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DIVESTITURES AND ACQUISITIONS | 12 Months Ended
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Dec. 31, 2024
ACQUISITIONS AND DIVESTITURES |
DIVESTITURES AND ACQUISITIONS | DIVESTITURES AND ACQUISITIONS Divestitures Fort Apache in Huntington Beach In March 2024, we sold our 0.9-acre Fort Apache real estate property in Huntington Beach, California for purchase price of $10 million and recognized a $6 million gain. Ventura During 2021, 2022 and 2024, we entered into transactions to sell our Ventura basin assets. The Ventura divestiture contemplated multiple closings that were subject to customary closing conditions. The closings that occurred in the second half of 2021 resulted in the divestiture of the vast majority of our Ventura basin assets. The transfer of the remaining assets in the Ventura basin was approved in June 2024 by the State Lands Commission. On October 14, 2024, we completed the sale of the Ventura basin assets and recognized a $4 million gain. During the year ended December 31, 2022, we recognized a gain of $11 million related to the sale of additional Ventura basin assets. Round Mountain Unit On December 29, 2023, we entered into an agreement to sell our non-operated working interest in the Round Mountain Unit in the San Joaquin basin, recognizing a gain of $25 million. We retained an option to capture, transport and store CO 2 emissions from the production at Round Mountain Unit for future carbon management projects. This option can be terminated by the buyer after January 1, 2028. Lost Hills On February 1, 2022, we sold our 50% non-operated working interest in certain horizons within our Lost Hills field, located in the San Joaquin basin, recognizing a gain of $49 million. We retained an option to capture, transport and store 100% of the CO 2 from steam generators across the Lost Hills field for future carbon management projects. This option can be terminated by the buyer after January 1, 2026. We also retained 100% of the deep rights and related seismic data. CRC Plaza In 2022, we sold our commercial office building located in Bakersfield, California for net proceeds of $13 million, recognizing no gain or loss on the sale following recognition of impairment charges in 2022. We also leased back a portion of the building with a term of 18 months. See Note 3 Property, Plant and Equipment for details of impairment charges we recognized prior to the sale of this property. Other Divestitures In 2024, we sold non-core assets recognizing a $1 million gain. In 2023, we sold a non-producing asset in exchange for the assumption of liabilities recognizing a $7 million gain. In 2022, we sold non-core assets recognizing a $1 million loss. Acquisitions In 2024, we acquired land for our carbon management segment for approximately $6 million. In 2023, we acquired land for our carbon management segment for approximately $5 million. In 2022, we acquired land for our carbon management segment for approximately $17 million, with the intent to divest a portion of the surface acreage at that time. We classified a portion of this surface acreage as held for sale, recording these assets at fair value and recognizing an impairment of $3 million in the first quarter of 2023. The fair value, using Level 3 inputs in the fair value hierarchy, declined during the first quarter of 2023 due to market conditions (including inflation and rising interest rates). During the fourth quarter of 2024, we marketed the remaining surface acreage and also included these assets as held for sale. We reduced the carrying value of the surface acreage to fair value and recognized an impairment charge of $1 million during the fourth quarter of 2024. The fair value, using Level 3 inputs in the fair value hierarchy, declined due to market conditions. The assets being divested continue to be actively marketed and remain classified as held for sale as of December 31, 2024 on our consolidated balance sheet.

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