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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share Based Compensation Expense
Stock-based compensation expense is recorded on our consolidated statements of operations based on job function of the employees receiving the grants as shown in the table below.

Year ended December 31,
202320222021
(in millions)
General and administrative expenses$40 $26 $17 
Operating costs7 4 2 
Carbon management business expenses
1 — — 
Total stock-based compensation expense$48 $30 $19 
Income tax benefit$9 $6 $— 
Schedule of Changes in Cash and Stock-Settled Restricted Stock Units (RSUs)
The following table sets forth RSU activity for the year ended December 31, 2023:
Number of Units Weighted-Average Grant-Date Fair Value
(in thousands)
Unvested at December 31, 2022
1,121 $25.64 
Granted416 $39.95 
Vested(81)$30.53 
Forfeited or Cancelled
(168)$29.28 
Unvested at December 31, 2023
1,288 $29.49 
Schedule of Changes in Cash and Stock-Settled Performance Stock Units (PSUs)
The following table sets forth PSU activity for the year ended December 31, 2023:
Number of Units Weighted-Average Grant-Date Fair Value
(in thousands)
Unvested at December 31, 2022
947 $20.19 
Granted559 $43.03 
Vested
(30)$25.93 
Forfeited or Cancelled
(103)$36.68 
Unvested at December 31, 2023
1,373 $28.13 
Schedule of Grant Date Assumptions used in the Black-Scholes Valuation for Stock Options
The range of assumptions used in the valuation of PSUs granted during 2023, 2022 and 2021 were as follows:
202320222021
Expected volatility(a)
42.36% - 55.00%
60.00 %
60.00% - 65.00%
Risk-free interest rate(b)
3.81% - 4.95%
1.59% - 2.55%
0.16% - 0.60%
Dividend yield(c)
— %— %— %
Forecast period (in years)
1.5 - 3
2 - 3
2 - 3
(a)Expected volatility was calculated using the historic volatility of a peer group due to our limited trading history since our emergence from bankruptcy. For awards granted after June 2021, we included the historic volatility of our stock, excluding our first two trading months, in the peer group.
(b)Based on the U.S. Treasury yield for a two- or three-year term at the grant date, as applicable.
(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.
The assumptions used in the valuation of our cash awards as of December 31, 2023 were as follows:

2023 Awards
2022 Awards2021 Awards
Expected volatility(a)
40 %36 %25 %
Risk-free interest rate(b)
4.20 %4.51 %5.26 %
Dividend yield(c)
— %— %— %
Forecast period (in years) 2.151.50.5
(a)Expected volatility was calculated using the historical volatility of our stock.
(b)Based on the U.S. Treasury yield for the remaining terms.
(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.