v3.26.1
SUPPLEMENTAL ACCOUNT BALANCES (Tables)
 3 Months Ended
Mar. 31, 2026
SUPPLEMENTAL INFORMATION [Abstract]  
Schedule of Disaggregated Revenue The following table provides disaggregated revenue for sales of produced oil, natural gas and natural gas liquids to customers:
Three months ended
March 31,
20262025
(in millions)
Oil$834 $736 
Natural gas29 28 
Natural gas liquids
42 50 
Oil, natural gas and natural gas liquids sales
$905 $814 
The following table provides disaggregated revenue for sales to customers related to our marketing activities:
Three months ended
March 31,
20262025
(in millions)
Oil$20 $22 
Natural gas16 36 
Natural gas liquids5 6 
Revenue from marketing of purchased commodities
$41 $64 
Schedule of Inventories Inventory, by category, is as follows:
March 31,December 31,
20262025
(in millions)
Materials and supplies$101 $98 
Finished goods6 8 
Inventory
$107 $106 
Schedule of Other Current Assets, Net Other current assets, net include the following:
March 31,December 31,
20262025
(in millions)
Net amounts due from joint interest partners(a)
$63 $56 
Fair value of commodity derivative contracts2 187 
Prepaid expenses45 38 
Greenhouse gas allowances1 — 
Income tax receivable52 52 
Other17 20 
Other current assets, net$180 $353 
(a)The amounts due from joint interest partners include $1 million and $2 million of allowances for credit losses for the three months ended March 31, 2026 and 2025, respectively.
Schedule of Other Noncurrent Assets Other noncurrent assets include the following:
March 31,December 31,
20262025
(in millions)
Operating lease right-of-use assets$77 $83 
Deferred financing costs - Revolving Credit Facility19 20 
Emission reduction credits 11 11 
Fair value of commodity derivative contracts6 101 
Funded pension
100 97 
Postretirement plan
19 19 
Other
42 42 
Other noncurrent assets$274 $373 
Schedule of Accrued Liabilities Accrued liabilities include the following:
March 31,December 31,
20262025
(in millions)
Compensation-related liabilities$89 $159 
Taxes other than on income104 105 
Asset retirement obligations - current portion
125 120 
Interest41 12 
Operating lease liability13 15 
Premiums due on commodity derivative contracts77 22 
Advanced payments
11 19 
Greenhouse gas liability
— 27 
Signal Hill offshore platform expense accrual
18 13 
Other70 64 
 Accrued liabilities$548 $556 
Schedule of Other Long-term Liabilities Other long-term liabilities include the following:
March 31,December 31,
20262025
(in millions)
Compensation-related liabilities$44 $48 
Postretirement and pension benefit plans56 57 
Operating lease liability55 61 
Contingent liability(a)
120 117 
Other22 29 
Other long-term liabilities$297 $312 
(a)    See Note 3 Investment in Unconsolidated Subsidiaries and Related Party Transactions for information on the contingent liability related to the Carbon TerraVault JV.