SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of 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, 2026 and 2025.


	Three months ended March 31, 2026
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	913	$	—	$	913	$	(8)	$	905




Other revenues and income(a)	7		—		7		$	(793)	(786)
Segment operating revenues	$	920	$	—	$	920	$	(801)







Total operating revenues									$	119

(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.


	Three months ended March 31, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	828	$	—	$	828	$	(14)	$	814



Other revenues and income(a)	2		—		2		96		98

Segment operating revenues	$	830	$	—	$	830	$	82







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.

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


	Three months ended March 31, 2026
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Segment operating revenues	$	920	$	—	$	920	$	(801)	$	119
Less:
Operating costs:
Energy operating costs	117		—		117		(7)		110
Gas processing costs	5		—		5		—		5
Non-energy operating costs	250		—		250		—		250
General and administrative expenses	23		3		26		80		106
Depreciation, depletion and amortization	128		—		128		5		133

Taxes other than on income	60		—		60		7		67


Interest expense	—		3		3		26		29
Loss from investment in unconsolidated subsidiaries	—		1		1		1		2
Net loss on natural gas purchase derivatives	—		—		—		24		24
Loss on early extinguishment of debt	—		—		—		21		21
Other non-operating expenses	—		—		—		(3)		(3)
Costs related to marketing of purchased commodities	—		—		—		23		23
Electricity generation expenses	—		—		—		5		5


Other segment expenses(a)	55		5		60		47		107
Segment profit or (loss)	$	282	$	(12)	$	270	$	(1,030)














Loss before income taxes									$	(760)

(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. Other segment expenses for Corporate/Eliminations/Other includes transportation costs from marketing activities, severance as well as merger and integration costs that are not allocated to a segment.


	Three months ended March 31, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Segment operating revenues	$	830	$	—	$	830	$	82	$	912
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 subsidiary	—		1		1		—		1
Net (gain) loss on natural gas purchase derivatives	—		—		—		(6)		(6)
Loss on early extinguishment of debt	—		—		—		1		1
Other non-operating expenses	—		—		—		(5)		(5)
Costs related to marketing of purchased commodities	—		—		—		50		50
Electricity generation expenses	—		—		—		10		10


Other segment expenses(a)	43		18		61		22		83
Segment profit or (loss)	$	266	$	(25)	$	241	$	(79)














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. Other segment expenses for Corporate/Eliminations/Other includes transportation costs from marketing activities and other operating expenses, net that are not allocated to a segment.

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, 2026 and 2025. We do not provide total assets by segment because it is not used by our Chief Operating Decision Maker. See Note 3 Investment in Unconsolidated Subsidiaries 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		Total

	(in millions)
Three months ended March 31, 2026	$	116	$	12	$	3	$	131
Three months ended March 31, 2025	$	50	$	2	$	3	$	55