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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
We capitalize the costs incurred to acquire or develop our oil and natural gas assets, including ARO and interest. Our total property, plant and equipment increased $3 billion related to our provisional allocation of fair value to assets acquired in the Aera Merger on the acquisition date. We evaluate long-lived assets on a quarterly basis for possible impairment.

Property, plant and equipment, net consisted of the following:
December 31, 2024December 31, 2023
(in millions)
Proved oil and natural gas properties$6,343 $3,156 
Facilities and other395 281 
     Total property, plant and equipment6,738 3,437 
Accumulated depreciation, depletion and amortization
(1,058)(667)
Total property, plant and equipment, net$5,680 $2,770 

Asset Impairments

In 2024, we recognized impairments of $14 million. See Note 1 Nature of Business, Summary of Significant Accounting Policies and Other for information a $13 million impairment on materials and supplies. Additionally, we had a $1 million impairment related to a non-core asset during the year ended December 31, 2024.

In 2023, we recognized an impairment of $3 million related to land acquired for our carbon management activities. 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).
We recognized an asset impairment of $2 million for the year ended December 31, 2022 related to a write-down of CRC Plaza, a commercial office building located in Bakersfield, California to fair value. In 2022, we sold CRC Plaza for $13 million. See Note 9 Divestitures and Acquisitions for further information regarding the sale of CRC Plaza.