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CONDENSED CONSOLIDATING FINANCIAL INFORMATION

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

We have designated certain of our subsidiaries as Unrestricted Subsidiaries under the indenture governing our Senior Notes (Senior Notes Indenture). Unrestricted Subsidiaries (as defined in the Senior Notes Indenture) are subject to fewer restrictions under the Senior Notes Indenture. We are required under the Senior Notes Indenture to present the financial condition and results of operations of CRC and its Restricted Subsidiaries (as defined in the Senior Notes Indenture) separate from the financial condition and results of operations of its Unrestricted Subsidiaries. The following condensed consolidating balance sheets as of March 31, 2024 and December 31, 2023 and the condensed consolidating statements of operations for the three months ended March 31, 2023 and 2024, as applicable, reflect the condensed consolidating financial information of our parent company, CRC (Parent), our combined Unrestricted Subsidiaries, our combined Restricted 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 the financial condition and results of operations had the Unrestricted Subsidiaries operated as independent entities.

Condensed Consolidating Balance Sheets

As of March 31, 2024 and December 31, 2023

			As of March 31, 2024
			Parent						Combined Unrestricted Subsidiaries						Combined Restricted Subsidiaries						Eliminations						Consolidated
			(in millions)
Total current assets			$	428					$	67					$	344					$	—					$	839
Total property, plant and equipment, net			13						16						2,764						—						2,793
Investments in consolidated subsidiaries			2,358						(17)						1,328						(3,669)						—
Deferred tax asset			139						—						—						—						139
Investment in unconsolidated subsidiary			—						16						—						—						16
Other assets			12						50						61						—						123
TOTAL ASSETS			$	2,950					$	132					$	4,497					$	(3,669)					$	3,910
Total current liabilities			82						15						497						—						$	594
Long-term debt			541						—						—						—						541
Asset retirement obligations			—						—						429						—						429
Other long-term liabilities			71						122						60						—						253
Amounts due to (from) affiliates			163						24						(187)						—						—
Total equity			2,093						(29)						3,698						(3,669)						2,093
TOTAL LIABILITIES AND EQUITY			$	2,950					$	132					$	4,497					$	(3,669)					$	3,910

			As of December 31, 2023
			Parent						Combined Unrestricted Subsidiaries						Combined Restricted Subsidiaries						Eliminations						Consolidated
			(in millions)
Total current assets			$	511					$	20					$	398					$	—					$	929
Total property, plant and equipment, net			14						12						2,744						—						2,770
Investments in consolidated subsidiaries			2,311						(11)						1,347						(3,647)						—
Deferred tax asset			132						—						—						—						132
Investment in unconsolidated subsidiary			—						19						—						—						19
Other assets			12						36						100						—						148
TOTAL ASSETS			$	2,980					$	76					$	4,589					$	(3,647)					$	3,998
Total current liabilities			142						13						461						—						$	616
Long-term debt			540						—						—						—						540
Asset retirement obligations			—						—						422						—						422
Other long-term liabilities			79						73						49						—						201
Total equity			2,219						(10)						3,657						(3,647)						2,219
TOTAL LIABILITIES AND EQUITY			$	2,980					$	76					$	4,589					$	(3,647)					$	3,998

Condensed Consolidating Statement of Operations

For the three months ended March 31, 2024 and 2023

			Three months ended March 31, 2024
			Parent						Combined Unrestricted Subsidiaries						Combined Restricted Subsidiaries						Eliminations						Consolidated
			(in millions)
Total revenues			$	6					$	—					$	457					$	(9)					$	454
Total costs and other			60						10						403						(9)						464
Gain on asset divestitures			—						—						6						—						6
Non-operating (loss) income			(12)						(4)						1						—						(15)
(LOSS) INCOME BEFORE INCOME TAXES			(66)						(14)						61						—						(19)
Income tax benefit			9						—						—						—						9
NET (LOSS) INCOME			$	(57)					$	(14)					$	61					$	—					$	(10)

			Three months ended March 31, 2023
			Parent						Combined Unrestricted Subsidiaries						Combined Restricted Subsidiaries						Eliminations						Consolidated
			(in millions)
Total revenues			$	4					$	—					$	1,020					$	—					$	1,024
Total costs and other			50						8						580						—						638
Gain on asset divestitures			—						—						7						—						7
Non-operating (loss) income			(15)						(3)						1						—						(17)
(LOSS) INCOME BEFORE INCOME TAXES			(61)						(11)						448						—						376
Income tax provision			(75)						—						—						—						(75)
NET (LOSS) INCOME			$	(136)					$	(11)					$	448					$	—					$	301

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- Definition

The entire disclosure for condensed financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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- References

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