Exhibit 99.2

Green Gate Resources Parent, LLC

Table of Contents

		Page(s)
Financial Statements (Unaudited)
Condensed Consolidated and Combined Statements of Operations and Other Comprehensive Income			F-2
Condensed Consolidated and Combined Balance Sheets			F-3
Condensed Consolidated and Combined Statements of Members’ and Stockholders’ Equity			F-4
Condensed Consolidated and Combined Statements of Cash Flows			F-5
Notes to the Condensed Consolidated and Combined Financial Statements (Unaudited)
1.	Nature of Operations		F-7
2.	Summary of Significant Accounting Policies		F-7
3.	Significant Transactions		F-8
4.	Revenue		F-10
5.	Inventories		F-10
6.	Property, Plant, and Equipment		F-10
7.	Transactions with Related Parties		F-11
8.	Benefit Plans		F-11
9.	Litigation and Other Contingencies		F-12
10.	Fair Value of Financial Instruments		F-12
11.	Derivatives		F-13
12.	Taxes		F-15
13.	Debt		F-15
14.	Subsequent Events		F-17

F-1

Green Gate Resources Parent, LLC

Condensed Consolidated and Combined Statements of Operations and Other Comprehensive Income (Loss)

(Unaudited)

(in thousands of dollars)

	Successor						Predecessor
	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023			58-days Ended February 27, 2023
Revenue and Other Income
Crude oil, natural gas and NGL sales	$	493,730		$	171,598		$	5,621
Crude oil, natural gas and NGL sales to related parties		—			—			341,218
Other revenue		246			286			969
Loss on acquisition/sale of assets, net		(6,712	)		(4,803	)		—
(Loss)/gain on commodity derivatives, net		(337,535	)		69,641			—
Total Revenue and Other Income		149,729			236,721			347,808
Operating Expenses
Operating costs	$	112,246		$	37,855		$	68,807
General and administrative expenses		46,608			15,762			30,474
Depreciation, depletion and amortization		74,696			27,094			76,656
Accretion expense on abandonment liability		37,418			12,232			13,168
Exploration expenses including dry hole		65			3			40
Purchased natural gas marketing expense		45,412			25,220			228,605
Electricity generation expenses		13,925			2,139			10,393
Taxes other than on income		23,742			8,346			14,435
Research expenses		—			1			3
Other operating expenses		6,011			42,338			8,208
Total Operating Expenses		360,122			170,989			450,789
Operating (Loss) Income		(210,393	)		65,732			(102,980	)
Non-Operating Income (Expenses)
Interest income		2,506			1,349			1,114
Interest expense		(30,084	)		(9,899	)		—
Income from equity investments		1,708			908			501
Other non-operating income/(expenses)		2,096			(72	)		(144	)
(Loss) Income Before Income Taxes		(234,167	)		58,018			(101,509	)
Federal and state income tax (expense)/benefit		(212	)		(14	)		264
Net (Loss) Income		(234,379	)		58,004			(101,245	)
Other Comprehensive (Loss) Income
Unrealized gain/(loss) on investments		546			386			(193	)
Amortization of net actuarial gain		115			100			197
Net actuarial gain arising during the period		6			(400	)		361
Comprehensive (Loss) Income	$	(233,712	)	$	58,090		$	(100,880	)

*All items of other comprehensive income/(loss) are displayed net of a tax (benefit)/expense of ($48) thousand, $117 thousand, and ($218) thousand for the Successor three month periods ended March 31, 2024 and 2023, and the Predecessor combined 58-day period ended February 27, 2023, respectively.

F-2

Green Gate Resources Parent, LLC

Condensed Consolidated and Combined Balance Sheets

(Unaudited)

(in thousands of dollars)

	Successor
	March 31, 2024		December 31, 2023
Assets
Current Assets
Cash	$	89,065	$	29,376
Restricted cash		25,840		15,840
Accounts receivable
Due from related parties		50,000		50,000
Trade		184,680		174,532
Other		2,406		1,760
Inventories
Crude oil and condensate		293		389
Materials and supplies		16,869		17,101
Other current assets, net		2,541		4,542
Total Current Assets		371,694		293,541
Equity investments		35,409		34,865
Property, plant and equipment, at cost, less accumulated depreciation, depletion and amortization		2,879,550		2,923,569
Deferred income tax asset, net		14,288		14,687
Other assets, net		87,703		98,867
Total Assets	$	3,388,644	$	3,365,528
Liabilities and Members; & Stockholders’ Equity
Current Liabilities
Accounts payable
Trade	$	126,597	$	140,860
Taxes payable		14,157		14,589
Fair value of derivative contracts		199,807		31,032
Accrued liabilities		125,706		161,304
Current portion of long term debt		100,000		100,000
Accrued restoration, removal and environmental costs		87,396		82,320
Total Current Liabilities		653,663		530,106
Accrued restoration, removal and environmental costs		1,040,673		1,022,265
Long term debt, net		814,584		811,419
Long term – fair value of derivative instruments		209,530		79,366
Other long term liabilities		49,422		56,888
Total Liabilities		2,767,872		2,500,044
Contingencies (Note 9)
Members’ and Stockholders’ Equity
Retained earnings		609,046		854,425
Accumulated other comprehensive income		11,726		11,059
Total Members’ & Stockholders’ Equity		620,772		865,484
Total Liabilities and Members’ & Stockholders’ Equity	$	3,388,644	$	3,365,528

F-3

Green Gate Resources Parent, LLC

Condensed Consolidated and Combined Statements of Members’ and Stockholders’ Equity (Unaudited)

(in thousands)

	Predecessor
	Common Stock				Retained Earnings			Accumulated Other Comprehensive Loss			Total Members’ and Stockholders’ Equity
	Shares		Amount
Balance as of December 31, 2022		2	$	2	$	3,714,630		$	(31,926	)	$	3,682,706
Net loss					$	(101,245	)	$	—		$	(101,245	)
Other comprehensive gain						—			365			365
Balance as of February 27, 2023		2	$	2	$	3,613,385		$	(31,561	)	$	3,581,826

	Successor
	Retained Earnings			Accumulated Other Comprehensive Loss		Total Members’ and Stockholders’ Equity
Balance as of December 31, 2022	$	169,000		$	—	$	169,000
Net income	$	58,004		$	—	$	58,004
Distributions		—			—		—
Contributions		616,000			—		616,000
Other comprehensive gain		—			86		86
Balance as of March 31, 2023	$	843,004		$	86	$	843,090
Balance as of December 31, 2023	$	854,425		$	11,059	$	865,484
Net loss	$	(234,379	)	$	—	$	(234,379	)
Distributions		(11,000	)		—		(11,000	)
Other comprehensive gain		—			667		667
Balance as of March 31, 2024	$	609,046		$	11,726	$	620,772

F-4

Green Gate Resources Parent, LLC

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)

(in thousands of dollars)

	Successor						Predecessor
	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023			58-days Ended February 27, 2023
Cash Flows From Operating Activities
Net (loss)/income	$	(234,379	)	$	58,004		$	(101,245	)
Adjustments for non-cash items
Depreciation, depletion and amortization		74,696			27,094			76,656
Accretion expense on abandonment liability		37,418			12,232			13,168
Amortization of debt issuance costs		3,164			963			—
Loss/(gain) on commodity derivatives		337,535			(69,641	)		—
(Gain)/loss on sale of assets		—			9			—
Deferred income tax charges		351			2,081			446
Cash payments on derivative settlements, net		(37,453	)		678			—
Dismantlement, restoration and abandonment expenditures		(13,934	)		(7,474	)		(13,598	)
Change in fair value of contingent consideration		6,712			4,795			—
Dividends from equity income		(545	)		(908	)		(501	)
Changes in operating working capital
Accounts receivable – due from related parties		—			166,679			24,422
Accounts receivable		(10,794	)		(222,116	)		(14,882	)
Inventories		328			(663	)		(712	)
Accounts payable and accrued liabilities		(39,697	)		8,411			(81,254	)
Taxes payable		(432	)		4,854			(5,048	)
Other accrued liabilities		(5,756	)		(48,157	)		9,589
All other items, net		12,697			(6,075	)		65,025
Net Cash Provided/(Used) by Operating Activities		129,912			(69,232	)		(27,935	)
Cash Flows From Investing Activities
Additions to property, plant and equipment		(35,110	)		(34,903	)		(38,620	)
Proceeds from sale of assets		734			905			256
Business Combination, net		—			(1,126,611	)		—
Payments of acquisition related contingent consideration		—			(8,933	)		—
Net Cash Used in Investing Activities		(34,376	)		(1,169,542	)		(38,364	)

F-5

Green Gate Resources Parent, LLC

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)

(in thousands of dollars)

	Successor						Predecessor
	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023			58-days Ended February 27, 2023
Cash Flows From Financing Activities
Distributions to Aera Member Companies:
Regular Distribution	$	(11,000	)	$	—		$	—
Contributions from Aera Member Companies		—			616,000			—
Debt issuance costs		—			(47,336	)		—
Finance lease obligations – reduction		(292	)		—			—
Proceeds from Term Loan		—			600,000			—
Proceeds from RBL Facility		—			225,000			—
Payments of acquisition related contingent consideration		(14,555	)		—			—
Net Cash (Used)/Provided by Financing Activities		(25,847	)		1,393,664			—
Net Increase/(decrease) in Cash and Restricted Cash		69,688			154,890			(66,299	)
Cash and Restricted Cash
Beginning of the period		45,216			—			343,681
End of the period	$	114,904		$	154,890		$	277,382
Supplemental Disclosure of Cash Flow Information
Interest paid, net of amount capitalized, included in cash flows from operating activities	$	26,312		$	8,708		$	—
Capitalized interest paid, included in cash flows from investing activities		4,114			—			—
Supplemental Disclosure of Non-cash Investing and Financing
Accrued capital expenditures		6,890			14,462			14,764
Right of use assets obtained in exchange for operating lease liabilities		1,572			(515	)		1,035
Right of use assets obtained in exchange for finance lease liabilities		296			(70	)		182

F-6

Green Gate Resources Parent, LLC

Notes to Condensed Consolidated and Combined Financial Statements (Unaudited)

1. Nature of Operations

Green Gate Resources Parent, LLC (“GGRP”) is the sole member of Green Gate Resources Holdings LLC (“GGRH”) and is held 49% by CPPIB Vedder US Holdings LLC, an affiliate of Canada Pension Plan Investment Board and 51% by Green Gate COI LLC which is held 18.75% by OCM Aera E Holdings, LLC (“OCM AE”) and 81.25% by Green Gate ICOI LLC (“GG ICOI”). OCM AE is an affiliate of Oaktree Capital Group Holdings and Green Gate ICOI is an affiliate of IKAV SICAV – FIS SCA – IEII. The ownership group of GGRP will collectively be referred to as the “Member Companies”. The Member Companies respective shares in each item of income, gain, loss and deduction is in accordance with their respective sharing ratios. GGRH is the sole member of each of Green Gate Resources E LLC (“GGRE”) and Green Gate Resources S LLC (“GGRS”). GGRE and GGRS hold Green Gate Intermediate LLC (“GGI”) by 48.2% and 51.8%, respectively.

On February 28, 2023, GGRH acquired (the “Acquisition”) Aera Energy LLC and Aera Energy Services Company (collectively, “Aera Companies”). After the Acquisition, Aera Companies’ sole member company is GGI.

Aera Energy LLC, a California limited liability company (“Aera LLC”), is primarily engaged in the exploration, development, and production of crude oil, condensate, natural gas, and natural gas liquids in California. Prior to the Acquisition, Aera LLC’s member companies were Shell Onshore Ventures Inc. (“SOVI”) and Mobil California Exploration & Producing Asset Company (“MCEPAC”). SOVI is an affiliate of Shell plc and MCEPAC is an affiliate of ExxonMobil Corporation (collectively the “Prior Member Companies”). The Prior Member Companies’ respective sharing ratios were: SOVI – 51.8% and MCEPAC – 48.2%.

Aera Energy Services Company (“Aera Services”), a Delaware corporation, was formed in May 1997 for the purpose of providing the human resource needs of Aera LLC. Prior to the Acquisition, SOVI and MCEPAC equally owned the voting shares of Aera Services.

In connection with the change of control, as a result of the Acquisition, Aera Companies assets and liabilities were adjusted to fair value on the closing date of the Acquisition. These condensed consolidated and combined financial statements distinguish between the predecessor period (“Predecessor”) relating to the combined activity of the Aera Companies for the 58-day period prior to the Acquisition on February 28, 2023 and the successor period (“Successor”) relating to GGRH for periods subsequent to the Acquisition.

GGRH was reorganized in a common control transaction under GGRP on December 28, 2023 resulting in a change in reporting entity. As this was a reorganization under common control, the assets and liabilities were recognized on a carryover basis and therefore GGRP is also considered the Successor.

The Successor financial information includes the activity and accounts of GGRP, together with its consolidated subsidiaries (collectively, “GGRP Companies”), for the three months ended March 31, 2024 and 2023, and for the year ended December 31, 2023, which includes the activity and accounts of Aera Companies, prospectively for the 307-day period following completion of the Acquisition, beginning on February 28, 2023.

The Predecessor financial information represents the historical basis of presentation for the Aera Companies for all periods prior to the Acquisition. As a result of the valuation of assets acquired and liabilities assumed at fair value at the time of the Acquisition, the financial statements for the Successor period are presented on a measurement basis different than the Predecessor period (Aera Companies’ historical cost) and are, therefore, not comparable.

2. Summary of Significant Accounting Policies

The condensed consolidated and combined financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars unless otherwise indicated. The condensed consolidated and combined financial statements and related notes contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the GGRP Companies’ financial position as of March 31, 2024 and the results of its operations and cash flows for the three month periods ended March 31, 2024 and March 31, 2023. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year.

F-7

The preparation of condensed consolidated and combined financial statements under U.S. GAAP requires us to make assumptions and estimates concerning the future that affect the reported amounts of assets, liabilities, revenue and expenses. Estimates and assumptions are particularly important in accounting for items such as impairment of long-lived assets, financial instruments, asset retirement obligations, and post-retirement benefits. Estimates and assumptions used are based on factors such as historical experience, observance of trends in the industries in which we operate and information available from our customers and other outside sources.

These condensed consolidated and combined financial statements are unaudited and have been prepared on substantially the same basis as the GGRP Companies’ audited annual consolidated and combined financial statements and related notes for the year ended December 31, 2023. The condensed consolidated and combined balance sheet as of December 31, 2023 has been derived from those audited financial statements.

These condensed consolidated and combined financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes for the year ended December 31, 2023.

The accounting policies used in preparing these condensed consolidated and combined financial statements are the same as those applied in the prior year.

Subsequent Events - Subsequent events have been evaluated through May 15, 2024, which is the date these condensed consolidated and combined financial statements were available to be issued. The detailed disclosure is included in Note 14, Subsequent Events.

Restricted Cash - As of March 31, 2024 (Successor) and December 31, 2023 (Successor), restricted cash included $15.8 million held in escrow in connection with abandonment and remediation obligations required under terms of the Newport Banning Ranch land sale. As of March 31, 2024 (Successor), there is additional restricted cash in the amount of $10.0 million for cash on deposit as collateral for secured letters of credit.

Accounts Receivable - Accounts receivable are from both non-affiliates and affiliates for the Successor as of March 31, 2024 and December 31, 2023. As of March 31, 2024 (Successor) and December 31, 2023 (Successor), no allowance for expected credit losses were recorded.

Concentration of Customers - For the Successor three month periods ended March 31, 2024 and 2023, two customers each accounted for at least 10%, and collectively 94.6% of our sales (before the effects of hedging). For the Predecessor 58-day period ended February 28, 2023, all sales were to related parties and our Prior Member Companies accounted for 100% of our sales.

3. Significant Transactions

Purchase of Aera Companies

On February 28, 2023, GGRH acquired 100% of the issued and outstanding membership interests of Aera LLC, and 100% of the issued and outstanding membership interests of Aera Energy Services. The Acquisition allows GGRH to assist the Aera Companies with energy transition efforts while balancing the need to continue meeting California’s conventional energy demands by investing in a renewable energy portfolio that will power Aera Companies’ existing operations. Over time, renewable power will be deployed across Aera Companies’ land holdings, while selected legacy oil and gas infrastructure will be repurposed to create carbon capture and storage capability. The Acquisition was accounted for as a business combination. There was no goodwill, measured as the excess of the fair value of the consideration paid over the fair value of the identified net assets, resulting from the Acquisition.

The following table summarizes the consideration paid for the Aera Companies:

Consideration
(in thousands of dollars)
Cash	$	1,280,000

F-8

Consideration
(in thousands of dollars)
Contingent Consideration		45,187
Deferred Payments and Price Adjustments not paid at close		1,009,943
Fair value of total consideration transferred	$	2,335,130

The contingent consideration arrangement requires the GGRP Companies to make a series of payments to the Prior Member Companies based on separate calculations for hedged and unhedged oil volumes. The hedged contingent consideration payments are calculated as 70% of the difference between hedged price, adjusted for the delta in local market pricing and brent index price, and the reference brent price, multiplied by the reference hedged oil volumes. The unhedged contingent consideration payments are calculated as 35% of the difference between actual brent index price, adjusted for the delta in local market pricing and brent index price, and the reference brent price, multiplied by the volume of unhedged oil. Unhedged oil is calculated as the lesser of actual produced oil volume or the reference production floor volume, minus reference hedged oil volumes. Reference prices and volumes set per the purchase agreements. All contingent consideration payments were measured at fair value at the Acquisition date based on the ICE brent price futures. As of the Acquisition date, the potential undiscounted amount of all future payments that GGRH could be required to make under the contingent consideration arrangement is between $44.5 million and $55.4 million.

During the three month periods ended March 31, 2024 and 2023, GGRH paid $14.6 million and $8.9 million to settle contingent consideration as it came due under the terms of the membership purchase agreements.

For the Successor three month periods ended March 31, 2024 and 2023, the loss recognized for changes in the fair value of contingent consideration arrangement in the amount of $6.7 million and $4.8 million is included in Other Non-Operating Expense in the Condensed Consolidated and Combined Statement of Operations and Other Comprehensive Income (Loss). There was no change in the fair value recognized in the Predecessor combined 58-day period ended February 27, 2023.

As of March 31, 2024, the range of outcomes that GGRH could be required to make under the contingent consideration arrangement is between $14.5 million and $30.7 million. The assumptions used to develop the estimates have not changed. Contingent consideration is split between Accrued Liabilities and Other Long-term Liabilities in the Balance Sheet. See Note 10 for details.

Fair Value of total consideration transferred

There were no acquisition-related costs recognized for the Successor three month period ended March 31, 2024. Acquisition-related costs of $28.7 million were included in Other Operating Expenses in the Condensed Consolidated and Combined Statement of Operations and Other Comprehensive Income (Loss) for the Successor three month period ended March 31, 2023. There were no acquisition-related costs incurred in the Predecessor 58-day period ended February 27, 2023.

Recognized amounts of identifiable assets acquired and liabilities assumed
(in thousands of dollars)
Purchase Price Allocation:
Current Assets	$	491,035
Equity investments		34,023
Property, plant and equipment, at cost, less accumulated depreciation, depletion and amortization		3,049,853
Deferred income tax asset		23,943
Other assets, net		141,162
Current Liabilities		(186,972	)
Accrued restoration, removal and environmental costs		(1,083,279	)
Other long term liabilities		(128,287	)
Deferred income tax liability		(6,348	)
Net assets acquired	$	2,335,130

F-9

4. Revenue

Disaggregated revenue for sales of crude oil, natural gas and natural gas liquids (NGLs) to customers includes the following:

Oil, natural gas and NGL sales	Successor					Predecessor
(in thousands of dollars)	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023			58-days Ended February 27, 2023
Oil	$	492,414	$	171,152		$	5,168
Natural gas		510		(195	)		(1,452	)
NGLs		806		641			1,904
Oil, natural gas and NGL sales	$	493,730	$	171,598		$	5,621

Oil, natural gas and NGL sales to related parties	Successor				Predecessor
(in thousands of dollars)	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023		58-days Ended February 27, 2023
Oil	$	—	$	—	$	341,218
Natural gas		—		—		—
NGLs		—		—		—
Oil, natural gas and NGL sales to related parties	$	—	$	—	$	341,218

For the Successor three month periods ended March 31, 2024 and 2023, and the Predecessor combined 58-day period ended February 27, 2023, “Crude oil, natural gas and NGL sales” primarily arise from contracts with customers.

For the Predecessor combined 58-day period ended February 27, 2023, “Crude oil, natural gas and NGL sales to related parties” primarily arise from contracts with related parties.

5. Inventories

Crude oil and condensate inventories are carried on a LIFO basis. Replacement cost exceeded LIFO by $1.3 million and $1.5 million as of March 31, 2024 (Successor) and December 31, 2023 (Successor).

6. Property, Plant, and Equipment and Asset Retirement Obligations

Property, plant, and equipment consist of the following:

	Successor
	March 31, 2024						December 31, 2023
	Cost		Reserve*		Net		Cost		Reserve*		Net
Exploration and production	$	12,571,945	$	9,714,158	$	2,857,787	$	12,549,918	$	9,648,112	$	2,901,806
Land held for development		21,552		—		21,552		21,552		—		21,552
Other		1,634		1,422		211		1,634		1,422		211
	$12,595,131		$9,715,581		$2,879,550		$12,573,104		$9,649,534		$2,923,569

* Accumulated depreciation, depletion, amortization, retirements and impairments

For the Successor three month periods ended March 31, 2024 and 2023, and the Predecessor combined 58-day period ended February 27, 2023, Aera LLC did not incur an impairment loss.

F-10

The below table summarizes the ARO activity for the Successor three month period ended March 31, 2024 and year ended December 31, 2023:

	Successor
	March 31, 2024			December 31, 2023
Balance at beginning of period	$	1,104,585		$	—
ARO acquired		—			1,083,285
Accretion expense on abandonment liability		37,418			122,321
Dismantlement, restoration and abandonment expenditures		(13,934	)		(64,431	)
Liabilities incurred		—			238
Revisions in estimated cash flows		—			(36,828	)
Balance at end of period		1,128,069			1,104,585
Less: current portion		(87,396	)		(82,320	)
Long-term obligations	$	1,040,673		$	1,022,265

7. Transactions with Related Parties

Aera LLC sold 100% of its operated crude oil and condensate production for the Predecessor combined 58-day period ended February 27, 2023 to affiliates of the Prior Member Companies, Shell Trading (US) Company and ExxonMobil Oil Corporation. The volume of crude oil and condensate sold is split in proportion to the respective sharing ratios that the Prior Member Companies held in Aera LLC. For the Predecessor combined 58-day period ended February 27, 2023, Aera LLC realized approximately $341.0 million in gross crude and condensate sales to these related parties. After the sale, Aera continues to sell a portion of its operated crude oil and condensate to Shell Trading (US) Company as a non-related party and no longer sells its operated crude oil and condensate to ExxonMobil Oil Corporation.

8. Benefit Plans

The following table sets forth the components of the net periodic benefit costs for Aera Services’ defined benefit pension plans and other post-retirement benefit plans:

(in thousands of dollars)	Successor												Predecessor
	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023						58-days Ended February 27, 2023
	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
Service cost	$	2,748		$	663		$	867		$	215		$	1,733		$	430
Interest cost		3,176			805			1,105			296			2,210			590
Expected return on plan assets		(5,369	)		(863	)		(1,659	)		(253	)		(3,318	)		(507	)
Amortization of prior service cost		—			—			—			—			—			—
Amortization of net actuarial loss/(gain)		238			(79	)		153			(15	)		305			(31	)
Net periodic benefit cost	$	793		$	526		$	465		$	243		$	931		$	482

For the Successor three month periods ended March 31, 2024 and 2023, and the Predecessor combined 58-day combined period ended February 27, 2023, $3.4 million, $1.1 million, and $2.2 million were recorded in Operating Expenses and non-service cost/(income) of ($2.0 million), ($0.7 million), and $0.2 million were recorded in Other Non-Operating Expenses/(Income), net.

Defined Contribution Plan

Aera Services contributed approximately $2.1 million and $2.7 million under the provisions of the Aera Energy Services Company Savings Plan (the “Savings Plan”) for the Successor three month period ended March 31, 2024 and the Predecessor combined 58-day period ended February 27, 2023, and expects to contribute $7.3 million during the remainder of 2024. There were no contributions for the Successor three month period ended March 31, 2023.

Aera Services contributed approximately $0.3 million and $0.5 million under the provisions of the Aera Energy Services Company Savings Restoration Plan for the Successor three month periods ended March 31, 2024 and 2023 and expects to contribute $0.5 million during the remainder of 2024. Aera Services did not make a contribution for the Predecessor combined 58-day period ended February 27, 2023.

F-11

Aera Services did not make a contribution under the provisions of the Aera Energy Services Company Cash Balance Plan for the Successor three month periods ended March 31, 2024 and 2023, or the Predecessor combined 58-day period ended February 27, 2023, but expects to contribute $10.0 million during the remainder of 2024.

Other Postretirement Benefits

Aera Services contributed approximately $1.0 million, $0.2 million, and $0.6 million under the provisions of the Aera Energy Services Company Pre-Medicare Eligible Plan (the “Pre-65 Plan”) for the Successor three month periods ended March 31, 2024 and 2023, and the Predecessor combined 58-day period ended February 27, 2023, and expects to contribute $1.9 million during the remainder of 2024.

9. Litigation and Other Contingencies

There have been no material changes to the GGRP Companies’ litigation and other contingencies disclosed in Note 9 – Litigation and Other Contingencies in the GGRP’s 2023 Annual Report.

10. Fair Value of Financial Instruments

Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:

Level 1 – Unadjusted quoted market prices for identical assets or liabilities in an active market.

Level 2 – Quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restriction for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets; and

Level 3 – Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the fair value measurement requires judgement and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

Fair Value on a Recurring Basis

The following table set forth, by level within the fair value hierarchy, Aera LLC’s financial assets and liabilities that were accounted for at a fair value on recurring basis as of March 31, 2024 (Successor) and December 31, 2023 (Successor):

	Successor
	March 31, 2024
	Active Market for Identical Assets (Level 1)		Observable Inputs (Level 2)			Unobservable Input (Level 3)		Total Carrying Value
Current - Accrued liabilities - Contingent consideration	$	—	$	(20,828	)	$	—	$	(20,828	)
Current - Fair value of derivative contracts		—		(199,807	)		—		(199,807	)
Long term - fair value of derivative instruments		—		(209,530	)		—		(209,530	)
Total	$	—	$	(430,165	)	$	—	$	(430,165	)

F-12

	Successor
	December 31, 2023
	Active Market for Identical Assets (Level 1)		Observable Inputs (Level 2)			Unobservable Input (Level 3)		Total Carting Value
Other current assets, net	$	—	$	1,143		$	—	$	1,143
Liabilities:
Current - Accrued liabilities -Contingent consideration		—		(23,176	)		—		(23,176	)
Current - Fair value of derivative contracts		—		(31,032	)		—		(31,032	)
Other longterm liabilities -Contingent consideration		—		(5,930	)		—		(5,930	)
Longterm - fair value of derivative instruments		—		(79,366	)		—		(79,366	)
Total	$	—	$	(138,362	)	$	—	$	(138,362	)

Contingent consideration liabilities related to the Acquisition are classified as Level 2 in the requirement fair value hierarchy and are reported at fair value based on hedged and unhedged oil volumes as defined in the Acquisition purchase agreements using the fair value at the end of each reporting period.

Aera LLC’s derivative instruments, which consist of derivative swaps, are classified as Level 2 as of March 31, 2024 (Successor) and December 31, 2023 (Successor) as swaps generally have observable inputs. Derivative instruments are also subject to the risk that counterparties will be unable to meet their obligations. Such non-performance risk is considered in the valuation of Aera LLC’s derivative instruments, but to date has not had a material impact on estimates of fair values. Significant changes in the quoted forward prices for commodities and changes in market volatility generally lead to corresponding changes in the fair market value measurement of Aera LLC’s derivative instruments.

Fair Value of Other Financial Instruments

The carrying value of the Aera LLC’s long-term debt approximates its fair value because the interest rate is variable and reflective of market rates, which are level 2 inputs within the fair value hierarchy.

11. Derivatives

Due to the volatility of crude oil and natural gas price, Aera LLC began entering price-risk management transactions (e.g. crude oil and natural gas commodity swaps) for a portion of its crude oil production on February 28, 2023, and natural gas purchases on May 31, 2023, to achieve a more predictable cash flow, as well as to reduce exposure from price fluctuations. While the use of these arrangements limits Aera LLC’s ability to benefit from certain increase in prices of crude oil production and natural gas purchases, it also reduces Aera LLC’s potential exposure to adverse price movements. Aera LLC did not have any commodity derivatives designated as accounting hedges as of March 31, 2024 (Successor) or December 31, 2023 (Successor). Unless otherwise indicated, we use the term “hedge” to describe derivatives instruments that are designed to achieve our hedging requirements and program goals, even though they are not accounted for as accounting hedges. Aera LLC’s RBL Facility and Term Loan, both dated February 28, 2023, include covenants that require Aera LLC to hedge 85% in 2023 and 2024, 75%, 58% and 25% for years 2025-2027, respectively, on initial Proved Developed Producing crude reserves and a rolling forward 36-month, minimum 50% hedge requirement up through loan maturity (August 2026). Aera LLC has also entered into natural gas hedges outside of debt requirements to reduce exposure from price fluctuations and will continue to evaluate the hedging strategy based on prevailing market prices and conditions. For more information on the requirements of the RBL Facility and Term Loan, see Note 13, Debt.

Aera LLC reported gains and losses on derivative contracts related to crude oil sold and natural gas purchased in Revenue and Other Income on our Condensed Consolidated and Combined Statements of Operations and Other Comprehensive Income (Loss) for the Successor three month periods ended March 31, 2024 and 2023, and the Predecessor combined 58-day period ended February 27, 2023, as shown in the table below:

F-13

(in thousands of dollars)	Successor					Predecessor
	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023		58-days Ended February 27, 2023
Settlement payments from commodity derivatives
Crude Oil	$	(19,249	)	$	678	$	—
Natural Gas		(18,204	)		—		—
Non-cash commodity derivative loss
Crude Oil		(313,646	)		68,962		—
Natural Gas		13.564			—		—
(Loss)/gain on commodity derivatives, net	$	(337,535	)	$	69,641	$	—

Aera LLC estimates the fair value of commodity swaps based on published forward commodity price curves for the underlying commodities as of the date of the estimate for those commodities for which published forward pricing is readily available. The determination of the fair values above incorporates various factors including the impact of Aera LLC’s non-performance risk and the credit standing of the counterparties involved in Aera LLC’s derivative contracts. Aera LLC routinely monitors the creditworthiness of its counterparties. As of March 31, 2024 (Successor) and December 31, 2023 (Successor), Aera LLC’s counterparties to its derivative contract are Citigroup Global Markets, BP Energy Company, KeyBank NA, Deutsche Bank AG, Macquarie Bank Limited, Wells Fargo Bank, N.A., and RBC Bank.

The carrying value of Aera LLC’s derivative contracts are measured at fair value using industry-standard models with various inputs, including quoted forward prices, and are classified as Level 2 in the required fair value hierarchy for the periods presented.

The following table presents the fair values of Aera LLC’s outstanding commodity derivatives as of March 31, 2024 (Successor) and December 31, 2023 (Successor):

	Successor
Balance Sheet Classification	March 31, 2024			December 31, 2023
(in thousands of dollars)
Assets:
Other current assets, net	$	—		$	1,143
Liabilities:
Current - Fair value of derivative contracts		(199,807	)		(31,032	)
Long term - Fair value of derivative contracts		(209,530	)		(79,366	)
	$	(409,337	)	$	(110,398	)

Aera LLC held the following swap contracts as of March 31, 2024 (Successor) and December 31, 2023 (Successor):

	March 31, 2024				December 31, 2023
	Volumes (MBbls)		Weighted- Average Price Per Bbl		Volumes (MBbls)		Weighted- Average Price Per Bbl
Brent Swaps		46,488	$	70.88		51,550	$	71.55
	Volumes (MmBtu)		Weighted- Average Price Per Btu		Volumes (MmBtu)		Weighted- Average Price Per Btu
Gas Swaps		27,375	$	4.32		27,895	$	4.80

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12. Taxes

Taxes incurred by the Aera Companies were reported on the Condensed Consolidated and Combined Statements of Operations and Other Comprehensive Income (Loss) as follows for the periods ended:

(in thousands of dollars)	Successor						Predecessor
	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023			58-days Ended February 27, 2023
Federal and State Income Taxes
Current — Federal	$	96		$	88		$	486
Current — State		43			40			224
Deferred — Federal		(240	)		(97	)		(305	)
Deferred—State		(111	)		(45	)		(141	)
Federal and state income tax (expense)/benefit	$	(212	)	$	(14	)	$	264
Taxes Other Than Income
Real and personal property	$	8,202		$	2,702		$	5,439
Oil and gas production		15,540			5,644			8,996
Total taxes other than on income	$	23,742		$	8,346		$	14,435

Deferred tax assets/(liabilities) are comprised of the following:

(in thousands of dollars)	Successor
	March 31, 2024			December 31, 2023
Tax effects of temporary differences for:
Pension plan	$	(12,359	)	$	(12,179	)
Other post retirement plans		20,588			20,661
Other employee benefits		6,059			6,205
Total deferred income tax asset, net	$	14,288		$	14,687

13. Debt

As of March 31, 2024 (Successor) and December 31, 2023 (Successor), Aera LLC’s long term debt consisted of the following:

(in thousands of dollars)	Successes						Interest Rate		Maturity
	Mach 31, 2024			December 31, 2023
RBL Facility	$	400,000		$	400,000			SOFR plus 3.50%-4.50%		August 28, 2026 (2)
Unamortized deferred debt issuance costs-								ABR plus 2.50%-3.50% (1)
RBL facility		(21,565	)		(23,780	)
Term Loan		550,000			550,000			14.5%		February 28, 2029
Unamortized deferred debt issuance costs-
Term Loan		(13,852	)		(14,800	)
Total debt	$	914,584		$	911,419
Less: Current portion of long term debt		(100,000	)		(100,000	)
Long term debt, net of current portion	$	814,584		$	811,419

1 At Aera LLC’s election, borrowings under the amended RBL Facility may be alternate base rate (ABR) loans or term SOFR loans. plus an applicable margin. ABR loans bear interest at a rate equal to the highest of (i) the federal funds effective rate plus 0.50%, (ii) the administrative agent prime rate and (ii) the one-month SOFR rate plus 1%. Term SOFR loans bear interest at term SOFR, plus an additional 10 basis points per annum credit spread adjustment. The applicable margin is adjusted based on the commitment utilization percentage and will vary from (i) in the case of ABR loans, 2.50% to 3.5% and (ii) in the case of the SOFR loans, 3.50% to 4.5%.

2 The RBL Facility is subject to a prepayment of principal if there is a reduction in the borrowing base as a result of a scheduled redetermination or a termination or reduction of the original aggregate commitment.

Maturities of long term debt as of March 31, 2024 (Successor), are as follows:

(in thousands of dollars)	Successor
	March 31, 2024
	RBL Facility		Term Loan		Total
	(in thousands of dollars)
2024	$	—	$	100,000	$	100,000

F-15

(in thousands of dollars)	Successor
	March 31, 2024
	RBL Facility		Term Loan		Total
	(in thousands of dollars)
2025		—		100,000		100,000
2026		400,000		100,000		500,000
2027		—		100,000		100,000
2028		—		100,000		100,000
2029		—		50,000		50,000
Total long term debt	$	400,000	$	550,000	$	950,000

Deferred Debt Issuance Costs

Aera LLC incurred legal and bank fees related to the issuance of debt. As of March 31, 2024 (Successor) and December 31, 2023 (Successor), debt issuance costs for the RBL facility in the amount of $21.6 million and $23.8 million, respectively, and the Term Loan in the amount of $13.9 million and $14.8 million, respectively, were reported in “Long term debt, net” on the Condensed Consolidated and Combined Balance Sheets, net of amortization. For the Successor year ended December 31, 2023, Aera LLC incurred approximately $31.2 million of legal and bank fees related to the issuance of the RBL Facility and $16.9 million related to the issuance of the Term Loan. For the Successor year three month period ended March 31, 2024, Aera LLC did not incur any additional legal and bank fees related to the issuance of the RBL Facility or the Term Loan.

The debt issuance costs for the RBL Facility and Term Loan are amortized using straight-line method which approximates the effective rate method over the term of the loans. The amortization of debt issuance costs for the Successor three month periods ended March 31, 2024 and 2023, was approximately $3.2 million and $1.0 million, respectively, and is presented in “Interest expense” on the Condensed Consolidated and Combined Statements of Operations and Other Comprehensive Income (Loss). For the Predecessor 58-day period ended February 27, 2023, there was no amortization of debt issuance costs.

RBL Facility

On February 28, 2023, Aera LLC entered into a credit agreement with Citibank, N.A., as administrative agent, and certain other lenders, which provided for a revolving loan with an original aggregate commitment up to $800 million, subject to a reserve borrowing base (RBL Facility). The RBL Facility also includes a sub-limit of $100 million for the issuance of letters of credit, which reduce the borrowing availability for revolving loans under the RBL Facility on a dollar-for-dollar basis. As of March 31, 2024 (Successor) and December 31, 2023 (Successor), Aera LLC had approximately $275 million available for borrowing under the RBL Facility and no outstanding letters of credit.

Interest Expense

Interest expense on the Condensed Consolidated and Combined Statement of Operations and Other Comprehensive Income (Loss) is comprised of the following:

(in thousands of dollars)	Successor					Predecessor
	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023		58-days Ended February 27, 2023
	(in thousands of dollars)
Interest expense	$	30,426		$	8,708	$	—
Capitalized interest		(4,114	)		—		—
Amortization of debt issuance costs		3,164			963		—
Unused commitment fees		608			228		—
Total interest expense, net	$	30,084		$	9,899	$	—

F-16

Borrowing Base

The borrowing base, currently $675 million, must be redetermined semi-annually each April and October. The scheduled redeterminations generally become effective on the date specified by the Administrative Agent, Citibank, N.A. If the scheduled redeterminations have not been determined by the end of April and October, there is an automatic reduction to the borrowing base based on a schedule prescribed in the RBL Facility. Aera LLC may make one interim determination between scheduled borrowing base redeterminations. In 2023, there were two scheduled borrowing base redeterminations by the Successor. An initial redetermination was completed in July 2023 resulting in a decrease in the borrowing base to $740 million and became effective August 7, 2023. The second redetermination was completed in December 2023 resulting in a decrease in the borrowing base to $675 million and became effective December 15, 2023. There was no scheduled redetermination for the three month period ended March 31, 2024. There was a semi-annual redetermination made in April 2024 resulting in a decrease in the borrowing base to $605 million and became effective April 22, 2024.

Financial and Other Covenants

As of March 31, 2024 (Successor) and December 31, 2023 (Successor), we were in compliance with all financial covenants under the RBL Facility.

Term Loan

On February 28, 2023, Aera LLC borrowed $600 million under a six-year Term Loan agreement (Term Loan) secured by a second-priority lien on a substantial majority of the Aera Companies’ assets. The Term Loan matures in February 2029 and bears interest at a rate of 14.5%.

The Term Loan contains restrictive covenants including a requirement that the Aera Companies maintain a consolidated total debt to EBITDAX ratio of no greater than 2.0 to 1.0 and a current ratio of no greater than 1.0 to 1.0, consistent with the financial covenants in Aera Companies’ RBL Facility. As of March 31, 2024 (Successor) and December 31, 2023 (Successor), Aera Companies were in compliance with the Term Loan covenants.

14. Subsequent Events

Merger Agreement

On February 7, 2024, the Owners of the GGRP Companies entered into a definitive agreement and plan of merger (“Merger Agreement”) to combine with California Resources Corporation (“CRC”), a Delaware corporation, in an all-stock transaction (“CRC Merger”) with an effective date of January 1, 2024. CRC is an independent oil and natural gas exploration and production and carbon management company operating properties exclusively within California.

Pursuant to the Merger Agreement, CRC has agreed to issue 21,170,357 shares of common stock (subject to customary adjustments in the event of stock splits, dividend paid in stock and similar items) plus an additional number of shares determined by reference to the dividends declared by CRC having a record date between the effective date and closing as more fully described in the Merger Agreement. Under the terms of the Merger Agreement, CRC has also agreed to assume Aera LLC’s outstanding long-term indebtedness of $950 million at closing.

Closing of the CRC Merger is subject to certain conditions, including, among others, approval of the stock issuance by CRC’s stockholders, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, prior authorization by the Federal Energy Regulatory Commission under Section 203 of the Federal Power Act and other customary closing conditions.

Upon completion of the transaction, GGRP Companies will receive 21.2 million shares of CRC’s common stock, equivalent to approximately 22.9% of CRC’s fully diluted shares. The CRC Merger is expected to close in the second half of 2024.

F-17