v3.25.2
SUPPLEMENTAL ACCOUNT BALANCES
 6 Months Ended
Jun. 30, 2025
SUPPLEMENTAL INFORMATION [Abstract]  
SUPPLEMENTAL ACCOUNT BALANCES SUPPLEMENTAL ACCOUNT BALANCES
Restricted cash — Cash and cash equivalents includes restricted cash of $16 million and $18 million at June 30, 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 June 30,Six months ended June 30,
2025202420252024
(in millions)(in millions)
Oil$644 $353 $1,380 $701 
Natural gas19 14 47 46 
Natural gas liquids
39 45 89 94 
Oil, natural gas and natural gas liquids sales
$702 $412 $1,516 $841 
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 June 30,Six months ended June 30,
2025202420252024
(in millions)(in millions)
Oil$24 $28 $46 $48 
Natural gas32 23 68 71 
Natural gas liquids— — 6 6 
Revenue from marketing of purchased commodities
$56 $51 $120 $125 

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:
June 30,December 31,
20252024
(in millions)
Materials and supplies$90 $86 
Finished goods3 4 
Inventories$93 $90 

Other current assets, net — Other current assets, net include the following:
June 30,December 31,
20252024
(in millions)
Net amounts due from joint interest partners(a)
$42 $41 
Fair value of commodity derivative contracts102 14 
Prepaid expenses25 28 
Greenhouse gas allowances9 27 
Income tax receivable22 50 
Other27 16 
Other current assets, net$227 $176 
(a)The amounts due from joint interest partners include insignificant amounts of allowances for credit losses for each period presented.
Other noncurrent assets — Other noncurrent assets include the following:
June 30,December 31,
20252024
(in millions)
Operating lease right-of-use assets$93 $105 
Deferred financing costs - Revolving Credit Facility22 23 
Emission reduction credits 11 11 
Fair value of commodity derivative contracts50 16 
Funded pension
67 67 
Postretirement plan
13 13 
Other
42 37 
Other noncurrent assets$298 $272 

Accrued liabilities — Accrued liabilities include the following:
June 30,December 31,
20252024
(in millions)
Compensation-related liabilities$88 $177 
Taxes other than on income86 100 
Asset retirement obligations - current portion
134 134 
Operating lease liability22 15 
Fair value of derivative contracts7 50 
Premiums due on commodity derivative contracts17 14 
Withholding tax on IKAV stock repurchase (Note 10 Stockholders' Equity)
34 — 
Advanced payments
17 25 
Payable to the former owners of Aera
9 29 
Other63 67 
 Accrued liabilities$477 $611 

Other long-term liabilities — Other long-term liabilities include the following:

June 30,December 31,
20252024
(in millions)
Compensation-related liabilities$39 $50 
Postretirement and pension benefit plans55 59 
Operating lease liability60 76 
Fair value of commodity derivative contracts
14 45 
Contingent liability (Note 3 Investments and Related Party Transactions)
112 107 
Other55 40 
Other long-term liabilities$335 $377