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DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Oil Hedge Positions

We held the following Brent-based contracts as of December 31, 2024:

			Q1 2025						Q2 2025						Q3 2025						Q4 2025						2026						2027						2028
Sold Calls:
Barrels per day			30,000						30,000						30,000						29,000						15,000						—						—
Weighted-average price per barrel			$	87.08					$	87.08					$	87.08					$	87.13					$	85.00					$	—					$	—
Purchased Puts
Barrels per day			30,000						30,000						30,000						29,000						15,000						—						—
Weighted-average price per barrel			$	61.67					$	61.67					$	61.67					$	61.72					$	60.00					$	—					$	—
Swaps
Barrels per day			52,837						46,506						44,126						42,626						30,449						13,882						1,697
Weighted-average price per barrel			$	72.48					$	71.31					$	70.62					$	69.94					$	67.95					$	65.53					$	65.00

At December 31, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below. Financial swaps are purchased to hedge the cost of natural gas used in production of steam-flood crude volumes. The natural gas price index used to hedge each file is based on a number of factors including liquidity and transportation cost.

			Q1 2025						Q2 2025						Q3 2025						Q4 2025						2026						2027						2028
SoCal Border
MMBtu per day			10,000						29,074						25,750						22,408						660						—						—
Weighted-average price per MMBtu			$	6.02					$	3.44					$	3.48					$	3.53					$	6.29					$	—					$	—
NWPL Rockies
MMBtu per day			50,999						51,750						51,750						51,750						44,618						12,616						1,576
Weighted-average price per MMBtu			$	5.48					$	2.95					$	2.95					$	4.22					$	4.01					$	4.34					$	3.95
PG&E Citygate
MMBtu per day			14,000						—						—						—						—						—						—
Weighted-average price per MMBtu			$	6.10					$	—					$	—					$	—					$	—					$	—					$	—

We report gains and losses on our derivative contracts related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:

			Year ended December 31,
			2024						2023						2022
			(in millions)
Non-cash commodity derivative gain			$	274					$	260					$	187
Settlements and amortized premiums			(33)						(272)						(738)
Net gain (loss) from commodity derivatives			$	241					$	(12)					$	(551)

Schedule of Fair Values (at Gross and Net) of Outstanding Derivatives

The following tables present the fair values of our outstanding commodity derivatives as of December 31, 2024 and December 31, 2023. See Note 2 Aera Merger for the fair value of Aera's acquired derivative contracts on July 1, 2024.

December 31, 2024
Classification						Gross Amounts Recognized						Gross Amounts Offset on the Consolidated Balance Sheet						Net Amounts Presented on the Consolidated Balance Sheet
Assets:						(in millions)
Other current assets, net						$	26					$	(12)					$	14
Other noncurrent assets						32						(16)						16
Liabilities:
Current - Fair value of derivative contracts						(62)						12						(50)
Other long-term liabilities						(61)						16						(45)
						$	(65)					$	—					$	(65)

December 31, 2023
Classification						Gross Amounts Recognized						Gross Amounts Offset on the Consolidated Balance Sheet						Net Amounts Presented on the Consolidated Balance Sheet
Assets:						(in millions)
Other current assets, net						$	39					$	(18)					$	21
Other noncurrent assets						38						(32)						6
Liabilities:
Current - Fair value of derivative contracts						(26)						18						(8)
Noncurrent - Fair value of derivative contracts						(34)						32						(2)
						$	17					$	—					$	17

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