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SUPPLEMENTAL ACCOUNT BALANCES | 6 Months Ended
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Jun. 30, 2024
SUPPLEMENTAL INFORMATION [Abstract] |
SUPPLEMENTAL ACCOUNT BALANCES | SUPPLEMENTAL ACCOUNT BALANCES Restricted cash — Cash and cash equivalents at June 30, 2024 included an insignificant amount that was restricted under oil and natural gas liens in favor of one of our suppliers. We had no restricted cash at December 31, 2023. Revenues — We derive most of our revenue from sales of oil, natural gas and NGLs, with the remaining revenue primarily generated from sales of electricity and marketing activities related to storage and managing excess pipeline capacity. The following table provides disaggregated revenue for sales of produced oil, natural gas and NGLs to customers:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions) |  | (in millions)
Oil | $ | 353 |  |  | $ | 362 |  |  | $ | 701 |  |  | $ | 752 |
Natural gas | 14 |  |  | 43 |  |  | 46 |  |  | 306 |
NGLs | 45 |  |  | 42 |  |  | 94 |  |  | 104 |
Oil, natural gas and NGL sales | $ | 412 |  |  | $ | 447 |  |  | $ | 841 |  |  | $ | 1,162 |
From time-to-time, we enter into transactions for third-party production, which we report as revenue from marketing of purchased commodities on our condensed consolidated statements of operations. Revenues from marketing of purchased commodities primarily results from the storage or transportation of natural gas to take advantage of differences in pricing or location, or in the quality of products other than natural gas. The following table provides disaggregated revenue for sales to customers related to our marketing activities:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
Oil | $ | 28 |  |  | $ | — |  |  | $ | 48 |  |  | $ | — |
Natural gas | 23 |  |  | 72 |  |  | 71 |  |  | 256 |
NGLs | — |  |  | — |  |  | 6 |  |  | 3 |
Revenue from marketing of purchased commodities | $ | 51 |  |  | $ | 72 |  |  | $ | 125 |  |  | $ | 259 |
Inventories — Materials and supplies, which primarily consist of well equipment and tubular goods used in our oil and natural gas operations, are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods include produced oil and NGLs in storage, which are valued at the lower of cost or net realizable value. Inventories, by category, are as follows:
| June 30, |  | December 31,
| 2024 |  | 2023
| (in millions)
Materials and supplies | $ | 54 |  |  | $ | 68 |
Finished goods | 2 |  |  | 4 |
Inventories | $ | 56 |  |  | $ | 72 |
In the three and six months ended June 30, 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. Other current assets, net — Other current assets, net include the following:
| June 30, |  | December 31,
| 2024 |  | 2023
| (in millions)
Net amounts due from joint interest partners(a) | $ | 48 |  |  | $ | 43 |
Fair value of commodity derivative contracts | — |  |  | 21 |
Prepaid expenses | 16 |  |  | 19 |
Greenhouse gas allowances | 12 |  |  | 12 |
Income tax receivable | 8 |  |  | — |
Other | 19 |  |  | 18 |
Other current assets, net | $ | 103 |  |  | $ | 113 |
(a)Included in the June 30, 2024 and December 31, 2023 net amounts due from joint interest partners are allowances of $3 million. Other noncurrent assets — Other noncurrent assets include the following:
| June 30, |  | December 31,
| 2024 |  | 2023
| (in millions)
Operating lease right-of-use assets | $ | 83 |  |  | $ | 73 |
Deferred financing costs - Revolving Credit Facility | 12 |  |  | 11 |
Emission reduction credits | 11 |  |  | 11 |
Prepaid power plant maintenance | 2 |  |  | 34 |
Fair value of commodity derivative contracts | — |  |  | 6 |
Deposits and other | 14 |  |  | 13 |
Other noncurrent assets | $ | 122 |  |  | $ | 148 |
Accrued liabilities — Accrued liabilities include the following:
| June 30, |  | December 31,
| 2024 |  | 2023
| (in millions)
Employee-related costs | $ | 69 |  |  | $ | 82 |
Taxes other than on income | 36 |  |  | 35 |
Asset retirement obligations | 77 |  |  | 99 |
Interest | 21 |  |  | 18 |
Operating lease liability | 19 |  |  | 15 |
Fair value of derivative contracts | 28 |  |  | 8 |
Premiums due on commodity derivative contracts | 13 |  |  | 21 |
Liability for settlement payments on commodity derivative contracts | 2 |  |  | 8 |
Amounts due under production-sharing contracts | 16 |  |  | 5 |
Signal Hill maintenance | 2 |  |  | 12 |
Income taxes payable | — |  |  | 18 |
Other | 57 |  |  | 45 |
Accrued liabilities | $ | 340 |  |  | $ | 366 |
Other long-term liabilities — Other long-term liabilities includes the following:
| June 30, |  | December 31,
| 2024 |  | 2023
| (in millions)
Compensation-related liabilities | $ | 35 |  |  | $ | 38 |
Postretirement benefit plan | 33 |  |  | 36 |
Operating lease liability | 55 |  |  | 55 |
Fair value of commodity derivative contracts | 10 |  |  | 2 |
Premiums due on commodity derivative contracts | 7 |  |  | 10 |
Contingent liability (related to Carbon TerraVault JV put and call rights) | 102 |  |  | 52 |
Other | 6 |  |  | 8 |
Other long-term liabilities | $ | 248 |  |  | $ | 201 |
General and administrative expenses — The table below shows G&A expenses for our exploration and production business (including unallocated corporate overhead and other) separately from our carbon management business. The amounts shown for our carbon management business are net of amounts invoiced by us under the MSA with the Carbon TerraVault JV. See Note 2 Investment in Unconsolidated Subsidiary and Related Party Transactions for more information on the Carbon TerraVault JV.
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions) |  | (in millions)
Exploration and production, corporate and other | $ | 60 |  |  | $ | 68 |  |  | $ | 115 |  |  | $ | 130 |
Carbon management business | 3 |  |  | 3 |  |  | 5 |  |  | 6 |
Total general and administrative expenses | $ | 63 |  |  | $ | 71 |  |  | $ | 120 |  |  | $ | 136 |

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