NOTE 14 CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Our Credit Facilities, Second Lien Notes and Senior Notes are guaranteed both fully and unconditionally and jointly and severally by our material wholly owned subsidiaries (Guarantor Subsidiaries). Certain of our subsidiaries do not guarantee our Credit Facilities, Second Lien Notes and Senior Notes (Non-Guarantor Subsidiaries) either because they hold assets that are less than 1% of our total consolidated assets or because they are not considered a "subsidiary" under the applicable financing agreement. The following condensed consolidating balance sheets as of September 30, 2018 and December 31, 2017 and the condensed consolidating statements of operations and statements of cash flows for the three and nine months ended September 30, 2018 and 2017, as applicable, reflect the condensed consolidating financial information of our parent company, CRC (Parent), our combined Guarantor Subsidiaries, our combined Non-Guarantor Subsidiaries and the elimination entries necessary to arrive at the information for CRC on a consolidated basis.

The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities.

Condensed Consolidating Balance Sheets


					Combined
			Combined		Non-
			Guarantor		Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
	(in millions)
As of September 30, 2018
Total current assets	$	5	$	475	$	81	$	(15)	$	546
Total property, plant and equipment, net		32		5,823		531		—		6,386
Investments in consolidated subsidiaries		5,858		178		—		(6,036)		—
Other assets		10		29		13		—		52
TOTAL ASSETS	$	5,905	$	6,505	$	625	$	(6,051)	$	6,984

Total current liabilities		187		682		17		(15)		871
Long-term debt		5,108		—		—		—		5,108
Deferred gain and issuance costs, net		253		—		—		—		253
Other long-term liabilities		152		451		9		—		612
Amounts due to (from) affiliates		929		(929)		—		—		—
Mezzanine equity		—		—		745		—		745
Total equity		(724)		6,301		(146)		(6,036)		(605)
TOTAL LIABILITIES AND EQUITY	$	5,905	$	6,505	$	625	$	(6,051)	$	6,984


As of December 31, 2017
Total current assets	$	13	$	464	$	12	$	(6)	$	483
Total property, plant and equipment, net		24		5,580		92		—		5,696
Investments in consolidated subsidiaries		5,105		606		—		(5,711)		—
Other assets		—		27		1		—		28
TOTAL ASSETS	$	5,142	$	6,677	$	105	$	(5,717)	$	6,207

Total current liabilities		122		613		3		(6)		732
Long-term debt		5,306		—		—		—		5,306
Deferred gain and issuance costs, net		287		—		—		—		287
Other long-term liabilities		154		445		3		—		602
Amounts due to (from) affiliates		87		(87)		—		—		—
Total equity		(814)		5,706		99		(5,711)		(720)
TOTAL LIABILITIES AND EQUITY	$	5,142	$	6,677	$	105	$	(5,717)	$	6,207

Condensed Consolidating Statements of Operations


					Combined
			Combined		Non-
			Guarantor		Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
	(in millions)
For the three months ended September 30, 2018
Total revenues and other	$	—	$	766	$	135	$	(73)	$	828
Total costs and other		62		582		72		(73)		643
Non-operating (loss) income		(99)		5		—		—		(94)
NET INCOME (LOSS)		(161)		189		63		—		91
Net income attributable to noncontrolling interests		—		—		(25)		—		(25)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	(161)	$	189	$	38	$	—	$	66


For the three months ended September 30, 2017
Total revenues and other	$	5	$	446	$	5	$	(11)	$	445
Total costs and other		58		439		4		(11)		490
Non-operating (loss) income		(87)		—		—		—		(87)
NET (LOSS) INCOME		(140)		7		1		—		(132)
Net income attributable to noncontrolling interest		—		—		(1)		—		(1)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(140)	$	7	$	—	$	—	$	(133)

Condensed Consolidating Statements of Operations


					Combined
			Combined		Non-
			Guarantor		Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
	(in millions)
For the nine months ended September 30, 2018
Total revenues and other	$	1	$	1,878	$	293	$	(186)	$	1,986
Total costs and other		169		1,542		157		(186)		1,682
Non-operating (loss) income		(272)		5		—		—		(267)
NET INCOME (LOSS)		(440)		341		136		—		37
Net income attributable to noncontrolling interests		—		—		(55)		—		(55)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	(440)	$	341	$	81	$	—	$	(18)


For the nine months ended September 30, 2017
Total revenues and other	$	22	$	1,551	$	10	$	(32)	$	1,551
Total costs and other		165		1,298		9		(32)		1,440
Non-operating (loss) income		(256)		18		—		—		(238)
NET (LOSS) INCOME		(399)		271		1		—		(127)
Net income attributable to noncontrolling interest		—		—		(1)		—		(1)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(399)	$	271	$	—	$	—	$	(128)

Condensed Consolidating Statements of Cash Flows


					Combined
			Combined		Non-
			Guarantor		Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
	(in millions)
For the nine months ended September 30, 2018
Net cash (used) provided by operating activities	$	(433)	$	645	$	181	$	—	$	393
Net cash used in investing activities		(3)		(921)		(41)		—		(965)
Net cash provided (used) by financing activities		429		278		(124)		—		583
Increase in cash		(7)		2		16		—		11
Cash—beginning of period		7		8		5		—		20
Cash—end of period	$	—	$	10	$	21	$	—	$	31


For the nine months ended September 30, 2017
Net cash (used) provided by operating activities	$	(403)	$	621	$	7	$	—	$	225
Net cash used in investing activities		(2)		(90)		(82)		—		(174)
Net cash provided (used) by financing activities		409		(536)		92		—		(35)
Increase (decrease) in cash		4		(5)		17		—		16
Cash—beginning of period		—		12		—		—		12
Cash—end of period	$	4	$	7	$	17	$	—	$	28