v3.26.1
SUPPLEMENTAL ACCOUNT BALANCES (Tables)
 6 Months Ended
Jun. 30, 2026
SUPPLEMENTAL INFORMATION [Abstract]  
Schedule of Disaggregated Revenue he 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,
2026202520262025
(in millions)(in millions)
Oil$995 $644 $1,829 $1,380 
Natural gas14 19 43 47 
Natural gas liquids
47 39 89 89 
Oil, natural gas and natural gas liquids sales
$1,056 $702 $1,961 $1,516 
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,
2026202520262025
(in millions)(in millions)
Oil$4 $24 $24 $46 
Natural gas22 32 37 68 
Natural gas liquids— — 6 6 
Revenue from marketing of purchased commodities
$26 $56 $67 $120 
Schedule of Inventories Inventory, by category, is as follows:
June 30,December 31,
20262025
(in millions)
Materials and supplies$102 $98 
Finished goods9 8 
Inventory
$111 $106 
Schedule of Other Current Assets, Net Other current assets, net include the following:
June 30,December 31,
20262025
(in millions)
Net amounts due from joint interest partners(a)
$58 $56 
Fair value of commodity derivative contracts2 187 
Prepaid expenses40 38 
Income tax receivable59 52 
Other20 20 
Other current assets, net$179 $353 
(a)The amounts due from joint interest partners include $2 million of allowances for credit losses as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Other Noncurrent Assets Other noncurrent assets include the following:
June 30,December 31,
20262025
(in millions)
Operating lease right-of-use assets$72 $83 
Deferred financing costs - Revolving Credit Facility17 20 
Emission reduction credits 11 11 
Fair value of commodity derivative contracts17 101 
Funded pension
103 97 
Postretirement plan
20 19 
Other
45 42 
Other noncurrent assets$285 $373 
Schedule of Accrued Liabilities Accrued liabilities include the following:
June 30,December 31,
20262025
(in millions)
Compensation-related liabilities$108 $159 
Taxes other than on income101 105 
Asset retirement obligations - current portion
126 120 
Interest41 12 
Operating lease liability13 15 
Settlements and premiums due on commodity derivative contracts36 22 
Advanced payments
16 19 
Greenhouse gas liability
2 27 
Signal Hill offshore platform expense accrual
23 13 
Other53 64 
 Accrued liabilities$519 $556 
Schedule of Other Long-term Liabilities Other long-term liabilities include the following:
June 30,December 31,
20262025
(in millions)
Compensation-related liabilities$46 $48 
Postretirement and pension benefit plans53 57 
Operating lease liability53 61 
Contingent liability(a)
123 117 
Other24 29 
Other long-term liabilities$299 $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.
Schedule of Other Operating Expenses, Net Other operating expenses, net include the following:
Three months ended
June 30,
Six months ended
June 30,
2026202520262025
(in millions)(in millions)
Carbon management expenses
$7 $14 $12 $32 
Transaction and integration costs
1 3 4 8 
Severance and termination costs
— 6 23 8 
Offshore platforms maintenance and abandonment costs
10 2 20 2 
Information technology infrastructure
4 — 6 — 
Litigation and settlement related expenses(a)
— 25 — 25 
Exploration expense
27 1 27 1 
All other11 14 22 22 
Other operating expenses, net$60 $65 $114 $98 
(a)See Part I, Item 1 – Financial Statements, Note 5 Lawsuits, Claims, Commitments and Contingencies for more information on a $25 million payment we made to CalGEM during the three and six months ended June 30, 2025.