LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Balance Sheet Information Related to Operating Leases

We have operating leases primarily for carbon sequestration easements, drilling rigs, vehicles and commercial office space. We have recorded the following amounts on our balance sheet as of December 31, 2023 and 2022:

	Classification	2023		2022
		(in millions)
Right-of-use assets	Other noncurrent assets	$	73	$	73
Lease liabilities	Accrued liabilities	$	15	$	18
Lease liabilities	Other long-term liabilities	$	55	$	52

Schedule of Operating Lease Costs

Our lease costs, including amounts capitalized to PP&E, shown in the table below are before joint-interest recoveries. Lease payments are reduced by joint interest recoveries on our consolidated statement of operations through our joint-interest billing process.

	Year ended December 31,		Year ended December 31,
	2023		2022
	(in millions)
Operating lease costs	$	23	$	17
Short-term lease costs(a)	52		59
Variable lease costs	2		6
Total operating lease costs	77		82
Sublease income	(2)		(1)
Total lease costs	$	75	$	81

(a)Contracts with terms of less than one month or less are excluded from our disclosure of short-term lease costs.

Schedule of Other Operating and Finance Lease Information

Other supplemental information related to our operating leases as of December 31, 2023 and 2022 is provided below:

	Year ended December 31,		Year ended December 31,
	2023		2022
	(in millions)
Cash paid for lease liabilities
Lease liabilities associated with operating activities	$	28	$	14
Lease liabilities associated with investing activities	$	2	$	6
ROU assets obtained in exchange for new operating lease liabilities	$	32	$	35

	2023		2022
Operating Leases
Weighted-average remaining lease term (in years)	7.34		6.43
Weighted-average discount rate	6.7	%	6.1	%

Schedule of Maturities of our Operating Lease Liabilities

Our operating lease payments are as follows:

	As of
	December 31, 2023
	(in millions)
2024	$	18
2025	14
2026	12
2027	10
2028	9
Thereafter	27
Less: Interest	(20)
Present value of lease liabilities	$	70

Schedule of Maturities of our Financing Lease Liabilities

Our operating lease payments are as follows:

	As of
	December 31, 2023
	(in millions)
2024	$	18
2025	14
2026	12
2027	10
2028	9
Thereafter	27
Less: Interest	(20)
Present value of lease liabilities	$	70