SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Reconciliation of Revenue from Segments to Consolidated

The following tables provide segment profit or loss and reconciliations of segment profit or loss to total operating revenues and consolidated income before income taxes for the three months ended March 31, 2025, and 2024.


	Three months ended March 31, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	828	$	—	$	828	$	(14)	814



Other revenue	2		—		2		—		2

Segment operating revenues	$	830	$	—	$	830


Other revenues and income(a)									96




Total operating revenues									$	912

(a)Other revenues and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue and unallocated interest and other revenue.


	Three months ended March 31, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	435	$	—	$	435	$	(6)	$	429



Other revenue	1		—		1		—		1

Segment operating revenues	$	436	$	—	$	436


Other revenues and income(a)									24




Total operating revenues									$	454

(a)Other revenue and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity sales and unallocated interest and other revenue.

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Three months ended March 31, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	830	$	—	$	830	$	—	$	830
Less:
Operating costs:
Energy operating costs	111		—		111		(8)		103
Gas processing costs	4		—		4		—		4
Non-energy operating costs	209		—		209		—		209
General and administrative expenses	12		3		15		57		72
Depreciation, depletion and amortization	126		—		126		5		131

Taxes other than on income	59		—		59		11		70


Interest expense	—		3		3		24		27
Loss from investment in unconsolidated subsidiaries	—		1		1		—		1


Other segment expenses(a)	43		18		61		—		61
Segment profit or (loss)	$	266	$	(25)	$	241




Other profit or loss(b)							(12)		(12)
Unallocated amounts(c)							2		2








Income before income taxes									$	162

(a)Other segment expenses for our oil and natural gas segment includes transportation costs, accretion expense, and other operating expenses, net. Other segment expenses for our carbon management segment primarily includes operating lease costs.

(b)Other profit or loss includes the margin we earn from marketing activities and electricity margin.

(c)Unallocated amounts include net gain from commodity derivatives, net gain on natural gas purchase derivatives, transportation costs, other operating expenses, net, other non-operating losses, loss on early extinguishment of debt, and unallocated interest and other revenue.


	Three months ended March 31, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	436	$	—	$	436	$	—	$	436
Less:
Operating costs:
Energy operating costs	56		—		56		(3)		53
Gas processing costs	4		—		4		—		4
Non-energy operating costs	119		—		119		—		119
General and administrative expenses	9		2		11		46		57
Depreciation, depletion and amortization	49		—		49		4		53

Taxes other than on income	32		—		32		6		38


Interest expense	—		1		1		12		13
Loss from investment in unconsolidated subsidiary	—		3		3		—		3


Other segment expenses(a)	35		8		43		—		43
Segment profit or (loss)	$	132	$	(14)	$	118




Other profit or loss(b)							(21)		(21)
Unallocated amounts(c)							93		93








Income before income taxes									$	(19)

(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 and accretion expense, net of a gain on asset divestitures. Amounts for our carbon management segment primarily include operating lease costs.

(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, other operating expenses, net, other non-operating loss and unallocated interest and other revenue.

Schedule of Reconciliation of Capital Investments from Segments to Consolidated

The following table provides capital investment by segment and a reconciliation to our consolidated capital investment for the three months ended March 31, 2025 and 2024. We do not provide total assets by segment because this is not used by our Chief Operating Decision Maker. See Note 3 Investments and Related Party Transactions for information on our investment in the Carbon TerraVault JV, which is part of our carbon management segment.


	Oil and Natural Gas		Carbon Management		Corporate and Other		Consolidated

	(in millions)
Three months ended March 31, 2025	$	42	$	2	$	11	$	55
Three months ended March 31, 2024	$	36	$	4	$	14	$	54