CONDENSED CONSOLIDATING FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 consolidating balance sheets as of December 31, 2024 and 2023 and the consolidating statements of operations for the year ended December 31, 2024, 2023 and 2022, as applicable, reflect the 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 December 31, 2024 and 2023


	As of December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	437	$	46	$	541	$	—	$	1,024
Total property, plant and equipment, net	14		31		5,635		—		5,680
Investments in consolidated subsidiaries	4,869		(32)		15,050		(19,887)		—
Deferred tax asset	73		—		—		—		73
Investment in unconsolidated subsidiaries	—		27		59		—		86
Other assets	113		58		101		—		272
TOTAL ASSETS	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Total current liabilities	224		14		742		—		$	980
Long-term debt	1,132		—		—		—		1,132
Asset retirement obligations	—		—		995		—		995
Other long-term liabilities	114		138		125		—		377
Amounts due to (from) affiliates	385		—		(385)		—		—
Deferred tax liability	113		—		—		—		113
Total equity	3,538		(22)		19,909		(19,887)		3,538
TOTAL LIABILITIES AND EQUITY	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135


	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 years ended December 31, 2024, 2023 and 2022


	Year ended December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	18	$	—	$	3,345	$	(165)	$	3,198
Total costs and other	290		66		2,398		(165)		2,589
Gain on asset divestitures	—		—		11		—		11
Non-operating (loss) income	(92)		(21)		9		—		(104)
(LOSS) INCOME BEFORE INCOME TAXES	(364)		(87)		967		—		516
Income tax provision	(140)		—		—		—		(140)
NET (LOSS) INCOME	$	(504)	$	(87)	$	967	$	—	$	376


	Year ended December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	21	$	—	$	2,780	$	—	$	2,801
Total costs and other	239		49		1,737		—		2,025
Gain on asset divestitures	—		—		32		—		32
Non-operating (loss) income	(51)		(14)		5		—		(60)
(LOSS) INCOME BEFORE INCOME TAXES	(269)		(63)		1,080		—		748
Income tax provision	(184)		—		—		—		(184)
NET (LOSS) INCOME	$	(453)	$	(63)	$	1,080	$	—	$	564


	Year ended December 31, 2022
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total revenues	$	4	$	—	$	2,703	$	—	$	2,707
Total costs and other	177		37		1,740		—		1,954
Gain on asset divestitures	—		—		59		—		59
Non-operating (loss) income	(55)		(3)		7		—		(51)
(LOSS) INCOME BEFORE INCOME TAXES	(228)		(40)		1,029		—		761
Income tax provision	(237)		—		—		—		(237)
NET (LOSS) INCOME	$	(465)	$	(40)	$	1,029	$	—	$	524