SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026 and 2025.


	Three Months Ended June 30, 2026
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	1,061	$	—	$	1,061	$	(5)	$	1,056




Other revenues and income(a)	2		1		3		238		241
Segment operating revenues	$	1,063	$	1	$	1,064	$	233








Total operating revenues									$	1,297

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


	Three months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	711	$	—	$	711	$	(9)	$	702



Other revenues and income(a)	3		—		3		273		276

Segment operating revenues	$	714	$	—	$	714	$	264







Total operating revenues									$	978

(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.

The following table provides capital investment by segment and a reconciliation to our consolidated capital investment for the three and six months ended June 30, 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 June 30, 2026	$	145	$	3	$	1	$	149
Three months ended June 30, 2025	$	51	$	5	$	—	$	56


	Oil and Natural Gas		Carbon Management		Corporate and Other		Total

	(in millions)
Six months ended June 30, 2026	$	261	$	15	$	4	$	280
Six months ended June 30, 2025	$	93	$	7	$	11	$	111

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


	Three Months Ended June 30, 2026
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Segment operating revenues	$	1,063	$	1	$	1,064	$	233	$	1,297
Less:
Operating costs:
Energy operating costs	91		—		91		(4)		87
Gas processing costs	6		—		6		—		6
Non-energy operating costs	254		—		254		—		254
General and administrative expenses	18		2		20		77		97
Depreciation, depletion and amortization	124		—		124		7		131

Taxes other than on income	61		—		61		5		66



Interest expense	—		3		3		25		28
Loss from investment in unconsolidated subsidiaries	—		2		2		—		2
Net loss on natural gas purchase derivatives	—		—		—		5		5
Loss on early extinguishment of debt	—		—		—		28		28
Other non-operating income	—		—		—		(5)		(5)
Costs related to marketing of purchased commodities	—		—		—		15		15
Electricity generation expenses	—		—		—		10		10


Other segment expenses(a)	82		7		89		26		115
Segment profit or (loss)	$	427	$	(13)	$	414	$	44














Income before income taxes									$	458

(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 and compensation-related expenses. 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.


	Three months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Segment operating revenues	$	714	$	—	$	714	$	264	$	978
Less:
Operating costs:
Energy operating costs	85		—		85		(7)		78
Gas processing costs	5		—		5		—		5
Non-energy operating costs	212		—		212		—		212
General and administrative expenses	9		3		12		67		79
Depreciation, depletion and amortization	121		—		121		7		128

Taxes other than on income	41		—		41		6		47


Interest expense	—		2		2		23		25
Loss (gain) from investment in unconsolidated subsidiary	—		1		1		(1)		—
Net loss on natural gas purchase derivatives	—		—		—		3		3


Costs related to marketing of purchased commodities	—		—		—		41		41
Electricity generation expenses	—		—		—		5		5


Other segment expenses(a)	47		14		61		52		113
Segment profit or (loss)	$	194	$	(20)	$	174	$	68














Income before income taxes									$	242

(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.


	Six months ended June 30, 2026
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	1,974	$	—	$	1,974	$	(13)	$	1,961



Other revenues and income(a)	9		1		10		(555)		(545)

Segment operating revenues	$	1,983	$	1	$	1,984	$	(568)







Total operating revenues									$	1,416

(a)Other revenues and income for Corporate/Eliminations/Other includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.


	Six months ended June 30, 2026
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Segment operating revenues	$	1,983	$	1	$	1,984	$	(568)	$	1,416
Less:
Operating costs:
Energy operating costs	208		—		208		(11)		197
Gas processing costs	11		—		11		—		11
Non-energy operating costs	504		—		504		—		504
General and administrative expenses	41		5		46		157		203
Depreciation, depletion and amortization	251		—		251		13		264

Taxes other than on income	120		—		120		13		133



Interest expense	—		6		6		51		57
Loss from investment in unconsolidated subsidiaries	—		3		3		1		4
Net loss on natural gas purchase derivatives	—				—		29		29
Loss on early extinguishment of debt	—		—		—		49		49
Other non-operating income	—		—		—		(8)		(8)
Costs related to marketing of purchased commodities	—		—		—		38		38
Electricity generation expenses	—		—		—		15		15

Other segment expenses(a)	137		12		149		73		222
Segment profit or (loss)	$	711	$	(25)	$	686	$	(988)














Loss before income taxes									$	(302)


	Six months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	1,539	$	—	$	1,539	$	(23)	$	1,516



Other revenues and income(a)	5		—		5		369		374

Segment operating revenues	$	1,544	$	—	$	1,544	$	346







Total operating revenues									$	1,890

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


	Six months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Corporate/Eliminations/Other		Total

	(in millions)
Segment operating revenues	$	1,544	$	—	$	1,544	$	346	$	1,890
Less:
Operating costs:
Energy operating costs	196		—		196		(15)		181
Gas processing costs	9		—		9		—		9
Non-energy operating costs	421		—		421		—		421
General and administrative expenses	21		6		27		124		151
Depreciation, depletion and amortization	247		—		247		12		259

Taxes other than on income	100		—		100		17		117


Interest expense	—		5		5		47		52
Loss (gain) from investment in unconsolidated subsidiary	—		2		2		(1)		1
Net gain on natural gas purchase derivatives	—		—		—		(3)		(3)
Loss on early extinguishment of debt							1		1
Other non-operating income							(5)		(5)
Costs related to marketing of purchased commodities							91		91
Electricity generation expenses							15		15
Other segment expenses(a)	90		32		122		74		196
Segment profit or (loss)	$	460	$	(45)	$	415	$	(11)












Income before income taxes									$	404

(a)Other segment expenses for our oil and natural gas segment include 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.