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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Net income before income taxes, for all periods presented, was generated from domestic operations. The following table summarizes components of our income tax provision:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Federal | $ | 42 |  |  | $ | 146 |  |  | $ | 10 |
State and local | 27 |  |  | 3 |  |  | 1 |
Current | 69 |  |  | 149 |  |  | 11 |
Federal | $ | 51 |  |  | $ | (12) |  |  | $ | 141 |
State and local | 20 |  |  | 47 |  |  | 85 |
Deferred tax provision | 71 |  |  | 35 |  |  | 226 |
Total income tax provision | $ | 140 |  |  | $ | 184 |  |  | $ | 237 |
Schedule of Income Taxes Paid | Income taxes paid by jurisdiction are as follows:
| Year ended December 31,
| 2024 |  | 2023
| (in millions)
Federal | $ | 73 |  |  | $ | 120 |
State and local | 32 |  | 1
Total taxes paid | $ | 105 |  |  | $ | 121 |
Schedule of U.S. Federal Income Tax Statutory Rate | Our effective tax rate differs from the amount computed by applying the U.S. federal income tax statutory rate to income before income taxes as follows:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| Amount | Percent |  | Amount | Percent |  | Amount | Percent
U.S. federal statutory tax rate | $ | 108 |  | 21 | % |  | $ | 157 |  | 21 | % |  | $ | 160 |  | 21 | %
State and local income taxes, net of federal income tax effect(a) | 38 |  | 7 |  |  | 40 |  | 5 |  |  | 68 |  | 9 |
Tax credits |  |  |  |  |  |  |  |
Marginal well credit | (12) |  | (2) |  |  | — |  | — |  |  | (8) |  | (1) |
Other tax credit | — |  | — |  |  | (1) |  | — |  |  | (5) |  | (1) |
Nontaxable or nondeductible items | 9 |  | 2 |  |  | 6 |  | 1 |  |  | 4 |  | 1 |
Change in valuation allowances | — |  | — |  |  | (17) |  | (2) |  |  | 17 |  | 2 |
Other adjustments | (3) |  | (1) |  |  | (1) |  | — |  |  | 1 |  | — |
Effective tax rate | $ | 140 |  | 27 | % |  | $ | 184 |  | 25 | % |  | $ | 237 |  | 31 | %
(a)State and local income taxes are predominately in California.
Schedule of Tax Effects of Temporary differences Resulting in Deferred Income Taxes | The tax effects of temporary differences resulting in deferred income tax assets and liabilities at December 31, 2024 and 2023 were as follows:
| 2024 |  | 2023
| Deferred Tax Assets |  | Deferred Tax Liabilities |  | Deferred Tax Assets |  | Deferred Tax Liabilities
| (in millions)
Property, plant and equipment | $ | — |  |  | $ | (700) |  |  | $ | 19 |  |  | $ | (286) |
Deferred compensation and benefits | 66 |  |  | — |  |  | 40 |  |  | — |
Asset retirement obligations | 342 |  |  | — |  |  | 157 |  |  | — |
Interest expense carryforward | 158 |  |  | — |  |  | 161 |  |  | — |
All other | 169 |  |  | (75) |  |  | 96 |  |  | (55) |
Total deferred taxes | $ | 735 |  |  | $ | (775) |  |  | $ | 473 |  |  | $ | (341) |

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