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SUPPLEMENTAL ACCOUNT BALANCES
 3 Months Ended
Mar. 31, 2025
SUPPLEMENTAL INFORMATION [Abstract]  
SUPPLEMENTAL ACCOUNT BALANCES SUPPLEMENTAL ACCOUNT BALANCES
Restricted cash — Cash and cash equivalents includes restricted cash of $15 million and $18 million at March 31, 2025 and December 31, 2024, respectively. Restricted cash primarily includes funds held in an escrow account established to secure oil field well and infrastructure abandonment and habitat restoration at an oil and gas field previously owned by Aera.
Revenues — We derive most of our revenue from sales of oil, natural gas and natural gas liquids, with the remaining revenue primarily generated from sales of electricity and revenue from resource adequacy contracts in addition to revenue from marketing activities related to storage and managing excess pipeline capacity. The following table provides disaggregated revenue for sales of produced oil, natural gas and natural gas liquids to customers:

Three months ended
March 31,
20252024
(in millions)
Oil$736 $348 
Natural gas28 32 
Natural gas liquids
50 49 
Oil, natural gas and natural gas liquids sales
$814 $429 

From time-to-time, we enter into transactions for third-party production, which we report as revenue from marketing of purchased commodities on our condensed consolidated statements of operations. Revenues from marketing of purchased commodities primarily results from the storage or transportation of natural gas to take advantage of differences in pricing or location, or marketing oil sales that have resulted from third-party purchases. The following table provides disaggregated revenue for sales to customers related to our marketing activities:

Three months ended
March 31,
20252024
(in millions)
Oil$22 $20 
Natural gas36 48 
Natural gas liquids
6 6 
Revenue from marketing of purchased commodities
$64 $74 

Inventories — Materials and supplies, which primarily consist of well equipment and tubular goods used in our oil and natural gas operations and critical spares related to our cogeneration power plants, are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods include produced oil and natural gas liquids in storage, which are valued at the lower of cost or net realizable value. Inventories, by category, are as follows:
March 31,December 31,
20252024
(in millions)
Materials and supplies$88 $86 
Finished goods3 4 
Inventories$91 $90 
Other current assets, net — Other current assets, net include the following:
March 31,December 31,
20252024
(in millions)
Net amounts due from joint interest partners(a)
$37 $41 
Fair value of commodity derivative contracts18 14 
Prepaid expenses24 28 
Greenhouse gas allowances2 27 
Income tax receivable38 50 
Other14 16 
Other current assets, net$133 $176 
(a)Included in the March 31, 2025 and December 31, 2024 net amounts due from joint interest partners are insignificant amounts of allowances.

Other noncurrent assets — Other noncurrent assets include the following:
March 31,December 31,
20252024
(in millions)
Operating lease right-of-use assets$100 $105 
Deferred financing costs - Revolving Credit Facility24 23 
Emission reduction credits 11 11 
Fair value of commodity derivative contracts12 16 
Funded pension
67 67 
Postretirement plan
13 13 
Other
41 37 
Other noncurrent assets$268 $272 

Accrued liabilities — Accrued liabilities include the following:
March 31,December 31,
20252024
(in millions)
Compensation-related liabilities$70 $177 
Postretirement and pension benefit plans7 7 
Taxes other than on income94 100 
Asset retirement obligations144 134 
Interest25 12 
Operating lease liability22 15 
Fair value of derivative contracts30 50 
Premiums due on commodity derivative contracts11 14 
Liability for settlement payments on commodity derivative contracts1 1 
Payables for funded projects
30 25 
Payables to the former owners of Aera
20 29 
Other45 47 
 Accrued liabilities$499 $611 
Other long-term liabilities — Other long-term liabilities include the following:

March 31,December 31,
20252024
(in millions)
Compensation-related liabilities$36 $50 
Postretirement and pension benefit plans57 59 
Operating lease liability64 76 
Fair value of commodity derivative contracts
29 45 
Contingent liability (related to Carbon TerraVault JV put and call rights)109 107 
Other44 40 
Other long-term liabilities$339 $377