XML 99 R50.htm IDEA: XBRL DOCUMENT
v3.25.0.1

SEGMENT INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | The following tables provide segment profit or loss and reconciliations of segment profit or loss to consolidated income before income taxes for the years ended December 31, 2024, 2023, and 2022.
| Year ended December 31, 2024
| Oil and Natural Gas |  | Carbon Management |  | Total Reportable Segments |  | Reconciliation of Operating Revenues |  |  |  | Total
| (in millions)
Oil, natural gas and NGL sales to external customers | $ | 2,537 |  |  | $ | — |  |  | $ | 2,537 |  |  | $ | — |  |  |  |  | $ | 2,537 |
Other revenue | 7 |  |  | — |  |  | 7 |  |  | — |  |  |  |  | 7 |
Intersegment revenues | 28 |  |  | — |  |  | 28 |  |  | — |  |  |  |  | 28 |
Segment operating revenues | 2,572 |  |  | — |  |  | 2,572 |  |  |  |  |  |  |
Other revenues and income(a) |  |  |  |  |  |  | 654 |  |  |  |  | 654 |
Elimination of intersegment revenues |  |  |  |  |  |  | (28) |  |  |  |  | (28) |
Total operating revenues |  |  |  |  |  |  |  |  |  |  | $ | 3,198 |
(a)Other revenues and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.
| Year ended December 31, 2023
| Oil and Natural Gas |  | Carbon Management |  | Total Reportable Segments |  | Reconciliation of Operating Revenues |  |  |  | Total
| (in millions)
Oil, natural gas and NGL sales to external customers | $ | 2,041 |  |  | $ | — |  |  | $ | 2,041 |  |  | $ | — |  |  |  |  | $ | 2,041 |
Other revenue | 17 |  |  | — |  |  | 17 |  |  | — |  |  |  |  | 17 |
Intersegment revenue | 114 |  |  | — |  |  | 114 |  |  | — |  |  |  |  | 114 |
Segment operating revenues | 2,172 |  |  | — |  |  | 2,172 |  |  |  |  |  |  | 2,172 |
Other revenues and income(a) |  |  |  |  |  |  | 629 |  |  |  |  | 629 |
Total operating revenue |  |  |  |  |  |  |  |  |  |  | $ | 2,801 |
(a)Other revenues and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.
| Year ended December 31, 2022
| Oil and Natural Gas |  | Carbon Management |  | Total Reportable Segments |  | Reconciliation of Operating Revenues |  |  |  | Total
| (in millions)
Oil, natural gas and NGL sales to external customers | $ | 2,490 |  |  | $ | — |  |  | $ | 2,490 |  |  | $ | — |  |  |  |  | $ | 2,490 |
Other revenue | 17 |  |  | — |  |  | 17 |  |  | — |  |  |  |  | 17 |
Intersegment revenue | 153 |  |  | — |  |  | 153 |  |  | — |  |  |  |  | 153 |
Operating revenues | 2,660 |  |  | — |  |  | 2,660 |  |  |  |  |  |  | 2,660 |
Other revenues and income(a) |  |  |  |  |  |  | 47 |  |  |  |  | 47 |
Total operating revenues |  |  |  |  |  |  |  |  |  |  | $ | 2,707 |
(a)Other revenues and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
| Year ended December 31, 2024 |
| Oil and Natural Gas |  | Carbon Management |  | Total Reportable Segments |  | Reconciliation (Income)/Expense |  |  |  | Total |
| (in millions) |
Segment operating revenues | $ | 2,572 |  |  | $ | — |  |  | $ | 2,572 |  |  |  |  |  |  | $ | 2,572 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Operating costs: |  |  |  |  |  |  |  |  |  |  |  |
Energy operating costs | 296 |  |  | — |  |  | 296 |  |  | (17) |  |  |  |  | 279 |  |
Gas processing costs | 16 |  |  | — |  |  | 16 |  |  | — |  |  |  |  | 16 |  |
Non-energy operating costs | 671 |  |  | — |  |  | 671 |  |  | — |  |  |  |  | 671 |  |
General and administrative expenses | 43 |  |  | 15 |  |  | 58 |  |  | 263 |  |  |  |  | 321 |  |
Depreciation, depletion and amortization | 354 |  |  | — |  |  | 354 |  |  | 34 |  |  |  |  | 388 |  |
Taxes other than on income | 207 |  |  | — |  |  | 207 |  |  | 35 |  |  |  |  | 242 |  |
Loss (income) from investment in unconsolidated subsidiaries | — |  |  | 12 |  |  | 12 |  |  | (2) |  |  |  |  | 10 |  |
Other segment expenses(a) | 170 |  |  | 67 |  |  | 237 |  |  | — |  |  |  |  | 237 |  |
Segment profit or (loss) | $ | 815 |  |  | $ | (94) |  |  | $ | 721 |  |  |  |  |  |  |  |
Other profit or loss(b) |  |  |  |  |  |  | (133) |  |  |  |  | (133) |  |
Unallocated amounts(c) |  |  |  |  |  |  | 25 |  |  |  |  | 25 |  |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 516 |  |
(a)Amounts for our oil and natural gas segment include purchases of wet gas processed by us, power and fuel costs purchased during maintenance at our Elk Hills power plant, transportation costs, asset impairment and accretion expense, net of a gain on asset divestitures. Amounts for our carbon management segment primarily include operating lease costs, interest expense and asset impairment. (b)Other profit or loss includes margin from purchased commodities and electricity margin. (c)Unallocated amounts include net gain from commodity derivatives, net loss on natural gas purchase derivatives, transportation costs, interest and debt expense, other operating expenses, net, other non-operating loss, loss on early extinguishment of debt, and interest and other revenue, net of a gain on asset divestitures.
| Year ended December 31, 2023
| Oil and Natural Gas |  | Carbon Management |  | Total Reportable Segments |  | Reconciliation (Income)/Expense |  |  |  | Total
| (in millions)
Segment operating revenues | $ | 2,172 |  |  | $ | — |  |  | $ | 2,172 |  |  |  |  |  |  | $ | 2,172 |
Less: |  |  |  |  |  |  |  |  |  |  |
Operating costs: |  |  |  |  |  |  |  |  |  |  |
Energy operating costs | 323 |  |  | — |  |  | 323 |  |  | — |  |  |  |  | 323 |
Gas processing costs | 18 |  |  | — |  |  | 18 |  |  | — |  |  |  |  | 18 |
Non-energy operating costs | 481 |  |  | — |  |  | 481 |  |  | — |  |  |  |  | 481 |
General and administrative expenses | 42 |  |  | 12 |  |  | 54 |  |  | 213 |  |  |  |  | 267 |
Depreciation, depletion and amortization | 205 |  |  | — |  |  | 205 |  |  | 20 |  |  |  |  | 225 |
Taxes other than on income | 114 |  |  | — |  |  | 114 |  |  | 51 |  |  |  |  | 165 |
Loss from investment in unconsolidated subsidiary | — |  |  | 9 |  |  | 9 |  |  | — |  |  |  |  | 9 |
Other segment expenses(b) | 67 |  |  | 45 |  |  | 112 |  |  | — |  |  |  |  | 112 |
Segment profit or (loss) | $ | 922 |  |  | $ | (66) |  |  | $ | 856 |  |  |  |  |  |  |
Other profit or loss(b) |  |  |  |  |  |  | (291) |  |  |  |  | (291) |
Unallocated amounts(c) |  |  |  |  |  |  | 115 |  |  |  |  | 115 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 748 |
(a)Amounts for our oil and natural gas segment include purchases of wet gas processed by us, transportation costs and accretion expense, net of a gain on asset divestitures. Amounts for our carbon management segment include operating lease costs, interest expense and asset impairment. (b)Other profit or loss includes margin from purchased commodities and electricity margin. (c)Unallocated amounts include net loss from commodity derivatives, net loss on natural gas purchase derivatives, transportation costs, interest and debt expense, other operating expenses, net, other non-operating income, loss on early extinguishment of debt, and interest and other revenue.
| Year ended December 31, 2022
| Oil and Natural Gas |  | Carbon Management |  | Total Reportable Segments |  | Reconciliation (Income)/Expense |  |  |  | Total
| (in millions)
Segment operating revenues | $ | 2,660 |  |  | $ | — |  |  | $ | 2,660 |  |  |  |  |  |  | $ | 2,660 |
Less: |  |  |  |  |  |  |  |  |  |  |
Operating costs: |  |  |  |  |  |  |  |  |  |  |
Energy operating costs | 323 |  |  | — |  |  | 323 |  |  | — |  |  |  |  | 323 |
Gas processing costs | 17 |  |  | — |  |  | 17 |  |  | — |  |  |  |  | 17 |
Non-energy operating costs | 445 |  |  | — |  |  | 445 |  |  | — |  |  |  |  | 445 |
General and administrative expenses | 36 |  |  | 12 |  |  | 48 |  |  | 174 |  |  |  |  | 222 |
Depreciation, depletion and amortization | 177 |  |  | — |  |  | 177 |  |  | 21 |  |  |  |  | 198 |
Taxes other than on income | 111 |  |  | — |  |  | 111 |  |  | 51 |  |  |  |  | 162 |
Loss from investment in unconsolidated subsidiary | — |  |  | 1 |  |  | 1 |  |  | — |  |  |  |  | 1 |
Other segment expenses(b) | 14 |  |  | 28 |  |  | 42 |  |  | — |  |  |  |  | 42 |
Segment profit or (loss) | $ | 1,537 |  |  | $ | (41) |  |  | $ | 1,496 |  |  |  |  |  |  |
Other profit or loss(b) |  |  |  |  |  |  | (140) |  |  |  |  | (140) |
Unallocated amounts(c) |  |  |  |  |  |  | 629 |  |  |  |  | 629 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 761 |
(a)Amounts for our oil and natural gas segment primarily include transportation costs and accretion expense, net of a gain on asset divestitures. Amounts for our carbon management segment primarily include operating lease costs. Amounts for our carbon management segment also include $12 million to build replacement water injection facilities which will allow the diversion of produced water away from a depleted oil and natural gas reservoir. (b)Other profit or loss includes margin from purchased commodities and electricity margin. (c)Unallocated amounts include net loss from commodity derivatives, transportation costs, interest and debt expense, other operating expenses, net, other non-operating income and interest and other revenue.
Reconciliation of Capital Investments from Segments to Consolidated | The following table provides capital investments for our operating segments and a reconciliation to consolidated capital investments for the years ended December 31, 2024, 2023 and 2022.
| Oil and Natural Gas |  | Carbon Management |  | Corporate and Other |  | Consolidated
| (in millions)
Year ended December 31, 2024 | $ | 234 |  |  | $ | 12 |  |  | $ | 9 |  |  | $ | 255 |
Year ended December 31, 2023 | $ | 153 |  |  | $ | 5 |  |  | $ | 27 |  |  | $ | 185 |
Year ended December 31, 2022 | $ | 349 |  |  | $ | 4 |  |  | $ | 26 |  |  | $ | 379 |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration