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NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Inventories | Inventories, by category, are as follows:
| 2024 |  | 2023
| (in millions)
Materials and supplies | $ | 86 |  |  | $ | 68 |
Finished goods | 4 |  |  | 4 |
Total | $ | 90 |  |  | $ | 72 |
Schedule of Rollforward of Asset Retirement Obligation | The following table summarizes the activity related to our 2024 and 2023 ARO:
| Year ended December 31,
| 2024 |  | 2023
| (in millions)
Beginning balance | $ | 521 |  |  | $ | 491 |
Liabilities assumed in the Aera Merger | 646 |  |  | — |
Liabilities settled and divested | (94) |  |  | (60) |
Accretion expense(a) | 84 |  |  | 46 |
Revisions of estimated cash flows | (32) |  |  | 37 |
Additions | 4 |  |  | 7 |
Ending balance(b) | $ | 1,129 |  |  | $ | 521 |
Current liability (included in accrued liabilities) | $ | 134 |  |  | $ | 99 |
Non-current liability | $ | 995 |  |  | $ | 422 |
(a)For the year ended December 31, 2024, we recognized a $3 million adjustment in measurement period adjustments related to accretion on the Aera asset retirement obligation. (b)The table excludes $5 million related to asset retirement obligations associated with assets held for sale at December 31, 2023 that were sold in October 2024. Refer to Note 9 Divestitures and Acquisitions for more information on our Ventura divestiture.
Schedule of Supplemental Cash Flow Information | Supplemental disclosures to our consolidated statements of cash flows, excluding leases and ARO, are presented below:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Supplemental Cash Flow Information |  |  |  |  |
Interest paid, net of amount capitalized | $ | (80) |  |  | $ | (44) |  |  | $ | (43) |
Income taxes paid | $ | 105 |  |  | $ | 121 |  |  | $ | 20 |
Interest income | $ | 18 |  |  | $ | 21 |  |  | $ | 4 |
Supplemental Disclosure of Non-cash Investing and Financing Activities |  |  |  |  |
Contribution to the Carbon TerraVault JV | $ | 20 |  |  | $ | 15 |  |  | $ | 2 |
Dividends accrued for stock-based compensation awards | $ | 2 |  |  | $ | 3 |  |  | $ | 2 |
Issuance of shares for stock-based compensation awards | $ | 90 |  |  | $ | 5 |  |  | $ | — |
Excise tax on share repurchases | $ | 2 |  |  | $ | 1 |  |  | $ | — |

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