0001609253-21-000101 | 10-Q | XBRL Viewer | California Resources Corp

Print Document View Excel Document

Cover	6 Months Ended
Cover	Jun. 30, 2021 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	81,879,457
Entity Central Index Key	0001609253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash	$ 151	$ 28
Trade receivables	238	177
Inventories	58	61
Assets held for sale	50	0
Other current assets	80	63
Total current assets	577	329
PROPERTY, PLANT AND EQUIPMENT	2,711	2,689
Accumulated depreciation, depletion and amortization	(138)	(34)
Total property, plant and equipment, net	2,573	2,655
OTHER ASSETS	90	90
TOTAL ASSETS	3,240	3,074
CURRENT LIABILITIES
Accounts payable	248	212
Liabilities associated with assets held for sale	101	0
Accrued liabilities	537	261
Total current liabilities	886	473
LONG-TERM DEBT, NET	589	597
OTHER LONG-TERM LIABILITIES	850	822
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at June 30, 2021 and December 31, 2020	0	0
Common stock (200,000,000 shares authorized at $0.01 par value) issued shares (83,319,660 at June 30, 2021 and December 31, 2020)	1	1
Treasury stock (1,440,203 shares held at cost at June 30, 2021 and no shares held at December 31, 2020)	(45)	0
Additional paid-in capital	1,273	1,268
Accumulated deficit	(328)	(123)
Accumulated other comprehensive loss	(8)	(8)
Total equity attributable to common stock	893	1,138
Equity attributable to noncontrolling interests	22	44
Total stockholders' equity	915	1,182
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,240	$ 3,074

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, authorized shares (in shares)	20,000,000	20,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, outstanding shares (in shares)	0	0
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares (in shares)	83,319,660	83,319,660
Treasury stock (in shares)	1,440,203	0

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES
Oil, natural gas and natural gas liquids (NGL) sales	$ 478	$ 245	$ 910	$ 675
Net derivative (loss) gain from commodity contracts	(265)	(4)	(478)	75
Total revenues	304	276	667	849
COSTS
Operating costs	169	127	333	319
General and administrative expenses	48	69	96	129
Depreciation, depletion and amortization	54	88	106	207
Asset impairments	0	0	3	1,736
Taxes other than on income	37	38	77	79
Exploration expense	2	2	4	7
Other expenses, net	23	37	53	53
Total costs	394	391	830	2,613
OPERATING LOSS	(90)	(115)	(163)	(1,764)
NON-OPERATING (LOSS) INCOME
Reorganization items	(2)	0	(4)	0
Interest and debt expense, net	(13)	(85)	(26)	(172)
Net (loss) gain on early extinguishment of debt	0	0	(2)	5
Other non-operating expenses	(2)	(47)	(1)	(61)
LOSS BEFORE INCOME TAXES	(107)	(247)	(196)	(1,992)
Income tax	0	0	0	0
NET LOSS	(107)	(247)	(196)	(1,992)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Mezzanine equity	0	(30)	0	(60)
Stockholders' equity	(4)	6	(9)	(15)
Net income attributable to noncontrolling interests	(4)	(24)	(9)	(75)
NET LOSS ATTRIBUTABLE TO COMMON STOCK	$ (111)	$ (271)	$ (205)	$ (2,067)
Net loss attributable to common stock per share
Basic (in dollars per share)	$ (1.34)	$ (5.47)	$ (2.46)	$ (41.84)
Diluted (in dollars per share)	$ (1.34)	$ (5.47)	$ (2.46)	$ (41.84)
Trading revenue
REVENUES
Revenue not from contract with customer	$ 48	$ 14	$ 146	$ 59
COSTS
Costs of sales	30	8	91	32
Electricity sales
REVENUES
Revenue not from contract with customer	33	19	66	32
Other revenue
REVENUES
Revenue not from contract with customer	10	2	23	8
Electricity cost of sales
COSTS
Costs of sales	17	14	41	30
Transportation costs
COSTS
Costs of sales	$ 14	$ 8	$ 26	$ 21

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (107)	$ (247)	$ (196)	$ (1,992)
Net income attributable to noncontrolling interests	(4)	(24)	(9)	(75)
Comprehensive loss attributable to common stock	$ (111)	$ (271)	$ (205)	$ (2,067)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3000-108585

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4569616-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

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

Total

Mezzanine Equity - Redeemable Noncontrolling

Common Stock

Treasury 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]

(2,052)

(2,067)

Distributions to noncontrolling interest holders

(32)

Share-based compensation, net

Ending balance at Jun. 30, 2020

(2,376)

5,008

(7,437)

(23)

(2,452)

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]

(36)

Ending balance at Jun. 30, 2020

^[2]

828

Beginning balance at Mar. 31, 2020

(2,095)

5,006

(7,166)

(23)

(2,183)

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

Net (loss) income

^[1]

(277)

(271)

(6)

Distributions to noncontrolling interest holders

(6)

Share-based compensation, net

Ending balance at Jun. 30, 2020

(2,376)

5,008

(7,437)

(23)

(2,452)

Beginning balance at Mar. 31, 2020

^[2]

816

Increase (Decrease) in Temporary Equity [Roll Forward]

Net (loss) income

^[1],[2]

Distributions to noncontrolling interest holders

^[2]

(18)

Ending balance at Jun. 30, 2020

^[2]

$ 828

Beginning balance at Dec. 31, 2020

1,182

$ 0

1,268

(123)

(8)

1,138

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

Net (loss) income

^[3]

(196)

(205)

Distributions to noncontrolling interest holders

(31)

Share-based compensation, net

Repurchases of common stock

(45)

Ending balance at Jun. 30, 2021

915

(45)

1,273

(328)

(8)

893

Increase (Decrease) in Temporary Equity [Roll Forward]

Net (loss) income

Beginning balance at Mar. 31, 2021

1,081

1,270

(217)

(8)

1,046

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

Net (loss) income

^[3]

(107)

(111)

Distributions to noncontrolling interest holders

(17)

Share-based compensation, net

Repurchases of common stock

(45)

Ending balance at Jun. 30, 2021

915

$ 1

$ (45)

$ 1,273

$ (328)

$ (8)

$ 893

$ 22

Increase (Decrease) in Temporary Equity [Roll Forward]

Net (loss) income

$ 0

[1]	For the three months ended June 30, 2020, we allocated $24 million of net income to noncontrolling interest holders, of which a $6 million net loss was included in stockholders' equity and $30 million was included in mezzanine equity on our condensed consolidated balance sheet. The remaining net loss of $271 million for the three months ended June 30, 2020 was attributed to holders of our common stock and included in stockholders' equity on our condensed consolidated balance sheet. For the six months ended June 30, 2020, we allocated $75 million of net income to noncontrolling interest holders, of which $15 million was included in stockholders' equity and $60 million was included in mezzanine equity on our condensed consolidated balance sheet. The remaining net loss of $2,067 million for the six months ended June 30, 2020 was attributed to holders of our common stock and 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 Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Joint Ventures in our Annual Report on Form 10-K for the year ended December 31, 2020 for more information about our noncontrolling interests in the Ares and Elk Hills Carbon joint ventures.
[3]	For the three and six months ended June 30, 2021, we allocated $4 million and $9 million of net income to noncontrolling interest holders, respectively, with the remaining $111 million and $205 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.

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

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Net income attributable to noncontrolling interests

$ 4

$ 24

$ 9

$ 75

Net (loss) income

(107)

^[1]

(277)

^[2]

(196)

^[1]

(2,052)

^[2]

Net (loss) income

Mezzanine Equity - Redeemable Noncontrolling

Net (loss) income

^[2],[3]

Equity Attributable to Noncontrolling Interests

Net (loss) income

^[1]

(6)

^[2]

^[1]

^[2]

Equity Attributable to Common Stock

Net (loss) income

$ (111)

^[1]

$ (271)

^[2]

$ (205)

^[1]

$ (2,067)

^[2]

[1]	For the three and six months ended June 30, 2021, we allocated $4 million and $9 million of net income to noncontrolling interest holders, respectively, with the remaining $111 million and $205 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]	For the three months ended June 30, 2020, we allocated $24 million of net income to noncontrolling interest holders, of which a $6 million net loss was included in stockholders' equity and $30 million was included in mezzanine equity on our condensed consolidated balance sheet. The remaining net loss of $271 million for the three months ended June 30, 2020 was attributed to holders of our common stock and included in stockholders' equity on our condensed consolidated balance sheet. For the six months ended June 30, 2020, we allocated $75 million of net income to noncontrolling interest holders, of which $15 million was included in stockholders' equity and $60 million was included in mezzanine equity on our condensed consolidated balance sheet. The remaining net loss of $2,067 million for the six months ended June 30, 2020 was attributed to holders of our common stock and included in stockholders' equity on our condensed consolidated balance sheet.
[3]	Redeemable noncontrolling interests are reported in mezzanine equity on our condensed consolidated balance sheets in Predecessor periods. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Joint Ventures in our Annual Report on Form 10-K for the year ended December 31, 2020 for more information about our noncontrolling interests in the Ares and Elk Hills Carbon joint ventures.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (107)	$ (247)	$ (196)	$ (1,992)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	54	88	106	207
Asset impairments	0	0	3	1,736
Net derivative loss (gain) from commodity contracts	265	4	478	(75)
Net (payments) proceeds from settled commodity derivatives	(82)	5	(121)	103
Net loss (gain) on early extinguishment of debt	0	0	2	(5)
Amortization of deferred gain	0	(16)	0	(33)
Gain on asset divestiture	0	0	(2)	0
Other non-cash charges to income, net	22	14	29	22
Changes in operating assets and liabilities, net	(25)	17	(25)	130
Net cash provided by (used in) operating activities	127	(135)	274	93
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(50)	(3)	(77)	(33)
Changes in accrued capital investments	8	(9)	13	(28)
Proceeds from asset divestitures	0	0	2	41
Other	(1)	(3)	(1)	(7)
Net cash used in investing activities	(43)	(15)	(63)	(27)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Senior Notes	0	0	600	0
Debt repurchases	0	0	0	(3)
Debt issuance costs	(1)	0	(13)	0
Repayments of senior debt	0	0	0	(100)
Repurchases of common stock	(45)	0	(45)	0
Contribution from noncontrolling interest holders	0	0	0	2
Distributions paid to noncontrolling interest holders	(17)	(24)	(31)	(68)
Shares cancelled for taxes	0	0	0	(1)
Net cash (used in) provided by financing activities	(63)	199	(88)	43
Increase in cash	21	49	123	109
Cash—beginning of period	130	77	28	17
Cash—end of period	151	126	151	126
Revolving Credit Facility
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from lines of credit	0	0	16	0
Repayments of lines of credit	0	0	(115)	0
2014 Revolving Credit Facility
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from lines of credit	0	346	0	795
Repayments of lines of credit	0	(123)	0	(582)
Second Lien Term Loan
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of senior debt	0	0	(200)	0
EHP Notes
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of senior debt	$ 0	$ 0	$ (300)	$ 0

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 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).

ACCOUNTING AND DISCLOSURE CHANGES	6 Months Ended
ACCOUNTING AND DISCLOSURE CHANGES	Jun. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
ACCOUNTING AND DISCLOSURE CHANGES	ACCOUNTING AND DISCLOSURE CHANGES Recently Adopted Accounting and Disclosure Changes On July 15, 2020, we filed voluntary petitions for relief under Chapter 11 of Title 11 of the Bankruptcy Code. On October 13, 2020, the Bankruptcy Court confirmed our joint plan of reorganization (the Plan) and we subsequently emerged from Chapter 11 on October 27, 2020 with a new Board of Directors, new equity owners and a significantly improved financial position. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=122038215&loc=SL108384541-122693

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=122038215&loc=d3e31137-122693

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=122150657&loc=SL122150809-237846

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (c)

+ Details

OTHER INFORMATION

6 Months Ended

Jun. 30, 2021

OTHER INFORMATION

OTHER INFORMATION

Other current assets — Other current assets includes the following:


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Amounts due from joint interest partners	$	48	$	42
Receivables for premiums on derivative contracts	8		—
Prepaid expenses	19		20
Other	5		1
Other current assets	$	80	$	63

Other assets - Other assets includes the following:


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Operating lease right-of-use assets	35		38
Deferred financing costs - Revolving Credit Facility	14		17
Emission reduction credits	11		11
Prepaid power plant maintenance	17		14
Long-term deposits and other	13		10
Other assets	$	90	$	90

Accrued liabilities — Accrued liabilities includes the following:


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Accrued employee-related costs	$	61	$	72
Accrued taxes other than on income	31		36
Asset retirement obligations	49		50
Accrued interest	20		1
Lease liability	8		7
Fair value of derivative contracts	265		50
Deferred premiums on derivative contracts	28		18
Net settlement payments due on derivative contracts	34		3
Other	41		24
Accrued liabilities	$	537	$	261

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


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Asset retirement obligations	$	448	$	547
Deferred compensation and postretirement	181		184
Lease liability	31		35
Fair value of derivative contracts	156		6
Deferred premiums on derivative contracts	16		31
Other	18		19
Other long-term liabilities	$	850	$	822

Oil, natural gas and NGL sales — Disaggregated revenue for sales of oil, natural gas and NGLs to customers includes the following:


	Successor		Predecessor		Successor		Predecessor
	Three months ended June 30,		Three months ended June 30,		Six months ended June 30,		Six months ended June 30,
	2021		2020		2021		2020
(in millions)
Oil	$	380	$	193	$	711	$	549
Natural gas	45		26		92		64
NGLs	53		26		107		62
Oil, natural gas and NGL sales	$	478	$	245	$	910	$	675

Other expenses, net — Other expenses, net includes the following:


	Successor		Predecessor		Successor		Predecessor
	Three months ended June 30,		Three months ended June 30,		Six months ended June 30,		Six months ended June 30,
	2021		2020		2021		2020
(in millions)
Accretion expense	$	13	$	10	$	26	$	20
Severance and termination costs	1		—		15		—
Deficiency payment on a pipeline delivery contract	—		20		—		20
Other, net	9		7		12		13
Other expenses, net	$	23	$	37	53		53

Supplemental Cash Flow Information

We did not make U.S. federal and state income tax payments during the three and six months ended June 30, 2021 and 2020. Interest paid, net of capitalized amounts, totaled $2 million and $6 million for the three months ended June 30, 2021 and 2020, respectively. Interest paid, net of capitalized amounts, totaled $4 million and $51 million for the six months ended June 30, 2021 and 2020, respectively. Cash paid for reorganization items during the three and six months ended June 30, 2021 was $2 million and $4 million, respectively, for legal, professional and other fees.

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 12 Asset Impairments for impairment charges related to our long-lived assets.

INVENTORIES

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

INVENTORIES

Materials and supplies, which primarily consist of well equipment and tubular goods used in our oil and natural gas operations, are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods predominantly comprise produced oil and NGLs in storage, which are valued at the lower of cost or net realizable value. Inventories, by category, are as follows:


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Materials and supplies	$	56	$	58
Finished goods	2		3
Inventories	$	58	$	61

DEBT

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT

As of June 30, 2021 and December 31, 2020, our long-term debt consisted of the following:


	Successor
	June 30,		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	(11)		(2)
Long-term debt, net	$	589	$	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 consists of a senior revolving loan facility (Revolving Credit Facility) with an aggregate commitment of $492 million, which we are permitted to increase if we obtain additional commitments from new or existing lenders. 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.

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, including paying dividends and repurchasing our common stock;

•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 NGLs for a 48-month period.

As of June 30, 2021, our availability under the Revolving Credit facility was as follows:


	Successor
	June 30,
	2021
	(in millions)
Borrowing capacity	$	492
Outstanding letters of credit	(125)
Availability	$	367

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 $587 million, after $13 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.

Other

At June 30, 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. Other than repaying in full our EHP Notes in January 2021, we did not repurchase or repay any notes in the second quarter of 2020 or the six months ended June 30, 2021. 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
	June 30,		December 31,
	2021		2020
	(in millions)
Variable rate debt	$	—	$	299
Fixed rate debt

Senior Notes	633		—
EHP Notes	—		300
Fair Value of Long-Term Debt	$	633	$	599

ASSETS HELD FOR SALE	6 Months Ended
ASSETS HELD FOR SALE	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEIn the second quarter of 2021, we entered into agreements to sell our Ventura basin operations. We expect to receive cash consideration of up to $102 million plus additional earn-out consideration that is linked to future commodity prices. The consideration includes $82 million of cash to be paid at closing and up to $20 million of potential additional consideration if the buyer does not perform certain abandonment obligations with respect to the divested properties. The additional consideration is secured by production payments of $20 million over a five-year period. To the extent the buyer satisfies all of the required abandonment obligations within a five-year period following the close date, none of the $20 million of potential additional consideration will be paid to us. The closing of the transaction is subject to customary closing conditions, including satisfaction of land and environmental due diligence and third-party consents. The sale of our Ventura basin operations met the criteria for assets held for sale and is classified as such on our condensed consolidated balance sheet as of June 30, 2021. The amount reported as assets held for sale primarily consists of property, plant and equipment along with associated asset retirement obligations. These transactions are expected to close in the second half of 2021.

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	6 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES Litigation and Claims 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 June 30, 2021 and December 31, 2020 were not material to our condensed consolidated balance sheets as of such dates. 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. In October 2020, Signal Hill Services, Inc. defaulted on its decommissioning obligations associated with two offshore platforms. The Bureau of Safety and Environmental Enforcement (BSEE) determined that former lessees, including our former parent, Occidental Petroleum Corporation (Oxy) with a 37.5% share, are responsible for accrued decommissioning obligations associated with these offshore platforms. Oxy sold its interest in the platforms approximately 30 years ago and it is our understanding that Oxy has not had any connection to the operations since that time, and is challenging BSEE's order. 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. Commitment We have a commitment of $12 million for evaluation and development activities at one of our oil and natural gas properties which is not recorded on our condensed consolidated balance sheets. In the second quarter of 2021, we entered into an amendment allowing us to accept certain land use requirements which will relieve us from our remaining obligation on or before May 2022.

DERIVATIVES

6 Months Ended

Jun. 30, 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 for the three and six months ended June 30, 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 June 30, 2021:


	Q3 2021		Q4 2021		Q1 2022		Q2 2022		2H 2022		2023
Sold Calls
Barrels per day	36,688		37,037		35,347		35,343		28,773		14,790
Weighted-average price per barrel	$	50.47	$	60.75	$	60.37	$	60.63	$	59.07	$	58.01





Purchased Puts
Barrels per day	36,943		35,820		35,347		35,343		28,773		14,790
Weighted-average price per barrel	$	40.18	$	40.19	$	40.57	$	41.13	$	40.70	$	40.00

Sold Puts
Barrels per day	14,647		14,193		6,869		—		2,674		—
Weighted-average price per barrel	$	30.00	$	32.00	$	32.00	$	—	$	32.00	$	—

Swaps
Barrels per day	11,063		11,922		10,869		8,669		8,386		6,930
Weighted-average price per barrel	$	51.02	$	52.61	$	52.62	$	51.31	$	51.22	$	52.15

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 June 30, 2021 and December 31, 2020:


June 30, 2021 (Successor)
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	6	$	(6)	$	—
Other assets	18		(18)		—

Liabilities
Accrued liabilities	(271)		6		(265)
Other long-term liabilities	(174)		18		(156)
	$	(421)	$	—	$	(421)


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 and six months ended June 30, 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.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic and diluted earnings per share (EPS) was calculated using the treasury stock method for the three and six months ended June 30, 2021 and the two-class method for the three and six months ended June 30, 2020, which is required for participating securities. Certain of our restricted and performance stock unit awards outstanding during the six months ended June 30, 2020 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 during the first half of 2021, as described in Note 13 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 and six months ended June 30, 2021 and 2020:


	Successor		Predecessor		Successor		Predecessor
	Three months ended June 30,		Three months ended June 30,		Six months ended June 30,		Six months ended June 30,
	2021		2020		2021		2020
(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net loss	$	(107)	$	(247)	$	(196)	$	(1,992)
Less: net income attributable to noncontrolling interests	(4)		(24)		(9)		(75)
Net loss attributable to common stock	$	(111)	$	(271)	$	(205)	$	(2,067)

Denominator for Basic and Diluted EPS
Weighted-average shares	83.1		49.5		83.2		49.4







EPS
Basic	$	(1.34)	$	(5.47)	$	(2.46)	$	(41.84)
Diluted	$	(1.34)	$	(5.47)	$	(2.46)	$	(41.84)

Weighted-average anti-dilutive shares	6.4		5.2		5.9		4.9

PENSION AND POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020:


	Successor				Predecessor
	Three months ended June 30,				Three months ended June 30,
	2021				2020
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
(in millions)
Service cost	$	1	$	1	$	1	$	1
Interest cost	—		1		—		1
Expected return on plan assets	(1)		—		—		—


Total	$	—	$	2	$	1	$	2


	Successor				Predecessor
	Six months ended June 30,				Six months ended June 30,
	2021				2020
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
(in millions)
Service cost	$	1	$	2	$	1	$	2
Interest cost	—		2		1		2
Expected return on plan assets	(1)		—		—		—


Total	$	—	$	4	$	2	$	4

We contributed $1 million to our defined benefit plans during the three and six months ended June 30, 2021. We expect to satisfy our 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 and six months ended June 30, 2020. The Coronavirus Aid, Relief, and Economic Security 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. During 2020, we deferred contributions to our defined benefit pension plans of approximately $5 million, which we funded in December 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 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 six months ended June 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

ASSET IMPAIRMENTS

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

ASSET IMPAIRMENTS

The following table presents a summary of our asset impairments:


	Successor		Predecessor
	Six months ended June 30,		Six months ended June 30,
	2021		2020
(in millions)
Proved oil and natural gas properties	$	—	$	1,487
Unproved properties	—		228
Other	3		21
Total	$	3	$	1,736

We recognized a $3 million impairment charge during the six months ended June 30, 2021 which was triggered by the change in our business strategy and capital allocation priorities resulting in the abandonment of certain capital projects.

During the six months ended June 30, 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. 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 and other asset impairments during the six months ended June 30, 2020.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATIONThe California Resources Corporation 2021 Long Term Incentive Plan (Long Term 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. The Long Term Incentive Plan replaces the earlier Amended and Restated California Resources Corporation Long Term Incentive Plan which was cancelled upon our emergence from bankruptcy, along with all outstanding stock-based compensation awards granted thereunder.

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

Stock-based compensation expense is primarily recorded in general and administrative expenses on our condensed consolidated statements of operations based on job function of the employees receiving the grants as shown in the table below. Stock-based compensation reported as a component of operating costs is not significant for all periods presented.


	Successor		Predecessor		Successor		Predecessor
	Three months ended June 30,		Three months ended June 30,		Six months ended June 30,		Six months ended June 30,
	2021		2020		2021		2020
(in millions)
General and administrative expenses	$	4	$	1	$	6	$	2

For the three and six months ended June 30, 2021 and 2020, we did not recognize any income tax benefit related to our stock-based compensation. For the three and six months ended June 30, 2020, we made cash payments of $7 million and $15 million, for the cash-settled portion of our pre-emergence awards, respectively.

Restricted Stock Units

Executives and non-employee directors were granted RSUs during the first half of 2021 which are in the form of, or equivalent in value to, actual shares of our common stock. 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 third year of the three-year vesting period.

The following table sets forth RSU activity for the six months ended June 30, 2021:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2020 (Successor)	—	$	—
Granted	1,180	$	24.74
Cancelled or Forfeited	(36)	$	24.50
Unvested at June 30, 2021 (Successor)	1,144

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 June 30, 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 approximately three years.

Performance Stock Units

Executives were granted PSUs during the first half of 2021 which contained a market condition. PSUs are earned upon the attainment of specified 60-trading day volume weighted average prices for shares of our common stock generally 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 generally vest on the third anniversary of the grant date and are settled in shares of our common stock at that time.

The following table sets forth PSU activity for the six months ended June 30, 2021:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2020 (Successor)	—	$	—
Granted	969	$	19.72
Cancelled or Forfeited	(21)	$	19.31
Unvested at June 30, 2021 (Successor)	948

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 and second quarter of 2021 were as follows:


	Second Quarter		First Quarter
	2021		2021


Expected volatility(a)	60.00% - 65.00%		65.00	%
Risk-free interest rate(b)	0.16% - 0.17%		0.17% - 0.32%
Dividend yield	—	%	—	%
Forecast period (in years)	2 - 3		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 June 30, 2021, the unrecognized compensation expense for all of our unvested PSUs was approximately $17 million and is expected to be recognized over a weighted-average period of approximately three years.

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2021
Equity [Abstract]
EQUITY	EQUITY In May 2021, our Board of Directors authorized a Share Repurchase Program to acquire up to $150 million of our common stock through March 31, 2022. See Note 15 Subsequent Events for more information on an increase to our Share Repurchase Program. The repurchases may be effected 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 Share Repurchase Program 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. As of June 30, 2021, we repurchased 1.4 million shares of our common stock, at an average price of $31.56 per share, through either open market purchases or a Rule 10b5-1 plan at an aggregate cost of $45 million. Shares repurchased were held as treasury stock as of June 30, 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Acquisitions In April 2017, we entered into a development joint venture with Macquarie Infrastructure and Real Assets Inc. (MIRA) to develop certain of our oil and natural gas properties in the San Joaquin basin in exchange for a 90% working interest in the related properties. In August 2021, we purchased MIRA’s entire working interest share in the conveyed assets for $53 million, before transaction costs. Prior to the acquisition, our consolidated results reflect only our 10% working interest share in the productive wells. Share Repurchase ProgramIn August 2021, our Board of Directors authorized an increase to the Share Repurchase Program of $100 million to $250 million of our common stock through March 31, 2022.

OTHER INFORMATION (Tables)

6 Months Ended

Jun. 30, 2021

OTHER INFORMATION

Schedule of other current assets, net

Other current assets includes the following:


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Amounts due from joint interest partners	$	48	$	42
Receivables for premiums on derivative contracts	8		—
Prepaid expenses	19		20
Other	5		1
Other current assets	$	80	$	63

Schedule of other assets

Other assets includes the following:


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Operating lease right-of-use assets	35		38
Deferred financing costs - Revolving Credit Facility	14		17
Emission reduction credits	11		11
Prepaid power plant maintenance	17		14
Long-term deposits and other	13		10
Other assets	$	90	$	90

Schedule of accrued liabilities

Accrued liabilities includes the following:


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Accrued employee-related costs	$	61	$	72
Accrued taxes other than on income	31		36
Asset retirement obligations	49		50
Accrued interest	20		1
Lease liability	8		7
Fair value of derivative contracts	265		50
Deferred premiums on derivative contracts	28		18
Net settlement payments due on derivative contracts	34		3
Other	41		24
Accrued liabilities	$	537	$	261

Schedule of other long-term liabilities

Other long-term liabilities includes the following:


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Asset retirement obligations	$	448	$	547
Deferred compensation and postretirement	181		184
Lease liability	31		35
Fair value of derivative contracts	156		6
Deferred premiums on derivative contracts	16		31
Other	18		19
Other long-term liabilities	$	850	$	822

Schedule of disaggregated revenue

Disaggregated revenue for sales of oil, natural gas and NGLs to customers includes the following:


	Successor		Predecessor		Successor		Predecessor
	Three months ended June 30,		Three months ended June 30,		Six months ended June 30,		Six months ended June 30,
	2021		2020		2021		2020
(in millions)
Oil	$	380	$	193	$	711	$	549
Natural gas	45		26		92		64
NGLs	53		26		107		62
Oil, natural gas and NGL sales	$	478	$	245	$	910	$	675

Schedule of other expenses, net

Other expenses, net includes the following:


	Successor		Predecessor		Successor		Predecessor
	Three months ended June 30,		Three months ended June 30,		Six months ended June 30,		Six months ended June 30,
	2021		2020		2021		2020
(in millions)
Accretion expense	$	13	$	10	$	26	$	20
Severance and termination costs	1		—		15		—
Deficiency payment on a pipeline delivery contract	—		20		—		20
Other, net	9		7		12		13
Other expenses, net	$	23	$	37	53		53

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of inventories


	Successor
	June 30,		December 31,
	2021		2020
	(in millions)
Materials and supplies	$	56	$	58
Finished goods	2		3
Inventories	$	58	$	61

DEBT (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

As of June 30, 2021 and December 31, 2020, our long-term debt consisted of the following:


	Successor
	June 30,		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	(11)		(2)
Long-term debt, net	$	589	$	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
	June 30,		December 31,
	2021		2020
	(in millions)
Variable rate debt	$	—	$	299
Fixed rate debt

Senior Notes	633		—
EHP Notes	—		300
Fair Value of Long-Term Debt	$	633	$	599

Schedule of line of credit facilities

As of June 30, 2021, our availability under the Revolving Credit facility was as follows:


	Successor
	June 30,
	2021
	(in millions)
Borrowing capacity	$	492
Outstanding letters of credit	(125)
Availability	$	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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of oil hedge positions

We held the following Brent-based crude oil contracts as of June 30, 2021:


	Q3 2021		Q4 2021		Q1 2022		Q2 2022		2H 2022		2023
Sold Calls
Barrels per day	36,688		37,037		35,347		35,343		28,773		14,790
Weighted-average price per barrel	$	50.47	$	60.75	$	60.37	$	60.63	$	59.07	$	58.01





Purchased Puts
Barrels per day	36,943		35,820		35,347		35,343		28,773		14,790
Weighted-average price per barrel	$	40.18	$	40.19	$	40.57	$	41.13	$	40.70	$	40.00

Sold Puts
Barrels per day	14,647		14,193		6,869		—		2,674		—
Weighted-average price per barrel	$	30.00	$	32.00	$	32.00	$	—	$	32.00	$	—

Swaps
Barrels per day	11,063		11,922		10,869		8,669		8,386		6,930
Weighted-average price per barrel	$	51.02	$	52.61	$	52.62	$	51.31	$	51.22	$	52.15

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 June 30, 2021 and December 31, 2020:


June 30, 2021 (Successor)
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	6	$	(6)	$	—
Other assets	18		(18)		—

Liabilities
Accrued liabilities	(271)		6		(265)
Other long-term liabilities	(174)		18		(156)
	$	(421)	$	—	$	(421)


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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020:


	Successor		Predecessor		Successor		Predecessor
	Three months ended June 30,		Three months ended June 30,		Six months ended June 30,		Six months ended June 30,
	2021		2020		2021		2020
(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net loss	$	(107)	$	(247)	$	(196)	$	(1,992)
Less: net income attributable to noncontrolling interests	(4)		(24)		(9)		(75)
Net loss attributable to common stock	$	(111)	$	(271)	$	(205)	$	(2,067)

Denominator for Basic and Diluted EPS
Weighted-average shares	83.1		49.5		83.2		49.4







EPS
Basic	$	(1.34)	$	(5.47)	$	(2.46)	$	(41.84)
Diluted	$	(1.34)	$	(5.47)	$	(2.46)	$	(41.84)

Weighted-average anti-dilutive shares	6.4		5.2		5.9		4.9

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Schedule of components of the net periodic benefit costs


	Successor				Predecessor
	Three months ended June 30,				Three months ended June 30,
	2021				2020
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
(in millions)
Service cost	$	1	$	1	$	1	$	1
Interest cost	—		1		—		1
Expected return on plan assets	(1)		—		—		—


Total	$	—	$	2	$	1	$	2


	Successor				Predecessor
	Six months ended June 30,				Six months ended June 30,
	2021				2020
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
(in millions)
Service cost	$	1	$	2	$	1	$	2
Interest cost	—		2		1		2
Expected return on plan assets	(1)		—		—		—


Total	$	—	$	4	$	2	$	4

ASSET IMPAIRMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of asset impairments

The following table presents a summary of our asset impairments:


	Successor		Predecessor
	Six months ended June 30,		Six months ended June 30,
	2021		2020
(in millions)
Proved oil and natural gas properties	$	—	$	1,487
Unproved properties	—		228
Other	3		21
Total	$	3	$	1,736

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of share based compensation expense


	Successor		Predecessor		Successor		Predecessor
	Three months ended June 30,		Three months ended June 30,		Six months ended June 30,		Six months ended June 30,
	2021		2020		2021		2020
(in millions)
General and administrative expenses	$	4	$	1	$	6	$	2

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

The following table sets forth RSU activity for the six months ended June 30, 2021:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2020 (Successor)	—	$	—
Granted	1,180	$	24.74
Cancelled or Forfeited	(36)	$	24.50
Unvested at June 30, 2021 (Successor)	1,144

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



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2020 (Successor)	—	$	—
Granted	969	$	19.72
Cancelled or Forfeited	(21)	$	19.31
Unvested at June 30, 2021 (Successor)	948

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 and second quarter of 2021 were as follows:


	Second Quarter		First Quarter
	2021		2021


Expected volatility(a)	60.00% - 65.00%		65.00	%
Risk-free interest rate(b)	0.16% - 0.17%		0.17% - 0.32%
Dividend yield	—	%	—	%
Forecast period (in years)	2 - 3		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.

OTHER INFORMATION - Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other current assets
Amounts due from joint interest partners	$ 48	$ 42
Receivables for premiums on derivative contracts	8	0
Prepaid expenses	19	20
Other	5	1
Other current assets	$ 80	$ 63

OTHER INFORMATION - Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
OTHER INFORMATION
Operating lease right-of-use assets	$ 35	$ 38
Deferred financing costs - Revolving Credit Facility	14	17
Emission reduction credits	11	11
Prepaid power plant maintenance	17	14
Long-term deposits and other	13	10
OTHER ASSETS	$ 90	$ 90

OTHER INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accrued liabilities current [abstract]
Accrued employee-related costs	$ 61	$ 72
Accrued taxes other than on income	31	36
Asset retirement obligations	49	50
Accrued interest	20	1
Lease liability	8	7
Fair value of derivative contracts	265	50
Deferred premiums on derivative contracts	28	18
Net settlement payments due on derivative contracts	34	3
Other	41	24
Accrued liabilities	$ 537	$ 261

OTHER INFORMATION - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
OTHER INFORMATION
Asset retirement obligations	$ 448	$ 547
Deferred compensation and postretirement	181	184
Lease liability	31	35
Fair value of derivative contracts	156	6
Deferred premiums on derivative contracts	16	31
Other	18	19
Other long-term liabilities	$ 850	$ 822

OTHER INFORMATION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 478	$ 245	$ 910	$ 675
Oil
Disaggregation of revenue
Oil, natural gas and NGL sales	380	193	711	549
Natural gas
Disaggregation of revenue
Oil, natural gas and NGL sales	45	26	92	64
NGLs
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 53	$ 26	$ 107	$ 62

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

OTHER INFORMATION - Other Expenses, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
OTHER INFORMATION
Accretion expense	$ 13	$ 10	$ 26	$ 20
Severance and termination costs	1	0	15	0
Deficiency payment on a pipeline delivery contract	0	20	0	20
Other, net	9	7	12	13
Other expenses, net	$ 23	$ 37	$ 53	$ 53

OTHER INFORMATION - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
OTHER INFORMATION - Narrative (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
OTHER INFORMATION
Taxes paid	$ 0	$ 0	$ 0	$ 0
Interest paid, net of capitalized amounts	2,000,000	$ 6,000,000	4,000,000	$ 51,000,000
Cash paid for reorganization items	$ 2,000,000		$ 4,000,000

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Materials and supplies	$ 56	$ 58
Finished goods	2	3
Inventories	$ 58	$ 61

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Debt
Principal Amount	$ 599	$ 600
Unamortized debt issuance costs	(2)	(11)
Long-term debt, net	597	589
Senior Notes (Unsecured)
Debt
Principal Amount	0	$ 600
Interest rate		7.125%
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%
EHP Notes
Debt
Principal Amount	$ 300	0
Interest rate	6.00%
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%

DEBT - Narrative - Revolving Credit Facility (Details) - USD ($)		6 Months Ended
	May 07, 2021	Jun. 30, 2021	Apr. 30, 2021	Oct. 27, 2020
Crude Oil Hedge Positions
Debt instrument
Derivative period		36 months
Revolving Credit Facility \| Line of Credit
Debt instrument
Line of credit facility, maximum borrowing capacity	$ 492,000,000
Borrowing base	$ 1,200,000,000		$ 1,167,000,000
Aggregate commitment		$ 492,000,000	$ 540,000,000
Debt instrument covenant leverage ratio	2.00
Revolving Credit Facility \| Line of Credit \| First 24 Months \| Crude Oil Hedge Positions
Debt instrument
Derivative period	24 months
Derivative, allocation percent	33.00%			50.00%
Revolving Credit Facility \| Line of Credit \| 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				$ 200,000,000

DEBT - Revolving Credit Facility (Details) - Line of Credit - USD ($) $ in Millions	Jun. 30, 2021	Apr. 30, 2021
Debt instrument
Availability	$ 367
Revolving Credit Facility
Debt instrument
Borrowing capacity	492	$ 540
Letters of Credit
Debt instrument
Outstanding letters of credit	$ (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

DEBT - Senior Notes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
DEBT - Senior Notes (Details) - USD ($) $ in Millions	Jan. 20, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt instrument
Loss on extinguishment of debt		$ 0	$ 0	$ 2	$ (5)
Senior Notes (Unsecured)
Debt instrument
Debt instrument, interest rate, stated percentage		7.125%		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	$ 587
Debt issuance costs	13
Second Lien Term Loan, EHP Notes, And Revolving Credit Facility \| Senior Notes (Unsecured)
Debt instrument
Repayments of debt	$ 587

DEBT - Predecessor Note Repurchases (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Repurchases of debt
Pre-tax gain on extinguishment of debt, net of a reduction in deferred issuance costs	$ 0	$ 0		$ (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

DEBT - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt instrument
Fair Value of Long-Term Debt	$ 633	$ 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
Senior Notes (Unsecured)
Debt instrument
Fair Value of Long-Term Debt	$ 633	$ 0

ASSETS HELD FOR SALE (Details) - Ventura Basin - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Millions	3 Months Ended
	Jun. 30, 2021 USD ($)
Business Acquisition [Line Items]
Expected cash consideration	$ 102
Proceeds from sale of oil and gas	82
Maximum production proceeds, decommissioning obligations	$ 20
Decommissioning obligations satisfaction period	5 years

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended
	Oct. 31, 2020 platform	Apr. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of offshore platforms with decommissioning obligations defaulted \| platform	2
Offshore platforms with decommissioning obligations defaulted percentage	37.50%
Offshore platforms with decommissioning obligations defaulted period since interest sold	30 years
Contractual obligation \| $		$ 12

DERIVATIVES - Narrative (Details) - Crude Oil Hedge Positions	6 Months Ended
	Jun. 30, 2021
Derivatives
Derivative period	36 months
Minimum
Derivatives
Derivative period	2 years

DERIVATIVES - Commodity Price Risk (Details)	Jun. 30, 2021 bbl / d $ / barrel
Calls \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	36,688
Weighted-average price (in dollars per barrel) \| $ / barrel	50.47
Calls \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	37,037
Weighted-average price (in dollars per barrel) \| $ / barrel	60.75
Calls \| Q1 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	35,347
Weighted-average price (in dollars per barrel) \| $ / barrel	60.37
Calls \| Q2 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	35,343
Weighted-average price (in dollars per barrel) \| $ / barrel	60.63
Calls \| 2H 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	28,773
Weighted-average price (in dollars per barrel) \| $ / barrel	59.07
Calls \| 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	14,790
Weighted-average price (in dollars per barrel) \| $ / barrel	58.01
Puts \| Purchased \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	36,943
Weighted-average price (in dollars per barrel) \| $ / barrel	40.18
Puts \| Purchased \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	35,820
Weighted-average price (in dollars per barrel) \| $ / barrel	40.19
Puts \| Purchased \| Q1 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	35,347
Weighted-average price (in dollars per barrel) \| $ / barrel	40.57
Puts \| Purchased \| Q2 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	35,343
Weighted-average price (in dollars per barrel) \| $ / barrel	41.13
Puts \| Purchased \| 2H 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	28,773
Weighted-average price (in dollars per barrel) \| $ / barrel	40.70
Puts \| Purchased \| 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	14,790
Weighted-average price (in dollars per barrel) \| $ / barrel	40.00
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 \| Q1 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	6,869
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| Q2 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Puts \| Sold \| 2H 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	2,674
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Swaps \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	11,063
Weighted-average price (in dollars per barrel) \| $ / barrel	51.02
Swaps \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	11,922
Weighted-average price (in dollars per barrel) \| $ / barrel	52.61
Swaps \| Q1 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	10,869
Weighted-average price (in dollars per barrel) \| $ / barrel	52.62
Swaps \| Q2 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	8,669
Weighted-average price (in dollars per barrel) \| $ / barrel	51.31
Swaps \| 2H 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	8,386
Weighted-average price (in dollars per barrel) \| $ / barrel	51.22
Swaps \| 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	6,930
Weighted-average price (in dollars per barrel) \| $ / barrel	52.15

DERIVATIVES - Fair Value (Details) - Commodity Contracts - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value of Derivatives
Total derivatives	$ 0	$ 0
Other current assets
Fair Value of Derivatives
Netting	(6)	(21)
Other assets
Fair Value of Derivatives
Netting	(18)	(63)
Accrued liabilities
Fair Value of Derivatives
Netting	6	21
Other long-term liabilities
Fair Value of Derivatives
Netting	18	63
Gross Amounts at Fair Value
Fair Value of Derivatives
Total derivatives	(421)	(56)
Gross Amounts at Fair Value \| Other current assets
Fair Value of Derivatives
Gross Amounts at Fair Value	6	21
Gross Amounts at Fair Value \| Other assets
Fair Value of Derivatives
Gross Amounts at Fair Value	18	63
Gross Amounts at Fair Value \| Accrued liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(271)	(71)
Gross Amounts at Fair Value \| Other long-term liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(174)	(69)
Net Fair Value
Fair Value of Derivatives
Total derivatives	(421)	(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	(265)	(50)
Net Fair Value \| Other long-term liabilities
Fair Value of Derivatives
Net Fair Value	$ (156)	$ (6)

EARNINGS PER SHARE - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator for Basic and Diluted EPS
Net loss	$ (107)	$ (247)	$ (196)	$ (1,992)
Less: net income attributable to noncontrolling interests	(4)	(24)	(9)	(75)
Net loss attributable to common stock - basic	(111)	(271)	(205)	(2,067)
Net loss attributable to common stock - diluted	$ (111)	$ (271)	$ (205)	$ (2,067)
Denominator for Basic and Diluted EPS
Weighted-average common shares outstanding — basic (in shares)	83.1	49.5	83.2	49.4
Weighted-average common shares outstanding — diluted (in shares)	83.1	49.5	83.2	49.4
EPS
Basic (in dollars per share)	$ (1.34)	$ (5.47)	$ (2.46)	$ (41.84)
Diluted (in dollars per share)	$ (1.34)	$ (5.47)	$ (2.46)	$ (41.84)
Weighted-average anti-dilutive shares (in shares)	6.4	5.2	5.9	4.9

PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net periodic benefit costs:
Employer contributions to pension plan	$ 5	$ 1	$ 0	$ 1	$ 0
Contributions expected to be made remainder of fiscal year		3		3
Contributions deferred			5		5
Pension Benefit
Net periodic benefit costs:
Service cost		1	1	1	1
Interest cost		0	0	0	1
Expected return on plan assets		(1)	0	(1)	0
Total		0	1	0	2
Postretirement Benefit
Net periodic benefit costs:
Service cost		1	1	2	2
Interest cost		1	1	2	2
Expected return on plan assets		0	0	0	0
Total		$ 2	$ 2	$ 4	$ 4

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%	0.00%	0.00%

ASSET IMPAIRMENTS - Schedule of Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Proved oil and natural gas properties			$ 0	$ 1,487
Unproved properties			0	228
Other			3	21
Total	$ 0	$ 0	$ 3	$ 1,736

ASSET IMPAIRMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Asset impairments	$ 0	$ 0	$ 3	$ 1,736

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
General and administrative expenses
Schedule of Equity Method Investments [Line Items]
Total stock-based compensation expense	$ 4	$ 1	$ 6	$ 2

STOCK-BASED COMPENSATION - Narrative - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Income tax benefit related to stock-based compensation	$ 0	$ 0	$ 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		$ 7		$ 15

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
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
Unvested, beginning of year (in shares) \| shares	0
Granted (in shares) \| shares	1,180
Cancelled or Forfeited (in shares) \| shares	(36)
Unvested, end of year (in shares) \| shares	1,144
Weighted-Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	24.74
Cancelled or Forfeited (in dollars per share) \| $ / shares	24.50
Unvested, end of year (in dollars per share) \| $ / shares

STOCK-BASED COMPENSATION - Performance Stock Unit Awards (Details) - Performance Stock Units $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 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
Unvested, beginning of year (in shares) \| shares	0
Granted (in shares) \| shares	969
Cancelled or Forfeited (in shares) \| shares	(21)
Unvested, end of year (in shares) \| shares	948
Weighted-Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	19.72
Cancelled or Forfeited (in dollars per share) \| $ / shares	19.31
Unvested, end of year (in dollars per share) \| $ / shares
Unrecognized compensation expense \| $	$ 17
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%

STOCK-BASED COMPENSATION - Schedule of Percentage of Payouts Target Awards (Details) - Performance Stock Units	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		65.00%
Dividend yield	0.00%	0.00%
Forecast period (in years)		3 years
Expected term	3 years		3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	60.00%
Risk-free interest rate	0.16%	0.17%
Forecast period (in years)	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	65.00%
Risk-free interest rate	0.17%	0.32%
Forecast period (in years)	3 years

EQUITY (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	May 31, 2021
Equity [Abstract]
Stock repurchase program authorized amount			$ 150
Treasury stock, shares, acquired (in shares)		1.4
Treasury stock acquired, average price per share (in dollar per share)		$ 31.56
Repurchases of common stock	$ 45	$ 45

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Aug. 05, 2021	Jul. 31, 2021	May 31, 2021	Apr. 30, 2017
Subsequent Event [Line Items]
Stock repurchase program authorized amount			$ 150
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, increase in authorized amount	$ 100
Stock repurchase program authorized amount	250
Joint Venture With Macquarie Infrastructure And Real Assets Inc \| Joint Venture With Macquarie Infrastructure And Real Assets Inc
Subsequent Event [Line Items]
Joint venture working interest acquired				90.00%
Joint Venture With Macquarie Infrastructure And Real Assets Inc \| Joint Venture With Macquarie Infrastructure And Real Assets Inc \| Subsequent Event
Subsequent Event [Line Items]
Purchased of working interest share conveyed assets	$ 53
Joint venture working interest before counterparty return		10.00%

DERIVATIVES - Commodity Price Risk (Details)	Jun. 30, 2021 bbl / d $ / barrel
Calls \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	36,688
Weighted-average price (in dollars per barrel) \| $ / barrel	50.47
Calls \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	37,037
Weighted-average price (in dollars per barrel) \| $ / barrel	60.75
Calls \| Q1 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	35,347
Weighted-average price (in dollars per barrel) \| $ / barrel	60.37
Calls \| Q2 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	35,343
Weighted-average price (in dollars per barrel) \| $ / barrel	60.63
Calls \| 2H 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	28,773
Weighted-average price (in dollars per barrel) \| $ / barrel	59.07
Calls \| 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	14,790
Weighted-average price (in dollars per barrel) \| $ / barrel	58.01
Puts \| Purchased \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	36,943
Weighted-average price (in dollars per barrel) \| $ / barrel	40.18
Puts \| Purchased \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	35,820
Weighted-average price (in dollars per barrel) \| $ / barrel	40.19
Puts \| Purchased \| Q1 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	35,347
Weighted-average price (in dollars per barrel) \| $ / barrel	40.57
Puts \| Purchased \| Q2 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	35,343
Weighted-average price (in dollars per barrel) \| $ / barrel	41.13
Puts \| Purchased \| 2H 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	28,773
Weighted-average price (in dollars per barrel) \| $ / barrel	40.70
Puts \| Purchased \| 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	14,790
Weighted-average price (in dollars per barrel) \| $ / barrel	40.00
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 \| Q1 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	6,869
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| Q2 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Puts \| Sold \| 2H 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	2,674
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Swaps \| Q3 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	11,063
Weighted-average price (in dollars per barrel) \| $ / barrel	51.02
Swaps \| Q4 2021
Derivatives
Daily volume (in Bbl) \| bbl / d	11,922
Weighted-average price (in dollars per barrel) \| $ / barrel	52.61
Swaps \| Q1 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	10,869
Weighted-average price (in dollars per barrel) \| $ / barrel	52.62
Swaps \| Q2 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	8,669
Weighted-average price (in dollars per barrel) \| $ / barrel	51.31
Swaps \| 2H 2022
Derivatives
Daily volume (in Bbl) \| bbl / d	8,386
Weighted-average price (in dollars per barrel) \| $ / barrel	51.22
Swaps \| 2023
Derivatives
Daily volume (in Bbl) \| bbl / d	6,930
Weighted-average price (in dollars per barrel) \| $ / barrel	52.15