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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

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, 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, 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.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

			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 (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 (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.

Reconciliation of Capital Investments from Segments to Consolidated

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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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

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