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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION We conduct our business primarily through two reportable segments: (1) oil and natural gas and (2) carbon management. We identified these segments based on the nature of their activities, the types of products sold and services to be provided. Our oil and natural gas segment explores for, develops, and produces oil and condensate, natural gas liquids and natural gas. Our carbon management segment, that we refer to as Carbon TerraVault, is expected to build, install, operate and maintain CO 2 capture equipment, transportation assets and storage facilities. Our oil and natural gas segment and carbon management segment operate exclusively in California. Our chief operating decision maker (CODM) is Francisco Leon, Chief Executive Officer. The CODM uses segment profit or loss to assess the performance of each business, as well as our overall performance, and to make decisions about resources to be allocated to the segment, including capital investments. Intersegment revenues relates to sales of produced natural gas to our Elk Hills power plant. Direct labor-related costs are allocated to our reportable segments based on job function. General and administrative expenses are allocated to a segment if they directly support a segment's activities. We do not allocate income taxes to our segments. We use proportionate consolidation to account for our share of oil and natural gas producing activities. 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, 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 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, 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 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.
| 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. Total assets by segment is not disclosed as it is not used by our CODM in decision-making; however, we regularly provide capital investment by segment to our CODM and have provided segment capital with a reconciliation to our consolidated capital investment for the years ended December 31, 2024, 2023 and 2022. See Note 4 Investments and Related Party Transactions for information on our investment in the Carbon TerraVault JV, which is part of our carbon management segment. See Note 13 Leases for information leases we have entered into for our carbon management business. 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 |

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