0001609253-21-000073 | 10-Q | XBRL Viewer | California Resources Corp

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

As a result of our bankruptcy, our Amended and Restated California Resources Corporation Long-Term Incentive Plan was cancelled and, upon emergence, all outstanding stock-based compensation awards granted under this plan were cancelled.

On January 18, 2021, our Board of Directors approved the California Resources Corporation 2021 Long Term Incentive Plan (2021 Incentive Plan) and as a result, the 2021 Incentive Plan became effective. The 2021 Incentive Plan provides for potential grants of stock options, stock appreciation rights, restricted stock awards, restricted stock units, vested stock awards, dividend equivalents, other stock-based awards and substitute awards to employees, officers, non-employee directors and other service providers of the Company and its affiliates. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 14 Stock-Based Compensation in our 2020 Annual Report for additional information including the number of shares authorized for awards.

Shares of our common stock may be withheld by us in satisfaction of tax withholding obligations arising upon the vesting of restricted stock and performance stock units.

Stock-based compensation expense is recorded as a component of operating costs and general and administrative expenses on our condensed consolidated statements of operations as follows:


	Successor		Predecessor
	Three months ended March 31,		Three months ended March 31,
	2021		2020
(in millions)
General and administrative expenses	$	2	$	1
Operating costs	—		(1)
Total stock-based compensation expense	$	2	$	—

For the three months ended March 31, 2021 and 2020, we did not recognize any income tax benefit related to our stock-based compensation. For the three months ended March 31, 2020, we made cash payments of $8 million for the cash-settled portion of our pre-emergence awards.

Restricted Stock Units

In the first quarter of 2021, we granted restricted stock units (RSUs) to our non-employee directors and certain of our executives. The awards generally vest ratably over three years, with one third of the granted units vesting on each of the first three anniversaries of the applicable date of grant. RSUs are settled in shares of our common stock at the end of the three-year vesting period.

Compensation expense was measured on the date of grant using the quoted market price of our common stock and is recognized on a straight-line basis over the requisite service periods adjusted for actual forfeitures, if any.

As of March 31, 2021, the unrecognized compensation expense for all of our unvested RSUs was approximately $25 million and is expected to be recognized over a weighted-average period of three years.



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)

Granted	1,057	$	24.45
Cancelled or Forfeited	(9)	$	24.50
Unvested at March 31, 2021 (Successor)	1,048

Performance Stock Units

In the first quarter of 2021, we granted certain of our executives performance stock units (PSUs). PSUs are earned upon the attainment of specified 60-trading day volume weighted average prices for shares of our common stock during a three-year service period commencing on the grant date. Once units are earned, the earned units are not reduced for subsequent decreases in stock price. For the duration of the three-year period, a minimum of 0% and a maximum of 100% of the PSUs granted could be earned. Earned PSUs vest on the third anniversary of the grant date and are settled in shares of our common stock at that time.



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)

Granted	869	$	19.47
Cancelled or Forfeited	(9)	$	19.31
Unvested at March 31, 2021 (Successor)	860

The grant date fair value and associated equity compensation expense was measured using a Monte Carlo simulation model which runs a probabilistic assessment of the number of units that will be earned based on a projection of our stock price during the three-year service period.

The range of assumptions used in the Monte Carlo simulation model for the PSUs granted during the first quarter of 2021 were as follows:





Expected volatility(a)	65.00	%
Risk-free interest rate(b)	0.17% - 0.32%
Dividend yield	—	%
Forecast period (in years)	3

(a)Expected volatility was calculated using a peer group due to our limited trading history since our emergence from bankruptcy.

(b)Based on the U.S. Treasury yield for a three-year term at the grant date.

Compensation expense is recognized on a straight-line basis over the requisite service periods adjusted for actual forfeitures, if any. As of March 31, 2021, the unrecognized compensation expense for all of our unvested PSUs was approximately $16 million and is expected to be recognized over a weighted-average period of three years.

JOINT VENTURES - BSP (Details) $ in Millions	Feb. 28, 2017 USD ($)
Benefit Street Partners \| Joint venture with BSP
Business Acquisition [Line Items]
Maximum commitment contribution	$ 200

DEBT - Revolving Credit Facility (Details) - Line of Credit - USD ($) $ in Millions	Apr. 30, 2021	Mar. 31, 2021
Debt instrument
Total availability		$ 415
Subsequent Event
Debt instrument
Total availability	$ 367
Revolving Credit Facility
Debt instrument
Borrowing capacity		540
Revolving Credit Facility \| Subsequent Event
Debt instrument
Borrowing capacity	492
Letters of Credit
Debt instrument
Amount outstanding		$ (125)
Letters of Credit \| Subsequent Event
Debt instrument
Amount outstanding	$ (125)

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe estimate our annual effective income tax rate to record our quarterly income tax provision in the jurisdictions in which we operate. Statutory tax rate changes and other significant or unusual items, if any, are not included in our annual effective income tax rate and are instead recognized as discrete items in the quarter in which they occur.For the three months ended March 31, 2021 and 2020, we did not provide any current or deferred income tax provision or benefit. The difference between our statutory tax rate and our effective tax rate of zero for all periods presented includes changes to maintain our full valuation allowance against our net deferred tax assets given our recent and anticipated future earnings trends. We believe that there is a reasonable possibility that some or all of this allowance could be released in the foreseeable future. However, the amount of the net deferred tax assets considered realizable depends on the sustained level of profitability that we can achieve.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

EARNINGS PER SHARE - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator for Basic and Diluted Earnings per Share
Net loss	$ (89)	$ (1,745)
Less: net income attributable to noncontrolling interests	(5)	(51)
Net loss attributable to common stock - basic	(94)	(1,796)
Net loss attributable to common stock - diluted	$ (94)	$ (1,796)
Denominator for Basic and Diluted Earnings per Share
Weighted-average common shares outstanding — basic (in shares)	83.3	49.3
Weighted-average common shares outstanding — diluted (in shares)	83.3	49.3
Earnings per Share
Basic (in dollars per share)	$ (1.13)	$ (36.43)
Diluted (in dollars per share)	$ (1.13)	$ (36.43)
Weighted-average anti-dilutive shares (in shares)	5.4	4.6

OTHER INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accrued liabilities current [abstract]
Accrued employee-related costs	$ 63	$ 72
Accrued taxes other than on income	44	36
Asset retirement obligations	50	50
Accrued interest	10	1
Lease liability	10	7
Fair value of derivative contracts	151	50
Amounts due to counterparties on derivative contracts	44	21
Other	37	24
Accrued liabilities	$ 409	$ 261

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

We compute basic and diluted earnings per share (EPS) using the treasury stock method for the three months ended March 31, 2021 and the two-class method for the three months ended March 31, 2020 which is required for participating securities. Certain of our restricted and performance stock unit awards outstanding during the Predecessor period were considered participating securities because they had non-forfeitable dividend rights at the same rate as our pre-emergence common stock. Our restricted and performance stock unit awards granted in the first quarter of 2021, as described in Note 15 Stock-Based Compensation, are not considered participating securities since the dividend rights on unvested shares are forfeitable.

Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to common stock in determining net income available to common stockholders. In loss periods, no allocation is made to participating securities because participating securities do not share in losses. For basic EPS, the weighted-average number of common shares outstanding excludes underlying shares related to unvested equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive.

The following table presents the calculation of basic and diluted EPS, for the three months ended March 31, 2021 and 2020:


	Successor		Predecessor
	Three months ended March 31,		Three months ended March 31,
	2021		2020
(in millions, except per-share amounts)
Numerator for Basic and Diluted Earnings per Share
Net loss	$	(89)	$	(1,745)
Less: net income attributable to noncontrolling interests	(5)		(51)
Net loss attributable to common stock	$	(94)	$	(1,796)

Denominator for Basic and Diluted Earnings per Share
Weighted-average shares	83.3		49.3







Earnings per Share
Basic	$	(1.13)	$	(36.43)
Diluted	$	(1.13)	$	(36.43)

Weighted-average anti-dilutive shares	5.4		4.6

BASIS OF PRESENTATION (Details) - Organization Changes $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Debt instrument
Restructuring charges	$ 14
Expected restructuring and related costs to be incurred	$ 16

JOINT VENTURES	3 Months Ended
JOINT VENTURES	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
JOINT VENTURES	JOINT VENTURES The following is a summary of our current consolidated joint venture arrangements: BSP JV In February 2017, we entered into a development joint venture (JV) with Benefit Street Partners (BSP) to develop certain oil and natural gas assets in exchange for a preferred interest in the BSP JV. BSP is entitled to preferred distributions and, if it receives cash distributions equal to a predetermined threshold, the preferred interest is automatically redeemed in full with no additional payment. BSP has invested $200 million to date, before transaction costs. Our condensed consolidated results reflect the operations of our development JV with BSP, with BSP's preferred interest reported in equity on our condensed consolidated balance sheets and BSP’s share of net income (loss) reported in net income attributable to noncontrolling interests on our condensed consolidated statements of operations for all periods presented. Distributions to our joint venture partner are reported as financing cash outflows on our condensed consolidated statements of cash flows for all periods presented. Elk Hills Carbon JV In January 2020, we entered into an agreement with OGCI Climate Investments LLP (OGCI) to determine the technical and economic feasibility of retrofitting the Elk Hills power plant with a post-combustion, carbon-capture system, which includes a front-end engineering design (FEED) scope and study. The project received financial assistance from the U.S. Department of Energy and project participants include us, Electric Power Research Institute (EPRI), and Fluor Corporation. We formed a joint venture with OGCI called Elk Hills Carbon LLC (Elk Hills Carbon JV) to assist with our share of the funding obligation. OGCI contributed approximately $2 million to the Elk Hills Carbon JV in the first quarter of 2020 and the cost-sharing payment was made to EPRI during the second quarter of 2020. We are currently evaluating the results of the FEED scope and study. The amounts related to our Elk Hills Carbon JV are not significant to our condensed consolidated financial statements for all periods presented. The following is a summary of a consolidated joint venture arrangement which was terminated in October 2020 in connection with our emergence from bankruptcy: Ares JV In February 2018, our wholly-owned subsidiary California Resources Elk Hills, LLC entered into a midstream joint venture with ECR Corporate Holdings, L.P. (ECR), a portfolio company of Ares, with respect to the Elk Hills power plant and a cryogenic gas processing plant (Ares JV). These assets were held by the joint venture entity, Elk Hills Power, LLC (Elk Hills Power). We held 50% of the Class A common interest and 95.25% of the Class C common interest in Elk Hills Power and ECR held 50% of the Class A common interest, 100% of the Class B preferred interest and 4.75% of the Class C common interest. As described in Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Joint Ventures in our 2020 Annual Report, upon our emergence from bankruptcy, we acquired all of the equity interests held by ECR in exchange for EHP Notes, 20.8% (subject to dilution) of our common stock and approximately $2 million in cash. Our condensed consolidated statements of operations for the three months ended March 31, 2020 reflect the operations of the Ares JV, with ECR's share of net income (loss) reported in net income attributable to noncontrolling interests. Distributions to our former joint venture partner are reported as financing cash outflows on our condensed consolidated statement of cash flows for the period ended March 31, 2020. Other For more information on our other joint ventures that are unconsolidated joint ventures, including the Alpine JV, the JV with Macquarie Infrastructure and Real Assets Inc., and the JV with Royale Energy, Inc., please see Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Joint Ventures in our 2020 Annual Report.

SUBSEQUENT EVENTS (Details) $ in Millions	May 13, 2021 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program authorized amount	$ 150

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of calculation of basic and diluted EPS

The following table presents the calculation of basic and diluted EPS, for the three months ended March 31, 2021 and 2020:


	Successor		Predecessor
	Three months ended March 31,		Three months ended March 31,
	2021		2020
(in millions, except per-share amounts)
Numerator for Basic and Diluted Earnings per Share
Net loss	$	(89)	$	(1,745)
Less: net income attributable to noncontrolling interests	(5)		(51)
Net loss attributable to common stock	$	(94)	$	(1,796)

Denominator for Basic and Diluted Earnings per Share
Weighted-average shares	83.3		49.3







Earnings per Share
Basic	$	(1.13)	$	(36.43)
Diluted	$	(1.13)	$	(36.43)

Weighted-average anti-dilutive shares	5.4		4.6

DEBT - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt instrument
Fair Value of Long-Term Debt	$ 611	$ 599
EHP Notes
Debt instrument
Fair Value of Long-Term Debt	0	300
Variable rate debt
Debt instrument
Fair Value of Long-Term Debt	0	299
Fixed rate debt
Debt instrument
Fair Value of Long-Term Debt
Senior Notes (Unsecured)
Debt instrument
Fair Value of Long-Term Debt	$ 611	$ 0

OTHER INFORMATION

3 Months Ended

Mar. 31, 2021

OTHER INFORMATION

OTHER INFORMATION

Other current assets — Other current assets consisted of the following:


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Amounts due from joint interest partners	$	44	$	42
Amounts due from counterparties on derivative contracts	8		—
Prepaid expenses	18		20
Other	1		1
Other current assets	$	71	$	63

Accrued liabilities — Accrued liabilities consisted of the following:


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Accrued employee-related costs	$	63	$	72
Accrued taxes other than on income	44		36
Asset retirement obligations	50		50
Accrued interest	10		1
Lease liability	10		7
Fair value of derivative contracts	151		50
Amounts due to counterparties on derivative contracts	44		21
Other	37		24
Accrued liabilities	$	409	$	261

Other long-term liabilities — Other long-term liabilities included the following:


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Asset retirement obligations	$	546	$	547
Deferred compensation and postretirement	180		184
Lease liability	34		35
Fair value of derivative contracts	86		6
Amounts due to counterparties on derivative contracts	24		31
Other	19		19
Other long-term liabilities	$	889	$	822

Supplemental Cash Flow Information

We did not make U.S. federal and state income tax payments during the three months ended March 31, 2021 and 2020. Interest paid, net of capitalized amounts, totaled $2 million and $45 million for the three months ended March 31, 2021 and 2020, respectively. Cash paid for reorganization items during the three months ended March 31, 2021 was $2 million.

Fair Value of Financial Instruments

The carrying amounts of cash and on-balance sheet financial instruments, other than debt, approximate fair value. Refer to Note 5 Debt for the fair value of our debt. Refer to Note 14 Asset Impairments for impairment charges related to our long-lived assets.

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenue

The following table provides disaggregated revenue for sales for oil, natural gas and NGLs to customers:


	Successor		Predecessor
	Three months ended March 31,		Three months ended March 31,
	2021		2020
(in millions)
Oil, natural gas and NGL sales:
Oil	$	331	$	356
Natural gas	47		38
NGLs	54		36
	$	432	$	430

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of share based compensation expense

Stock-based compensation expense is recorded as a component of operating costs and general and administrative expenses on our condensed consolidated statements of operations as follows:


	Successor		Predecessor
	Three months ended March 31,		Three months ended March 31,
	2021		2020
(in millions)
General and administrative expenses	$	2	$	1
Operating costs	—		(1)
Total stock-based compensation expense	$	2	$	—

Summary of changes in cash and stock-settled Restricted Stock Units (RSUs)

As of March 31, 2021, the unrecognized compensation expense for all of our unvested RSUs was approximately $25 million and is expected to be recognized over a weighted-average period of three years.



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)

Granted	1,057	$	24.45
Cancelled or Forfeited	(9)	$	24.50
Unvested at March 31, 2021 (Successor)	1,048

Summary of changes in cash and stock-settled Performance Stock Units (PSUs)



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)

Granted	869	$	19.47
Cancelled or Forfeited	(9)	$	19.31
Unvested at March 31, 2021 (Successor)	860

Schedule of percentage of payouts target awards

The range of assumptions used in the Monte Carlo simulation model for the PSUs granted during the first quarter of 2021 were as follows:





Expected volatility(a)	65.00	%
Risk-free interest rate(b)	0.17% - 0.32%
Dividend yield	—	%
Forecast period (in years)	3

(a)Expected volatility was calculated using a peer group due to our limited trading history since our emergence from bankruptcy.

(b)Based on the U.S. Treasury yield for a three-year term at the grant date.

DEBT (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

As of March 31, 2021 and December 31, 2020, our long-term debt consisted of the following:


	Successor
	March 31,		December 31,
	2021		2020		Interest Rate	Maturity
	(in millions)

Revolving Credit Facility	$	—	$	99	LIBOR plus 3%-4% ABR plus 2%-3%	April 29, 2024

Second Lien Term Loan	—		200		LIBOR plus 9%-10.5% ABR plus 8%-9.5%	October 27, 2025

EHP Notes	—		300		6%	October 27, 2027
Senior Notes	600		—		7.125%	February 1, 2026
Principal Amount	$	600	$	599
Unamortized debt issuance costs	(12)		(2)
Long-term debt, net	$	588	$	597

As shown in the table below, we estimated the fair value of our fixed rate Senior Notes based on observable inputs (Level 1) and the fair value of our EHP Notes with no observable inputs (Level 3).


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Variable rate debt	$	—	$	299
Fixed rate debt

Senior Notes	611		—
EHP Notes	—		300
Fair Value of Long-Term Debt	$	611	$	599

Schedule of line of credit facilities

As of March 31, 2021 and April 30, 2021, our availability for borrowing under the Revolving Credit facility was as follows:


	Successor
	March 31,		April 30,
	2021		2021
	(in millions)
Borrowing capacity	$	540	$	492
Letters of credit outstanding	(125)		(125)
Total availability	$	415	$	367

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

STOCK-BASED COMPENSATION - Performance Stock Unit Awards (Details) - Performance Stock Units $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) day $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days \| day	60
Award service period	3 years
Number of Units
Granted (in shares)	869
Cancelled or Forfeited (in shares)	(9)
Unvested (in shares)	860
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 19.47
Cancelled or Forfeited (in dollars per share) \| $ / shares	$ 19.31
Unrecognized compensation expense \| $	$ 16
Weighted-average period over which unrecognized compensation expense is expected to be recognized	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards	100.00%

ACCOUNTING AND DISCLOSURE CHANGES	3 Months Ended
ACCOUNTING AND DISCLOSURE CHANGES	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
ACCOUNTING AND DISCLOSURE CHANGES	ACCOUNTING AND DISCLOSURE CHANGES Recently Adopted Accounting and Disclosure Changes We qualified for and adopted fresh start accounting upon emergence from bankruptcy at which point we became a new entity for financial reporting purposes. We adopted an accounting convenience date of October 31, 2020 for the application of fresh start accounting. As a result of the application of fresh start accounting and the effects of the implementation of the Plan, the financial statements after October 31, 2020 may not be comparable to the financial statements prior to that date. Accordingly, “black-line” financial statements are presented to distinguish between the Predecessor and Successor companies. References to "Predecessor” refer to the Company for periods ended on or prior to October 31, 2020 and references to “Successor” refer to the Company for periods subsequent to October 31, 2020. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 2 Chapter 11 Proceedings and Note 3 Fresh Start Accounting in our 2020 Annual Report for additional information on the terms of the Plan, our emergence from bankruptcy and application of fresh start accounting. We adopted new accounting guidance on current expected credit losses on January 1, 2020, using a modified retrospective approach to the first period in which the guidance was effective. The new rules changed the measurement of credit losses for financial assets and certain other instruments, including trade and other receivables with a right to receive cash, and require the use of a new forward-looking expected loss model that results in the earlier recognition of an allowance for losses. The adoption of these new rules did not have a significant impact on our condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

ASSET IMPAIRMENTS

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

ASSET IMPAIRMENTS

The following table presents a summary of our asset impairments:


	Successor		Predecessor
	March 31, 2021		March 31, 2020
(in millions)
Proved oil and natural gas properties	$	—	$	1,487
Unproved properties	—		228
Other	3		21
Total	$	3	$	1,736

At March 31, 2021, we recorded a $3 million impairment which was triggered by the change in our business strategy and capital allocation priorities resulting in the impairment of capitalized costs related to projects which were abandoned.

At March 31, 2020, we recorded a $1.7 billion impairment which was triggered by the sharp drop in commodity prices at the end of the first quarter of 2020 due to the significant decrease in demand for oil and natural gas products as a result of the Coronavirus Disease 2019 (COVID-19) pandemic coupled with the over-supply resulting from a price war between members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allied producing countries. Other asset impairments recorded in the three months ended March 31, 2020 primarily included the write-off of amounts due from joint interest partners which were recoverable solely from our partners’ share of future production from associated fields. The dramatic commodity price decline during the first quarter of 2020 resulted in changes to our cash flow forecasts and we impaired the carrying value of these amounts. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 13 Asset Impairment in our 2020 Annual Report for a description of our impairment of proved and unproved oil and gas properties as of March 31, 2020.

STOCK-BASED COMPENSATION - Schedule of Percentage of Payouts Target Awards (Details) - Performance Stock Units	3 Months Ended
	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	65.00%
Dividend yield	0.00%
Forecast period (in years)	3 years
Expected term	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.17%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.32%

LEASES - Supplement balance sheet information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) drilling_rig	Dec. 31, 2020 USD ($)
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Operating	$ 39	$ 38
Finance	1	1
Total leased assets	40	39
Operating	9	6
Finance	1	1
Operating	34	35
Finance	0	0
Total lease liabilities	$ 44	$ 42
Number of drilling rigs released \| drilling_rig	1

OTHER INFORMATION - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
OTHER INFORMATION
Asset retirement obligations	$ 546	$ 547
Deferred compensation and postretirement	180	184
Lease liability	34	35
Fair value of derivative contracts	86	6
Amounts due to counterparties on derivative contracts	24	31
Other	19	19
Other long-term liabilities	$ 889	$ 822

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash	$ 130	$ 28
Trade receivables	201	177
Inventories	59	61
Other current assets	71	63
Total current assets	461	329
PROPERTY, PLANT AND EQUIPMENT	2,711	2,689
Accumulated depreciation, depletion and amortization	(86)	(34)
Total property, plant and equipment, net	2,625	2,655
OTHER ASSETS	94	90
TOTAL ASSETS	3,180	3,074
CURRENT LIABILITIES
Accounts payable	213	212
Accrued liabilities	409	261
Total current liabilities	622	473
LONG-TERM DEBT, NET	588	597
OTHER LONG-TERM LIABILITIES	889	822
STOCKHOLDERS' EQUITY
Preferred stock (20 shares authorized at $0.01 par value) no shares outstanding at March 31, 2021 and December 31, 2020	0	0
Common stock (200 shares authorized at $0.01 par value) outstanding shares (83.3 at March 31, 2021 and December 31, 2020)	1	1
Additional paid-in capital	1,270	1,268
Accumulated deficit	(217)	(123)
Accumulated other comprehensive loss	(8)	(8)
Total equity attributable to common stock	1,046	1,138
Equity attributable to noncontrolling interests	35	44
Total stockholders' equity	1,081	1,182
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,180	$ 3,074

OTHER INFORMATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OTHER INFORMATION
Taxes paid	$ 0	$ 0
Interest paid, net of capitalized amounts	2	$ 45
Cash paid for reorganization items	$ 2

ASSET IMPAIRMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of asset impairments

The following table presents a summary of our asset impairments:


	Successor		Predecessor
	March 31, 2021		March 31, 2020
(in millions)
Proved oil and natural gas properties	$	—	$	1,487
Unproved properties	—		228
Other	3		21
Total	$	3	$	1,736

DERIVATIVES - Commodity Price Risk (Details)	Mar. 31, 2021 bbl / d $ / barrel
Calls \| Q2 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	33,537
Weighted-average price (in dollars per barrel) \| $ / barrel	48.73
Calls \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	36,362
Weighted-average price (in dollars per barrel) \| $ / barrel	50.31
Calls \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	36,700
Weighted-average price (in dollars per barrel) \| $ / barrel	60.70
Calls \| 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	30,783
Weighted-average price (in dollars per barrel) \| $ / barrel	59.37
Calls \| January - October 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	17,758
Weighted-average price (in dollars per barrel) \| $ / barrel	58.01
Puts \| Purchased \| Q2 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	37,872
Weighted-average price (in dollars per barrel) \| $ / barrel	40.00
Puts \| Purchased \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	36,617
Weighted-average price (in dollars per barrel) \| $ / barrel	40.00
Puts \| Purchased \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	35,483
Weighted-average price (in dollars per barrel) \| $ / barrel	40.00
Puts \| Purchased \| 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	30,783
Weighted-average price (in dollars per barrel) \| $ / barrel	40.00
Puts \| Purchased \| January - October 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	17,758
Weighted-average price (in dollars per barrel) \| $ / barrel	40.00
Puts \| Sold \| Q2 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	15,149
Weighted-average price (in dollars per barrel) \| $ / barrel	31.41
Puts \| Sold \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	14,647
Weighted-average price (in dollars per barrel) \| $ / barrel	30.00
Puts \| Sold \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	14,193
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	3,042
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| January - October 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Swaps \| Q2 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	9,639
Weighted-average price (in dollars per barrel) \| $ / barrel	46.35
Swaps \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	10,063
Weighted-average price (in dollars per barrel) \| $ / barrel	49.09
Swaps \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	10,922
Weighted-average price (in dollars per barrel) \| $ / barrel	51.11
Swaps \| 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	7,069
Weighted-average price (in dollars per barrel) \| $ / barrel	47.34
Swaps \| January - October 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	5,919
Weighted-average price (in dollars per barrel) \| $ / barrel	47.57

PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Net periodic benefit costs:
Employer contributions to pension plan	$ 5	$ 0	$ 0
Contributions expected to be made remainder of fiscal year		3
Contributions deferred			5
Pension Benefit
Net periodic benefit costs:
Service cost		0	0
Interest cost		0	1
Total		0	1
Postretirement Benefit
Net periodic benefit costs:
Service cost		1	1
Interest cost		1	1
Total		$ 2	$ 2

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

LEASES

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

LEASES

Balance sheet information related to our operating and finance leases was as follows:


		Successor
	Classification	March 31, 2021		December 31, 2020
		(in millions)
Assets
Operating	Other assets	$	39	$	38
Finance	PP&E	1		1
Total leased assets		$	40	$	39

Liabilities
Current
Operating	Accrued liabilities	$	9	$	6
Finance	Accrued liabilities	1		1
Long-term
Operating	Other long-term liabilities	34		35
Finance	Other long-term liabilities	—		—
Total lease liabilities		$	44	$	42

Our operating lease assets and liabilities increased from year end 2020 primarily due to adding one drilling rig in the first quarter of 2021.

LEASES

Balance sheet information related to our operating and finance leases was as follows:


		Successor
	Classification	March 31, 2021		December 31, 2020
		(in millions)
Assets
Operating	Other assets	$	39	$	38
Finance	PP&E	1		1
Total leased assets		$	40	$	39

Liabilities
Current
Operating	Accrued liabilities	$	9	$	6
Finance	Accrued liabilities	1		1
Long-term
Operating	Other long-term liabilities	34		35
Finance	Other long-term liabilities	—		—
Total lease liabilities		$	44	$	42

Our operating lease assets and liabilities increased from year end 2020 primarily due to adding one drilling rig in the first quarter of 2021.

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (89)	$ (1,745)
Net income attributable to noncontrolling interests	(5)	(51)
Comprehensive loss attributable to common stock	$ (94)	$ (1,796)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

DEBT - Narrative - Revolving Credit Facility (Details) - USD ($) $ in Millions		3 Months Ended
	May 07, 2021	Mar. 31, 2021	Apr. 30, 2021	Oct. 27, 2020
Crude Oil Hedge Positions
Debt instrument
Derivative period		36 months
Minimum \| Crude Oil Hedge Positions
Debt instrument
Derivative period		2 years
Revolving Credit Facility \| Line of Credit
Debt instrument
Aggregate commitment		$ 540
Revolving Credit Facility \| Line of Credit \| First 24 Months \| Crude Oil Hedge Positions
Debt instrument
Derivative, allocation percent				50.00%
Revolving Credit Facility \| Line of Credit \| Subsequent Event
Debt instrument
Line of credit facility, maximum borrowing capacity	$ 492
Aggregate commitment			$ 492
Borrowing base	$ 1,200		$ 1,167
Debt instrument covenant leverage ratio	2.00
Revolving Credit Facility \| Line of Credit \| Subsequent Event \| First 24 Months \| Crude Oil Hedge Positions
Debt instrument
Derivative period	24 months
Derivative, allocation percent	33.00%
Revolving Credit Facility \| Line of Credit \| Subsequent Event \| 48 Month Period \| Crude Oil Hedge Positions
Debt instrument
Derivative period	48 months
Derivative, hedging percent	85.00%
Debt instrument, floor interest rate	100.00%
Letters of Credit \| Line of Credit
Debt instrument
Line of credit facility, maximum borrowing capacity				$ 200

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, authorized shares (in shares)	20.0	20.0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, outstanding shares (in shares)	0.0	0.0
Common stock, authorized shares (in shares)	200.0	200.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, outstanding shares (in shares)	83.3	83.3

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36478
Entity Registrant Name	California Resources Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5670947
Entity Address, Address Line One	27200 Tourney Road, Suite 200
Entity Address, City or Town	Santa Clarita
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91355
City Area Code	888
Local Phone Number	848-4754
Title of 12(b) Security	Common Stock
Trading Symbol	CRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		83,319,660
Entity Central Index Key	0001609253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended
	Oct. 31, 2020 platform
Commitments and Contingencies Disclosure [Abstract]
Number of offshore platforms with decommissioning obligations defaulted	2
Offshore platforms with decommissioning obligations defaulted percentage	35.00%

DEBT

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT

As of March 31, 2021 and December 31, 2020, our long-term debt consisted of the following:


	Successor
	March 31,		December 31,
	2021		2020		Interest Rate	Maturity
	(in millions)

Revolving Credit Facility	$	—	$	99	LIBOR plus 3%-4% ABR plus 2%-3%	April 29, 2024

Second Lien Term Loan	—		200		LIBOR plus 9%-10.5% ABR plus 8%-9.5%	October 27, 2025

EHP Notes	—		300		6%	October 27, 2027
Senior Notes	600		—		7.125%	February 1, 2026
Principal Amount	$	600	$	599
Unamortized debt issuance costs	(12)		(2)
Long-term debt, net	$	588	$	597

Revolving Credit Facility

On October 27, 2020, we entered into a Credit Agreement with Citibank, N.A., as administrative agent, and certain other lenders. This credit agreement currently consists of a $492 million senior revolving loan facility (Revolving Credit Facility), which we are permitted to increase if we obtain additional commitments from new or existing lenders. Our aggregate commitment was $540 million as of March 31, 2021, which was automatically reduced to $492 million in April 2021 pursuant to the terms of our Revolving Credit Facility. Our Revolving Credit Facility also includes a sub-limit of $200 million for the issuance of letters of credit. The letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters.

The borrowing base is redetermined around April and October of each year and was most recently set at $1.2 billion in May 2021. The borrowing base takes into account the estimated value of our proved reserves, total indebtedness and other relevant factors consistent with customary reserves-based lending criteria. The amount we are able to borrow under our Revolving Credit Facility is limited to the amount of the commitment described above.

As of March 31, 2021 and April 30, 2021, our availability for borrowing under the Revolving Credit facility was as follows:


	Successor
	March 31,		April 30,
	2021		2021
	(in millions)
Borrowing capacity	$	540	$	492
Letters of credit outstanding	(125)		(125)
Total availability	$	415	$	367

On May 7, 2021, we amended the Revolving Credit Facility to:

•increase our borrowing base from $1.167 billion to $1.2 billion;

•evidence the reduction in the aggregate commitment of lenders from $540 million to $492 million;

•increase our capacity to make certain restricted payments;

•reduce the minimum amount of hedges that we are required to maintain for a rolling 24 month period on reasonably anticipated forecasted crude oil production from 50% to 33% so long as our total net leverage ratio is less than 2.00:1.00; and

•increase our maximum hedging limitation to 85% (and permit purchased puts and floors up to 100%) of reasonably anticipated total forecasted production of crude oil, natural gas and natural gas liquids for a 48-month period.

Senior Notes

On January 20, 2021, we completed an offering of $600 million in aggregate principal amount of our 7.125% senior unsecured notes due 2026 (Senior Notes). The net proceeds of $588 million, after $12 million of debt issuance costs, were used to repay in full our Second Lien Term Loan and EHP Notes, with the remainder used to repay substantially all of the then outstanding borrowings under our Revolving Credit Facility. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 8 Debt in our 2020 Annual Report for a description of our Second Lien Term Loan and EHP Notes. We recognized a $2 million loss on extinguishment of debt, including unamortized debt issuance costs, associated with these repayments.

Security – Our Senior Notes are general unsecured obligations which are guaranteed on a senior unsecured basis by certain of our material subsidiaries.

Redemption – Prior to February 1, 2023, we may elect to redeem up to 35% of the aggregate principal amount of our Senior Notes with an amount of cash not greater than the net cash proceeds from certain equity offerings at a redemption price equal to 107% of the aggregate amount of the Senior Notes redeemed, plus accrued and unpaid interest. In addition, prior to February 1, 2023, we may redeem the Senior Notes at a “make whole” premium plus accrued and unpaid interest. On or after February 1, 2023, we may redeem the Senior Notes at any time prior to the maturity date at a redemption price equal to (i) 104% of the principal amount if redeemed in the twelve months beginning February 1, 2023, (ii) 102% of the principal amount if redeemed in the twelve months beginning February 1, 2024 and (iii) 100% of the principal amount if redeemed after February 1, 2025, in each case plus accrued and unpaid interest.

Other Covenants – Our Senior Notes include covenants that, among other things, restrict our ability to incur additional indebtedness, issue preferred stock, grant liens, make asset sales and investments, repay existing indebtedness, make subsidiary distributions and enter into transactions that would result in fundamental changes.

Events of Default and Change of Control – Our Senior Notes provide for certain triggering events, including upon a change of control, as defined in the indenture, that would require us to repurchase all or any part of the Senior Notes at a price equal to 101% of the aggregate principal amount plus accrued and unpaid interest.

Other

At March 31, 2021, we were in compliance with all financial and other debt covenants under our Revolving Credit Facility and Senior Notes.

Predecessor Note Repurchases

In the first quarter of 2020, we repurchased $7 million in face value of our Second Lien Notes for $3 million in cash resulting in a pre-tax gain of $5 million, including the effect of unamortized deferred gain and issuance costs. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 8 Debt in our 2020 Annual Report for a description of our Second Lien Notes.

Fair Value

We estimate that the fair value of our variable rate debt approximates its carrying value because the interest rate approximates current market rates. As shown in the table below, we estimated the fair value of our fixed rate Senior Notes based on observable inputs (Level 1) and the fair value of our EHP Notes with no observable inputs (Level 3).


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Variable rate debt	$	—	$	299
Fixed rate debt

Senior Notes	611		—
EHP Notes	—		300
Fair Value of Long-Term Debt	$	611	$	599

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Schedule of components of the net periodic benefit costs

The following table sets forth the components of the net periodic benefit costs for our defined benefit pension and postretirement benefit plans for the three months ended March 31, 2021 and 2020:


	Successor				Predecessor
	Three months ended March 31,				Three months ended March 31,
	2021				2020
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
(in millions)
Service cost	$	—	$	1	$	—	$	1
Interest cost	—		1		1		1



Total	$	—	$	2	$	1	$	2

DERIVATIVES

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

We maintain a commodity hedging program primarily focused on crude oil to help protect our cash flows, margins and capital program from the volatility of commodity prices. We did not have any derivative instruments designated as accounting hedges as of and during the three months ended March 31, 2021 and 2020. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging program goals, even though they are not accounted for as accounting hedges.

Our Revolving Credit Facility requires that we hedge a significant amount of crude oil production for a period of 36 months from the effective date of the facility. In addition, the Revolving Credit Facility requires that we maintain hedges on production for not less than two years from each quarter end.

Summary of open derivative contracts — We held the following Brent-based crude oil contracts as of March 31, 2021:


	Q2 2021		Q3 2021		Q4 2021		2022		January - October 2023
Sold Calls
Barrels per day	33,537		36,362		36,700		30,783		17,758
Weighted-average price per barrel	$	48.73	$	50.31	$	60.70	$	59.37	$	58.01





Purchased Puts
Barrels per day	37,872		36,617		35,483		30,783		17,758
Weighted-average price per barrel	$	40.00	$	40.00	$	40.00	$	40.00	$	40.00

Sold Puts
Barrels per day	15,149		14,647		14,193		3,042		—
Weighted-average price per barrel	$	31.41	$	30.00	$	32.00	$	32.00	$	—

Swaps
Barrels per day	9,639		10,063		10,922		7,069		5,919
Weighted-average price per barrel	$	46.35	$	49.09	$	51.11	$	47.34	$	47.57

The outcomes of the derivative positions are as follows:

•Sold calls – we make settlement payments for prices above the indicated weighted-average price per barrel.

•Purchased puts – we receive settlement payments for prices below the indicated weighted-average price per barrel.

•Sold puts – we make settlement payments for prices below the indicated weighted-average price per barrel.

•Swaps – we make settlement payments for prices above the indicated weighted-average price per barrel and receive settlement payments for prices below the indicated weighted-average price per barrel.

We use combinations of these positions to meet the requirements of our Revolving Credit Facility and to increase the efficacy of our hedging program.

Fair value of derivatives — The following tables present the fair values on a recurring basis (at gross and net) of our outstanding commodity derivatives as of March 31, 2021 and December 31, 2020:


March 31, 2021 (Successor)
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	12	$	(12)	$	—
Other assets	38		(38)		—

Liabilities
Accrued liabilities	(163)		12		(151)
Other long-term liabilities	(124)		38		(86)
	$	(237)	$	—	$	(237)


December 31, 2020 (Successor)
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets, net	$	21	$	(21)	$	—
Other assets	63		(63)		—

Liabilities
Accrued liabilities	(71)		21		(50)
Other long-term liabilities	(69)		63		(6)
	$	(56)	$	—	$	(56)

Our derivative contracts are measured at fair value using industry-standard models with various inputs, including quoted forward prices, and are classified as Level 2 in the required fair value hierarchy for the periods presented. We recognized fair value changes on derivative instruments each reporting period in net derivative (loss) gain from commodity contracts on our condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020. The changes in fair value result from the relationship between our existing positions, volatility, time to expiration, contract prices and the associated forward curves.

Fair value of interest rate contracts — At March 31, 2021, we held derivative contracts that limited our interest-rate exposure with respect to a notional amount of $1.3 billion of variable-rate indebtedness. The fair value of our interest-rate derivative contracts was not significant for all periods presented and these contracts expired on May 4, 2021.

DERIVATIVES - Narrative (Details) $ in Billions	3 Months Ended
DERIVATIVES - Narrative (Details) $ in Billions	Mar. 31, 2021 USD ($)
Interest-rate Contract
Derivatives
Derivative, amount of hedged item	$ 1.3
Crude Oil Hedge Positions
Derivatives
Derivative period	36 months
Crude Oil Hedge Positions \| Minimum
Derivatives
Derivative period	2 years

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total stock-based compensation expense	$ 2	$ 0
General and administrative expenses
Schedule of Equity Method Investments [Line Items]
Total stock-based compensation expense	2	1
Operating costs
Schedule of Equity Method Investments [Line Items]
Total stock-based compensation expense	$ 0	$ (1)

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of inventories


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Materials and supplies	$	57	$	58
Finished goods	2		3
Inventories	$	59	$	61

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

We derive most of our revenue from sales of oil, natural gas and NGLs, with the remaining revenue primarily generated from sales of electricity and marketing activities related to storage and managing excess pipeline capacity.

The following table provides disaggregated revenue for sales for oil, natural gas and NGLs to customers:


	Successor		Predecessor
	Three months ended March 31,		Three months ended March 31,
	2021		2020
(in millions)
Oil, natural gas and NGL sales:
Oil	$	331	$	356
Natural gas	47		38
NGLs	54		36
	$	432	$	430

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

OTHER INFORMATION (Tables)

3 Months Ended

Mar. 31, 2021

OTHER INFORMATION

Schedule of other current assets, net

Other current assets consisted of the following:


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Amounts due from joint interest partners	$	44	$	42
Amounts due from counterparties on derivative contracts	8		—
Prepaid expenses	18		20
Other	1		1
Other current assets	$	71	$	63

Schedule of accrued liabilities

Accrued liabilities consisted of the following:


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Accrued employee-related costs	$	63	$	72
Accrued taxes other than on income	44		36
Asset retirement obligations	50		50
Accrued interest	10		1
Lease liability	10		7
Fair value of derivative contracts	151		50
Amounts due to counterparties on derivative contracts	44		21
Other	37		24
Accrued liabilities	$	409	$	261

Schedule of other long-term liabilities

Other long-term liabilities included the following:


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Asset retirement obligations	$	546	$	547
Deferred compensation and postretirement	180		184
Lease liability	34		35
Fair value of derivative contracts	86		6
Amounts due to counterparties on derivative contracts	24		31
Other	19		19
Other long-term liabilities	$	889	$	822

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Oil, natural gas and NGL sales	$ 432	$ 430
Net derivative (loss) gain from commodity contracts	(213)	79
Total revenues	363	573
COSTS
Operating costs	164	192
General and administrative expenses	48	60
Depreciation, depletion and amortization	52	119
Asset impairments	3	1,736
Taxes other than on income	40	41
Exploration expense	2	5
Other expenses, net	30	16
Total costs	436	2,222
OPERATING LOSS	(73)	(1,649)
NON-OPERATING (LOSS) INCOME
Reorganization items	(2)	0
Interest and debt expense, net	(13)	(87)
Net (loss) gain on early extinguishment of debt	(2)	5
Gain on asset divestitures	2	0
Other non-operating expenses	(1)	(14)
LOSS BEFORE INCOME TAXES	(89)	(1,745)
Income tax	0	0
NET LOSS	(89)	(1,745)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Mezzanine equity	0	(30)
Stockholders' equity	(5)	(21)
Net income attributable to noncontrolling interests	(5)	(51)
NET LOSS ATTRIBUTABLE TO COMMON STOCK	$ (94)	$ (1,796)
Net loss attributable to common stock per share
Basic (in dollars per share)	$ (1.13)	$ (36.43)
Diluted (in dollars per share)	$ (1.13)	$ (36.43)
Trading revenue
REVENUES
Revenue not from contract with customer	$ 98	$ 45
COSTS
Costs of sales	61	24
Electricity sales
REVENUES
Revenue not from contract with customer	33	13
Other revenue
REVENUES
Revenue not from contract with customer	13	6
Electricity cost of sales
COSTS
Costs of sales	24	16
Transportation costs
COSTS
Costs of sales	$ 12	$ 13

STOCK-BASED COMPENSATION - Narrative - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Income tax benefit related to stock-based compensation	$ 0	$ 0
Cash Settled Employee Stock Option And Stock Appreciation Right
Schedule of Equity Method Investments [Line Items]
Payments of cash-based portion of awards		$ 8

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 432	$ 430
Oil
Disaggregation of revenue
Oil, natural gas and NGL sales	331	356
Natural gas
Disaggregation of revenue
Oil, natural gas and NGL sales	47	38
NGLs
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 54	$ 36

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Condensed Consolidated Statements of Equity (Parenthetical) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Net income attributable to noncontrolling interests

$ 5

$ 51

Net (loss) income

^[1]

(89)

(1,775)

Net (loss) income

Mezzanine Equity - Redeemable Noncontrolling

Net (loss) income

^[1],[2]

Equity Attributable to Noncontrolling Interests

Net (loss) income

^[1]

Equity Attributable to Common Stock

Net (loss) income

^[1]

$ (94)

$ (1,796)

[1]

For the three months ended March 31, 2020, we allocated $51 million of net income to noncontrolling interest holders, of which $21 million was included in stockholders' equity and $30 million was included in mezzanine equity on our condensed consolidated balance sheet. The remaining net loss of $1,796 million for the three months ended March 31, 2020 was attributed to holders of our common stock and included in stockholders' equity on our condensed consolidated balance sheet. For the three months ended March 31, 2021, we allocated $5 million of net income to noncontrolling interest holders, with the remaining $94 million of net loss attributed to holders of our common stock, both of which were included in stockholders' equity on our condensed consolidated balance sheet.

[2]

Redeemable noncontrolling interests are reported in mezzanine equity on our condensed consolidated balance sheets in Predecessor periods. See Note 7 Joint Ventures for more information about our noncontrolling interests in the Ares and Elk Hills Carbon joint ventures.

JOINT VENTURES - Elk Hills Carbon (Details) $ in Millions	1 Months Ended
JOINT VENTURES - Elk Hills Carbon (Details) $ in Millions	Jan. 31, 2020 USD ($)
OGCI \| Elk Hills Carbon [Member]
Business Acquisition [Line Items]
Partnership contribution	$ 2

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021
Debt
Principal Amount	$ 599	$ 600
Unamortized debt issuance costs	(2)	(12)
Long-term debt, net	597	588
Senior Notes (Unsecured)
Debt
Principal Amount	0	$ 600
Interest rate		7.125%
EHP Notes
Debt
Principal Amount	$ 300	$ 0
Interest rate	6.00%
Second Lien Term Loan \| Lien Notes
Debt
Principal Amount	$ 200	0
Second Lien Term Loan \| Lien Notes \| LIBOR \| Minimum
Debt
Interest rate added to variable rate basis	9.00%
Second Lien Term Loan \| Lien Notes \| LIBOR \| Maximum
Debt
Interest rate added to variable rate basis	10.50%
Second Lien Term Loan \| Lien Notes \| Alternative Base Rate \| Minimum
Debt
Interest rate added to variable rate basis	8.00%
Second Lien Term Loan \| Lien Notes \| Alternative Base Rate \| Maximum
Debt
Interest rate added to variable rate basis	9.50%
Revolving Credit Facility \| Line of Credit
Debt
Principal Amount	$ 99	$ 0
Revolving Credit Facility \| Line of Credit \| LIBOR \| Minimum
Debt
Interest rate added to variable rate basis	3.00%
Revolving Credit Facility \| Line of Credit \| LIBOR \| Maximum
Debt
Interest rate added to variable rate basis	4.00%
Revolving Credit Facility \| Line of Credit \| Alternative Base Rate \| Minimum
Debt
Interest rate added to variable rate basis	2.00%
Revolving Credit Facility \| Line of Credit \| Alternative Base Rate \| Maximum
Debt
Interest rate added to variable rate basis	3.00%

DERIVATIVES - Fair Value (Details) - Commodity Contracts - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value of Derivatives
Total derivatives	$ 0	$ 0
Other current assets
Fair Value of Derivatives
Netting	(12)	(21)
Other assets
Fair Value of Derivatives
Netting	(38)	(63)
Accrued liabilities
Fair Value of Derivatives
Netting	12	21
Other long-term liabilities
Fair Value of Derivatives
Netting	38	63
Gross Amounts at Fair Value
Fair Value of Derivatives
Total derivatives	(237)	(56)
Gross Amounts at Fair Value \| Other current assets
Fair Value of Derivatives
Gross Amounts at Fair Value	12	21
Gross Amounts at Fair Value \| Other assets
Fair Value of Derivatives
Gross Amounts at Fair Value	38	63
Gross Amounts at Fair Value \| Accrued liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(163)	(71)
Gross Amounts at Fair Value \| Other long-term liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(124)	(69)
Net Fair Value
Fair Value of Derivatives
Total derivatives	(237)	(56)
Net Fair Value \| Other current assets
Fair Value of Derivatives
Net Fair Value	0	0
Net Fair Value \| Other assets
Fair Value of Derivatives
Net Fair Value	0	0
Net Fair Value \| Accrued liabilities
Fair Value of Derivatives
Net Fair Value	(151)	(50)
Net Fair Value \| Other long-term liabilities
Fair Value of Derivatives
Net Fair Value	$ (86)	$ (6)

INVENTORIES

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods predominantly comprise oil and natural gas liquids (NGLs), which are valued at the lower of cost or net realizable value. Inventories, by category, are as follows:


	Successor
	March 31,		December 31,
	2021		2020
	(in millions)
Materials and supplies	$	57	$	58
Finished goods	2		3
Inventories	$	59	$	61

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (89)	$ (1,745)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	52	119
Asset impairments	3	1,736
Net derivative loss (gain) from commodity contracts	213	(79)
Net (payments) proceeds from settled commodity derivatives	(39)	98
Net loss (gain) on early extinguishment of debt	2	(5)
Amortization of deferred gain	0	(17)
Gain on asset divestiture	(2)	0
Other non-cash charges to income, net	7	8
Changes in operating assets and liabilities, net	0	113
Net cash provided by operating activities	147	228
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(27)	(30)
Changes in accrued capital investments	5	(19)
Proceeds from asset divestitures	2	41
Other	0	(4)
Net cash used in investing activities	(20)	(12)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Senior Notes	600	0
Debt repurchases	0	(3)
Debt issuance costs	(12)	0
Repayments of senior debt	0	(100)
Contributions from noncontrolling interest holders	0	2
Distributions paid to noncontrolling interest holders	(14)	(44)
Shares cancelled for taxes	0	(1)
Net cash used in financing activities	(25)	(156)
Increase in cash	102	60
Cash—beginning of period	28	17
Cash—end of period	130	77
Revolving Credit Facility
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from lines of credit	16	0
Repayments of lines of credit	(115)	0
2014 Revolving Credit Facility
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from lines of credit	0	449
Repayments of lines of credit	0	(459)
Second Lien Term Loan
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of senior debt	(200)	0
EHP Notes
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of senior debt	$ (300)	$ 0

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	3 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES We, or certain of our subsidiaries, are involved, in the normal course of business, in lawsuits, environmental and other claims and other contingencies that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. We accrue reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserve balances at March 31, 2021 and December 31, 2020 were not material to our condensed consolidated balance sheets as of such dates. In October 2020, Signal Hill Services, Inc. defaulted on its decommissioning obligations associated with two offshore platforms. The Bureau of Safety and Environmental Enforcement determined that former lessees, including our former parent, Occidental Petroleum Corporation (Oxy) with an approximately 35% share, are responsible for accrued decommissioning obligations associated with these offshore platforms. Oxy notified us of the claim under the indemnification provisions of the Separation and Distribution Agreement between us and Oxy. We are currently evaluating this claim. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of reserves cannot be accurately determined.

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION We are an independent oil and natural gas exploration and production company operating properties exclusively within California. Except when the context otherwise requires or where otherwise indicated, all references to ‘‘CRC,’’ the ‘‘Company,’’ ‘‘we,’’ ‘‘us’’ and ‘‘our’’ refer to California Resources Corporation and its subsidiaries. In the opinion of our management, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position, results of operations, comprehensive income, equity and cash flows for all periods presented. We have eliminated all significant intercompany transactions and accounts. We account for our share of oil and natural gas producing activities, in which we have a direct working interest, by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on our condensed consolidated financial statements. We have prepared this report in accordance with generally accepted accounting principles (GAAP) in the United States and the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial information which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the information presented not misleading. The preparation of financial statements in conformity with GAAP requires management to select appropriate accounting policies and make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Actual results could differ. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Annual Report). Restructuring and Organization Changes On July 15, 2020, we filed voluntary petitions for relief under Chapter 11 of Title 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. On October 13, 2020, the Bankruptcy Court confirmed our joint plan of reorganization (the Plan) and we subsequently emerged from Chapter 11 proceedings on October 27, 2020. In connection with our emergence from bankruptcy, our Board of Directors was reconstituted in October 2020. On December 31, 2020, our former President, Chief Executive Officer and director Todd A. Stevens departed and Mark A. (Mac) McFarland was appointed as interim Chief Executive Officer in addition to his role as Chair of our Board of Directors. On March 22, 2021, the Board of Directors appointed Mr. McFarland as President and Chief Executive Officer on a permanent basis. On April 15, 2021, Tiffany (TJ) Thom Cepak replaced Mr. McFarland as the Chair of our Board of Directors. Mr. McFarland will continue to serve as a director. In January 2021, we reduced the size of our management team and then realigned several functions in February 2021, which resulted in additional headcount and cost reductions. We recorded a restructuring charge of $14 million for the three months ended March 31, 2021, which is included in other expenses, net on our condensed consolidated statement of operations. As of March 31, 2021, our remaining liability for workforce reductions which occurred in 2020 and during the first quarter of 2021 is $16 million, which is included in accrued liabilities on our condensed consolidated balance sheet.

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Materials and supplies	$ 57	$ 58
Finished goods	2	3
Inventories	$ 59	$ 61

JOINT VENTURES - Ares (Details) $ in Millions	Feb. 28, 2018 USD ($)
EHP Notes
Business Acquisition [Line Items]
Percentage of common acquired	20.80%
Cash acquired	$ 2
Ares Joint Venture \| Common Class A
Business Acquisition [Line Items]
Percentage of common interest held by CRC	50.00%
Ares Joint Venture \| Common Class C
Business Acquisition [Line Items]
Percentage of common interest held by CRC	95.25%
Ares Joint Venture \| ECR \| Common Class A
Business Acquisition [Line Items]
Percentage of common interest held by ECR	50.00%
Ares Joint Venture \| ECR \| Common Class C
Business Acquisition [Line Items]
Percentage of common interest held by ECR	4.75%
Ares Joint Venture \| ECR \| Class B preferred interest
Business Acquisition [Line Items]
Percentage of common interest held by ECR	100.00%

Condensed Consolidated Statements of Equity - USD ($)
$ in Millions

Total

Mezzanine Equity - Redeemable Noncontrolling

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Equity Attributable to Common Stock

Equity Attributable to Noncontrolling Interests

Beginning balance at Dec. 31, 2019

$ (296)

$ 0

$ 5,004

$ (5,370)

$ (23)

$ (389)

$ 93

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

^[1]

(1,775)

(1,796)

Distributions to noncontrolling interest holders

(26)

Share-based compensation, net

Ending balance at Mar. 31, 2020

(2,095)

5,006

(7,166)

(23)

(2,183)

Beginning balance at Dec. 31, 2019

^[2]

$ 802

Increase (Decrease) in Temporary Equity [Roll Forward]

Net (loss) income

^[1],[2]

Contributions from noncontrolling interest holders

^[2]

Distributions to noncontrolling interest holders

^[2]

(18)

Ending balance at Mar. 31, 2020

^[2]

$ 816

Beginning balance at Dec. 31, 2020

1,182

1,268

(123)

(8)

1,138

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

^[1]

(89)

(94)

Distributions to noncontrolling interest holders

(14)

Share-based compensation, net

Ending balance at Mar. 31, 2021

1,081

$ 1

$ 1,270

$ (217)

$ (8)

$ 1,046

$ 35

Increase (Decrease) in Temporary Equity [Roll Forward]

Net (loss) income

$ 0

[1]

[2]

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Vesting percentage	33.33%
Unrecognized compensation expense \| $	$ 25
Weighted-average period over which unrecognized compensation expense is expected to be recognized	3 years
Number of Units
Granted (in shares)	1,057
Cancelled or Forfeited (in shares)	(9)
Unvested (in shares)	1,048
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 24.45
Cancelled or Forfeited (in dollars per share) \| $ / shares	$ 24.50
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $	$ 16
Weighted-average period over which unrecognized compensation expense is expected to be recognized	3 years
Number of Units
Granted (in shares)	869
Cancelled or Forfeited (in shares)	(9)
Unvested (in shares)	860
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 19.47
Cancelled or Forfeited (in dollars per share) \| $ / shares	$ 19.31
Performance Stock Units \| Minimum
Weighted-Average Grant-Date Fair Value
Risk-free interest rate	0.17%
Performance Stock Units \| Maximum
Weighted-Average Grant-Date Fair Value
Risk-free interest rate	0.32%

DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of oil hedge positions

We held the following Brent-based crude oil contracts as of March 31, 2021:


	Q2 2021		Q3 2021		Q4 2021		2022		January - October 2023
Sold Calls
Barrels per day	33,537		36,362		36,700		30,783		17,758
Weighted-average price per barrel	$	48.73	$	50.31	$	60.70	$	59.37	$	58.01





Purchased Puts
Barrels per day	37,872		36,617		35,483		30,783		17,758
Weighted-average price per barrel	$	40.00	$	40.00	$	40.00	$	40.00	$	40.00

Sold Puts
Barrels per day	15,149		14,647		14,193		3,042		—
Weighted-average price per barrel	$	31.41	$	30.00	$	32.00	$	32.00	$	—

Swaps
Barrels per day	9,639		10,063		10,922		7,069		5,919
Weighted-average price per barrel	$	46.35	$	49.09	$	51.11	$	47.34	$	47.57

Schedule of derivative instruments in statement of financial position, fair value

The following tables present the fair values on a recurring basis (at gross and net) of our outstanding commodity derivatives as of March 31, 2021 and December 31, 2020:


March 31, 2021 (Successor)
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	12	$	(12)	$	—
Other assets	38		(38)		—

Liabilities
Accrued liabilities	(163)		12		(151)
Other long-term liabilities	(124)		38		(86)
	$	(237)	$	—	$	(237)


December 31, 2020 (Successor)
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets, net	$	21	$	(21)	$	—
Other assets	63		(63)		—

Liabilities
Accrued liabilities	(71)		21		(50)
Other long-term liabilities	(69)		63		(6)
	$	(56)	$	—	$	(56)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSIn May 2021, our Board of Directors authorized a Share Repurchase Program (SRP) to acquire up to $150 million of our common stock through March 31, 2022. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The SRP does not obligate us to repurchase any dollar amount or number of shares and our Board of Directors may modify, suspend, or discontinue authorization of the program at any time. Refer to Note 5 Debt for a description of lender commitments in April 2021 and a May 2021 amendment to our Revolving Credit Facility which provides flexibility on hedging requirements and increased our capacity to make certain restricted payments.

ASSET IMPAIRMENTS - Schedule of Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Proved oil and natural gas properties	$ 0	$ 1,487
Unproved properties	0	228
Other	3	21
Total	$ 3	$ 1,736

ASSET IMPAIRMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Asset impairments	$ 3	$ 1,736

DEBT - Senior Notes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
DEBT - Senior Notes (Details) - USD ($) $ in Millions	Jan. 20, 2021	Mar. 31, 2021	Mar. 31, 2020
Debt instrument
Loss on extinguishment of debt		$ 2	$ (5)
Senior Notes (Unsecured)
Debt instrument
Debt instrument, interest rate, stated percentage		7.125%
Loss on extinguishment of debt	$ 2
7.125% Unsecured Debt Notes Due 2026 \| Senior Notes (Unsecured)
Debt instrument
Aggregate principal amount issued	$ 600
Debt instrument, interest rate, stated percentage	7.125%
Proceeds from issuance of debt	$ 588
Debt issuance costs	$ 12
Percentage of principal amount at which notes can be redeemed in case of change control	101.00%
7.125% Unsecured Debt Notes Due 2026 \| Senior Notes (Unsecured) \| Prior to Maturity Date
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date	35.00%
7.125% Unsecured Debt Notes Due 2026 \| Senior Notes (Unsecured) \| Prior to February 1, 2023
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date	107.00%
7.125% Unsecured Debt Notes Due 2026 \| Senior Notes (Unsecured) \| Twelve Months Beginning February 1, 2023
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date	104.00%
7.125% Unsecured Debt Notes Due 2026 \| Senior Notes (Unsecured) \| Twelve Months Beginning February 1, 2024
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date	102.00%
7.125% Unsecured Debt Notes Due 2026 \| Senior Notes (Unsecured) \| After February 1, 2025
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date	100.00%
Second Lien Term Loan, EHP Notes, And Revolving Credit Facility \| Senior Notes (Unsecured)
Debt instrument
Repayments of debt	$ 588

DEBT - Predecessor Note Repurchases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Repurchases of debt
Pre-tax gain on extinguishment of debt, net of a reduction in deferred issuance costs	$ (2)	$ 5
Second Lien Notes
Repurchases of debt
Debt instrument, repurchased face amount		7
Repurchase value of the principal amounts		3
Pre-tax gain on extinguishment of debt, net of a reduction in deferred issuance costs		$ 5

PENSION AND POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

The following table sets forth the components of the net periodic benefit costs for our defined benefit pension and postretirement benefit plans for the three months ended March 31, 2021 and 2020:


	Successor				Predecessor
	Three months ended March 31,				Three months ended March 31,
	2021				2020
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
(in millions)
Service cost	$	—	$	1	$	—	$	1
Interest cost	—		1		1		1



Total	$	—	$	2	$	1	$	2

We did not make significant contributions to our defined benefit plans for the three months ended March 31, 2021. We expect to satisfy minimum funding requirements with contributions of approximately $3 million to our defined benefit pension plans during the remainder of 2021.

We did not make significant contributions to our defined benefit pension plans for the three months ended March 31, 2020. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020 and allowed for the deferral of contributions to a single employer pension plan otherwise due during 2020 to January 1, 2021. We deferred contributions to our defined benefit pension plans of approximately $5 million during 2020, which we paid in December 2020.

- Definition

The entire disclosure for retirement benefits.

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+ Details

LEASES (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of supplemental balance sheet information related to operating leases

Balance sheet information related to our operating and finance leases was as follows:


		Successor
	Classification	March 31, 2021		December 31, 2020
		(in millions)
Assets
Operating	Other assets	$	39	$	38
Finance	PP&E	1		1
Total leased assets		$	40	$	39

Liabilities
Current
Operating	Accrued liabilities	$	9	$	6
Finance	Accrued liabilities	1		1
Long-term
Operating	Other long-term liabilities	34		35
Finance	Other long-term liabilities	—		—
Total lease liabilities		$	44	$	42

OTHER INFORMATION - Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other current assets
Amounts due from joint interest partners	$ 44	$ 42
Amounts due from counterparties on derivative contracts	8	0
Prepaid expenses	18	20
Other	1	1
Other current assets	$ 71	$ 63