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AERA MERGER (Tables)

12 Months Ended

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.

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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.

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