—

Denominator for Diluted EPS
Weighted-average shares	87.4		81.4		72.5

EPS
Basic	$	4.17	$	4.74	$	8.10
Diluted	$	4.15	$	4.62	$	7.78

BUSINESS COMBINATIONS - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2025	Dec. 18, 2025	Dec. 31, 2024
Berry Merger
Assets Acquired
Cash			$ 12
Accounts receivable			87
Inventories			6
Other current assets			29
Property, plant and equipment			659
Fair value of derivative contracts			109
Deferred tax asset		$ 121	121
Other noncurrent assets			4
Total Assets Acquired			1,027
Liabilities Assumed
Accounts payable			(62)
Accrued liabilities			(50)
Asset retirement obligations			(151)
Fair value of derivative contracts			(21)
Other long-term liabilities			(34)
Total Liabilities Assumed			(318)
Liabilities Assumed, Adjustments
Net Assets Acquired			$ 709
Aera
Assets Acquired
Cash	$ 137			$ 137
Accounts receivable	176			176
Inventories	29			30
Other current assets	62			49
Investment in unconsolidated subsidiary	52			59
Property, plant and equipment	3,080			3,048
Pension and other postretirement benefits	73			73
Other noncurrent assets	70			57
Total Assets Acquired	3,679			3,629
Assets Acquired, Adjustments
Cash	0
Accounts receivable	0
Inventories	(1)
Other current assets	13
Investment in unconsolidated subsidiary	(7)
Property, plant and equipment	32
Pension and other postretirement benefits	0
Other noncurrent assets	13
Total Assets Acquired	50
Liabilities Assumed
Accounts payable	(158)			(158)
Accrued liabilities	(161)			(157)
Asset retirement obligations	(627)			(646)
Fair value of derivative contracts	(351)			(351)
Pension and other postretirement benefits	(35)			(35)
Deferred tax liability	(171)	$ (70)		(101)
Other long-term liabilities	(55)			(37)
Total Liabilities Assumed	(1,558)			(1,485)
Liabilities Assumed, Adjustments
Accounts payable	0
Accrued liabilities	(4)
Asset retirement obligations	19
Fair value of derivative contracts	0
Pension and other postretirement benefits	0
Deferred tax liability	(70)
Other long-term liabilities	(18)
Total Liabilities Assumed	(73)
Net Assets Acquired	2,121			$ 2,144
Net Assets Acquired, Adjustments	$ (23)

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024 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. In September 2025, the parties amended the cost sharing agreement to include well abandonment work. As of December 31, 2025, we recognized a liability of $12 million, included in accrued liabilities in our consolidated balance sheet related to this abandonment work. For the year ended December 31, 2025 and 2024, other operating expenses, net on our consolidated statements of operations includes $19 million and $5 million, respectively, for our ongoing share of maintenance costs and well abandonment work. We continue to challenge the BSEE order.

In 2023 and 2024, the California Geologic Energy Management Division (CalGEM) plugged and abandoned approximately 120 "orphaned" oil and gas wells located in Cat Canyon, Santa Barbara County, at an aggregate cost of $25 million. These wells had previously been operated by us prior to being sold to their current operators. CalGEM is seeking to recover these costs from us due to our prior operatorship of the wells, and we are disputing these claims. In connection with this dispute, we were required to remit $25 million to CalGEM under protest pending the outcome of this matter. For the year ended December 31, 2025, other operating expenses, net on our consolidated statement of operations includes $25 million related to this matter.

We have certain commitments under contracts, including drilling commitments of $8 million in 2026 and $9 million in 2027 and purchase commitments for goods and services used in the normal course of business such as pipeline capacity, easements, obligations under long-term service agreements and field equipment.

At December 31, 2025, total purchase obligations on a discounted basis were as follows:


	December 31, 2025
	(in millions)
2026	$	69
2027	36
2028	22
2029	21
2030	27
Thereafter	26
Total	201
Less: Interest	(42)
Present value of purchase obligations	$	159

DERIVATIVES - Schedule of Gain (Loss) on Derivative Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash commodity derivative gain	$ 225	$ 274	$ 260
Net proceeds (settlements) and premium amortization	41	(33)	(272)
Net gain (loss) from commodity derivatives	$ 266	$ 241	$ (12)

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental cash flow information
Interest paid, net of amount capitalized	$ (85)	$ (80)	$ (44)
Interest income	11	18	21
Supplemental disclosure of non-cash investing and financing activities
Contributions to the Carbon TerraVault JV	36	20	15
Issuance of shares for stock-based compensation awards	23	90	5
Dividend equivalents for stock-based compensation awards	3	2	3
Excise tax on share repurchases	$ (1)	$ 2	$ 1

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 310
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479255/942-310-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 310
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.H.2.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478116/942-310-S99-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 45
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477346/946-830-45-39

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

+ Details

DERIVATIVES

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

We continue to maintain a commodity hedging program to help protect our cash flows, margins and capital program from the volatility of commodity prices. We enter into natural gas swaps for the purpose of hedging our fuel consumption in our steamflood operations as well as swaps 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, 2025, 2024 and 2023. 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. For more information on the hedging 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, 2025:


	Q1 2026		Q2 2026		Q3 2026		Q4 2026		2027		2028
Sold Calls:
Barrels per day	37,078		36,000		36,000		36,000		2,465		1,534
Weighted-average price per barrel	$	83.45	$	83.51	$	83.51	$	83.51	$	71.06	$	70.59

Purchased Puts
Barrels per day	37,078		36,000		36,000		36,000		2,465		1,534
Weighted-average price per barrel	$	61.08	$	61.11	$	61.11	$	61.11	$	61.01	$	60.00

Swaps
Barrels per day	51,861		44,487		42,869		41,703		50,110		7,285
Weighted-average price per barrel	$	69.25	$	68.52	$	68.20	$	67.98	$	65.76	$	66.98

At December 31, 2025, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below. The natural gas price index used to hedge each position is based on a number of factors including liquidity and transportation cost.


	Q1 2026		Q2 2026		Q3 2026		Q4 2026		2027		2028

SoCal Border
MMBtu per day	20,350		13,250		10,750		9,908		—		—
Weighted-average price per MMBtu	$	5.18	$	4.82	$	4.83	$	4.84	$	—	$	—

NWPL Rockies
MMBtu per day	91,750		91,750		91,750		91,750		71,861		1,576
Weighted-average price per MMBtu	$	4.35	$	3.77	$	3.76	$	4.17	$	4.13	$	3.95

In the years ended December 31, 2025 and 2024, we also had a limited number of derivative contracts related to our natural gas marketing activities that were intended to lock in locational price spreads. These derivative contracts were not significant to our results of operations or financial statements taken as a whole.

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 – with respect to swaps for crude oil, 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. With respect to swaps for purchased natural gas, we receive settlement

payments for prices above the indicated weighted-average price per MMBtu and we make settlement

payments for prices below the weighted-average price per MMBtu.

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,
	2025		2024		2023

	(in millions)
Non-cash commodity derivative gain	$	225	$	274	$	260


Net proceeds (settlements) and premium amortization	41		(33)		(272)

Net gain (loss) from commodity derivatives	$	266	$	241	$	(12)

We report gains and losses on our commodity derivative contracts to purchases of natural gas in operating expenses on our consolidated statements of operations as shown in the table below:


	Year ended December 31,
	2025		2024		2023

	(in millions)
Non-cash loss (gain) on natural gas purchase derivatives	$	24	$	(2)	$	8
Settlements	26		32		—
Net loss on natural gas purchase derivatives	$	50	$	30	$	8

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, 2025 and December 31, 2024.


December 31, 2025
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

Assets:	(in millions)
Other current assets, net	$	193	$	(6)	$	187
Other noncurrent assets	106		(5)		101

Liabilities:
Current liabilities	(48)		6		(42)
Noncurrent liabilities	(22)		5		(17)
	$	229	$	—	$	229


December 31, 2024
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

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

Liabilities:
Current liabilities	(62)		12		(50)
Noncurrent liabilities	(61)		16		(45)
	$	(65)	$	—	$	(65)

Counterparty Credit Risk

As of December 31, 2025, 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, 2025, and 2024, we did not have collateral posted for financial instruments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 15
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 183
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended			12 Months Ended			56 Months Ended
	Nov. 04, 2025	Aug. 02, 2024	Nov. 01, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025	Oct. 31, 2020
Equity [Abstract]
Stock repurchase program authorized amount							$ 1,350			$ 1,350
Treasury stock, shares, acquired (in shares)										26,841,526
Stock repurchase							$ 376	$ 192	$ 143	$ 1,173
Dividends declared, common stock (in dollars per share)				$ 0.2825	$ 0.2825	$ 0.2825
Total annual dividend anticipated, common stock (in dollars per share)	$ 1.62	$ 1.55	$ 1.24
Shares reserved for future issuance (in shares)											4,384,182
Warrant exercise price (in dollars per share)											$ 36
Warrant outstanding (in shares)							0			0

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Schedule of Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	$ 3,669	$ 3,198	$ 2,801
Total costs and other	3,070	2,589	2,025
Gain on asset divestitures	(1)	11	32
Non-operating (loss) income	(96)	(104)	(60)
INCOME BEFORE INCOME TAXES	502	516	748
Income tax provision	(139)	(140)	(184)
NET INCOME	363	376	564
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	(82)	(165)	0
Total costs and other	(82)	(165)	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 operating revenues	10	18	21
Total costs and other	381	290	239
Gain on asset divestitures	0	0	0
Non-operating (loss) income	(94)	(92)	(51)
INCOME BEFORE INCOME TAXES	(465)	(364)	(269)
Income tax provision	(139)	(140)	(184)
NET INCOME	(604)	(504)	(453)
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	0	0	0
Total costs and other	62	66	49
Gain on asset divestitures	0	0	0
Non-operating (loss) income	(16)	(21)	(14)
INCOME BEFORE INCOME TAXES	(78)	(87)	(63)
Income tax provision	0	0	0
NET INCOME	(78)	(87)	(63)
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	3,741	3,345	2,780
Total costs and other	2,709	2,398	1,737
Gain on asset divestitures	(1)	11	32
Non-operating (loss) income	14	9	5
INCOME BEFORE INCOME TAXES	1,045	967	1,080
Income tax provision	0	0	0
NET INCOME	$ 1,045	$ 967	$ 1,080

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025		2024		2023

	(in millions, except per share amounts)
Numerator for Basic and Diluted EPS
Net income	$	363	$	376	$	564






Denominator for Basic EPS
Weighted-average shares	87.0		79.3		69.6

Potential common shares, if dilutive:
Warrants	—		1.0		1.0
Restricted stock units	0.3		0.5		1.0
Performance stock units	0.1		0.5		0.9
Deferred Consideration Obligation (related to the Aera Merger)	—		0.1		—

Denominator for Diluted EPS
Weighted-average shares	87.4		81.4		72.5

EPS
Basic	$	4.17	$	4.74	$	8.10
Diluted	$	4.15	$	4.62	$	7.78

INCOME TAXES - Schedule of Components of Income Tax Expense (benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
U.S. federal	$ 30	$ 42	$ 146
State and local	24	27	3
Current tax provision	54	69	149
Deferred
U.S. federal	61	51	(12)
State and local	24	20	47
Deferred tax provision	85	71	35
Income tax provision	$ 139	$ 140	$ 184

- 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/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

SEGMENT INFORMATION - Schedule of Reconciliation of Capital Investments from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	$ 322	$ 255	$ 185
Operating Segments \| Oil and Natural Gas
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	276	234	153
Operating Segments \| Carbon Management
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	33	12	5
Reconciliation (Income)/Expense
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	$ 13	$ 9	$ 27

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

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,
	2025		2024		2023

	(in millions)
General and administrative expenses	$	30	$	32	$	40
Operating costs	7		6		7
Other operating expenses, net	2		2		1
Total stock-based compensation expense	$	39	$	40	$	48

Income tax benefit	$	7	$	8	$	9

We paid $21 million, $18 million, and $11 million for our long-term cash incentive awards for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

Stock Settled Awards

Berry Merger

Certain Berry restricted and performance stock unit awards included a single-trigger change in control provision which accelerated the vesting of such awards on the closing date of the Berry Merger. We settled these awards in cash and the amounts were accounted for as consideration transferred. Other Berry performance and restricted stock unit awards included a change in control provision as well as a subjective acceleration clause, which did not automatically accelerate the vesting of the awards on the closing date of the Berry Merger. In connection with the Berry Merger, we granted 203,873 RSUs as a replacement for such Berry restricted and performance stock units that did not automatically accelerate. The fair value of these replacement units was $9 million, $4 million of which was related to pre-combination services and included in consideration transferred. The remaining $5 million will be recognized as a post-combination expense over the employee service period of which, $3 million relates to Berry executives who separated from service upon the closing of the Berry Merger and is included in other operating expenses, net on our consolidated statement of operations for the year ended December 31, 2025.

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 over three years following the grant date, with the exception of the RSUs granted on November 4, 2025 that generally vest over the five 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, 2025:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2024(a)	650	$	40.49
Granted	585	$	45.46
Vested	(206)	$	44.27
Forfeited or cancelled	(36)	$	47.74
Unvested at December 31, 2025	993	$	42.37

(a)Includes additional 6,730 RSUs granted in 2024 at $52.54 per unit.

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, 2025, the unrecognized compensation expense for our unvested RSUs was approximately $25 million and is expected to be recognized over a weighted-average remaining service period of approximately three years.

Performance Stock Units

In 2025, 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. 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, 2025:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2024	764	$	48.83
Granted	351	$	35.53
Vested(a)	(284)	$	39.35
Forfeited or Cancelled	(53)	$	47.74
Unvested at December 31, 2025	878	$	45.57

(a)Includes additional net 100,314 PSUs earned based on achievement of specified performance metrics.

The range of assumptions used in the valuation of PSUs granted during 2025, 2024 and 2023 were as follows:


	2025		2024		2023



Expected volatility(a)	34.20%		38.58% - 40.30%		42.36% - 55.00%
Risk-free interest rate(b)	4.08%		4.52% - 4.86%		3.81% - 4.95%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.85		2.5 - 3		1.5 - 3

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

(b)Based on the U.S. Treasury yield for a 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, 2025, the unrecognized compensation expense for our unvested PSUs was approximately $15 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 2025, 2024 and 2023, we granted performance cash-settled awards to approximately 800 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, 2025 were as follows:



	2025 Awards		2024 Awards		2023 Awards



Expected volatility(a)	39	%	41	%	25	%
Risk-free interest rate(b)	3.60	%	3.65	%	3.71	%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.15		1.15		0.15

(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, 2025, the unrecognized compensation expense for all of our unvested cash-settled awards was $14 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, 2025 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



Expected volatility(a)	41.94	%
Risk-free interest rate(b)	3.48	%
Dividend yield(c)	—	%
Forecast period (in years)	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, 2025, the unrecognized compensation expense for these cash-settled awards was approximately $1 million and is expected to be recognized over a weighted-average remaining service period of one year.

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, 2025, a total of 60,128 common shares were issued under our ESPP.

REVENUE

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

The following is a description of our principal activities from which we generate revenue. Revenue from customers is recognized when a customer obtains control of promised goods and the 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,
	2025		2024		2023

	(in millions)
Oil	$	2,647	$	2,255	$	1,534
Natural gas	99		96		309
Natural gas liquids	164		186		198
Oil, natural gas and natural gas liquids sales	$	2,910	$	2,537	$	2,041

We also process third-party wet gas at one of our gas processing facilities and the purity products are then sold to customers. We recognized $3 million, $3 million and $15 million included in other revenue on our consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively.

Electricity Revenue

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 enter into contracts with load-serving entities to ensure there is sufficient capacity to support forecasted demand in the California market. Our contracts for capacity are at market prices and generally for a term that does not exceed twelve months. For the twelve months ended December 31, 2023, we sold power to a California utility under a power purchase and sales agreement (PPA), which included a monthly capacity payment plus a variable payment based on the quantity of power purchased each month.

As part of the Berry Merger, we acquired four cogeneration plants. The electrical output of one of these plants that is not used in our operations is sold to a California investor-owned utility, Pacific Gas and Electric under a power purchase and sales agreement that expires in November 2026.

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 electricity 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 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 transportation commitments. We report associated expense related to the cost of marketing purchased commodities in 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,
	2025		2024		2023

	(in millions)
Oil	$	86	$	99	$	—
Natural gas	144		128		401
Natural gas liquids	8		8		6

Revenue from marketing of purchased commodities	$	238	$	235	$	407

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SUPPLEMENTAL ACCOUNT BALANCES

12 Months Ended

Dec. 31, 2025

SUPPLEMENTAL INFORMATION [Abstract]

SUPPLEMENTAL ACCOUNT BALANCES

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



	December 31, 2025		December 31, 2024

	(in millions)
Net amounts due from joint interest partners(a)	$	56	$	41

Fair value of commodity derivative contracts	187		14

Prepaid expenses	38		28
Greenhouse gas allowances	—		27

Income tax receivable	52		50
Other	20		16
Other current assets, net	$	353	$	176

(a)The amounts due from joint interest partners include $2 million and an insignificant amount of allowances for credit losses as of December 31, 2025 and December 31, 2024, respectively.

Other noncurrent assets — Other noncurrent assets include the following:



	December 31, 2025		December 31, 2024

	(in millions)
Operating lease right-of-use assets	$	83	$	105
Deferred financing costs - Revolving Credit Facility	20		23
Emission reduction credits	11		11

Fair value of commodity derivative contracts	101		16
Funded pension	97		67
Postretirement plan	19		13
Other	42		37
Other noncurrent assets	$	373	$	272

Accrued liabilities — Accrued liabilities include the following:


	December 31, 2025		December 31, 2024

	(in millions)
Compensation-related liabilities	$	159	$	184
Taxes other than on income	105		100
Asset retirement obligations - current portion	120		134
Interest	12		12
Operating lease liability	15		15

Settlements and premiums due on commodity derivative contracts	22		15



Advanced payments	19		25
Payables to the former owners of Aera	—		29
Greenhouse gas liability	27		—

Signal Hill offshore platform expense accrual	13		1
Fair value of derivative contracts	42		50
Other	64		46
Accrued liabilities	$	598	$	611

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



	December 31, 2025		December 31, 2024

	(in millions)
Compensation-related liabilities	$	48	$	50
Postretirement and pension benefit plans	57		59
Operating lease liability	61		76

Fair value of commodity derivative contracts	17		45
Contingent liability(a)	117		107
Other	29		40
Other long-term liabilities	$	329	$	377

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

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2021 shares	Jan. 18, 2021 shares
Revenue Recognition
Number of reportable segments \| segment	2
Restricted cash	$ 15	$ 18
Inventory write-down		13
Period before costs expensed for no proved reserves	1 year
Liabilities assumed	$ 151	646
Asset retirement obligation, liabilities settled and divested	122	94
Settlement payments of asset retirement obligations	35	92
Divestitures of asset retirement obligations		2
Decrease from revisions of estimated cash flows	242	32
Interest and penalties related to uncertain tax positions	$ 0	$ 0	$ 0
Percentage of production represented by PSC-type contracts	3.00%	12.00%
Percentage of operating costs reported under PSC-type contracts	100.00%
Merger Fields, Well Abandonments and Field Economic Limits
Revenue Recognition
Decrease from revisions of estimated cash flows	$ 210
Purchase Price Adjustment of Merger
Revenue Recognition
Decrease from revisions of estimated cash flows	$ 19
2021 Incentive Plan
Revenue Recognition
Shares reserved for future issuance (in shares) \| shares				9,257,740	9,257,740
Gas plant and power plant assets
Revenue Recognition
Expected useful lives	30 years
Well Servicing Equipment \| Minimum
Revenue Recognition
Expected useful lives	5 years
Well Servicing Equipment \| Maximum
Revenue Recognition
Expected useful lives	10 years
Leasehold Improvements \| Minimum
Revenue Recognition
Expected useful lives	4 years
Leasehold 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
Computer Hardware
Revenue Recognition
Expected useful lives	5 years
Aera
Revenue Recognition
Inventory	$ 6
Two Customer \| Oil And Gas Sales And Other Revenue \| Major Customers
Revenue Recognition
Concentration risk percentage	51.00%
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%
Revenue from marketing of purchased commodities
Revenue Recognition
Other revenue	$ 238	$ 235	$ 407
Cost of sales	$ 182	$ 193	224
Revenue from marketing of purchased commodities \| Revision of Prior Period, Reclassification, Adjustment
Revenue Recognition
Other revenue			6
Cost of sales			$ 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

+ Details

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Oct. 08, 2025	Feb. 28, 2025	Dec. 31, 2024	Aug. 22, 2024	Jul. 01, 2024
Debt Instrument [Line Items]
Principal amount	$ 1,300,000			$ 1,145,000
Unamortized debt discount and issuance costs	(19,000)			(16,000)
Unamortized premium	2,000			3,000
Long-term debt, net	1,283,000			1,132,000
Senior Notes (Unsecured) \| 2026 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 0			245,000
Interest rate	7.125%		7.125%
Senior Notes (Unsecured) \| 2029 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 900,000			900,000
Unamortized premium					$ 3,000
Interest rate	8.25%					8.25%
Senior Notes (Unsecured) \| 2034 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 400,000			0
Interest rate	7.00%	7.00%
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%

DERIVATIVES - Summary of Derivative Contracts (Details) - Not Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2025 MMBTU $ / barrel $ / MMBTU bbl
Sold Calls - Crude Oil Q1 2026
Derivatives
Barrels per day (in barrels) \| bbl	37,078
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	83.45
Sold Calls - Crude Oil Q2 2026
Derivatives
Barrels per day (in barrels) \| bbl	36,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	83.51
Sold Calls - Crude Oil Q3 2026
Derivatives
Barrels per day (in barrels) \| bbl	36,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	83.51
Sold Calls - Crude Oil Q4 2026
Derivatives
Barrels per day (in barrels) \| bbl	36,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	83.51
Sold Calls - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	2,465
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	71.06
Sold Calls - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	1,534
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	70.59
Purchased Puts - Crude Oil Q1 2026
Derivatives
Barrels per day (in barrels) \| bbl	37,078
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.08
Purchased Puts - Crude Oil Q2 2026
Derivatives
Barrels per day (in barrels) \| bbl	36,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.11
Purchased Puts - Crude Oil Q3 2026
Derivatives
Barrels per day (in barrels) \| bbl	36,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.11
Purchased Puts - Crude Oil Q4 2026
Derivatives
Barrels per day (in barrels) \| bbl	36,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.11
Purchased Puts - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	2,465
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.01
Purchased Puts - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	1,534
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	60.00
Swaps - Crude Oil Q1 2026
Derivatives
Barrels per day (in barrels) \| bbl	51,861
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	69.25
Swaps - Crude Oil Q2 2026
Derivatives
Barrels per day (in barrels) \| bbl	44,487
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	68.52
Swaps - Crude Oil Q3 2026
Derivatives
Barrels per day (in barrels) \| bbl	42,869
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	68.20
Swaps - Crude Oil Q4 2026
Derivatives
Barrels per day (in barrels) \| bbl	41,703
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	67.98
Swaps - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	50,110
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	65.76
Swaps - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	7,285
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	66.98
SoCal Border - Natural Gas Q1 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	20,350
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	5.18
SoCal Border - Natural Gas Q2 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	13,250
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.82
SoCal Border - Natural Gas Q3 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	10,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.83
SoCal Border - Natural Gas Q4 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	9,908
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.84
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 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	91,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.35
NWPL Rockies - Natural Gas Q2 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	91,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.77
NWPL Rockies - Natural Gas Q3 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	91,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.76
NWPL Rockies - Natural Gas Q4 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	91,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.17
NWPL Rockies - Natural Gas 2027
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	71,861
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.13
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

SEGMENT INFORMATION - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Segment operating revenues	$ 3,669	$ 3,198	$ 2,801
Operating costs:
Energy operating costs	374	279	323
Gas processing costs	19	16	18
Non-energy operating costs	859	671	481
General and administrative expenses	333	321	267
Depreciation, depletion and amortization	511	388	225
Taxes other than on income	242	242	165
Interest and debt expense, net	106	87	56
Equity loss (income) from unconsolidated subsidiaries	4	10	9
Other segment expenses	317	228	107
Segment profit or (loss)	598	620	808
Income before income taxes	502	516	748
Oil and Natural Gas
Operating costs:
Interest and debt expense, net	0	0	0
Carbon Management
Operating costs:
Interest and debt expense, net	11	9	5
Reconciliation (Income)/Expense
Operating costs:
Interest and debt expense, net	95	78	51
Operating Segments
Segment Reporting Information [Line Items]
Segment operating revenues	2,967	2,572	2,172
Operating costs:
Interest and debt expense, net	11	9	5
Operating Segments \| Reportable Segment
Segment Reporting Information [Line Items]
Segment operating revenues	2,967	2,572	2,172
Operating costs:
Energy operating costs	405	296	323
Gas processing costs	19	16	18
Non-energy operating costs	856	671	481
General and administrative expenses	56	58	54
Depreciation, depletion and amortization	492	354	205
Taxes other than on income	203	207	114
Equity loss (income) from unconsolidated subsidiaries	6	12	9
Other segment expenses	317	228	107
Segment profit or (loss)	602	721	856
Operating Segments \| Oil and Natural Gas
Segment Reporting Information [Line Items]
Segment operating revenues	2,967	2,572	2,172
Operating costs:
Energy operating costs	405	296	323
Gas processing costs	19	16	18
Non-energy operating costs	856	671	481
General and administrative expenses	43	43	42
Depreciation, depletion and amortization	492	354	205
Taxes other than on income	203	207	114
Equity loss (income) from unconsolidated subsidiaries	0	0	0
Other segment expenses	261	170	67
Segment profit or (loss)	688	815	922
Operating Segments \| Carbon Management
Segment Reporting Information [Line Items]
Segment operating revenues	0	0	0
Operating costs:
Energy operating costs	0	0	0
Gas processing costs	0	0	0
Non-energy operating costs	0	0	0
General and administrative expenses	13	15	12
Depreciation, depletion and amortization	0	0	0
Taxes other than on income	0	0	0
Equity loss (income) from unconsolidated subsidiaries	6	12	9
Other segment expenses	56	58	40
Segment profit or (loss)	(86)	(94)	(66)
Reconciliation (Income)/Expense
Operating costs:
Energy operating costs	(31)	(17)	0
Gas processing costs	0	0	0
Non-energy operating costs	3	0	0
General and administrative expenses	277	263	213
Depreciation, depletion and amortization	19	34	20
Taxes other than on income	39	35	51
Equity loss (income) from unconsolidated subsidiaries	(2)	(2)	0
Other segment expenses	0	0	0
Other profit or loss	(204)	(133)	(291)
Unallocated amounts	$ (96)	$ (53)	64
Intersegment revenue \| Reportable Segment
Segment Reporting Information [Line Items]
Segment operating revenues			(114)
Intersegment revenue \| Oil and Natural Gas
Segment Reporting Information [Line Items]
Segment operating revenues			(114)
Intersegment revenue \| Carbon Management
Segment Reporting Information [Line Items]
Segment operating revenues			$ 0

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment
Total property, plant and equipment	$ 7,523	$ 6,738
Accumulated depreciation, depletion and amortization	(1,618)	(1,058)
Total property, plant and equipment, net	5,905	5,680
Proved oil and natural gas properties
Property, Plant and Equipment
Total property, plant and equipment	7,097	6,343
Unproved oil and natural gas properties
Property, Plant and Equipment
Total property, plant and equipment	11	0
Facilities and other
Property, Plant and Equipment
Total property, plant and equipment	$ 415	$ 395

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Open Derivative Contracts

We held the following Brent-based contracts as of December 31, 2025:


	Q1 2026		Q2 2026		Q3 2026		Q4 2026		2027		2028
Sold Calls:
Barrels per day	37,078		36,000		36,000		36,000		2,465		1,534
Weighted-average price per barrel	$	83.45	$	83.51	$	83.51	$	83.51	$	71.06	$	70.59

Purchased Puts
Barrels per day	37,078		36,000		36,000		36,000		2,465		1,534
Weighted-average price per barrel	$	61.08	$	61.11	$	61.11	$	61.11	$	61.01	$	60.00

Swaps
Barrels per day	51,861		44,487		42,869		41,703		50,110		7,285
Weighted-average price per barrel	$	69.25	$	68.52	$	68.20	$	67.98	$	65.76	$	66.98


	Q1 2026		Q2 2026		Q3 2026		Q4 2026		2027		2028

SoCal Border
MMBtu per day	20,350		13,250		10,750		9,908		—		—
Weighted-average price per MMBtu	$	5.18	$	4.82	$	4.83	$	4.84	$	—	$	—

NWPL Rockies
MMBtu per day	91,750		91,750		91,750		91,750		71,861		1,576
Weighted-average price per MMBtu	$	4.35	$	3.77	$	3.76	$	4.17	$	4.13	$	3.95

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,
	2025		2024		2023

	(in millions)
Non-cash commodity derivative gain	$	225	$	274	$	260


Net proceeds (settlements) and premium amortization	41		(33)		(272)

Net gain (loss) from commodity derivatives	$	266	$	241	$	(12)

We report gains and losses on our commodity derivative contracts to purchases of natural gas in operating expenses on our consolidated statements of operations as shown in the table below:


	Year ended December 31,
	2025		2024		2023

	(in millions)
Non-cash loss (gain) on natural gas purchase derivatives	$	24	$	(2)	$	8
Settlements	26		32		—
Net loss on natural gas purchase derivatives	$	50	$	30	$	8

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

The following tables present the fair values of our outstanding commodity derivatives as of December 31, 2025 and December 31, 2024.


December 31, 2025
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

Assets:	(in millions)
Other current assets, net	$	193	$	(6)	$	187
Other noncurrent assets	106		(5)		101

Liabilities:
Current liabilities	(48)		6		(42)
Noncurrent liabilities	(22)		5		(17)
	$	229	$	—	$	229


December 31, 2024
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

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

Liabilities:
Current liabilities	(62)		12		(50)
Noncurrent liabilities	(61)		16		(45)
	$	(65)	$	—	$	(65)

DEBT - Narrative (Details) $ in Thousands					1 Months Ended			12 Months Ended
DEBT - Narrative (Details) $ in Thousands	Oct. 08, 2025 USD ($)	Aug. 22, 2024 USD ($)	Jun. 05, 2024	Oct. 27, 2020	Oct. 31, 2025 USD ($)	Feb. 28, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 01, 2024 USD ($)	Oct. 31, 2024 USD ($)	Jul. 01, 2024 USD ($)	Apr. 26, 2023	Apr. 29, 2022
Debt Instrument [Line Items]
Net loss on early extinguishment of debt								$ 1,000	$ 5,000	$ 1,000
Repayments of assumed debt							$ 990,000
Unamortized premium								$ 2,000	3,000
Berry Merger
Debt Instrument [Line Items]
Repayments of long-term debt	$ 449,000
Senior Notes (Unsecured) \| 2026 Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount					$ 122,000	$ 123,000
Debt instrument, interest rate, stated percentage						7.125%		7.125%
Debt instrument, redemption price, percentage of principal amount redeemed					100.00%	100.00%
Net loss on early extinguishment of debt						$ 1,000
Senior Notes (Unsecured) \| 2029 Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								8.25%					8.25%
Debt instrument, redemption price, percentage of principal amount redeemed			35.00%
Debt instrument face amount		$ 300,000					600,000
Proceeds from issuance of debt		298,000					590,000
Debt issuance costs, net		5,000					10,000
Unamortized premium		$ 3,000
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 \| 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 \| 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) \| 2034 Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.00%							7.00%
Debt instrument, redemption price, percentage of principal amount redeemed	40.00%
Debt instrument face amount	$ 400,000
Proceeds from issuance of debt	393,000
Debt issuance costs, net	$ 7,000
Senior Notes (Unsecured) \| 2034 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	103.50%
Senior Notes (Unsecured) \| 2034 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	101.75%
Senior Notes (Unsecured) \| 2034 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) \| 2034 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	107.00%
Senior Notes (Unsecured) \| 2034 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	60.00%
Senior Notes (Unsecured) \| 2034 Senior Notes \| Fifth Year
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date	100.00%
Senior Notes (Unsecured) \| 2034 Senior Notes \| Debt Instrument, Redemption, Period Seven
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date	101.00%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							630,000				$ 1,460,000		$ 1,100,000
Line of credit facility, amount available for borrowing								$ 1,284,000
Borrowing base							$ 1,200,000	$ 1,500,000					$ 1,500,000
Period to enter into hedges on production								60 months
Debt instrument, covenant leverage ratio				3.00										2.5	1.75
Derivative, hedging percent															25.00%
Commitment fee percentage				20.00%
Line of credit facility, commitment fee amount, writeoff									6,000
Line of credit facility, accordion feature, increase limit											50,000
Line of credit facility, accordion feature, higher borrowing capacity option					$ 1,450,000			$ 1,460,000			$ 1,150,000
Revolving Credit Facility \| Line of Credit \| Second Amendment
Debt Instrument [Line Items]
Increase (decrease) in debt issuance costs, net									3,000
Revolving Credit Facility \| Line of Credit \| Fourth Amendment
Debt Instrument [Line Items]
Increase (decrease) in debt issuance costs, net									7,000
Revolving Credit Facility \| Line of Credit \| Fifth Amendment
Debt Instrument [Line Items]
Increase (decrease) in debt issuance costs, net									$ 7,000
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%
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%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis								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	$ 250,000
Letters of credit outstanding, amount								$ (176,000)

STOCK-BASED COMPENSATION - Performance Stock Unit Awards (Details) - Performance stock units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Units
Unvested, beginning of year (in shares)	764,000
Granted (in shares)	351,000
Vested (in shares)	(284,000)
Forfeited or Cancelled (in shares)	(53,000)
Unvested, end of year (in shares)	878,000
Weighted-Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share) \| $ / shares	$ 48.83
Granted (in dollars per share) \| $ / shares	35.53
Vested (in dollars per share) \| $ / shares	39.35
Forfeited or Cancelled (in dollars per share) \| $ / shares	47.74
Unvested, end of year (in dollars per share) \| $ / shares	$ 45.57
Additional vested (in shares)	100,314

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Los Angeles, CA
Auditor Firm ID	185

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

12 Months Ended

Dec. 31, 2025

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 focus on environmental stewardship while safely providing local, responsibly sourced energy. We also seek to maximize 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 business is organized into two reporting segments: oil and natural gas and carbon management. Our oil and natural gas segment explores for, develops, and produces oil and condensate, natural gas liquids and natural gas. Our carbon management segment, which we refer to as Carbon TerraVault, is focused on building, installing, operating and maintaining CO2 capture equipment, transportation assets and underground storage facilities. Our carbon management segment also owns an investment in the Carbon TerraVault joint venture. See Note 4 Investments and Related Party Transactions and Note 16 Segment Information for additional information.

On December 18, 2025, pursuant to the Agreement and Plan of Merger, dated as of September 14, 2025 (the Berry Merger Agreement), we obtained all of the ownership interests in Berry Corporation (bry) (Berry) in an all-stock transaction (Berry Merger). Our consolidated results of operations include the results of Berry beginning December 18, 2025, the closing date of the Berry Merger. The Berry Merger did not significantly impact the comparability of our financial results for the year ended December 31, 2025 as compared to the year ended December 31, 2024. See Note 2 Business Combinations for transaction details.

On July 1, 2024, pursuant to the Agreement and Plan of Merger, dated as of February 7, 2024 (the Aera Merger Agreement), we obtained all of the ownership interests in Aera Energy LLC (Aera) in an all-stock transaction (Aera Merger). Our consolidated results of operations include the results of Aera beginning July 1, 2024, the closing date of the Aera Merger. The Aera Merger significantly impacted the comparability of our financial results for the year ended December 31, 2025 as compared to the years ended December 31, 2024 and 2023. See Note 2 Business Combinations for transaction details.

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 Berry's and Aera’s accounting policies to our legacy methods for all significant balances included in our consolidated financial statements.

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 2023 balances related to natural gas liquid (NGL) marketing activities were reclassified to conform to our 2025 and 2024 presentation. For the year ended December 31, 2023, we reclassified $6 million related to NGL storage activities from other revenue to revenue from marketing of purchased commodities on our consolidated statements of operations. For the year ended December 31, 2023, we reclassified $3 million 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

The 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. Additionally, our oil and natural gas operations and development activities are subject to evolving state and local regulations, which may be subject to change or re-interpretation, which could result in increased compliance costs, delays or restrictions.

We are developing a carbon capture and sequestration business which is subject to risks as an emerging industry and availability of tax incentives. We operate primarily 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. 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, 2025, two customers of our oil and gas segment each accounted for at least 10%, and collectively 51%, of our sales (before the effects of hedging). 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 accounted for 44%, of our sales (before the effects of hedging).

Recently Issued but not Adopted Accounting and Disclosure Changes

In November 2024, the Financial Accounting Standards Board (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. 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. Refer to Note 3 Property, Plant and Equipment for more information on our asset impairments.

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.

Consolidations

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. Refer to Note 2 Business Combinations for additional information.

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 $15 million and $18 million, included in cash and cash equivalents on our consolidated balance sheet, at December 31, 2025 and December 31, 2024, respectively, 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. Funds will be released from the escrow account as work is completed. The Aera 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.

Inventory

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. Inventory, by category, are as follows:



	2025		2024

	(in millions)
Materials and supplies	$	98	$	86
Finished goods	8		4
Total	$	106	$	90

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.

In 2025, we acquired materials and supplies inventory with an estimated value of $6 million in connection with the Berry Merger. See Note 2 Business Combinations for additional information on the Berry Merger.

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. 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 depreciate 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 5 - 10 for well servicing equipment, 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 2025 and 2024 ARO:



	Year ended December 31,
	2025		2024

	(in millions)
Beginning balance	$	1,129	$	521
Liabilities assumed	151		646
Liabilities settled and divested	(122)		(94)
Accretion expense(a)	113		84


Revisions of estimated cash flows	(242)		(32)
Additions	4		4


Ending balance	$	1,033	$	1,129

Current liability (included in accrued liabilities)	$	120	$	134
Non-current liability	$	913	$	995

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

Liabilities assumed during 2025 and 2024 include $151 million related to the Berry Merger and $646 million related to the Aera Merger, respectively. See Note 2 Business Combinations for more information on these transactions. Our liabilities settled and divested in 2025 related to settlement payments. Our liabilities settled and divested in 2025 for $122 million, included $35 million for Aera settlement payments. Our liabilities settled and divested in 2024 for $94 million, included $92 million for 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 $210 million in 2025, which primarily relates to Aera fields and reflects efficiencies gained in how we perform our well abandonment and also extension of field economic limits due to operating cost savings, mostly related to steamfloods. Revisions of estimated cash flows for 2025 also included $19 million related to purchase price adjustments related to the Aera Merger.

Revisions of our estimated cash flows decreased $32 million in 2024, which reflects efficiencies gained in how we perform our well abandonment.

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 certain capital and operating costs that we incur, (ii) for our share of contractually defined base production where applicable, 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 3% and 12% of our production for the years ended December 31, 2025 and 2024, 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, some 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. 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 which have not been retired are presented as treasury stock on our consolidated balance sheets.

Supplemental Cash Flow Information

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


	Year ended December 31,
	2025		2024		2023

	(in millions)
Supplemental cash flow information
Interest paid, net of amount capitalized	$	(85)	$	(80)	$	(44)
Interest income	$	11	$	18	$	21

Supplemental disclosure of non-cash investing and financing activities



Contributions to the Carbon TerraVault JV	$	36	$	20	$	15
Issuance of shares for stock-based compensation awards	$	23	$	90	$	5
Dividend equivalents for stock-based compensation awards	$	3	$	2	$	3
Excise tax on share repurchases(a)	$	(1)	$	2	$	1

(a) Excise tax on share repurchases for 2025 includes a reversal for 2024 excise taxes that were no longer due.

INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory tax rate	$ 106	$ 108	$ 157
State and local income taxes, net of federal income tax effect	38	38	40
Tax credits
Marginal well credit	(12)	(12)	0
Other tax credit	(1)	0	(1)
Nontaxable or nondeductible items	8	9	6
Change in valuation allowance	0	0	(17)
Other adjustments	0	(3)	(1)
Income tax provision	$ 139	$ 140	$ 184
Percent
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	7.00%	7.00%	5.00%
Tax credits
Marginal well credit	(2.00%)	(2.00%)	0.00%
Other tax credit	0.00%	0.00%	0.00%
Nontaxable or nondeductible items	2.00%	2.00%	1.00%
Change in valuation allowance	0.00%	0.00%	(2.00%)
Other adjustments	0.00%	(1.00%)	0.00%
Effective tax rate	28.00%	27.00%	25.00%

LEASES - Schedule of Operating and Finance Lease Liabilities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 18
2027	16
2028	15
2029	13
Thereafter	46
Less: Interest	(32)
Present value of lease liabilities	76
Finance Leases
2026	2
2027	1
2028	1
2029	0
Thereafter	0
Less: Interest	(2)
Present value of lease liabilities	$ 2

SUBSEQUENT EVENTS (Details) - USD ($)		3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Mar. 01, 2026	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Feb. 28, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)		$ 0.2825	$ 0.2825	$ 0.2825
Stock repurchase program authorized amount						$ 1,350,000,000
Subsequent Event
Subsequent Event [Line Items]
Restructuring cost, expected					$ 22,000,000
Dividends declared, common stock (in dollars per share)	$ 0.405
Stock repurchase program authorized amount					$ 430,000,000

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

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


			Common Shares Outstanding











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
Repurchased shares held as treasury stock			(3,649,348)
Shares cancelled for taxes(b)			(808,071)
Balance, December 31, 2024			91,100,322
Issued as part of the Berry Merger			5,572,115
Additional shares issued as part of the Aera Merger			107,265
Shares issued under ESPP			60,128
Shares issued under stock-based compensation arrangements			478,609
Repurchased shares held as treasury stock			(3,378,263)
Repurchased shares cancelled			(4,950,000)
Shares cancelled for taxes(b)			(236,011)
Balance at December 31, 2025			88,754,165

(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.

(b)In connection with the vesting of equity awards, we withheld and cancelled shares to satisfy applicable tax-withholding requirements.

Share Repurchase Program

Our Board of Directors authorized a Share Repurchase Program to acquire up to $1.35 billion of our common stock through June 30, 2026. Refer to Note 19 Subsequent Events for additional information on a recent increase and extension to our Share Repurchase Program. Since the inception of the Share Repurchase Program through December 31, 2025, we acquired 26,841,526 shares of our common stock for $1,173 million. 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, 2023	3,407,655	$	143	$	41.69
Year ended December 31, 2024	3,649,348	$	192	$	52.12
Year ended December 31, 2025	8,328,263	$	377	$	45.29

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 $0.2825 per share of common stock for each of the first three quarters of 2023. 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. On November 4, 2025, our Board of Directors increased the cash dividend policy to anticipate a total annual dividend of $1.62 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, 2023	$	81	$	1.1575
Year ended December 31, 2024	113		$	1.3950
Year ended December 31, 2025	136		$	1.5675
	$	330

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, 2025, 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,
	2025		2024		2023

	(in millions)
Beginning accumulated other comprehensive income	$	75	$	74	$	81
Actuarial gain (loss) associated with pension and postretirement	26		4		(2)
Prior service credit	—		3		—
Recognition of prior service credit due to curtailment	—		—		(3)
Recognition of net actuarial loss due to settlement	(2)		—		—
Recognition of net actuarial loss due to curtailment	—		(4)		—
Recognition of net actuarial gain due to special termination benefits	—		4		—
Amortization of prior service credit	(5)		(5)		(5)
Amortization of net actuarial gain	(2)		—		—
Other comprehensive income (loss)	17		2		(10)
Total recorded in accumulated other comprehensive income, before tax	92		76		71
Income tax (provision) benefit	(5)		(1)		3
Total recorded in accumulated other comprehensive income, net of tax	$	87	$	75	$	74

- Definition

The entire disclosure for equity.

+ References

+ Details

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Operating lease right-of-use assets	$ 83	$ 105
Deferred financing costs - Revolving Credit Facility	20	23
Emission reduction credits	11	11
Fair value of commodity derivative contracts	101	16
Funded pension	97	67
Postretirement plan	19	13
Other	42	37
Other noncurrent assets	$ 373	$ 272

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Obligations and Funded Status of our Defined Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 01, 2024
Amounts recognized on the balance sheet
Other assets	$ 19	$ 13
Pension Benefits
Amounts recognized on the balance sheet
Other assets	97	67		$ 64
Accrued liabilities	0	(1)
Other long-term liabilities	(5)	(6)
Amounts recognized in the consolidated balance sheets, total	92	60
Accumulated other comprehensive income, net of tax	17	2
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation—beginning of year	272	34
Liabilities assumed in the Aera Merger	0	249
Service cost—benefits earned during the period	1	3	$ 1
Interest cost on projected benefit obligation	14	8	1
Actuarial loss (gain)	6	(2)
Benefits paid	(39)	(20)
Benefit obligation—beginning of year	254	272	34
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets—beginning of year	332	34
Additions due to the Aera Merger	0	305
Actual return on plan assets	51	10
Employer contributions	2	3
Benefits paid	(39)	(20)
Fair value of plan assets—end of year	346	332	34
Net benefit asset	92	60
Postretirement Benefits
Amounts recognized on the balance sheet
Other assets	19	13		$ 9
Accrued liabilities	(5)	(6)
Other long-term liabilities	(52)	(53)
Amounts recognized in the consolidated balance sheets, total	(38)	(46)
Accumulated other comprehensive income, net of tax	70	73
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation—beginning of year	100	37
Liabilities assumed in the Aera Merger	0	70
Service cost—benefits earned during the period	2	2	2
Interest cost on projected benefit obligation	5	4	2
Actuarial loss (gain)	2	(5)
Cost of special termination benefits	0	4	0
Curtailment gain	0	(4)
Benefits paid	(11)	(5)
Plan amendment	0	(3)
Benefit obligation—beginning of year	98	100	37
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets—beginning of year	54	1
Additions due to the Aera Merger	0	52
Actual return on plan assets	9	2
Employer contributions	8	4
Benefits paid	(11)	(5)
Fair value of plan assets—end of year	60	54	$ 1
Net benefit asset	$ (38)	$ (46)

PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Pension Benefits
Benefit Obligation Assumptions
Discount rate	5.52%	5.61%
Rate of compensation increase	4.00%	4.93%
Interest crediting rate	5.00%	5.28%
Net Periodic Benefit Cost Assumptions
Discount rate	5.61%	5.22%
Expected return on assets	6.99%	7.00%
Rate of compensation increase	4.00%	4.96%
Interest crediting rate	5.28%	6.37%
Postretirement Benefits
Benefit Obligation Assumptions
Discount rate	5.18%	5.50%
Net Periodic Benefit Cost Assumptions
Discount rate	5.51%	5.13%
Expected return on assets	6.99%	6.99%

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations on a Discounted Basis

At December 31, 2025, total purchase obligations on a discounted basis were as follows:


	December 31, 2025
	(in millions)
2026	$	69
2027	36
2028	22
2029	21
2030	27
Thereafter	26
Total	201
Less: Interest	(42)
Present value of purchase obligations	$	159

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligations Roll forward
Beginning balance	$ 1,129	$ 521
Liabilities assumed	151	646
Liabilities settled and divested	(122)	(94)
Accretion expense	113	84
Revisions of estimated cash flows	(242)	(32)
Additions	4	4
Ending balance	1,033	1,129
Current liability (included in accrued liabilities)	120	134
Non-current liability	$ 913	995
Asset retirement obligation, accretion expense, measurement period adjustments		$ 3

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

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory, by category, are as follows:



	2025		2024

	(in millions)
Materials and supplies	$	98	$	86
Finished goods	8		4
Total	$	106	$	90

Schedule of Rollforward of Asset Retirement Obligation

The following table summarizes the activity related to our 2025 and 2024 ARO:



	Year ended December 31,
	2025		2024

	(in millions)
Beginning balance	$	1,129	$	521
Liabilities assumed	151		646
Liabilities settled and divested	(122)		(94)
Accretion expense(a)	113		84


Revisions of estimated cash flows	(242)		(32)
Additions	4		4


Ending balance	$	1,033	$	1,129

Current liability (included in accrued liabilities)	$	120	$	134
Non-current liability	$	913	$	995

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,
	2025		2024		2023

	(in millions)
Supplemental cash flow information
Interest paid, net of amount capitalized	$	(85)	$	(80)	$	(44)
Interest income	$	11	$	18	$	21

Supplemental disclosure of non-cash investing and financing activities



Contributions to the Carbon TerraVault JV	$	36	$	20	$	15
Issuance of shares for stock-based compensation awards	$	23	$	90	$	5
Dividend equivalents for stock-based compensation awards	$	3	$	2	$	3
Excise tax on share repurchases(a)	$	(1)	$	2	$	1

(a) Excise tax on share repurchases for 2025 includes a reversal for 2024 excise taxes that were no longer due.

SEGMENT INFORMATION - Narrative (Details) $ in Millions	12 Months Ended
SEGMENT INFORMATION - Narrative (Details) $ in Millions	Dec. 31, 2025 segment	Dec. 18, 2025 USD ($)	Jul. 01, 2024 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments \| segment	2
Berry Merger
Segment Reporting, Asset Reconciling Item [Line Items]
Business combination, asset acquired property		$ 659
Aera Merger
Segment Reporting, Asset Reconciling Item [Line Items]
Business combination, asset acquired property			$ 3,000

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

As of December 31, 2025 and 2024, our long-term debt consisted of the following:


	December 31,		December 31,
	2025		2024		Interest Rate	Maturity

	(in millions)
Revolving Credit Facility	$	—	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%	March 16, 2029
2026 Senior Notes	—		245		7.125%
2029 Senior Notes	900		900		8.250%	June 15, 2029
2034 Senior Notes	400		—		7.000%	January 15, 2034
Principal amount	1,300		1,145
Unamortized debt discount and issuance costs	(19)		(16)
Unamortized premium	2		3


Long-term debt, net	$	1,283	$	1,132

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, 2025, our Revolving Credit Facility consisted of a senior revolving loan facility with an aggregate commitment of $1.46 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, 2025, $176 million letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters. As of December 31, 2025, we had $1,284 million of availability on our Revolving Credit Facility after taking into account $176 million in letters of credit outstanding. Our borrowing base of $1.5 billion is redetermined semi-annually and was re-affirmed in October 2025 as part of our recent amendment.

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 consolidated statement of operations. We capitalized approximately $3 million in financing fees related to this amendment to other assets on our consolidated statement of financial position.

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 financing fees related to this amendment to other assets on our consolidated statement of financial position.

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

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

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

•amended 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;

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

•other technical amendments.

We capitalized approximately $7 million in financing fees related to this amendment to other assets on our consolidated statement of financial position.

In September 2025, in connection with the Berry Merger, we entered into a sixth amendment to our Revolving Credit Facility to, among other things, allow for the incurrence of the 2034 Senior Notes without a corresponding reduction in our existing borrowing base.

In October 2025, we entered into a seventh amendment to our Revolving Credit Facility to, among other things, (i) add certain new lenders to the facility, and (ii) increase the aggregate elected commitment from $1.15 billion to $1.45 billion.

In December 2025, we entered into an eighth amendment to our Revolving Credit Facility to, among other things, (i) add a new lender to the facility, and (ii) increase the aggregate elected commitment from $1.45 billion to $1.46 billion.

2026 Senior Notes

In February 2025, we redeemed $123 million of our 7.125% senior notes due 2026 (2026 Senior Notes) at 100% of the principal amount, resulting in an extinguishment loss in the amount of $1 million for the write-off of unamortized debt issuance costs.

In October 2025, we redeemed $122 million of our 2026 Senior Notes at 100% of the principal amount, resulting in an insignificant extinguishment loss for the write-off of unamortized debt issuance costs. Following this redemption, none of our 2026 Senior Notes were outstanding.

2029 Notes Offering and Follow-On Offering

In June 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 Business Combinations for more information on 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 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.

2034 Senior Notes

On October 8, 2025, we completed a private offering of $400 million in an aggregate principal amount of 7.000% senior notes due 2034 (2034 Senior Notes). The terms of the 2034 Senior Notes are governed by the Indenture, dated as of October 8, 2025, by and among us, the guarantors and Wilmington Trust, National Association, as trustee (2034 Senior Notes Indenture). The 2034 Senior Notes will mature on January 15, 2034. The net proceeds of $393 million, after $7 million of issuance costs, were used along with available cash to repay all of Berry's outstanding debt for $449 million at closing of the Berry Merger. See Note 2 Business Combinations for more information on the Berry Merger.

Security – Our 2034 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 2029 Senior Notes.

Redemption – We may redeem the 2034 Senior Notes at any time on or after January 15, 2029 at the redemption prices of (i) 103.500% during the twelve-month period beginning on January 15, 2029, (ii) 101.750% during the twelve-month period beginning on January 15, 2030 and (iii) 100.000% after January 15, 2031 and before the maturity date. Prior to January 15, 2029, we may on one or more occasions redeem up to 40% of the aggregate principal amount of the 2034 Senior Notes with an amount not greater than the net cash proceeds of one or more equity offerings at the redemption price of 107.000% provided that (i) at least 60% of the aggregate principal amount of the 2034 Senior Notes originally issued remains outstanding immediately after the redemption and (ii) the redemption occurs within 180 days of the date of the closing of the equity offering.

In addition, before January 15, 2029, we may redeem some or all of the 2034 Senior Notes at a redemption price equal to 100% of the aggregate principal amount of the 2034 Senior Notes redeemed, plus the applicable premium as specified in the 2034 Senior Notes Indenture and accrued and unpaid interest, if any, to, but excluding, the redemption date.

Other Covenants – Our 2034 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 2034 Senior Notes provide for certain triggering events, including upon a change of control, as defined in the 2034 Senior Notes Indenture, that would require us to repurchase all or any part of the 2034 Senior Notes at a price equal to 101% of the aggregate principal amount 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,
	2025		2024

	(in millions)
Variable rate debt	$	—	$	—
Fixed rate debt
2026 Senior Notes	—		245
2029 Senior Notes	943		913
2034 Senior Notes	394		—
Fair Value of Long-Term Debt	$	1,337	$	1,158

Other

At December 31, 2025, 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, 2025, we were in compliance with all debt covenants under our Revolving Credit Facility.

PROPERTY, PLANT AND EQUIPMENT - Schedule of the Activity of Capitalized Exploratory Well Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capitalized exploratory well costs
Beginning balance	$ 1	$ 1	$ 1
Additions to capitalized exploratory well costs	10	0	0
Ending balance	$ 11	$ 1	$ 1

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025				December 31, 2024
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Amounts recognized on the balance sheet
Other assets	$	97	$	19	$	67	$	13
Accrued liabilities	—		(5)		(1)		(6)
Other long-term liabilities	(5)		(52)		(6)		(53)
	$	92	$	(38)	$	60	$	(46)

Accumulated other comprehensive income, net of tax	$	17	$	70	$	2	$	73

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,
	2025		2024

	(in millions)
Pension
Changes in the benefit obligation
Benefit obligation—beginning of year	$	272	$	34
Liabilities assumed in the Aera Merger	—		249
Service cost—benefits earned during the period	1		3
Interest cost on projected benefit obligation	14		8
Actuarial loss (gain) (a)	6		(2)

Benefits paid	(39)		(20)


Benefit obligation—end of year	$	254	$	272

Changes in plan assets
Fair value of plan assets—beginning of year	$	332	$	34
Additions due to the Aera Merger	—		305
Actual return on plan assets	51		10
Employer contributions	2		3
Benefits paid	(39)		(20)
Fair value of plan assets—end of year	$	346	$	332

Net benefit asset	$	92	$	60

Postretirement
Changes in the benefit obligation
Benefit obligation—beginning of year	$	100	$	37
Liabilities assumed in the Aera Merger	—		70
Service cost—benefits earned during the period	2		2
Interest cost on projected benefit obligation	5		4
Actuarial loss (gain)(b)	2		(5)
Cost of special termination benefits	—		4
Curtailment gain	—		(4)
Benefits paid	(11)		(5)
Plan amendment	—		(3)


Benefit obligation—end of year	$	98	$	100

Changes in plan assets
Fair value of plan assets—beginning of year	$	54	$	1
Additions due to the Aera Merger	—		52
Actual gain on plan assets	9		2
Employer contributions	8		4
Benefits paid	(11)		(5)
Fair value of plan assets—end of year	$	60	$	54

Net benefit liability	$	(38)	$	(46)

(a)The loss reflected in the changes in the pension benefit obligation for the year ended December 31, 2025 was primarily due to movement in the discount rates.

(b)The loss reflected in the changes in the postretirement benefit obligation for the year ended December 31, 2025 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, 2025 and 2024:



	2025		2024

	(in millions)
Projected benefit obligation	$	254	$	272
Accumulated benefit obligation	$	251	$	268
Fair value of plan assets	$	346	$	332

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,
	2025		2024		2023

	(in millions)
Pension
Net periodic benefit costs
Service cost—benefits earned during the period	$	1	$	3	$	1
Interest cost on projected benefit obligation	14		8		1
Expected return on plan assets	(22)		(13)		(2)


Settlement costs	(2)		—		—
Net periodic benefit costs	$	(9)	$	(2)	$	—

Postretirement
Net periodic benefit costs
Service cost—benefits earned during the period	$	2	$	2	$	2
Interest cost on projected benefit obligation	5		4		2
Expected return on plan assets	(3)		(2)		—
Cost of special termination benefits	—		4		—
Amortization of prior service cost credit	(5)		(5)		(5)



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

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,
	2025		2024		2023

	(in millions)
Pension
Net actuarial gain	$	(23)	$	—	$	(1)

Settlement costs	2		—		—

Total	$	(21)	$	—	$	(1)

Postretirement

Net actuarial (gain) loss	$	(3)	$	(5)	$	1
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		5		(4)
Amortization net actuarial gain (loss)	2		2		(1)
Total	$	4	$	(1)	$	(6)

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,
	2025		2024
Pension
Benefit Obligation Assumptions
Discount rate	5.52	%	5.61	%
Rate of compensation increase	4.00	%	4.93	%
Interest crediting rate	5.00	%	5.28	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.61	%	5.22	%
Expected return on assets	6.99	%	7.00	%
Rate of compensation increase	4.00	%	4.96	%
Interest crediting rate	5.28	%	6.37	%

Postretirement
Benefit Obligation Assumptions
Discount rate	5.18	%	5.50	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.51	%	5.13	%
Expected return on assets	6.99	%	6.99	%

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, 2025
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Commingled funds
Bonds	18		170		—		188
Commodities	11		—		—		11
U.S. equity	—		73		—		73
International equity	40		34		—		74






Total pension plan assets	$	69	$	277	$	—	$	346


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

Asset Class	(in millions)

Commingled 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

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


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Commingled funds
Bonds	3		29		—		32
Commodities	2		—		—		2
U.S. equity	—		12		—		12
International equity	8		4		—		12






Total pension plan assets	$	13	$	45	$	—	$	58


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

Asset Class	(in millions)

Commingled 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)
2026	$	23	$	10
2027	$	15	$	9
2028	$	18	$	8
2029	$	16	$	8
2030	$	16	$	8
2031 - 2035	$	76	$	40

DERIVATIVES - Schedule of Gain (Loss) On Natural Gas Purchase Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash loss (gain) on natural gas purchase derivatives	$ 24	$ (2)	$ 8
Settlements	26	32	0
Net loss on natural gas purchase derivatives	$ 50	$ 30	$ 8

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Net amounts due from joint interest partners	$ 56	$ 41
Fair value of commodity derivative contracts	187	14
Prepaid expenses	38	28
Greenhouse gas allowances	0	27
Income tax receivable	52	50
Other	20	16
Other current assets, net	353	176
Due from joint interest partners, allowances	$ 2	$ 2

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, outstanding (in shares)	0	0
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	110,645,691	109,613,585
Common stock, outstanding (in shares)	88,754,165	91,100,322
Treasury stock (in shares)	21,891,526	18,513,263

STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,538	$ 2,219	$ 1,864
Total recorded in accumulated other comprehensive income, before tax	92	76	71
Income tax (provision) benefit	(5)	(1)	3
Ending balance	3,674	3,538	2,219
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	75	74	81
Ending balance	87	75	74
Actuarial gain (loss) associated with pension and postretirement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	26	4	(2)
Prior service credit
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	0	3	0
Recognition of prior service credit due to curtailment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	0	0	(3)
Recognition of net actuarial loss due to settlement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	(2)	0	0
Recognition of net actuarial loss due to curtailment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	0	(4)	0
Recognition of net actuarial gain due to special termination benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	0	4	0
Amortization of prior service credit
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	(5)	(5)	(5)
Amortization of net actuarial gain
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	(2)	0	0
Other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	$ 17	$ 2	$ (10)

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions				1 Months Ended	12 Months Ended
	Dec. 18, 2025 USD ($)	Nov. 04, 2025	Jun. 30, 2025 USD ($)	Jul. 31, 2022 shares	Dec. 31, 2025 USD ($) employee day shares	Dec. 31, 2024 USD ($) employee day	Dec. 31, 2023 USD ($) employee day	Jul. 01, 2024 USD ($)	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					60,128
RSU Grants November, 4 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years
Berry Merger
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share consideration	$ 253
Aera
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share consideration			$ 1,141
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					$ 21	$ 18	$ 11
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Unrecognized compensation expense					$ 25
Weighted-average period over which unrecognized compensation expense is expected to be recognized					3 years
Restricted stock units \| Berry Merger
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in connection with acquisition (in shares) \| shares					203,873
Fair value of share consideration					$ 9
Restricted stock units \| Berry Merger \| Before Transaction
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share consideration					4
Restricted stock units \| Berry Merger \| After Transaction
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share consideration					5
Restricted stock units \| Berry Merger \| Executive Compensation, After Transaction
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share consideration					3
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense					$ 15
Weighted-average period over which unrecognized compensation expense is expected to be recognized					2 years
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%	200.00%
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					$ 14
Weighted-average period over which unrecognized compensation expense is expected to be recognized					2 years
Award service period					3 years	3 years	3 years
Number of non-executive employees \| employee					800	800	800
Number of trading days \| day					60	60	60
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					$ 1
Weighted-average period over which unrecognized compensation expense is expected to be recognized					1 year
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

INVESTMENTS AND RELATED PARTY TRANSACTIONS - Changes Investments in Unconsolidated Subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments [Roll Forward]
Beginning balance	$ 86
Share of net income (loss)	(4)	$ (10)	$ (9)
Ending balance	111	86
Carbon TerraVault JV
Equity Method Investments [Roll Forward]
Beginning balance	27	19
Share of net income (loss)	(6)	(12)
Contributions	36	20
Ending balance	57	27	$ 19
Midway Sunset Cogeneration Company
Equity Method Investments [Roll Forward]
Beginning balance	59
Purchase price adjustment (Aera Merger)	(7)
Share of net income (loss)	2
Ending balance	$ 54	$ 59

- 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 - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 18, 2025	Jun. 30, 2025
Operating Loss Carryforwards [Line Items]
Income tax benefit allocated to AOCI	$ 5
Operating loss and tax credit carryforwards	63	$ 33
Business interest carryforward	167	158
Income tax expense (benefit) of deferred tax (asset) liability	(40)
Liability recorded for unrecognized tax benefits	0	0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	19
Tax credit carryforward	85
Tax benefit not recognized from net operating loss carryforwards limited from ownership change	3
Operating loss and tax credit carryforwards	28
Carryforward for business interest expense	794
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
Net tax credit carryforwards	8
Berry Merger
Operating Loss Carryforwards [Line Items]
Deferred tax asset	121		$ 121
Aera
Operating Loss Carryforwards [Line Items]
Deferred tax liability	$ 70	$ 101		$ 171

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024:


	Classification	2025		2024

Assets		(in millions)
Operating lease	Other noncurrent assets	$	83	$	105
Finance lease	PP&E	2		3
Total lease assets		$	85	$	108

Liabilities
Current
Operating lease	Accrued liabilities	$	15	$	15
Finance lease	Accrued liabilities	1		1
Long-term
Operating lease	Other long-term liabilities	$	61	$	76
Finance lease	Other long-term liabilities	1		2
Total lease liabilities		$	78	$	94

Schedule of Operating Lease Costs



	Year ended December 31,
	2025		2024		2023

	(in millions)



Operating lease costs	$	30	$	26	$	23
Short-term lease costs(a)	112		50		52
Variable lease costs	2		2		2
Total operating lease costs	144		78		77
Finance lease costs	2		1		—
Sublease income(b)	(1)		(2)		(2)
Total lease costs	$	145	$	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, 2025 and 2024 is provided below:



	Year ended December 31,
	2025		2024		2023
	(in millions)
Cash paid for lease liabilities
Lease liabilities associated with operating activities	$	34	$	29	$	28
Lease liabilities associated with investing activities	$	19	$	8	$	2
Lease liabilities associated with financing activities	$	1	$	1	$	—

Noncash operating lease assets obtained in exchange for new operating lease liabilities	$	37	$	52	$	32
Noncash finance lease assets obtained in exchange for new finance lease liabilities	$	3	$	3	$	—



	2025		2024
Operating Leases
Weighted-average remaining lease term (in years)	7.00		5.95
Weighted-average discount rate	8.4	%	8.1	%

Finance Leases
Weighted-average remaining lease term (in years)	3.01		3.37
Weighted-average discount rate	8.5	%	9.0	%

Schedule of Maturities of our Operating Lease Liabilities

Our operating and finance lease payments as of December 31, 2025 are as follows:




	Operating Leases		Finance Leases

	(in millions)
2026	$	18	$	2
2027	16		1
2028	15		1
2029	13		—

Thereafter	46		—
Less: Interest	(32)		(2)
Present value of lease liabilities	$	76	$	2

Schedule of Maturities of our Financing Lease Liabilities

Our operating and finance lease payments as of December 31, 2025 are as follows:




	Operating Leases		Finance Leases

	(in millions)
2026	$	18	$	2
2027	16		1
2028	15		1
2029	13		—

Thereafter	46		—
Less: Interest	(32)		(2)
Present value of lease liabilities	$	76	$	2

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of revenue
Segment operating revenues	$ 2,910	$ 2,537	$ 2,155
Oil and Natural Gas
Disaggregation of revenue
Segment operating revenues	2,910	2,537	2,041
Oil \| Oil and Natural Gas
Disaggregation of revenue
Segment operating revenues	2,647	2,255	1,534
Natural gas \| Oil and Natural Gas
Disaggregation of revenue
Segment operating revenues	99	96	309
Natural gas liquids \| Oil and Natural Gas
Disaggregation of revenue
Segment operating revenues	$ 164	$ 186	$ 198

- 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.

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025		2024		2023

	(in millions)
General and administrative expenses	$	30	$	32	$	40
Operating costs	7		6		7
Other operating expenses, net	2		2		1
Total stock-based compensation expense	$	39	$	40	$	48

Income tax benefit	$	7	$	8	$	9

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, 2025:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2024(a)	650	$	40.49
Granted	585	$	45.46
Vested	(206)	$	44.27
Forfeited or cancelled	(36)	$	47.74
Unvested at December 31, 2025	993	$	42.37

(a)Includes additional 6,730 RSUs granted in 2024 at $52.54 per unit.

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, 2025:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2024	764	$	48.83
Granted	351	$	35.53
Vested(a)	(284)	$	39.35
Forfeited or Cancelled	(53)	$	47.74
Unvested at December 31, 2025	878	$	45.57

(a)Includes additional net 100,314 PSUs earned based on achievement of specified performance metrics.

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 2025, 2024 and 2023 were as follows:


	2025		2024		2023



Expected volatility(a)	34.20%		38.58% - 40.30%		42.36% - 55.00%
Risk-free interest rate(b)	4.08%		4.52% - 4.86%		3.81% - 4.95%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.85		2.5 - 3		1.5 - 3

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

(b)Based on the U.S. Treasury yield for a 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, 2025 were as follows:



	2025 Awards		2024 Awards		2023 Awards



Expected volatility(a)	39	%	41	%	25	%
Risk-free interest rate(b)	3.60	%	3.65	%	3.71	%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.15		1.15		0.15

(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



Expected volatility(a)	41.94	%
Risk-free interest rate(b)	3.48	%
Dividend yield(c)	—	%
Forecast period (in years)	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.

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Materials and supplies	$ 98	$ 86
Finished goods	8	4
Total	$ 106	$ 90

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

As of December 31, 2025 and 2024, our long-term debt consisted of the following:


	December 31,		December 31,
	2025		2024		Interest Rate	Maturity

	(in millions)
Revolving Credit Facility	$	—	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%	March 16, 2029
2026 Senior Notes	—		245		7.125%
2029 Senior Notes	900		900		8.250%	June 15, 2029
2034 Senior Notes	400		—		7.000%	January 15, 2034
Principal amount	1,300		1,145
Unamortized debt discount and issuance costs	(19)		(16)
Unamortized premium	2		3


Long-term debt, net	$	1,283	$	1,132


	December 31,		December 31,
	2025		2024

	(in millions)
Variable rate debt	$	—	$	—
Fixed rate debt
2026 Senior Notes	—		245
2029 Senior Notes	943		913
2034 Senior Notes	394		—
Fair Value of Long-Term Debt	$	1,337	$	1,158

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.

- 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/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

STOCK-BASED COMPENSATION - Cash Incentive Awards (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-Term Cash Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	39.00%	41.00%	25.00%
Risk-free interest rate	3.60%	3.65%	3.71%
Dividend yield	0.00%	0.00%	0.00%
Forecast period (in years)	2 years 1 month 24 days	1 year 1 month 24 days	1 month 24 days
Aera Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	41.94%
Risk-free interest rate	3.48%
Dividend yield	0.00%
Forecast period (in 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

+ Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Reorganization In February 2026, we undertook a reduction in force following the Berry Merger that resulted in a reduction of our headcount and we expect to recognize a charge of approximately $22 million in other operating expenses, net on our condensed consolidated statement of operations for the three months ended March 31, 2026, which primarily includes severance. Dividends On March 1, 2026, our Board of Directors declared a cash dividend of $0.405 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 13, 2026 and is expected to be paid on March 20, 2026. Share Repurchase Program In February 2026, our Board of Directors increased the Share Repurchase Program by $430 million and extended the program through December 31, 2027.

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Total taxes paid	$ 36	$ 105	$ 121
Federal
Operating Loss Carryforwards [Line Items]
Total taxes paid	31	73	120
State and local
Operating Loss Carryforwards [Line Items]
Total taxes paid	$ 5	$ 32	$ 1

DIVESTITURES AND ASSET ACQUISITIONS - Divestitures (Details) $ in Millions	1 Months Ended					12 Months Ended
	Sep. 30, 2025 USD ($)	May 31, 2025 USD ($)	Oct. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) a	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Proceeds from asset divestitures						$ 8	$ 15	$ 32
Gain on asset divestitures						(1)	11	32
Fort Apache In Huntington Beach \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Area of real estate property \| a				0.9
Proceeds from asset divestitures				$ 10
Gain on asset divestitures				$ 6
Ventura Basin \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Gain on asset divestitures			$ 4
Purchase price adjustment						1
Round Mountain Unit \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Gain on asset divestitures					$ 25
Other Divestitures \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Gain (loss) on disposition of business							1	$ 7
Carbon Management Assets \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Proceeds from asset divestitures		$ 1				$ 6
Impairment of long-lived assets held for sale	$ 2						$ 1

INVESTMENTS AND RELATED PARTY TRANSACTIONS - Narrative (Details) MT in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2022 USD ($) MT	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 01, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities		$ 329	$ 377
Investment in unconsolidated subsidiaries					$ 41
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Interest in joint venture	51.00%
General and administrative expense		11	9	$ 8
Investment in unconsolidated subsidiaries		57	27
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities		117	107
Carbon TerraVault JV \| Brookfield
Schedule of Equity Method Investments [Line Items]
Interest in joint venture	49.00%
Contribution from noncontrolling interest		92
Metric tons of carbon per annum \| MT	5
Committed amount	$ 500
Equity in net assets		367	309
Elk Hills
Schedule of Equity Method Investments [Line Items]
Reimbursement for abandonment work		$ 9	$ 14
Midway Sunset Cogeneration Company
Schedule of Equity Method Investments [Line Items]
Interest in joint venture					50.00%
Equity method investments, fair value disclosure					$ 52
Midway Sunset Cogeneration Company \| San Joaquin Energy Company
Schedule of Equity Method Investments [Line Items]
Interest in joint venture					50.00%

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

We conduct our business primarily through two reportable segments: (1) oil and natural gas exploration and production 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 operates assets located in California and Utah. Our carbon management segment operates exclusively in California.

Our chief operating decision maker (CODM), the Chief Executive Officer, 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 each segment, including capital investments.


	Year ended December 31, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	2,957	$	—	$	2,957	$	(47)	$	2,910



Other revenue	10		—		10		—		10

Segment operating revenues	2,967		—		2,967


Other revenues and income(a)							749		749




Total operating revenues									$	3,669

(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, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense	Total

	(in millions)
Segment operating revenues	$	2,967	$	—	$	2,967		$	2,967
Less:
Operating costs:
Energy operating costs	405		—		405		(31)	374
Gas processing costs	19		—		19		—	19
Non-energy operating costs	856		—		856		3	859
General and administrative expenses	43		13		56		277	333
Depreciation, depletion and amortization	492		—		492		19	511

Taxes other than on income	203		—		203		39	242


Interest and debt expense, net	—		11		11		95	106
Equity loss (income) from unconsolidated subsidiaries	—		6		6		(2)	4


Other segment expenses(a)	261		56		317		—	317
Segment profit or (loss)	$	688	$	(86)	$	602




Other profit or loss(b)							(204)	(204)
Unallocated amounts(c)							(96)	(96)








Income before income taxes								$	502

(b)Other profit or loss includes the margin we earn from marketing activities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.


	Year ended December 31, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	2,565	$	—	$	2,565	$	(28)	$	2,537



Other revenue	7		—		7		—		7

Segment operating revenues	2,572		—		2,572


Other revenues and income(a)							654		654



Total operating revenue									$	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


Interest and debt expense, net	—		9		9		78	87
Equity loss (income) from unconsolidated subsidiaries	—		12		12		(2)	10


Other segment expenses(a)	170		58		228		—	228
Segment profit or (loss)	$	815	$	(94)	$	721


Other profit or loss(b)							(133)	(133)

Unallocated amounts(c)							(53)	(53)




Income before income taxes								$	516

(b)Other profit or loss includes margin from purchased commodities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.


	Year ended December 31, 2023
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	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 revenues									$	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


Interest and debt expense, net	—		5		5		51	56
Equity loss from unconsolidated subsidiary	—		9		9		—	9


Other segment expenses(a)	67		40		107		—	107
Segment profit or (loss)	$	922	$	(66)	$	856


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


Unallocated amounts(c)							64	64



Income before income taxes								$	748

(b)Other profit or loss includes margin from purchased commodities and the margin we earn on sale of electricity from our Elk Hills power plant to customers.

Total assets by segment is not provided to our CODM for decision-making; however, we regularly provide capital investment by segment to our CODM. The table below presents capital by segment with a reconciliation to our consolidated capital investment for the years ended December 31, 2025, 2024 and 2023. 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. Included in our oil and gas segment is $659 million of oil and gas property, inclusive of C&J Well Services, we acquired in the Berry Merger and $3 billion of oil and gas property acquired in the Aera Merger. Refer to Note 2 Business Combinations for additional information on these transactions.


	Oil and Natural Gas		Carbon Management		Corporate and Other		Consolidated

	(in millions)
Year ended December 31, 2025	$	276	$	33	$	13	$	322
Year ended December 31, 2024	$	234	$	12	$	9	$	255
Year ended December 31, 2023	$	153	$	5	$	27	$	185

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: 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 10: 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 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of Comprehensive Income [Abstract]

Net income

$ 363

$ 376

$ 564

Other comprehensive income

Actuarial gain (loss) associated with pension and postretirement plans

^[1]

(1)

Prior service credit

^[1]

Recognition of net actuarial gain due to settlement

^[1]

(2)

Recognition of prior service credit due to curtailment

^[1]

(2)

Recognition of net actuarial loss due to curtailment

^[1]

(3)

Recognition of net actuarial gain due to special termination benefits

^[1]

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

^[1]

(4)

Amortization of net actuarial gain

^[1]

(1)

Total other comprehensive income (loss)

(7)

Comprehensive income

$ 375

$ 377

$ 557

[1]	Amounts are net of a tax provision of $5 million, tax provision of $1 million, and tax benefit of $3 million in tax for the years ended December 31, 2025, 2024, and 2023, respectively.

STOCKHOLDERS' EQUITY - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Total Number of Shares Purchased (in shares)	8,328,263	3,649,348	3,407,655
Dollar Value of Shares Purchased	$ 377	$ 192	$ 143
Average Price Paid per Share (in dollars per share)	$ 45.29	$ 52.12	$ 41.69
Stock repurchase, excise tax		$ 2	$ 1

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Schedule of Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	$ 938	$ 1,024
Total property, plant and equipment, net	5,905	5,680
Investments in consolidated subsidiaries	0	0
Deferred tax asset	76	73
Investment in unconsolidated subsidiaries	111	86
Other assets	373	272
TOTAL ASSETS	7,403	7,135
Total current liabilities	1,050	980
Long-term debt	1,283	1,132
Asset retirement obligations	913	995
Other long-term liabilities	329	377
Deferred tax liability	154	113
Amounts due to (from) affiliates	0	0
Total equity	3,674	3,538	$ 2,219	$ 1,864
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,403	7,135
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	0	0
Total property, plant and equipment, net	0	0
Investments in consolidated subsidiaries	(24,627)	(19,887)
Deferred tax asset	0	0
Investment in unconsolidated subsidiaries	0	0
Other assets	0	0
TOTAL ASSETS	(24,627)	(19,887)
Total current liabilities	0	0
Long-term debt	0	0
Asset retirement obligations	0	0
Other long-term liabilities	0	0
Deferred tax liability	0	0
Amounts due to (from) affiliates	0	0
Total equity	(24,627)	(19,887)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(24,627)	(19,887)
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	203	437
Total property, plant and equipment, net	27	14
Investments in consolidated subsidiaries	6,579	4,869
Deferred tax asset	76	73
Investment in unconsolidated subsidiaries	0	0
Other assets	22	113
TOTAL ASSETS	6,907	5,506
Total current liabilities	180	224
Long-term debt	1,283	1,132
Asset retirement obligations	0	0
Other long-term liabilities	110	114
Deferred tax liability	154	113
Amounts due to (from) affiliates	1,508	385
Total equity	3,674	3,538
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	6,909	5,506
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	20	46
Total property, plant and equipment, net	21	31
Investments in consolidated subsidiaries	(51)	(32)
Deferred tax asset	0	0
Investment in unconsolidated subsidiaries	57	27
Other assets	31	58
TOTAL ASSETS	78	130
Total current liabilities	6	14
Long-term debt	0	0
Asset retirement obligations	0	0
Other long-term liabilities	130	138
Deferred tax liability	0	0
Amounts due to (from) affiliates	61	0
Total equity	(120)	(22)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	77	130
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	715	541
Total property, plant and equipment, net	5,857	5,635
Investments in consolidated subsidiaries	18,099	15,050
Deferred tax asset	0	0
Investment in unconsolidated subsidiaries	54	59
Other assets	320	101
TOTAL ASSETS	25,045	21,386
Total current liabilities	864	742
Long-term debt	0	0
Asset retirement obligations	913	995
Other long-term liabilities	89	125
Deferred tax liability	0	0
Amounts due to (from) affiliates	(1,569)	(385)
Total equity	24,747	19,909
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 25,044	$ 21,386

BUSINESS COMBINATIONS - Schedule of Merger Consideration and Preliminary Purchase Price Allocation (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	12 Months Ended
	Dec. 18, 2025	Jun. 30, 2025	Jul. 01, 2024	Feb. 28, 2025	Dec. 31, 2025
Berry Merger
Business Combination, Contingent Consideration [Line Items]
Common stock per share fair value (in dollars per share)	$ 45.49
Fair value of share consideration	$ 253
Settlement of debt	449
Stock-based compensation	7
Total purchase consideration	$ 709
Berry Merger \| Common Stock
Business Combination, Contingent Consideration [Line Items]
Shares of common stock (in shares)	5,572,115				5,572,115
Aera
Business Combination, Contingent Consideration [Line Items]
Common stock per share fair value (in dollars per share)		$ 53.28
Fair value of share consideration		$ 1,141
Settlement of debt		990
Purchase price settlement, net		(10)
Total purchase consideration		$ 2,121
Aera \| Common Stock
Business Combination, Contingent Consideration [Line Items]
Shares of common stock (in shares)		21,422,972	21,315,707	107,265

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Policies)	12 Months Ended
	Dec. 31, 2025
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 Berry's and Aera’s accounting policies to our legacy methods for all significant balances included in our consolidated financial statements. 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 2023 balances related to natural gas liquid (NGL) marketing activities were reclassified to conform to our 2025 and 2024 presentation. For the year ended December 31, 2023, we reclassified $6 million related to NGL storage activities from other revenue to revenue from marketing of purchased commodities on our consolidated statements of operations. For the year ended December 31, 2023, we reclassified $3 million 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 The 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. Additionally, our oil and natural gas operations and development activities are subject to evolving state and local regulations, which may be subject to change or re-interpretation, which could result in increased compliance costs, delays or restrictions. We are developing a carbon capture and sequestration business which is subject to risks as an emerging industry and availability of tax incentives. We operate primarily 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. 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, 2025, two customers of our oil and gas segment each accounted for at least 10%, and collectively 51%, of our sales (before the effects of hedging). 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 accounted for 44%, of our sales (before the effects of hedging).
Recently Issued but not Adopted Accounting and Disclosure Changes	Recently Issued but not Adopted Accounting and Disclosure Changes In November 2024, the Financial Accounting Standards Board (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. 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. Refer to Note 3 Property, Plant and Equipment for more information on our asset impairments. 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. Consolidations 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. Refer to Note 2 Business Combinations for additional information.
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 $15 million and $18 million, included in cash and cash equivalents on our consolidated balance sheet, at December 31, 2025 and December 31, 2024, respectively, 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. Funds will be released from the escrow account as work is completed. The Aera 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.
Inventory	Inventory 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.
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. 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 depreciate 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 5 - 10 for well servicing equipment, 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 certain capital and operating costs that we incur, (ii) for our share of contractually defined base production where applicable, 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 3% and 12% of our production for the years ended December 31, 2025 and 2024, 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, some 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. 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 which have not been retired are presented as treasury stock on our consolidated balance sheets.

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment increased	$ 659
Asset impairment	59	$ 14	$ 3
Impairment charges natural gas properties	$ 57
Materials and supplies impairment		$ 13

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
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
Entity Address, Address Line Two	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			$ 3,803,313,982
Entity Common Stock, Shares Outstanding		88,597,474
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement to be filed within 120 days after December 31, 2025 with the Securities and Exchange Commission in connection with the registrant's 2025 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	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 363	$ 376	$ 564
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	511	388	225
Asset impairments	59	14	3
Deferred income tax provision	85	71	35
Net (gain) loss from commodity derivatives	(216)	(211)	20
Net proceeds (payments) on settled commodity derivatives	15	(64)	(272)
Net loss on early extinguishment of debt	1	5	1
Loss (gain) on asset divestitures	1	(11)	(32)
Other non-cash charges to income, net	187	139	103
Changes in operating assets and liabilities, net:
Decrease in trade receivables	83	58	110
Increase in inventories	(6)	(1)	(12)
Decrease in other current assets, net	2	28	0
Decrease in accounts payable and accrued liabilities	(220)	(182)	(92)
Net cash provided by operating activities	865	610	653
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(322)	(255)	(185)
Changes in accrued capital investments	35	29	(13)
Proceeds from asset divestitures	8	15	32
Purchase of a business, net of cash acquired	(440)	(853)	0
Asset acquisitions	0	(6)	(5)
Other, net	(6)	(7)	(4)
Net cash used in investing activities	(725)	(1,077)	(175)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	220	30	0
Repayments of Revolving Credit Facility	(220)	(30)	0
Repurchases of common stock	(377)	(192)	(143)
Common stock dividends	(136)	(113)	(81)
Dividend equivalents on equity-settled awards	(3)	(4)	0
Issuance of common stock	3	2	2
Bridge loan commitments	0	(5)	0
Stock warrants exercised	0	130	0
Debt amendment costs	(3)	(18)	(8)
Shares cancelled for taxes	(12)	(42)	(3)
Debt redemption	(245)	(303)	(56)
Net cash (used in) provided by financing activities	(380)	343	(289)
(Decrease) increase in cash and cash equivalents	(240)	(124)	189
Cash and cash equivalents—beginning of period	372	496	307
Cash and cash equivalents—end of period	132	372	496
2029 Senior Notes
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Senior Notes, net	0	888	0
2034 Senior Notes
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Senior Notes, net	$ 393	$ 0	$ 0

PENSION AND POSTRETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2025

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 $28 million and $30 million in other long-term liabilities for the years ended December 31, 2025 and 2024, respectively, related to these supplemental plans.

We expensed $31 million in 2025, $27 million in 2024 and $19 million in 2023 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 2025, only approximately 52 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, 2025				December 31, 2024
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Amounts recognized on the balance sheet
Other assets	$	97	$	19	$	67	$	13
Accrued liabilities	—		(5)		(1)		(6)
Other long-term liabilities	(5)		(52)		(6)		(53)
	$	92	$	(38)	$	60	$	(46)

Accumulated other comprehensive income, net of tax	$	17	$	70	$	2	$	73

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,
	2025		2024

	(in millions)
Pension
Changes in the benefit obligation
Benefit obligation—beginning of year	$	272	$	34
Liabilities assumed in the Aera Merger	—		249
Service cost—benefits earned during the period	1		3
Interest cost on projected benefit obligation	14		8
Actuarial loss (gain) (a)	6		(2)

Benefits paid	(39)		(20)


Benefit obligation—end of year	$	254	$	272

Changes in plan assets
Fair value of plan assets—beginning of year	$	332	$	34
Additions due to the Aera Merger	—		305
Actual return on plan assets	51		10
Employer contributions	2		3
Benefits paid	(39)		(20)
Fair value of plan assets—end of year	$	346	$	332

Net benefit asset	$	92	$	60

Postretirement
Changes in the benefit obligation
Benefit obligation—beginning of year	$	100	$	37
Liabilities assumed in the Aera Merger	—		70
Service cost—benefits earned during the period	2		2
Interest cost on projected benefit obligation	5		4
Actuarial loss (gain)(b)	2		(5)
Cost of special termination benefits	—		4
Curtailment gain	—		(4)
Benefits paid	(11)		(5)
Plan amendment	—		(3)


Benefit obligation—end of year	$	98	$	100

Changes in plan assets
Fair value of plan assets—beginning of year	$	54	$	1
Additions due to the Aera Merger	—		52
Actual gain on plan assets	9		2
Employer contributions	8		4
Benefits paid	(11)		(5)
Fair value of plan assets—end of year	$	60	$	54

Net benefit liability	$	(38)	$	(46)

(a)The loss reflected in the changes in the pension benefit obligation for the year ended December 31, 2025 was primarily due to movement in the discount rates.

(b)The loss reflected in the changes in the postretirement benefit obligation for the year ended December 31, 2025 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, 2025 and 2024:



	2025		2024

	(in millions)
Projected benefit obligation	$	254	$	272
Accumulated benefit obligation	$	251	$	268
Fair value of plan assets	$	346	$	332

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,
	2025		2024		2023

	(in millions)
Pension
Net periodic benefit costs
Service cost—benefits earned during the period	$	1	$	3	$	1
Interest cost on projected benefit obligation	14		8		1
Expected return on plan assets	(22)		(13)		(2)


Settlement costs	(2)		—		—
Net periodic benefit costs	$	(9)	$	(2)	$	—

Postretirement
Net periodic benefit costs
Service cost—benefits earned during the period	$	2	$	2	$	2
Interest cost on projected benefit obligation	5		4		2
Expected return on plan assets	(3)		(2)		—
Cost of special termination benefits	—		4		—
Amortization of prior service cost credit	(5)		(5)		(5)



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

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,
	2025		2024		2023

	(in millions)
Pension
Net actuarial gain	$	(23)	$	—	$	(1)

Settlement costs	2		—		—

Total	$	(21)	$	—	$	(1)

Postretirement

Net actuarial (gain) loss	$	(3)	$	(5)	$	1
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		5		(4)
Amortization net actuarial gain (loss)	2		2		(1)
Total	$	4	$	(1)	$	(6)

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,
	2025		2024
Pension
Benefit Obligation Assumptions
Discount rate	5.52	%	5.61	%
Rate of compensation increase	4.00	%	4.93	%
Interest crediting rate	5.00	%	5.28	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.61	%	5.22	%
Expected return on assets	6.99	%	7.00	%
Rate of compensation increase	4.00	%	4.96	%
Interest crediting rate	5.28	%	6.37	%

Postretirement
Benefit Obligation Assumptions
Discount rate	5.18	%	5.50	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.51	%	5.13	%
Expected return on assets	6.99	%	6.99	%

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 2025 and in 2024. 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 2025 and 2024, 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 2.4% and 2.45% as of December 31, 2025 and 2024, 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, 2025, health care cost trend rates would be 8.00% in 2026 decreasing until they reach 4.00% in 2034 and remain at 4.00% thereafter. 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.

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 both 2025 and 2024, the target allocation of pension plan assets was 45% equity securities and 55% debt securities. 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, 2025
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Commingled funds
Bonds	18		170		—		188
Commodities	11		—		—		11
U.S. equity	—		73		—		73
International equity	40		34		—		74






Total pension plan assets	$	69	$	277	$	—	$	346


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

Asset Class	(in millions)

Commingled 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

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


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total

Asset Class	(in millions)

Commingled funds
Bonds	3		29		—		32
Commodities	2		—		—		2
U.S. equity	—		12		—		12
International equity	8		4		—		12






Total pension plan assets	$	13	$	45	$	—	$	58


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

Asset Class	(in millions)

Commingled 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

Expected Contributions and Benefit Payments

In 2026, we expect to contribute an insignificant amount to our pension plans and expect to contribute $6 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)
2026	$	23	$	10
2027	$	15	$	9
2028	$	18	$	8
2029	$	16	$	8
2030	$	16	$	8
2031 - 2035	$	76	$	40

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: 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 2: 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 3: 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 4: 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

Reference 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: 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 13: 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 14: 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

+ Details

PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Obligations and Asset Fair Values (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Postretirement and Other Benefit Plans Disclosure
Projected benefit obligation	$ 254	$ 272
Accumulated benefit obligation	251	268
Fair value of plan assets	$ 346	$ 332

- 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 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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

+ Details