v3.26.1
BUSINESS COMBINATIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Merger Consideration and Preliminary Purchase Price Allocation
The following table summarizes the consideration transferred:
Merger Consideration
(in millions, except share and per share data)
Shares of common stock
5,572,115 
Common stock per share fair value on December 17, 2025
$45.49 
   Fair value of share consideration
$253 
Settlement of Berry debt
449 
Stock-based compensation
7 
   Total consideration
$709 
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table presents the preliminary purchase price allocation to the identifiable assets acquired and the liabilities assumed based on their estimated fair values as of the closing date of the Berry Merger:

Preliminary Purchase Price as of December 31, 2025
Adjustments
Preliminary Purchase Price as of March 31, 2026
(in millions)(in millions)(in millions)
Assets Acquired
Cash
$12 $— $12 
Accounts receivable
87 1 88 
Inventories
6 — 6 
Other current assets
29 — 29 
Property, plant and equipment659 (3)656 
Fair value of derivative contracts
109 — 109 
Deferred tax asset
121 1 122 
Other noncurrent assets
4 — 4 
Total Assets Acquired1,027 (1)1,026 
Liabilities Assumed
Accounts payable$(62)$— $(62)
Accrued liabilities(50)1 (49)
Asset retirement obligations
(151)— (151)
Fair value of derivative contracts
(21)— (21)
Other long-term liabilities(34)— (34)
Total Liabilities Assumed(318)1 (317)
Net Assets Acquired$709 $— $709 
Schedule of Business Acquisition, Pro Forma Information
The following supplemental unaudited pro forma financial information presents the total operating revenue, net income and earnings per share for the three months ended March 31, 2025 as if the Berry Merger had occurred on January 1, 2025.

Three Months Ended March 31,
2025
(in millions, except per share amounts)
Total operating revenue
$1,087 
Net income$6 
EPS
Basic$0.06 
Diluted$0.06