SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 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 and nine months ended September 30, 2026 and 2025.


	Three months ended September 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	$	1,016	$	—	$	1,016	$	(14)	$	1,002




Other revenues and income(a)	1		2		3		(584)		(581)
Segment operating revenues	$	1,017	$	2	$	1,019	$	(598)








Total operating revenues									$	421

(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 September 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	$	726	$	—	$	726	$	(11)	$	715



Other revenues and income(a)	2		—		2		138		140

Segment operating revenues	$	728	$	—	$	728	$	127







Total operating revenues									$	855

(a)Other revenues and income include net loss 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 nine months ended September 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 September 30, 2026	$	155	$	1	$	2	$	158
Three months ended September 30, 2025	$	72	$	15	$	4	$	91


	Oil and Natural Gas		Carbon Management		Corporate and Other		Total

	(in millions)
Nine months ended September 30, 2026	$	416	$	16	$	6	$	438
Nine months ended September 30, 2025	$	165	$	22	$	15	$	202

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


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

	(in millions)
Segment operating revenues	$	1,017	$	2	$	1,019	$	(598)	$	421
Less:
Operating costs:
Energy operating costs	130		—		130		(7)		123
Gas processing costs	6		—		6		—		6
Non-energy operating costs	257		—		257		—		257
General and administrative expenses	13		—		13		76		89
Depreciation, depletion and amortization	128		2		130		7		137

Taxes other than on income	69		—		69		12		81



Interest expense	—		3		3		23		26
Loss from investment in unconsolidated subsidiaries	—		1		1		—		1
Net gain on natural gas purchase derivatives	—		—		—		(1)		(1)

Other non-operating income, net	—		—		—		(6)		(6)
Costs related to marketing of purchased commodities	—		—		—		25		25
Electricity generation expenses	—		—		—		11		11


Other segment expenses(a)	54		10		64		36		100
Segment profit or (loss)	$	360	$	(14)	$	346	$	(774)














Loss before income taxes									$	(428)

(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 include transportation costs from marketing activities and other operating expenses, net that are not allocated to a segment.


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

	(in millions)
Segment operating revenues	$	728	$	—	$	728	$	127	$	855
Less:
Operating costs:
Energy operating costs	97		—		97		(5)		92
Gas processing costs	6		—		6		—		6
Non-energy operating costs	218		—		218		—		218
General and administrative expenses	9		4		13		74		87
Depreciation, depletion and amortization	118		—		118		5		123

Taxes other than on income	57		—		57		13		70


Interest expense	—		3		3		22		25
Loss from investment in unconsolidated subsidiaries	—		2		2		—		2
Net loss on natural gas purchase derivatives	—		—		—		27		27

Other non-operating income, net	—		—		—		(4)		(4)
Costs related to marketing of purchased commodities	—		—		—		44		44
Electricity generation expenses	—		—		—		11		11


Other segment expenses(a)	41		12		53		26		79
Segment profit or (loss)	$	182	$	(21)	$	161	$	(86)














Income before income taxes									$	75

(a)Other segment expenses for our oil and natural gas segment include transportation costs, accretion expense, and other operating expenses, net, and net loss on asset divestitures. Other segment expenses for our carbon management segment primarily includes operating lease costs. Other segment expenses for Corporate/Eliminations/Other include transportation costs from marketing activities and other operating expenses, net that are not allocated to a segment.


	Nine months ended September 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	$	2,990	$	—	$	2,990	$	(27)	$	2,963



Other revenues and income(a)	10		3		13		(1,139)		(1,126)

Segment operating revenues	$	3,000	$	3	$	3,003	$	(1,166)







Total operating revenues									$	1,837

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


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

	(in millions)
Segment operating revenues	$	3,000	$	3	$	3,003	$	(1,166)	$	1,837
Less:
Operating costs:
Energy operating costs	338		—		338		(18)		320
Gas processing costs	17		—		17		—		17
Non-energy operating costs	761		—		761		—		761
General and administrative expenses	54		5		59		233		292
Depreciation, depletion and amortization	379		2		381		20		401

Taxes other than on income	189		—		189		25		214



Interest expense	—		9		9		74		83
Loss from investment in unconsolidated subsidiaries	—		4		4		1		5
Net loss on natural gas purchase derivatives	—		—		—		28		28
Loss on early extinguishment of debt	—		—		—		49		49
Other non-operating income, net	—		—		—		(14)		(14)
Costs related to marketing of purchased commodities	—		—		—		63		63
Electricity generation expenses	—		—		—		26		26

Other segment expenses(a)	191		22		213		109		322
Segment profit or (loss)	$	1,071	$	(39)	$	1,032	$	(1,762)














Loss before income taxes									$	(730)

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


	Nine months ended September 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	$	2,265	$	—	$	2,265	$	(34)	$	2,231



Other revenues and income(a)	7		—		7		507		514

Segment operating revenues	$	2,272	$	—	$	2,272	$	473







Total operating revenues									$	2,745

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


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

	(in millions)
Segment operating revenues	$	2,272	$	—	$	2,272	$	473	$	2,745
Less:
Operating costs:
Energy operating costs	293		—		293		(20)		273
Gas processing costs	15		—		15		—		15
Non-energy operating costs	639		—		639		—		639
General and administrative expenses	30		10		40		198		238
Depreciation, depletion and amortization	365		—		365		17		382

Taxes other than on income	157		—		157		30		187


Interest expense	—		8		8		69		77
Loss (gain) from investment in unconsolidated subsidiaries	—		4		4		(1)		3
Net loss on natural gas purchase derivatives	—		—		—		24		24
Loss on early extinguishment of debt	—		—		—		1		1
Other non-operating income, net	—		—		—		(9)		(9)
Costs related to marketing of purchased commodities	—		—		—		135		135
Electricity generation expenses	—		—		—		26		26
Other segment expenses(a)	131		44		175		100		275
Segment profit or (loss)	$	642	$	(66)	$	576	$	(97)












Income before income taxes									$	479