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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Oil Hedge Positions | We held the following Brent-based contracts as of December 31, 2024:
| Q1 2025 |  | Q2 2025 |  | Q3 2025 |  | Q4 2025 |  | 2026 |  | 2027 |  | 2028
Sold Calls: |  |  |  |  |  |  |  |  |  |  |  |  |
Barrels per day | 30,000 |  |  | 30,000 |  |  | 30,000 |  |  | 29,000 |  |  | 15,000 |  |  | — |  |  | — |
Weighted-average price per barrel | $ | 87.08 |  |  | $ | 87.08 |  |  | $ | 87.08 |  |  | $ | 87.13 |  |  | $ | 85.00 |  |  | $ | — |  |  | $ | — |
Purchased Puts |  |  |  |  |  |  |  |  |  |  |  |  |
Barrels per day | 30,000 |  |  | 30,000 |  |  | 30,000 |  |  | 29,000 |  |  | 15,000 |  |  | — |  |  | — |
Weighted-average price per barrel | $ | 61.67 |  |  | $ | 61.67 |  |  | $ | 61.67 |  |  | $ | 61.72 |  |  | $ | 60.00 |  |  | $ | — |  |  | $ | — |
Swaps |  |  |  |  |  |  |  |  |  |  |  |  |
Barrels per day | 52,837 |  |  | 46,506 |  |  | 44,126 |  |  | 42,626 |  |  | 30,449 |  |  | 13,882 |  |  | 1,697 |
Weighted-average price per barrel | $ | 72.48 |  |  | $ | 71.31 |  |  | $ | 70.62 |  |  | $ | 69.94 |  |  | $ | 67.95 |  |  | $ | 65.53 |  |  | $ | 65.00 |
At December 31, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below. Financial swaps are purchased to hedge the cost of natural gas used in production of steam-flood crude volumes. The natural gas price index used to hedge each file is based on a number of factors including liquidity and transportation cost.
| Q1 2025 |  | Q2 2025 |  | Q3 2025 |  | Q4 2025 |  | 2026 |  | 2027 |  | 2028
SoCal Border |  |  |  |  |  |  |  |  |  |  |  |  |
MMBtu per day | 10,000 |  |  | 29,074 |  |  | 25,750 |  |  | 22,408 |  |  | 660 |  |  | — |  |  | — |
Weighted-average price per MMBtu | $ | 6.02 |  |  | $ | 3.44 |  |  | $ | 3.48 |  |  | $ | 3.53 |  |  | $ | 6.29 |  |  | $ | — |  |  | $ | — |
NWPL Rockies |  |  |  |  |  |  |  |  |  |  |  |  |
MMBtu per day | 50,999 |  |  | 51,750 |  |  | 51,750 |  |  | 51,750 |  |  | 44,618 |  |  | 12,616 |  |  | 1,576 |
Weighted-average price per MMBtu | $ | 5.48 |  |  | $ | 2.95 |  |  | $ | 2.95 |  |  | $ | 4.22 |  |  | $ | 4.01 |  |  | $ | 4.34 |  |  | $ | 3.95 |
PG&E Citygate |  |  |  |  |  |  |  |  |  |  |  |  |
MMBtu per day | 14,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Weighted-average price per MMBtu | $ | 6.10 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
We report gains and losses on our derivative contracts related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Non-cash commodity derivative gain | $ | 274 |  |  | $ | 260 |  |  | $ | 187 |
Settlements and amortized premiums | (33) |  |  | (272) |  |  | (738) |
Net gain (loss) from commodity derivatives | $ | 241 |  |  | $ | (12) |  |  | $ | (551) |
Schedule of Fair Values (at Gross and Net) of Outstanding Derivatives | The following tables present the fair values of our outstanding commodity derivatives as of December 31, 2024 and December 31, 2023. See Note 2 Aera Merger for the fair value of Aera's acquired derivative contracts on July 1, 2024.
December 31, 2024
Classification |  | Gross Amounts Recognized |  | Gross Amounts Offset on the Consolidated Balance Sheet |  | Net Amounts Presented on the Consolidated Balance Sheet
Assets: |  | (in millions)
Other current assets, net |  | $ | 26 |  |  | $ | (12) |  |  | $ | 14 |
Other noncurrent assets |  | 32 |  |  | (16) |  |  | 16 |
Liabilities: |  |  |  |  |  |
Current - Fair value of derivative contracts |  | (62) |  |  | 12 |  |  | (50) |
Other long-term liabilities |  | (61) |  |  | 16 |  |  | (45) |
|  | $ | (65) |  |  | $ | — |  |  | $ | (65) |
December 31, 2023
Classification |  | Gross Amounts Recognized |  | Gross Amounts Offset on the Consolidated Balance Sheet |  | Net Amounts Presented on the Consolidated Balance Sheet
Assets: |  | (in millions)
Other current assets, net |  | $ | 39 |  |  | $ | (18) |  |  | $ | 21 |
Other noncurrent assets |  | 38 |  |  | (32) |  |  | 6 |
Liabilities: |  |  |  |  |  |
Current - Fair value of derivative contracts |  | (26) |  |  | 18 |  |  | (8) |
Noncurrent - Fair value of derivative contracts |  | (34) |  |  | 32 |  |  | (2) |
|  | $ | 17 |  |  | $ | — |  |  | $ | 17 |

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