California Resources Corp
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
CRC$46.96+3.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-03.
0001609253-25-000027
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001609253-26-000051
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 150 previous paragraphs and 130 current paragraphs.
48 unchanged; 51 reworded; 29 added; 51 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
Supply Chain and Inflation
Current report
We continued to experience relatively flat pricing from our suppliers during the year ended December 31, 2025 compared to the prior year. U.S. tariff policy regarding both country of origin and material type remains highly uncertain and subject to future changes. During 2025, the United States expanded tariff rates on imported goods including a 50% tariff on the steel and aluminum value of imported products. If sustained, these expanded tariff rates could increase our cost of oilfield goods and extend delivery lead times over the longer term. We have taken measures to limit the effects of potential price increases caused by the recent expansion of U.S. tariffs by entering into fixed price contracts with terms of one to three years for a significant majority of our materials and services based on our current expected development plans. We also pre-purchased inventory prior to the implementation of the tariffs and continue to purchase from vendors who source domestic content to limit the impact of foreign tariffs on our business. Overall, we expect minimal impact from tariffs on our supply chain in 2026. However, if the current tariff regime persists or expands, our inventory, capital and operating costs could increase over the long term.
Current report
Electricity revenue – Electricity revenue increased by $74 million to $233 million during the year ended December 31, 2025 compared to $159 million for the year ended December 31, 2024. This increase was primarily a result of higher pricing from resource adequacy contracts and additional electricity sales in 2025 as a result of scheduled maintenance and unplanned downtime at our Elk Hills power plant in 2024.
Current report
Operating costs - The following table presents our operating costs for the years ended December 31, 2025 and December 31, 2024:
Current report
Non-energy operating costs – Non-energy operating costs for the year ended December 31, 2025 were $859 million, which was an increase of $188 million from $671 million for the year ended December 31, 2024. Of this increase, $191 million related to the operation of the Aera fields for the full year ended December 31, 2025 compared to only six months in 2024. This increase was partially offset by lower maintenance activity during the year ended December 31, 2025 as compared to 2024.
Current report
General and administrative expenses – General and administrative expenses were $333 million for the year ended December 31, 2025, which was an increase of $12 million from $321 million for the year ended December 31, 2024. The increase was primarily a result of additional compensation-related expense and other corporate expenses resulting from the Aera Merger.
Current report
Asset impairment – We recognized a $59 million asset impairment during the year ended December 31, 2025 of which $57 million related to the write-down of our proved natural gas properties in the Sacramento basin. For more information on the impairment of natural gas properties in the Sacramento basin, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 3 Property, Plant and Equipment. During the year ended December 31, 2024, we recognized a $14 million impairment primarily related to excess and obsolete materials and supplies related to our oilfield operations. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 1 Nature of Business, Summary of Significant Accounting Policies and Otherfor more information.
Current report
Measurement period adjustments, net – Measurement period adjustments relate to changes made to the initial accounting for assets acquired and liabilities assumed in the Aera Merger. The adjustments for the year ended December 31, 2025 included adjustments to depreciation, depletion and amortization expense resulting from changes to the initial purchase price allocation. The adjustments for the year ended December 31, 2024 related to accretion expense related to asset retirement obligations and depreciation, depletion and amortization expense resulting from changes to the initial purchase price allocation.
Current report
Other operating expenses, net – Other operating expenses, net decreased $30 million to $209 million for the year ended December 31, 2025 compared to $239 million for the year ended December 31, 2024.
Current report
For the years ended December 31, 2025 and 2024, other operating expenses, net includes the following:
Current report
(a)Carbon management expenses relates to the development of our carbon management business and includes operating lease costs, payroll costs related to our technical teams and is included in other segment expenses. For more information on our carbon management segment, refer to Part II, Item 8 – Financial Statements and Supplementary Data, Note 16 Segment Information.
Current report
(b)See Part II, Item 8 – Financial Statements and Supplementary Data, Note 6 Lawsuits, Claims, Commitments and Contingencies for more information on a $25 million payment we made to CalGEM.
Current report
Interest and debt expense, net – Interest and debt expense, net was $106 million for the year ended December 31, 2025, which was an increase of $19 million from $87 million for the year ended December 31, 2024. The increase was predominately due to higher outstanding debt for the full year ended 2025 compared to 2024. Our 2029 Senior Notes were outstanding for only part of 2024 compared to the full year in 2025, as $600 million was issued in June 2024 and $300 million was issued in August 2024 in a follow-on issuance. Outstanding debt was also higher in 2025 due to the issuance of $400 million of our 2034 Senior Notes completed in October 2025 resulting in increased interest expense. This increase in interest expense was partially offset by lower interest expense resulting from debt repayments, including the redemption of $123 million of our 2026 Senior Notes in February 2025 and the redemption of the remaining $122 million of the 2026 Senior Notes in October 2025, which reduced outstanding principal and related interest expense. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 5 Debtfor information on our recent financings.
Current report
Other non-operating income (expenses), net – We recognized $15 million other non-operating income during the year ended December 31, 2025 primarily related to actuarial gains on plan assets held in our pension and postretirement benefit plan. During the year ended December 31, 2024, we recognized $2 million other non-operating expense primarily relating to the write-off of financing fees related to a bridge loan we entered into in connection with the Aera Merger which was partially offset by a prior service cost gain on our postretirement benefit plan.
Current report
(c)Only includes general and administrative expenses allocated to our oil and natural gas segment.
Current report
Net Production Sold
Current report
The following table presents our net production sold per day in each of the basins in which we operate for the periods presented. The amounts in the production table below include volumes produced from operated and non-operated fields for each of the periods presented.
Current report
Prices and Realizations
Current report
NGLs — Prices for natural gas liquids were lower for the year ended December 31, 2025 compared to the prior year which is consistent with broader declines in oil commodity prices. The California market continued to carry a premium as compared to other markets in 2025.
Current report
Natural Gas — Average realized prices for our natural gas during the year ended December 31, 2025 were higher than the year ended December 31, 2024 as demand for U.S. natural gas reached record levels.
Current report
Carbon management expenses decreased in 2025 compared to 2024 as a result of lower community development activities which were partially offset by higher costs related to feasibility studies that were undertaken.
Current report
2026 Senior Notes
Current report
In the year ended December 31, 2025, we redeemed $245 million of our 7.125% Senior Notes due 2026 (2026 Senior Notes) at 100% of the principal amount, resulting in an extinguishment loss in the amount of $1 million for the write-off of unamortized debt issuance costs. Following this redemption, none of our 2026 Senior Notes were outstanding.
Current report
(a)Refer to Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Business Combinationsfor additional information.
Current report
(b)In connection with the vesting of equity awards, we withheld and cancelled shares to satisfy applicable tax-withholding requirements.
Current report
We issued 5,572,115 shares of CRC common stock in connection with the Berry Merger. The shares issued were registered under the Securities Act of 1933, as amended, pursuant to a registration statement on Form S-4 (File No. 333-290871) filed by CRC with the Securities and Exchange Commission on October 14, 2025, which became effective on November 3, 2025.
Current report
Our Board of Directors authorized a Share Repurchase Program to acquire up to $1.78 billion of our common stock through December 31, 2027. This includes a recent increase of $430 million and extension approved by our Board of Directors on February 24, 2026. After the increase and shares repurchased in January 2026, we had approximately $600 million of remaining unused capacity under this program as of February 28, 2026. For additional information, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 19 Subsequent Events.
Current report
Settlement proceeds from our derivative contracts increased $79 million from $64 million settlement payments for the year ended December 31, 2024 to $15 million settlement proceeds for the year ended December 31, 2025. For more information on our derivative contracts see, Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Derivatives.
Current report
For the years ended December 31, 2025 and 2024, purchase of a business, net of cash acquired includes our investing activities related to the Berry Merger and the Aera Merger, respectively. In connection with the Berry Merger, we repaid $449 million of Berry’s outstanding long-term debt and acquired cash of $12 million (after a $3 million payment for settlement of certain stock-based compensation awards). Additionally, we increased our 2025 capital program following the Aera Merger. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Business Combinationsfor more information on these transactions.
Removed paragraphs (51)
Previous report
Certain prior period balances related to NGL marketing activities were reclassified to conform to our 2024 presentation. For the year ended December 31, 2023, we reclassified $6 million related to NGL storage activities from other revenue to revenue from marketing of purchased commodities and we reclassified $3 million related to NGL processing fees from other operating expenses, net to costs related to marketing of purchased commodities on our consolidated statement of operations.
Previous report
Aera Merger
Previous report
Following the closing of the Aera Merger, in August 2024 we initiated a workforce reduction to align the size and composition of our workforce with expected future operations and to capture synergies related to Aera Merger. As a result, we reduced our combined company's employee headcount by 12% and recognized a charge of $30 million in other operating expenses, net on the consolidated statement of operations for the year ended December 31, 2024, respectively, primarily related to severance benefits. We expect to pay the remaining severance costs through 2026 as the workforce reduction will be achieved in stages due to transition periods. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Aera Mergerfor information on the severance plan and Note 14 Pension and Postretirement Benefit Plansfor information on amendments to Aera's pension and postretirement benefit plans.
Previous report
The following table presents our total operating revenues:
Previous report
Revenue from marketing of purchased commodities – Revenue from marketing of purchased commodities was $235 million during the year ended December 31, 2024, which is a decrease of $172 million from $407 million during the year ended December 31, 2023. The decrease was primarily a result of lower natural gas prices in 2024 compared to 2023, and was partially offset by higher sales of purchased crude oil in 2024 as compared to 2023. Our margin from marketing of purchased commodities was $42 million for the year ended December 31, 2024 compared to $183 million for the year ended December 31, 2023.
Previous report
Electricity sales – Electricity sales decreased by $52 million to $159 million during the year ended December 31, 2024 compared to $211 million for the year ended December 31, 2023. The decrease was predominantly due to lower electricity prices in 2024 as well as scheduled maintenance and unplanned downtime at our Elk Hills power plant.
Previous report
Non-energy operating costs – Non-energy operating costs for the year ended December 31, 2024 were $671 million, which was an increase of $190 million from $481 million for the year ended December 31, 2023. The increase was predominately a result of costs related to the additional fields acquired in the Aera Merger. Non-energy operating costs for the year ended December 31, 2024 include $206 million related to Aera's operations. Excluding costs related to the Aera fields, non-energy operating costs for the year ended December 31, 2024 were lower than the prior year period as a result of lower costs for downhole and surface maintenance and more favorable vendor pricing for certain items in 2024 as a result of cost savings initiatives undertaken during 2023.
Previous report
General and administrative expenses – General and administrative expenses were $321 million for the year ended December 31, 2024, which was an increase of $54 million from $267 million for the year ended December 31, 2023. The increase was primarily a result of an additional $73 million of expenses related to Aera for the period from July 1, 2024 through December 31, 2024. Excluding Aera, general and administrative expenses were lower in the year ended December 31, 2024 compared to the year ended December 31, 2023 as a result of reduced spending on information technology infrastructure and lower compensation-related expense, including stock-based compensation expense. Stock-based compensation awards are discussed further below.
Previous report
Awards are granted under our stock-based compensation plans to executives, non-executive employees and non-employee directors that are either settled with shares of our common stock or cash. Our equity-settled awards granted to executives include performance stock units and restricted stock units that either cliff vest or vest ratably over a two- or three-year period. Our equity-settled awards granted to non-employee directors are restricted stock units that vest ratably over a three-year period. Our cash-settled awards granted to non-executive employees vest ratably over a three-year period.
Previous report
Changes in our stock price introduce volatility in our results of operations because we pay half of our cash-settled awards based on our stock price performance and we adjust our obligation for unvested cash-settled awards at the end of each reporting period. Equity-settled awards are not similarly adjusted for changes in our stock price.
Previous report
Stock-based compensation included in G&A expense is shown in the table below:
Previous report
Taxes other than on income – Taxes other than on income increased $77 million to $242 million for the year ended December 31, 2024 from $165 million for the year ended December 31, 2023. The increase was a result of higher greenhouse gas expense, production taxes and ad valorem taxes related to the Aera assets following the completion of the Aera Merger.
Previous report
Costs related to marketing of purchased commodities – Costs related to marketing of purchased commodities was $193 million for the year ended December 31, 2024, which was a decrease of $31 million from $224 million for the year ended December 31, 2023 primarily due to lower natural gas prices. This decrease was partially offset by additional costs related to increased purchased crude oil used in certain of our marketing activities in 2024 as compared to 2023.
Previous report
Electricity generation expense – Electricity generation expenses decreased to $40 million for the year ended December 31, 2024 from $103 million for the year ended December 31, 2023. The decrease of $63 million was predominantly a result of lower prices for natural gas used in electricity generation and scheduled maintenance and unplanned downtime at our Elk Hills power plant in the first half of 2024.
Previous report
Other operating expenses, net – Other operating expenses, net were $183 million for the year ended December 31, 2024, which was an increase of $125 million from $58 million for the year ended December 31, 2023. The increase was primarily a result of transaction and integration costs for the Aera Merger of $57 million as well as additional expenses related to electricity purchased during the ongoing maintenance and downtime at our Elk Hills power plant of $50 million. We also incurred higher severance costs in the year ended December 31, 2024 as a result of the headcount reduction following the Aera Merger.
Previous report
Interest and debt expense, net – Interest and debt expense, net was $87 million for the year ended December 31, 2024, which was an increase of $31 million from $56 million for the year ended December 31, 2023. The increase was predominately a result from higher interest expense from the issuance of our 2029 Senior Notes. In June 2024, we issued $600 million in aggregate principal amount of 8.25% senior notes due 2029 and in August 2024, we completed a follow-on offer of $300 million in aggregate principal amount for those notes. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 5 Debtfor information on financing costs related to the Aera Merger.
Previous report
Income tax provision – The income tax provision for the year ended December 31, 2024 was $140 million (effective tax rate of 27%) compared to $184 million (effective tax rate of 25%) for the year ended December 31, 2023. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 8 Income Taxesfor more information for on our effective tax rate.
Previous report
(a)Excludes unallocated general and administrative expenses.
Previous report
Energy costs in total and on a per Boe basis were lower in the year ended December 31, 2024 compared to the prior year period primarily as a result of lower natural gas prices. Energy operating costs were higher on a per Boe basis in for the year ended December 31, 2023 compared to the year ended December 31, 2022 as a result of lower production volumes in 2023.
Previous report
We entered into commodity derivative contracts for purchased natural gas and acquired additional commodity derivative contracts in the Aera Merger. During the year ended December 31, 2024, we paid $32 million in settlement payments on natural gas derivatives, increasing our operating costs by $0.80 per Boe as shown in the table above. Our hedge contracts are part of our marketing function and hedge settlements are generally not allocated to our oil and gas segment. However, we believe it is useful to present our operating costs after hedge settlements.
Previous report
In 2025, our hedges for purchased natural gas approximate 62% of our expected fuel use in oil and natural gas operations. These 2025 hedges have a weighted average price of approximately $3.95 per MMBtu. Aera entered into natural gas hedges prior to our acquisition, and as of December 31, 2024, the weighted average price of those remaining hedges was $5.67 and we expect to pay $13 million to settle all of these contracts in the three months ended March 31, 2025.
Previous report
Non-energy operating costs were higher in total and on a per Boe basis for the year ended December 31, 2024 compared to the year ended December 31, 2023 as a result of the Aera Merger on July 1, 2024. For the year ended December 31, 2024, non-energy operating costs related to the Aera fields predominately related to additional downhole maintenance and surface operations maintenance activity. Excluding the Aera fields, we had lower non-energy operating costs for the year ended December 31, 2024 compared to the same prior year period as a result of cost savings initiatives we implemented at the end of 2023. Non-energy operating costs were higher for the year ended December 31, 2023 compared to the year ended December 31, 2022 on a per Boe basis due to higher compensation-related costs for field personnel and additional downhole maintenance activity for the year ended December 31, 2023.
Previous report
Operating costs, including the effects of natural gas hedges included settlement payments related to purchased natural gas used in our steamflood operations. We assumed natural gas hedges as part of the Aera Merger. We did not have settlements related to purchased natural gas hedges in the years ended December 31, 2023 and 2022.
Previous report
Field depreciation, depletion and amortization increased for the year ended December 31, 2024 compared to the year ended December 31, 2023 as a result of the completion of the Aera Merger. Field depreciation, depletion and amortization increased for the year ended December 31, 2023 compared to the prior year primarily due to a change in our depreciation, depletion and amortization rates which are periodically adjusted to reflect an update of our SEC reserve estimates. Lower production volumes also contributed to the increase on a per Boe basis.
Previous report
Field taxes other than on income were higher for the year ended December 31, 2024 compared to the same prior year period predominately as a result of the Aera Merger. Field taxes other than on income were higher in the year ended December 31, 2023 on a per Boe basis, due to lower production volumes compared to the year ended December 31, 2022.
Previous report
The following table sets forth our average net production of oil, NGLs and natural gas sold per day in each of the California oil and natural gas basins in which we operate for the years ended December 31, 2024, 2023 and 2022:
Previous report
(a) Calculated as a percentage of Brent.
Previous report
(b) Calculated as a percentage of WTI.
Previous report
NGLs — Prices for NGLs were flat for the year ended December 31, 2024 compared to the same prior year period. NGL prices fluctuate with the seasons of the year but remained flat between years as a result of increased supply, solid demand and an absence of protracted abnormal weather. California markets continued to carry a premium to other markets in 2024.
Previous report
Natural Gas — Realized natural gas prices for the year ended December 31, 2024 were lower than those for the year ended December 31, 2023 influenced primarily by higher storage inventories, abundant import availability and a general lack of unseasonable weather. The year ended December 31, 2023 included a historic spike in pricing during the first quarter of 2023, while the rest of the year declined in price.
Previous report
Carbon management expenses increased in 2024 compared to 2023 as a result of additional compensation-related costs as more development work was performed and employee headcount increased as we realigned our job functions during our August 2024 reorganization. During the year ended December 31, 2024, we also incurred additional costs related to easements and pre-construction activities.
Previous report
Recent Amendments
Previous report
In 2024, we entered into the following amendments to our Revolving Credit Facility:
Previous report
•February 2024 – we entered into a second amendment that, among other things, permit the incurrence of indebtedness under a bridge loan facility in connection with the Aera Merger.
Previous report
•March 2024 – we entered into a third amendment that facilitated certain matters with respect to the Aera Merger, including the postponement of the regular spring borrowing base redetermination until the fall of 2024 and certain other amendments.
Previous report
•July 1, 2024 – we entered into a fourth amendment that increased the aggregate revolving commitments available under the Revolving Credit Facility from $630 million to $1.1 billion. This amendment also increased the borrowing base from $1.2 billion to $1.5 billion, among other matters.
Previous report
•November 1, 2024 – we entered into a fifth amendment that, among other things, extended the maturity date of the Revolving Credit Facility to March 16, 2029 and amended the springing maturity provisions, increased our capacity to issue letters of credit by $50 million to $300 million, and increased the aggregate amount of revolving commitment by $50 million to $1,150 million. Our borrowing base of $1.5 billion is redetermined semi-annually and was re-affirmed in November 2024 as part of our recent amendment.
Previous report
On January 20, 2021, we completed an offering of $600 million in aggregate principal amount of our 7.125% senior unsecured notes due 2026. The net proceeds of $587 million, after $13 million of debt issuance costs, were used to repay our outstanding indebtedness.
Previous report
Refer to Part II, Item 8 – Financial Statements and Supplementary Data, Note 19 Subsequent Eventsfor information on a recent repurchase of our 2026 Senior Notes.
Previous report
(a)A significant number of stock-based compensation awards were settled in the first quarter of 2024. These awards were primarily granted in January 2021 following our emergence from bankruptcy.
Showing the first 40 of 51 passages. Open the source sections for the rest.
Reworded paragraphs (51)
Previous wording
Our consolidated results of operations include the results of Aera beginning July 1, 2024, the closing date of the Aera Merger. For more information on the Aera Merger, see Part I, Item 1 and 2 – Business and Properties, Businessand Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Aera Merger. The Aera Merger and related transactions have significantly impacted the comparability of our financial results for 2024 and prior years.
Current wording
Our consolidated results of operations include the results of Berry beginning December 18, 2025, the closing date of the Berry Merger. Our consolidated results of operations include the results of Aera beginning July 1, 2024, the closing date of the Aera Merger. For more information on the Berry Merger and the Aera Merger, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Business Combinations. The Aera Merger and related integration activities significantly impacted the comparability of our financial results for the year ended December 31, 2025 compared to the prior year.
Previous wording
For financial information related to our subsidiaries designated as Unrestricted Subsidiaries under the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 18 Condensed Consolidating Financial Information.
Current wording
For financial information related to our subsidiaries designated as Unrestricted Subsidiaries under the 2026 Senior Notes Indenture, 2029 Senior Notes Indenture and 2034 Senior Notes Indenture, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 18 Condensed Consolidating Financial Information.
Previous wording
Oil, natural gas and NGL sales – Oil, natural gas and NGL sales, excluding the impact of payments on settled commodity derivatives, were $2,537 million for the year ended December 31, 2024, which is an increase of $382 million from $2,155 million for the year ended December 31, 2023. This increase includes $915 million of oil, natural gas and NGL sales related to additional production from the Aera fields following the completion of the Aera Merger on July 1, 2024. Excluding the Aera fields, our oil, natural gas and NGL sales were lower in the year ended December 31, 2024 compared to the same prior year period primarily due to lower natural gas prices. The effect of cash settlements on our commodity derivative contracts are excluded from the table below.
Current wording
Oil, natural gas and natural gas liquids sales – Oil, natural gas and natural gas liquids sales, excluding the effects of cash settlements on our commodity derivative contracts, were $2,910 million for the year ended December 31, 2025, which is an increase of $373 million from $2,537 million for the year ended December 31, 2024. The following table shows changes in oil, natural gas and natural gas liquids sales for the year ended December 31, 2025 compared to the year ended December 31, 2024:
Previous wording
Note: See Production, Prices and Realizations for volumes and realized prices by commodity type for each period.
Current wording
Note: See Results of Our Oil and Natural Gas Operations Productionfor volumes by commodity type and Prices and Realizations for index and average realized prices for each period.
Previous wording
Net gain (loss) from commodity derivatives –We report gains and losses on our derivative contracts related to our oil production and marketing activities in operating revenue. Net gain from commodity derivatives was $241 million for the year ended December 31, 2024 compared to a net loss of $12 million for the year ended December 31, 2023. The change primarily resulted from payments to settle commodity derivative contracts and the non-cash changes in the fair value of our outstanding commodity derivatives from the positions held at the end of each measurement period. Gains and losses from our commodity derivative contracts are shown in the table below:
Current wording
Net gain from commodity derivatives –We report gains and losses on our derivative contracts related to our oil production and marketing activities in operating revenue. Net gain from commodity derivatives was $266 million for the year ended December 31, 2025 compared to a net gain of $241 million for the year ended December 31, 2024. The change primarily resulted from payments to settle commodity derivative contracts and the non-cash changes in the fair value of our outstanding commodity derivatives from the positions held at the end of each measurement period. Gains and losses from our commodity derivative contracts are shown in the table below:
Previous wording
The following table presents our consolidated operating expenses, non-operating expenses and income tax provision:
Current wording
The following table presents our consolidated operating and non-operating expenses and income for the years ended December 31, 2025 and 2024:
Previous wording
Energy operating costs – Energy operating costs for the year ended December 31, 2024 were $279 million, which was a decrease of $44 million from $323 million for the year ended December 31, 2023. Excluding $95 million related to the operation of the Aera fields, our energy operating costs for the year ended December 31, 2024 would have been $184 million. This decrease was primarily a result of lower natural gas prices in the year ended December 31, 2024 compared to the same prior year period. For more information on our natural gas market prices, see Segment Results of Oil and Natural Gas Operations, Production, Prices and Realizations below.
Current wording
Energy operating costs – Energy operating costs for the year ended December 31, 2025 were $374 million, which was an increase of $95 million from $279 million for the year ended December 31, 2024. Approximately $94 million of this increase is related to the addition of the Aera fields for the full year of 2025 compared to only six months in 2024. The remaining increase primarily related to higher energy prices partially offset by savings related to the additional supply of electricity generated at our Elk Hills power plant which is used at our Elk Hills field in 2025. During the year ended December 31, 2024, our Elk Hills power plant experienced unplanned downtime and scheduled maintenance resulting in lower electricity generation available the Elk Hills field. For more information on our natural gas market prices, see Segment Results of Oil and Natural Gas Operations, Production, Prices and Realizations below.
Previous wording
Depreciation, depletion and amortization – Depreciation, depletion and amortization increased $163 million to $388 million for the year ended December 31, 2024 from $225 million for the same prior year period. The increase was primarily the result of a higher net book value for our property, plant and equipment as a result of the Aera Merger.
Current wording
Depreciation, depletion and amortization – Depreciation, depletion and amortization increased $123 million to $511 million for the year ended December 31, 2025 from $388 million for the same prior year period. The increase was primarily the result of the addition of the Aera assets included in the full year ended December 31, 2025.
Previous wording
Accretion expense – Accretion expense was $87 million for the year ended December 31, 2024, which was an increase of $41 million from $46 million for the year ended December 31, 2023. The increase was primarily due to asset retirement obligations assumed as of July 1, 2024 as part of the Aera Merger.
Current wording
Accretion expense – Accretion expense was $114 million for the year ended December 31, 2025, which was an increase of $27 million from $87 million for the year ended December 31, 2024. The increase was primarily due to the addition of the Aera asset retirement liability related to the Aera fields in connection with the Aera Merger.
Previous wording
Net loss on natural gas purchase derivatives – Net loss on natural gas purchase derivatives was $30 million for the year ended December 31, 2024. For the same prior year period, we recognized a net loss of $8 million. The change primarily resulted from payments to settle commodity derivative contracts and the non-cash changes in the fair value of our outstanding commodity derivatives from the positions held at the end of each measurement period. Gains and losses from our commodity derivative contracts are shown in the table below. For more information on our derivatives, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Derivatives.
Current wording
Net loss on natural gas purchase derivatives – Net loss on natural gas purchase derivatives was $50 million for the year ended December 31, 2025. For the same prior year period, we recognized a net loss of $30 million. The change primarily resulted from changes in the fair value of our outstanding commodity derivatives from the positions held, as well as the relationship between contract prices and the associated forward curves at the end of each measurement period. We added derivative positions held by Berry at December 18, 2025 and recognized a change in fair value between legal close and December 31, 2025. Gains and losses from our commodity derivative contracts are shown in the table below. For more information on our derivatives, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Derivatives.
Previous wording
Gain on asset divestitures – Our gain on asset divestitures for the year ended December 31, 2024 was $11 million primarily related to the divestiture of non-core assets and the completion of our Ventura divestiture. Gain on asset divestitures for the year ended December 31, 2023 was $32 million primarily related to the divestiture of our non-operated portion of the Round Mountain Unit. For more information on our asset divestitures, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 9 Divestitures and Acquisitions.
Current wording
(Loss) gain on asset divestitures – Our loss on asset divestitures for the year ended December 31, 2025 was $1 million primarily related to the final purchase price adjustment related to the sale of oil and gas assets located in Ventura. Gain on asset divestitures for the year ended December 31, 2024 was $11 million primarily related to the divestiture of non-core assets and our Ventura divestiture. For more information on our asset divestitures, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 9 Divestitures and Acquisitions.
Previous wording
The following tables include results for our oil and natural gas segment, excluding unallocated corporate expenses for the years ended December 31, 2024, 2023 and 2022. Our results of operations for the oil and natural gas segment include the financial and operating results of Aera beginning on July 1, 2024, the closing date of the Aera Merger. For more information on the Aera Merger, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Aera Merger.
Current wording
The following tables includes financial results and key operating data for our oil and natural gas segment for the years ended December 31, 2025, 2024 and 2023. Our results of operations for the oil and natural gas segment include the financial and operating results of Aera beginning on July 1, 2024, the closing date of the Aera Merger. For more information on the Aera Merger, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Business Combinations.
Previous wording
(a)Asset impairment for the year ended December 31, 2024 related to the write-off of excess and obsolete materials and supplies, generally requisitioned for wells and capitalized as part of drilling and completion activities. The table above excludes asset impairments that were not related to the oil and natural gas segment.
Current wording
(a)Asset impairment for the year ended December 31, 2025 includes the write-down of our proved properties in the Sacramento basin. Asset impairment for the year ended December 31, 2024 related to the write-off of excess and obsolete materials and supplies, generally requisitioned for wells and capitalized as part of drilling and completion activities. The table above excludes asset impairments that were not related to the oil and natural gas segment.
Previous wording
(b)Gain on asset divestitures for the year ended December 31, 2024 related to the sale of our 0.9-acre Fort Apache real estate property in Huntington Beach, California as well as the remaining portion of our Ventura assets which were classified as held for sale. Gain on asset divestitures for the year ended December 31, 2023 related to the sale of our non-operated interest in the Round Mountain Unit and a non-producing asset in exchange for the assumption of liabilities. Net gain on asset divestitures for the year ended December 31, 2022 related to the sale of our 50% non-operated working interest in certain horizons within our Lost Hills field and the divestiture of certain Ventura basin assets. The table above excludes net gain on asset divestitures that were not related to the oil and natural gas segment.
Current wording
(b)Loss on asset divestitures for the year ended December 31, 2025 related to the sale of our West Montalvo property in Ventura County, California. Gain on asset divestitures for the year ended December 31, 2024 related to the sale of our 0.9-acre Fort Apache real estate property in Huntington Beach, California as well as the remaining portion of our Ventura assets which were classified as held for sale. Gain on asset divestitures for the year ended December 31, 2023 related to the sale of our non-operated interest in the Round Mountain Unit and a non-producing asset in exchange for the assumption of liabilities.
Previous wording
(b)Excludes depreciation, depletion and amortization related to our corporate assets and Elk Hills power plant.
Current wording
(d)Excludes depreciation, depletion and amortization related to our corporate assets and Elk Hills power plant.
Previous wording
The amounts in the production tables below include volumes produced from Aera's operated and non-operated fields during the period from July 1, 2024 through December 31, 2024 and volumes from CRC's operated and non-operated fields for each of the periods presented.
Current wording
The amounts in the production tables below show volumes from CRC's operated and non-operated fields for each of the periods presented. These amounts include volumes produced from Berry's operated and non-operated fields during the period from December 18, 2025 through December 31, 2025, and volumes produced from Aera's operated and non-operated fields beginning July 1, 2024.
Previous wording
(b)Included scheduled maintenance and unplanned downtime at our Elk Hills power plant for the year ended December 31, 2024. In the first quarter of 2022, we conducted routine maintenance at one of our gas processing facilities.
Current wording
(b)Included scheduled maintenance and unplanned downtime at our Elk Hills power plant for the year ended December 31, 2024.
Previous wording
(c)We completed the Aera Merger on July 1, 2024 and the amount of production shown in the table above is averaged over a 12-month period. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Aera Mergerfor more information.
Current wording
(c)We completed the Aera Merger on July 1, 2024 and the amount of production shown in the table above is averaged over a 12-month period. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Business Combinationsfor more information.
Previous wording
Our operating results and those of the oil and natural gas industry as a whole are heavily influenced by commodity prices. Global commodity prices decreased during the year ended December 31, 2024 compared to the year ended December 31, 2023 predominately as a result of growing inventories and decreased demand. Oil and natural gas prices and differentials may fluctuate significantly as a result of numerous market-related variables. These and other factors make it impossible to predict realized prices reliably. The following tables set forth average benchmark prices, average realized prices and price realizations as a percentage of average benchmark prices for our products for the periods indicated below:
Current wording
Our operating results and those of the oil and natural gas industry as a whole are heavily influenced by commodity prices. Oil and natural gas prices and differentials may fluctuate significantly as a result of numerous market-related variables. These and other factors make it impossible to predict realized prices reliably. The following tables set forth average benchmark prices, average realized prices and price realizations as a percentage of average benchmark prices for our products for the periods indicated below:
Previous wording
Oil — Brent and realized prices excluding derivative settlements were lower for the year ended December 31, 2024 compared to the same prior year period. The decrease was largely a result of slowing global demand growth, increased production from non-OPEC+ countries, and an awareness that OPEC+ could remove voluntary production cuts at any time. Including derivative settlements, our realized price increased for the year ended December 31, 2024 compared to the prior year.
Current wording
Oil — Brent and our average realized price without derivative settlements were lower for the year ended December 31, 2025 compared to the same prior year period largely due to an increase in global oil production beginning in later 2025 as both OPEC+ and non-OPEC countries increased production.
Previous wording
Our carbon management segment, which we refer to as Carbon TerraVault, pursues the development of carbon capture and sequestration projects. We expect that our Carbon TerraVault CCS projects will inject CO 2 captured from industrial, power, agriculture and other emissions sources into subsurface reservoirs and permanently store CO 2 deep underground. We also expect to invest in projects that rely on CCS technology in connection with reducing our own emissions. In addition, we may participate in the development of projects that are the source of these CO 2 emissions. Our carbon management segment is in its early stages of development, and did not have any revenue for the years ended December 31, 2024, 2023 or 2022. We define carbon management expense to be our direct operating costs to run our carbon management segment.
Current wording
Our carbon management segment, which we refer to as Carbon TerraVault, primarily pursues the development of CCS projects. We expect that our Carbon TerraVault CCS projects will inject CO 2 captured from industrial, power, agriculture and other emissions sources into subsurface reservoirs and permanently store CO 2 deep underground. We also expect to invest in projects that rely on CCS technology in connection with reducing our own emissions. In addition, we may participate in the development of projects that are the source of these CO 2 emissions. Our carbon management segment is in its early stages of development, and did not have any revenue for the years ended December 31, 2025, 2024 or 2023. We recently completed construction of our first carbon capture project at our cryogenic gas processing facility and expect first injection in spring 2026, subject to commissioning and final regulatory approval. We define carbon management expense to be our direct operating costs to run our carbon management segment.
Previous wording
We recognized losses for the years ended December 31, 2024, 2023 and 2022 related to our Carbon TerraVault joint venture, as shown in the table below. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 4 Investments and Related Party Transactions for more information on our Carbon TerraVault joint venture. Carbon management expense and general and administrative expense for the years ended December 31, 2024, 2023 and 2022 are included in the table below.
Current wording
We recognized our share of losses for the years ended December 31, 2025, 2024 and 2023 related to our Carbon TerraVault joint venture, as shown in the table below. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 4 Investments and Related Party Transactions for more information on our Carbon TerraVault joint venture. Carbon management expense and general and administrative expense for the years ended December 31, 2025, 2024 and 2023 are included in the table below.
Previous wording
Our primary sources of liquidity and capital resources are cash flows from operations, cash and cash equivalents and available borrowing capacity under our Revolving Credit Facility. We consider our low leverage and ability to control costs to be a core strength and strategic advantage, which we are focused on maintaining. Our primary uses of operating cash flow for the year ended December 31, 2024 were for capital investments, repurchases of our outstanding debt and common stock, and payment of dividends.
Current wording
Our primary sources of liquidity and capital resources are cash flows from operations, available cash and cash equivalents, proceeds from the issuance of our senior notes and available borrowing capacity under our Revolving Credit Facility. We consider our low leverage and ability to control costs to be a core strength and strategic advantage, which we are focused on maintaining. Our primary uses of operating cash flow for the year ended December 31, 2025 were for capital investments, redemption of our 2026 Senior Notes, repurchase of our common stock, and payment of dividends.
Previous wording
(a)Excludes restricted cash of $18 million.
Current wording
(a)Excludes restricted cash of $15 million.
Previous wording
Our long-term debt consists of borrowings and indebtedness under our Revolving Credit Facility, 2026 Senior Notes and 2029 Senior Notes. For more information regarding our Revolving Credit Facility, 2026 Senior Notes and 2029 Senior Notes, refer to Part II, Item 8 – Financial Statements and Supplementary Data, Note 5 Debt.
Current wording
Our long-term debt consists of borrowings and indebtedness under our Revolving Credit Facility, 2029 Senior Notes and 2034 Senior Notes. Our previously issued 2026 Senior Notes were redeemed in full in 2025. For more information regarding our Revolving Credit Facility, 2026 Senior Notes, 2029 Senior Notes and 2034 Senior Notes, refer to Part II, Item 8 – Financial Statements and Supplementary Data, Note 5 Debt.
Previous wording
On April 26, 2023, we entered into an Amended and Restated Credit Agreement (Revolving Credit Facility) with Citibank, N.A., as administrative agent, and certain other lenders, which amended and restated in its entirety the prior credit agreement dated October 27, 2020. As of December 31, 2024, we were in compliance with all of the covenants of our Revolving Credit Facility.
Current wording
On April 26, 2023, we entered into an Amended and Restated Credit Agreement (Revolving Credit Facility) with Citibank, N.A., as administrative agent, and certain other lenders, which amended and restated in its entirety the prior credit agreement dated October 27, 2020. As of December 31, 2025, we were in compliance with all of the covenants of our Revolving Credit Facility. Refer to Part II, Item 8 – Financial Statements and Supplementary Data, Note 5 Debtfor more information on recent amendments to our Revolving Credit Facility.
Previous wording
On June 5, 2024, we completed an offering of $600 million in aggregate principal amount of 8.25% senior notes due 2029 (2029 Senior Notes). The terms of the 2029 Senior Notes are governed by the Indenture, dated as of June 5, 2024, by and among us, the guarantors and Wilmington Trust, National Association, as trustee (2029 Senior Notes Indenture). The net proceeds of $590 million, after $10 million of debt discount and issuance costs, were used along with available cash to repay all of Aera's outstanding debt at closing of the Aera Merger.
Current wording
On June 5, 2024, we completed an offering of $600 million in aggregate principal amount of 8.25% senior notes due 2029 (2029 Senior Notes). The terms of the 2029 Senior Notes are governed by the Indenture, dated as of June 5, 2024, by and among us, our subsidiary guarantors and Wilmington Trust, National Association, as trustee (2029 Senior Notes Indenture). The net proceeds of $590 million, after $10 million of debt discount and issuance costs, were used along with available cash to repay all of Aera's outstanding debt at closing of the Aera Merger.
Previous wording
On August 22, 2024, we completed a follow-on offering of $300 million in aggregate principal amount of 2029 Senior Notes. The net proceeds from this offering of $298 million, after $3 million of debt premium and $5 million of debt issuance costs, were used to repurchase a portion of our outstanding 7.125% senior notes due 2026 (2026 Senior Notes) as described below. The follow-on 2029 Senior Notes issued on August 22, 2024 are governed by the same indenture as the $600 million of 2029 Senior Notes that were previously issued on June 5, 2024.
Current wording
On August 22, 2024, we completed a follow-on offering of $300 million in aggregate principal amount of 2029 Senior Notes. The net proceeds from this offering of $298 million, after $3 million of debt premium and $5 million of debt issuance costs, were used to repurchase a portion of our outstanding 2026 Senior Notes as described below. The follow-on 2029 Senior Notes issued on August 22, 2024 are governed by the same indenture as the $600 million of 2029 Senior Notes that were previously issued on June 5, 2024.
Previous wording
In the year ended December 31, 2024, we repurchased $300 million in face value of our 2026 Senior Notes for $303 million, resulting in a loss on early extinguishment of debt in the amount of $5 million which includes a $2 million write-off of unamortized debt issuance costs. In the year ended December 31, 2023, we repurchased $55 million in face value of our 2026 Senior Notes at par resulting in an extinguishment loss of $1 million for the write-off of unamortized debt issuance costs.
Current wording
In the year ended December 31, 2024, we repurchased $300 million in face value of our 2026 Senior Notes for $303 million resulting in a loss on early extinguishment of debt in the amount of $5 million which includes a $2 million write-off of unamortized debt issuance costs.
Previous wording
Common Stock Issued as Part of the Aera Merger
Current wording
Common Stock Issued as Part of the Berry Merger
Previous wording
Dividends are payable to shareholders in quarterly increments, subject to the quarterly approval of our Board of Directors. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by our Board of Directors each quarter after reviewing our financial performance.
Current wording
Once declared, dividends are payable to shareholders in cash on a quarterly basis. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by our Board of Directors each quarter after reviewing our financial performance.
Previous wording
On March 2, 2025, our Board of Directors declared a cash dividend of $0.3875 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 10, 2025 and is expected to be paid on March 21, 2025.
Current wording
On March 1, 2026, our Board of Directors declared a cash dividend of $0.405 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 13, 2026 and is expected to be paid on March 20, 2026.
Previous wording
Our Board of Directors authorized a Share Repurchase Program to acquire up to $1.35 billion of our common stock through December 31, 2025. The repurchases may be effected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares and our Board of Directors may modify, suspend, or discontinue authorization of the program at any time. The following is a summary of our share repurchases, held as treasury stock, for the periods presented:
Current wording
The repurchases may be effected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares and our Board of Directors may modify, suspend, or discontinue authorization of the program at any time. The following is a summary of our share repurchases, held as treasury stock, for the periods presented:
Previous wording
Note: The total value of shares purchased includes approximately $2 million and $1 million in the years ended December 31, 2024 and 2023 related to excise taxes on share repurchases, which was effective beginning in 2023. Commissions paid were not significant in all periods presented.
Current wording
Note: The total value of shares purchased includes approximately $2 million and $1 million in the years ended December 31, 2024 and 2023 related to excise taxes on share repurchases. Excise taxes in 2025 were insignificant and include a reversal for 2024 excise taxes that were no longer due. Commissions paid were not significant in all periods presented.
Previous wording
At current commodity prices and based upon our planned 2025 capital program described below, we expect to generate operating cash flow to support and invest in our core assets and preserve financial flexibility. We regularly review our financial position and evaluate whether to (i) adjust our drilling program, (ii) return available cash to shareholders through dividends or stock repurchases to the extent permitted under our Revolving Credit Facility and the indentures for our 2026 Senior Notes and our 2029 Senior Notes, (iii) reduce outstanding indebtedness, (iv) advance carbon management activities, or (v) maintain cash and cash equivalents on our balance sheet. We also intend to pursue financing options to further develop our carbon management segment. We believe we have sufficient sources of liquidity to meet our obligations for the next twelve months.
Current wording
At current commodity prices, we expect to generate operating cash flow to support and invest in our assets as part of our planned 2026 capital program described below. We regularly review our financial position, commodity prices, market conditions and other considerations to evaluate and optimize the deployment of our cash. We believe we have sufficient sources of liquidity to meet our obligations for the next twelve months.
Previous wording
We expect our total 2025 capital program to range between $285 million and $335 million. Of this amount, $250 million to $280 million is related to our oil and natural gas segment, $20 million to $30 million is for our carbon management segment and $15 million to $25 million is for corporate and other activities. The above amounts related to carbon management projects do not include amounts funded by Brookfield through the Carbon TerraVault JV, such as drilling injection and monitoring wells at our 26R reservoir. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 4 Investments and Related Party Transactions for more information on our joint venture with Brookfield.
Current wording
We expect our total 2026 capital program to range between $430 million and $470 million. Of this amount, $410 million to $435 million is related to our oil and natural gas segment, $12 million to $20 million is for our carbon management segment and $8 million to $15 million is for corporate and other activities. The above amounts related to carbon management projects do not include amounts funded by Brookfield through the Carbon TerraVault JV, such as drilling injection and monitoring wells at our 26R reservoir. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 4 Investments and Related Party Transactions for more information on our joint venture with Brookfield.
Previous wording
Oil and natural gas segment – With respect to oil and natural gas development, we expect to run a one rig program in the first half of 2025 and add an additional rig in the second half of 2025. We expect our capital program related to oil and natural gas development to be focused on projects for which we have permits in hand. For more information on permitting, refer to Part I, Item 1 and 2 – Business and Properties, Regulation of the Industries in Which We Operate, Regulation of Exploration and Production Activities.
Current wording
Oil and natural gas segment – With respect to oil and natural gas development, we expect to run a four rig program in 2026. We currently hold the majority of permits necessary to undertake our 2026 capital program. We expect to obtain additional new well permits for the remainder of our 2026 capital program on a timely basis. For more information on permitting, refer to Part I, Item 1 and 2 – Business and Properties, Regulation of the Industries in Which We Operate, Regulation of Exploration and Production Activities.
Previous wording
Carbon management segment –Our 2025 capital for carbon management projects includes approximately $16 million for the installation of carbon capture equipment at one of our gas processing facilities located at our Elk Hills field which we expect to be completed in 2025. This gas processing facility is adjacent to the 26R storage reservoir held by Carbon TerraVault JV. For more information this project, refer to Part I, Item 1 and 2 – Business and Properties, Carbon Management Segment.
Current wording
Carbon management segment –Our 2026 capital for carbon management projects includes approximately $15 million for the completion of the carbon capture project at our cryogenic gas processing facility at Elk Hills. This gas processing facility is adjacent to the 26R storage reservoir held by Carbon TerraVault JV. For more information this project, refer to Part I, Item 1 and 2 – Business and Properties, Carbon Management Segment.
Previous wording
Other than our 2025 capital program, our expected material uses of cash during 2025 include: (1) operating expenses; (2) dividends, share and debt repurchases; (3) settlements on commodity derivative contracts; (4) income taxes and other taxes not on income; (5) settlement of asset retirement obligations; and (6) costs related to advancing our carbon management activities not included in our capital program, such as employee costs and front-end engineering and design studies.
Current wording
Other than our 2026 capital program, our expected material uses of cash during 2026 may include, subject to available liquidity, commodity prices, market conditions and other considerations, one or more of the following: (1) operating expenses; (2) dividends, share and debt repurchases; (3) settlements on commodity derivative contracts; (4) income taxes and other taxes not on income; (5) settlement of asset retirement obligations; and (6) costs related to advancing our carbon management activities not included in our capital program, such as employee costs and front-end engineering and design studies.
Previous wording
•operating lease liabilities including our drilling rigs, commercial office space, fleet vehicles, easements and certain facilities (see Part II, Item 8 – Financial Statements and Supplementary Data, Note 13 Leases)
Current wording
•operating lease liabilities including our commercial office space, fleet vehicles, easements and certain facilities (see Part II, Item 8 – Financial Statements and Supplementary Data, Note 13 Leases)
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The following table presents our consolidated operating revenues:
Current report — wording carried from elsewhere
On October 8, 2025, we completed an offering of $400 million in an aggregate principal amount of 7.000% senior notes due 2034 (2034 Senior Notes). The terms of the 2034 Senior Notes are governed by the Indenture, dated as of October 8, 2025, by and among us, our subsidiary guarantors and Wilmington Trust, National Association, as trustee (2034 Senior Notes Indenture). The net proceeds of $393 million, after $7 million of debt issuance costs, were used to repay Berry's long-term debt at closing of the Berry Merger.