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AERA MERGER (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Merger Consideration and Preliminary Purchase Price Allocation | The following table summarizes the total purchase consideration:
|  | Merger Consideration
|  | (in millions, except share and per share data)
Shares of common stock issued (dividend adjusted) |  | 21,315,707 |
Common stock per share fair value (on July 1, 2024) |  | $ | 53.28 |
Fair value of share consideration |  | $ | 1,136 |
Fair value of Aera debt |  | 990 |
Deferred consideration obligation |  | 18 |
Total purchase consideration |  | $ | 2,144 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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 Aera Merger:
|  | Preliminary Purchase Price Allocation
|  | (in millions)
Assets Acquired |  |
Cash |  | $ | 137 |
Accounts receivable |  | 176 |
Inventories |  | 30 |
Other current assets |  | 49 |
Investment in unconsolidated subsidiary |  | 59 |
Property, plant and equipment |  | 3,048 |
Pension and other postretirement benefits |  | 73 |
Other noncurrent assets |  | 57 |
Total Assets Acquired |  | 3,629 |
Liabilities Assumed |  |
Accounts payable |  | (158) |
Accrued liabilities |  | (157) |
Asset retirement obligations |  | (646) |
Fair value of derivative contracts |  | (351) |
Pension and other postretirement benefits |  | (35) |
Deferred tax liability |  | (101) |
Other long-term liabilities |  | (37) |
Total Liabilities Assumed |  | (1,485) |
Net Assets Acquired |  | $ | 2,144 |
Schedule of Business Acquisition, Pro Forma Information | The following supplemental unaudited pro forma financial information presents the condensed 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 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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