CONDENSED CONSOLIDATING FINANCIAL INFORMATION

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

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 March 31, 2020 and December 31, 2019 and the condensed consolidating statements of operations and statements of cash flows for the three months ended March 31, 2020 and 2019, 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 the Company 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
As of March 31, 2020 and December 31, 2019
(in millions)

	March 31, 2020
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Total current assets	$	9		$	289		$	65		$	(7	)	$	356
Investments in consolidated subsidiaries	4,304			131			—			(4,435		)	—
Total property, plant and equipment, net	25			4,039			474			—			4,538
Other assets	1			65			14			—			80
TOTAL ASSETS	$	4,339		$	4,524		$	553		$	(4,442	)	$	4,974

Total current liabilities	139			404			7			(7		)	543
Long-term debt	4,860			—			—			—			4,860
Deferred gain and issuance costs, net	135			—			—			—			135
Other long-term liabilities	158			553			4			—			715
Amounts due to (from) affiliates	1,230			(1,232		)	2			—			—
Mezzanine equity	—			—			816			—			816
Total equity	(2,183		)	4,799			(276		)	(4,435		)	(2,095		)
TOTAL LIABILITIES AND EQUITY	$	4,339		$	4,524		$	553		$	(4,442	)	$	4,974



	December 31, 2019
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Total current assets	$	8		$	436		$	60		$	(13	)	$	491
Investments in consolidated subsidiaries	5,956			223			—			(6,179		)	—
Total property, plant and equipment, net	35			5,846			471			—			6,352
Other assets	1			82			32			—			115
TOTAL ASSETS	$	6,000		$	6,587		$	563		$	(6,192	)	$	6,958

Total current liabilities	248			469			5			(13		)	709
Long-term debt	4,877			—			—			—			4,877
Deferred gain and issuance costs, net	146			—			—			—			146
Other long-term liabilities	167			549			4			—			720
Amounts due to (from) affiliates	951			(953		)	2			—			—
Mezzanine equity	—			—			802			—			802
Total equity	(389		)	6,522			(250		)	(6,179		)	(296		)
TOTAL LIABILITIES AND EQUITY	$	6,000		$	6,587		$	563		$	(6,192	)	$	6,958



Condensed Consolidating Statements of Operations
For the three months ended March 31, 2020 and 2019
(in millions)

	Three months ended March 31, 2020
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Total revenues	$	—		$	526		$	116		$	(69	)	$	573
Total costs	47			2,189			55			(69		)	2,222
Non-operating (loss) income	(95		)	(1		)	—			—			(96		)
NET (LOSS) INCOME	(142		)	(1,664		)	61			—			(1,745		)
Net income attributable to noncontrolling interests	—			—			(51		)	—			(51		)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(142	)	$	(1,664	)	$	10		$	—		$	(1,796	)



	Three months ended March 31, 2019
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Total revenues	$	—		$	644	$	123		$	(77	)	$	690
Total costs	54			584		72			(77		)	633
Non-operating (loss) income	(104		)	3		—			—			(101		)
NET (LOSS) INCOME	(158		)	63		51			—			(44		)
Net income attributable to noncontrolling interest	—			—		(23		)	—			(23		)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(158	)	$	63	$	28		$	—		$	(67	)



Condensed Consolidating Statements of Cash Flows
For the three months ended March 31, 2020 and 2019
(in millions)

	Three months ended March 31, 2020
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(188	)	$	334		$	82		$	—	$	228
Net cash provided by (used in) investing activities	1			(13		)	—			—		(12		)
Net cash provided by (used in) financing activities	187			(260		)	(83		)	—		(156		)
Increase in cash	—			61			(1		)	—		60
Cash—beginning of period	—			6			11			—		17
Cash—end of period	$	—		$	67		$	10		$	—	$	77



	Three months ended March 31, 2019
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(184	)	$	267		$	75		$	—	$	158
Net cash used in investing activities	—			(182		)	—			—		(182		)
Net cash provided by (used in) financing activities	184			(83		)	(51		)	—		50
Increase in cash	—			2			24			—		26
Cash—beginning of period	—			7			10			—		17
Cash—end of period	$	—		$	9		$	34		$	—	$	43