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CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 6 Months Ended
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Jun. 30, 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 2026 Senior Notes (2026 Senior Notes Indenture) and 2029 Senior Notes (2029 Senior Notes Indenture). Unrestricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) are subject to fewer restrictions under the indentures. We are required under the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture to present the financial condition and results of operations of CRC and its Restricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) separate from the financial condition and results of operations of its Unrestricted Subsidiaries. The following condensed consolidating balance sheets as of June 30, 2024 and December 31, 2023 and the condensed consolidating statements of operations for the three and six months ended June 30, 2024 and 2023, as applicable, reflect the condensed consolidating financial information of 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 June 30, 2024 and December 31, 2023
| As of June 30, 2024
| Parent |  | Combined Unrestricted Subsidiaries |  | Combined Restricted Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Total current assets | $ | 1,055 |  |  | $ | 61 |  |  | $ | 323 |  |  | $ | — |  |  | $ | 1,439 |
Total property, plant and equipment, net | 13 |  |  | 21 |  |  | 2,739 |  |  | — |  |  | 2,773 |
Investments in consolidated subsidiaries | 2,461 |  |  | (28) |  |  | 1,361 |  |  | (3,794) |  |  | — |
Deferred tax asset | 139 |  |  | — |  |  | — |  |  | — |  |  | 139 |
Investment in unconsolidated subsidiary | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |
Other assets | 14 |  |  | 49 |  |  | 59 |  |  | — |  |  | 122 |
TOTAL ASSETS | $ | 3,682 |  |  | $ | 120 |  |  | $ | 4,482 |  |  | $ | (3,794) |  |  | $ | 4,490 |
Total current liabilities | 117 |  |  | 15 |  |  | 461 |  |  | — |  |  | $ | 593 |
Long-term debt | 1,161 |  |  | — |  |  | — |  |  | — |  |  | 1,161 |
Asset retirement obligations | — |  |  | — |  |  | 436 |  |  | — |  |  | 436 |
Other long-term liabilities | 72 |  |  | 126 |  |  | 50 |  |  | — |  |  | 248 |
Amounts due to (from) affiliates | 280 |  |  | 44 |  |  | (324) |  |  | — |  |  | — |
Total equity | 2,052 |  |  | (65) |  |  | 3,859 |  |  | (3,794) |  |  | 2,052 |
TOTAL LIABILITIES AND EQUITY | $ | 3,682 |  |  | $ | 120 |  |  | $ | 4,482 |  |  | $ | (3,794) |  |  | $ | 4,490 |
| 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 and six months ended June 30, 2024 and 2023
| Three months ended June 30, 2024
| Parent |  | Combined Unrestricted Subsidiaries |  | Combined Restricted Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Total operating revenues | $ | 7 |  |  | $ | — |  |  | $ | 513 |  |  | $ | (6) |  |  | $ | 514 |
Total costs and other | 77 |  |  | 18 |  |  | 388 |  |  | (6) |  |  | 477 |
Gain on asset divestitures | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Non-operating income (loss) | (21) |  |  | (7) |  |  | 1 |  |  | — |  |  | (27) |
INCOME (LOSS) BEFORE INCOME TAXES | (91) |  |  | (25) |  |  | 127 |  |  | — |  |  | 11 |
Income tax benefit | (3) |  |  | — |  |  | — |  |  | — |  |  | (3) |
NET INCOME (LOSS) | $ | (94) |  |  | $ | (25) |  |  | $ | 127 |  |  | $ | — |  |  | $ | 8 |
| Three months ended June 30, 2023
| Parent |  | Combined Unrestricted Subsidiaries |  | Combined Restricted Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Total operating revenues | $ | 5 |  |  | $ | — |  |  | $ | 586 |  |  | $ | — |  |  | $ | 591 |
Total costs and other | 62 |  |  | 11 |  |  | 371 |  |  | — |  |  | 444 |
Non-operating (loss) income | (11) |  |  | (2) |  |  | 1 |  |  | — |  |  | (12) |
(LOSS) INCOME BEFORE INCOME TAXES | (68) |  |  | (13) |  |  | 216 |  |  | — |  |  | 135 |
Income tax provision | (38) |  |  | — |  |  | — |  |  | — |  |  | (38) |
NET (LOSS) INCOME | $ | (106) |  |  | $ | (13) |  |  | $ | 216 |  |  | $ | — |  |  | $ | 97 |
| Six months ended June 30, 2024
| Parent |  | Combined Unrestricted Subsidiaries |  | Combined Restricted Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Total operating revenues | $ | 13 |  |  | $ | — |  |  | $ | 971 |  |  | $ | (16) |  |  | $ | 968 |
Total costs and other | 136 |  |  | 28 |  |  | 793 |  |  | (16) |  |  | 941 |
Gain on asset divestitures | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Non-operating (loss) income | (34) |  |  | (11) |  |  | 3 |  |  | — |  |  | (42) |
(LOSS) INCOME BEFORE INCOME TAXES | (157) |  |  | (39) |  |  | 188 |  |  | — |  |  | (8) |
Income tax provision | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
NET (LOSS) INCOME | $ | (151) |  |  | $ | (39) |  |  | $ | 188 |  |  | $ | — |  |  | $ | (2) |
| Six months ended June 30, 2023
| Parent |  | Combined Unrestricted Subsidiaries |  | Combined Restricted Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Total operating revenues | $ | 9 |  |  | $ | — |  |  | $ | 1,606 |  |  | $ | — |  |  | $ | 1,615 |
Total costs and other | 112 |  |  | 19 |  |  | 951 |  |  | — |  |  | 1,082 |
Gain on asset divestitures | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Non-operating (loss) income | (27) |  |  | (5) |  |  | 3 |  |  | — |  |  | (29) |
(LOSS) INCOME BEFORE INCOME TAXES | (130) |  |  | (24) |  |  | 665 |  |  | — |  |  | 511 |
Income tax provision | (113) |  |  | — |  |  | — |  |  | — |  |  | (113) |
NET (LOSS) INCOME | $ | (243) |  |  | $ | (24) |  |  | $ | 665 |  |  | $ | — |  |  | $ | 398 |

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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 + Details
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