0001609253-22-000028 | 10-Q | XBRL Viewer | California Resources Corp

Print Document View Excel Document

DERIVATIVES - Fair Value (Details) - Commodity Contracts - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value of Derivatives
Total derivatives	$ 0	$ 0
Other current assets
Fair Value of Derivatives
Netting	(22)	(27)
Other noncurrent assets
Fair Value of Derivatives
Netting	(26)	(11)
Current - Fair value of derivative contracts
Fair Value of Derivatives
Netting	22	27
Noncurrent - Fair value of derivative contracts
Fair Value of Derivatives
Netting	26	11
Gross Amounts at Fair Value
Fair Value of Derivatives
Total derivatives	(716)	(395)
Gross Amounts at Fair Value \| Other current assets
Fair Value of Derivatives
Gross Amounts at Fair Value	31	33
Gross Amounts at Fair Value \| Other noncurrent assets
Fair Value of Derivatives
Gross Amounts at Fair Value	55	12
Gross Amounts at Fair Value \| Current - Fair value of derivative contracts
Fair Value of Derivatives
Gross Amounts at Fair Value	(576)	(297)
Gross Amounts at Fair Value \| Noncurrent - Fair value of derivative contracts
Fair Value of Derivatives
Gross Amounts at Fair Value	(226)	(143)
Net Fair Value
Fair Value of Derivatives
Total derivatives	(716)	(395)
Net Fair Value \| Other current assets
Fair Value of Derivatives
Net Fair Value	9	6
Net Fair Value \| Other noncurrent assets
Fair Value of Derivatives
Net Fair Value	29	1
Net Fair Value \| Current - Fair value of derivative contracts
Fair Value of Derivatives
Net Fair Value	(554)	(270)
Net Fair Value \| Noncurrent - Fair value of derivative contracts
Fair Value of Derivatives
Net Fair Value	$ (200)	$ (132)

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

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

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



	Three months ended March 31,
	2022		2021
	(in millions)
Oil	$	486	$	331
Natural gas	80		47
NGLs	62		54
Oil, natural gas and NGL sales	$	628	$	432

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

DEBT - Narrative - Revolving Credit Facility (Details) - Line of Credit - USD ($) $ in Millions	Apr. 29, 2022	Feb. 28, 2022	Oct. 27, 2020
Revolving Credit Facility
Debt instrument
Line of credit facility, maximum borrowing capacity			$ 552
Line of credit facility, increase in current borrowing capacity		$ 60
Revolving Credit Facility \| Subsequent Event
Debt instrument
Borrowing base	$ 1,200
Letters of Credit
Debt instrument
Line of credit facility, maximum borrowing capacity			$ 200

OTHER BALANCE SHEET INFORMATION - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
OTHER INFORMATION
Compensation-related liabilities	$ 31	$ 38
Postretirement and pension benefit plans	57	59
Lease liability	35	37
Premiums due on derivative contracts	49	5
Other	6	6
Other long-term liabilities	$ 178	$ 145

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended
	Oct. 31, 2020 platform
Commitments and Contingencies Disclosure [Abstract]
Number of offshore platforms with decommissioning obligations defaulted	2
Offshore platforms with decommissioning obligations defaulted percentage	37.50%
Offshore platforms with decommissioning obligations defaulted period since interest sold	30 years

DIVESTITURES AND ACQUISITIONS	3 Months Ended
DIVESTITURES AND ACQUISITIONS	Mar. 31, 2022
Acquisitions And Divestitures [Abstract]
DIVESTITURES AND ACQUISITIONS	DIVESTITURES AND ACQUISITIONS Divestitures Ventura Basin Transactions During the three months ended March 31, 2022, we recorded a gain of $6 million related to the sale of certain Ventura basin assets. We expect to divest of our remaining assets in the Ventura basin during the second half of 2022 pending final approval from the State Lands Commission. These remaining assets, consisting of property, plant and equipment and the associated asset retirement obligations, are classified as held for sale on our condensed consolidated balance sheet as of March 31, 2022. Lost Hills Transaction On February 1, 2022, we sold our 50% non-operated working interest in certain horizons within our Lost Hills field, located in the San Joaquin basin, recognizing a gain of $49 million. We retained an option to capture, transport and store 100% of the CO2 from steam generators across the Lost Hills field for future carbon management projects. We also retained 100% of the deep rights and related seismic data. CRC Plaza In January 2022, we entered into an agreement to sell our commercial office building located in Bakersfield, California, subject to due diligence and a fit for purpose analysis. The due diligence determined that the cost to convert the building for the buyer's use was not economic and the buyer elected to terminate the agreement in April 2022. Other During the three months ended March 31, 2022 and 2021, we sold non-core assets recognizing a $1 million loss and a $2 million gain, respectively. Acquisitions During the three months ended March 31, 2022, we acquired properties and land easements for carbon management activities. Total spend for these carbon-related acquisitions was $17 million.

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic and diluted earnings per share (EPS) were calculated using the treasury stock method for the three months ended March 31, 2022 and March 31, 2021. Our restricted stock unit (RSU) and performance stock unit (PSU) awards are not considered participating securities since the dividend rights on unvested shares are forfeitable.

For basic EPS, the weighted-average number of common shares outstanding excludes shares underlying our equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive.

The following table presents the calculation of basic and diluted EPS, for the three months ended March 31, 2022 and 2021:



	Three months ended March 31,
	2022		2021
	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net loss	$	(175)	$	(89)
Less: net income attributable to noncontrolling interests	—		(5)
Net loss attributable to common stock	$	(175)	$	(94)



Denominator for Basic EPS
Weighted-average shares	78.5		83.3






Denominator for Diluted EPS
Weighted-average shares	78.5		83.3

EPS
Basic	$	(2.23)	$	(1.13)
Diluted	$	(2.23)	$	(1.13)

The following table presents potentially dilutive weighted-average common shares which were excluded from the denominator for diluted EPS:



	Three months ended March 31,
	2022	2021
	(in millions)
Shares issuable upon exercise of warrants	4.3	4.4

Shares issuable upon settlement of RSUs	1.1	0.6
Shares issuable upon settlement of PSUs	1.0	0.4

Total antidilutive shares	6.4	5.4

DERIVATIVES

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging requirements and program goals, even though they are not accounted for as accounting hedges.

Currently, we may not hedge more than 85% of reasonably anticipated total forecasted production of crude oil, natural gas and NGLs from our oil and gas properties for a 48-month period, except that we may purchase puts and floors up to 100% of such production. The percentage of our crude oil production hedged is calculated exclusive of offsetting positions on our derivative contracts. See Note 15 Subsequent Events for more information on an amendment to our Revolving Credit Facility and our hedging requirements.

Summary of open derivative contracts — We held the following Brent-based crude oil contracts as of March 31, 2022:


	Q2 2022		Q3 2022		Q4 2022		1H 2023		2H 2023		2024
Sold Calls
Barrels per day	35,343		34,380		25,167		18,078		11,555		—
Weighted-average price per barrel	$	60.63	$	60.76	$	57.82	$	58.63	$	57.06	$	—

Swaps
Barrels per day	10,669		10,476		17,263		11,806		16,552		1,492
Weighted-average price per barrel	$	54.12	$	53.97	$	58.79	$	58.04	$	62.95	$	79.06

Net Purchased Puts(a)
Barrels per day	35,343		34,380		25,167		18,078		11,555		1,724
Weighted-average price per barrel	$	65.42	$	65.02	$	64.47	$	76.25	$	76.25	$	75.00

Sold Puts
Barrels per day	—		4,000		1,348		—		—		—
Weighted-average price per barrel	$	—	$	32.00	$	32.00	$	—	$	—	$	—

(a)Purchased puts and sold puts with the same strike price have been presented on a net basis.

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.

•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.

•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.

We use combinations of these positions to meet the requirements of our Revolving Credit Facility and to increase the efficacy of our hedging program. The majority of our derivative positions were entered into subsequent to our emergence from bankruptcy to comply with the hedging requirements of our Revolving Credit Facility.

Fair value of derivatives — The following tables present the fair values on a recurring basis (at gross and net) of our outstanding commodity derivatives as of March 31, 2022 and December 31, 2021:


March 31, 2022
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	31	$	(22)	$	9
Other noncurrent assets	55		(26)		29

Liabilities
Current - Fair value of derivative contracts	(576)		22		(554)
Noncurrent - Fair value of derivative contracts	(226)		26		(200)
	$	(716)	$	—	$	(716)


December 31, 2021
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	33	$	(27)	$	6
Other noncurrent assets	12		(11)		1

Liabilities
Current - Fair value of derivative contracts	(297)		27		(270)
Noncurrent - Fair value of derivative contracts	(143)		11		(132)
	$	(395)	$	—	$	(395)

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 loss from commodity derivatives on our condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021. The changes in fair value result from the relationship between our existing positions, volatility, time to expiration, contract prices and the associated forward curves.

OTHER BALANCE SHEET INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accrued liabilities current [abstract]
Accrued employee-related costs	$ 41	$ 61
Accrued taxes other than on income	30	30
Asset retirement obligations	48	51
Accrued interest	9	19
Lease liability	10	11
Premiums due on derivative contracts	69	57
Liability for settlement payments on derivative contracts	85	25
Amounts due under production-sharing contracts	33	14
Other	37	29
Accrued liabilities	$ 362	$ 297

DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of March 31, 2022 and December 31, 2021, our long-term debt consisted of the following:



	March 31,		December 31,
	2022		2021		Interest Rate	Maturity
	(in millions)

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

Senior Notes	600		600		7.125%	February 1, 2026
Principal amount	$	600	$	600
Unamortized debt issuance costs	(10)		(11)
Long-term debt, net	$	590	$	589

Schedule of Line of Credit Facilities

As of March 31, 2022, our availability under our Revolving Credit Facility was as follows:



	March 31,
	2022
	(in millions)
Borrowing capacity	$	552
Outstanding letters of credit	(136)
Availability	$	416

- 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

OTHER BALANCE SHEET INFORMATION - Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Other current assets
Amounts due from joint interest partners	$ 62	$ 47
Fair value of derivative contracts	9	6
Prepaid expenses	18	16
Greenhouse gas allowances	38	31
Margin deposits	12	12
Other	7	9
Other current assets	$ 146	$ 121

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	83,389,254	83,389,210
Common stock, outstanding shares (in shares)	77,630,810	79,299,222
Treasury stock (in shares)	5,758,444	4,089,988

EARNINGS PER SHARE - Potentially Dilutive Common Shares (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares	6,400,000	5,400,000
Shares issuable upon exercise of warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares	4,300,000	4,400,000
Shares issuable upon settlement of RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares	1,100,000	600,000
Shares issuable upon settlement of PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares	1,000,000.0	400,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive (Loss) Income	Equity Attributable to Common Stock	Equity Attributable to Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 1,182	$ 1	$ 0	$ 1,268	$ (123)	$ (8)	$ 1,138	$ 44
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(89)				(94)		(94)	5
Distributions paid to a noncontrolling interest holder	(14)							(14)
Share-based compensation	2			2			2
Ending balance at Mar. 31, 2021	1,081	1	0	1,270	(217)	(8)	1,046	35
Beginning balance at Dec. 31, 2020	1,182	1	0	1,268	(123)	(8)	$ 1,138	$ 44
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock	(219)
Ending balance at Mar. 31, 2022	1,433	1	(219)	1,293	286	72
Beginning balance at Dec. 31, 2021	1,688	1	(148)	1,288	475	72
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(175)				(175)
Share-based compensation	5			5
Repurchases of common stock	(71)		(71)
Cash dividends ($0.17 per share)	(14)				(14)
Ending balance at Mar. 31, 2022	$ 1,433	$ 1	$ (219)	$ 1,293	$ 286	$ 72

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4568740-111683

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-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 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21711-107793

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-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 14: http://www.xbrl.org/2009/role/commonPracticeRef
-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 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4568447-111683

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

+ Details

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, by category, are as follows:



	March 31,		December 31,
	2022		2021
	(in millions)
Materials and supplies	$	54	$	54
Finished goods	2		6
Inventories	$	56	$	60

DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Open Derivative Contracts

We held the following Brent-based crude oil contracts as of March 31, 2022:


	Q2 2022		Q3 2022		Q4 2022		1H 2023		2H 2023		2024
Sold Calls
Barrels per day	35,343		34,380		25,167		18,078		11,555		—
Weighted-average price per barrel	$	60.63	$	60.76	$	57.82	$	58.63	$	57.06	$	—

Swaps
Barrels per day	10,669		10,476		17,263		11,806		16,552		1,492
Weighted-average price per barrel	$	54.12	$	53.97	$	58.79	$	58.04	$	62.95	$	79.06

Net Purchased Puts(a)
Barrels per day	35,343		34,380		25,167		18,078		11,555		1,724
Weighted-average price per barrel	$	65.42	$	65.02	$	64.47	$	76.25	$	76.25	$	75.00

Sold Puts
Barrels per day	—		4,000		1,348		—		—		—
Weighted-average price per barrel	$	—	$	32.00	$	32.00	$	—	$	—	$	—

(a)Purchased puts and sold puts with the same strike price have been presented on a net basis.

Summary of Fair Value of Derivatives

The following tables present the fair values on a recurring basis (at gross and net) of our outstanding commodity derivatives as of March 31, 2022 and December 31, 2021:


March 31, 2022
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	31	$	(22)	$	9
Other noncurrent assets	55		(26)		29

Liabilities
Current - Fair value of derivative contracts	(576)		22		(554)
Noncurrent - Fair value of derivative contracts	(226)		26		(200)
	$	(716)	$	—	$	(716)


December 31, 2021
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets	$	33	$	(27)	$	6
Other noncurrent assets	12		(11)		1

Liabilities
Current - Fair value of derivative contracts	(297)		27		(270)
Noncurrent - Fair value of derivative contracts	(143)		11		(132)
	$	(395)	$	—	$	(395)

- 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

INVENTORIES

3 Months Ended

Mar. 31, 2022

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 include produced oil and NGLs in storage, which are valued at the lower of cost or net realizable value. Inventories, by category, are as follows:



	March 31,		December 31,
	2022		2021
	(in millions)
Materials and supplies	$	54	$	54
Finished goods	2		6
Inventories	$	56	$	60

DERIVATIVES - Narrative (Details) - 48 Month Period - Revolving Credit Facility - Line of Credit	Oct. 27, 2020
Derivatives
Derivative, hedging percent	85.00%
Derivative period	48 months
Crude Oil Hedge Positions
Derivatives
Debt instrument, floor interest rate	100.00%

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash	$ 328	$ 305
Trade receivables	301	245
Inventories	56	60
Assets held for sale	3	22
Other current assets	146	121
Total current assets	834	753
PROPERTY, PLANT AND EQUIPMENT	2,936	2,845
Accumulated depreciation, depletion and amortization	(293)	(246)
Total property, plant and equipment, net	2,643	2,599
DEFERRED TAX ASSET	429	396
OTHER NONCURRENT ASSETS	126	98
TOTAL ASSETS	4,032	3,846
CURRENT LIABILITIES
Accounts payable	287	266
Liabilities associated with assets held for sale	2	21
Fair value of derivative contracts	554	270
Accrued liabilities	362	297
Total current liabilities	1,205	854
NONCURRENT LIABILITIES
Long-term debt, net	590	589
Fair value of derivative contracts	200	132
Asset retirement obligations	426	438
Other long-term liabilities	178	145
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock (200,000,000 shares authorized at $0.01 par value) (83,389,254 and 83,389,210 shares issued; 77,630,810 and 79,299,222 shares outstanding at March 31, 2022 and December 31, 2021)	1	1
Treasury stock (5,758,444 shares held at cost at March 31, 2022 and 4,089,988 shares held at cost at December 31, 2021)	(219)	(148)
Additional paid-in capital	1,293	1,288
Retained earnings	286	475
Accumulated other comprehensive income	72	72
Total stockholders' equity	1,433	1,688
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,032	$ 3,846

ACCOUNTING AND DISCLOSURE CHANGES (Details) - Revolving Credit Facility - Line of Credit	1 Months Ended	3 Months Ended
	Feb. 25, 2022	Mar. 31, 2022
Recently Issued Accounting and Disclosure Changes
Margin increase, additional increase each subsequent fiscal quarter	0.50%
Secured Overnight Financing Rate
Recently Issued Accounting and Disclosure Changes
Interest rate floor	1.00%
Secured Overnight Financing Rate \| Minimum
Recently Issued Accounting and Disclosure Changes
Interest rate added to variable rate basis	3.00%	3.00%
Secured Overnight Financing Rate \| Maximum
Recently Issued Accounting and Disclosure Changes
Interest rate added to variable rate basis	4.00%	4.00%
Alternative Base Rate
Recently Issued Accounting and Disclosure Changes
Interest rate floor	2.00%
Alternative Base Rate \| Minimum
Recently Issued Accounting and Disclosure Changes
Interest rate added to variable rate basis		2.00%
Alternative Base Rate \| Maximum
Recently Issued Accounting and Disclosure Changes
Interest rate added to variable rate basis		3.00%
Federal Funds Rate
Recently Issued Accounting and Disclosure Changes
Interest rate added to variable rate basis	0.50%
LIBOR
Recently Issued Accounting and Disclosure Changes
Interest rate added to variable rate basis	1.00%
ABR Applicable Margin \| Minimum
Recently Issued Accounting and Disclosure Changes
Interest rate added to variable rate basis	2.00%
ABR Applicable Margin \| Maximum
Recently Issued Accounting and Disclosure Changes
Interest rate added to variable rate basis	3.00%

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions				3 Months Ended
	May 04, 2022 USD ($) $ / shares shares	Feb. 23, 2022 $ / shares	Oct. 27, 2020	Mar. 31, 2022 USD ($) $ / shares	Apr. 29, 2022
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share) \| $ / shares		$ 0.17		$ 0.17
Stock repurchase program authorized amount				$ 350
Revolving Credit Facility \| Line of Credit \| Derivative Instrument, Period One \| Crude Oil Hedge Positions
Subsequent Event [Line Items]
Derivative, allocation percent			50.00%
Revolving Credit Facility \| Line of Credit \| Derivative Instrument, Period Two
Subsequent Event [Line Items]
Derivative, hedging percent			33.00%
Revolving Credit Facility \| Line of Credit \| Derivative Instrument, Period Two \| Crude Oil Hedge Positions
Subsequent Event [Line Items]
Derivative period			12 months
Revolving Credit Facility \| Line of Credit \| Maximum
Subsequent Event [Line Items]
Debt instrument, covenant leverage ratio			2.0
Revolving Credit Facility \| Line of Credit \| Minimum
Subsequent Event [Line Items]
Debt instrument, covenant leverage ratio			1.0
Subsequent Event
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share) \| $ / shares	$ 0.17
Stock repurchase program, increase in authorized amount	$ 300
Stock repurchase program authorized amount	$ 650
Subsequent Event \| Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Debt instrument, covenant leverage ratio					1.50
Derivative, hedging percent					30.00%
Subsequent Event \| Employee Stock
Subsequent Event [Line Items]
Purchase price of common stock	85.00%
Number of shares authorized (in shares) \| shares	1,250,000

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe difference between the U.S. federal statutory tax rate of 21% and our effective tax rate of 13% for the three months ended March 31, 2022 primarily relates to state taxes and an increase in a valuation allowance for capital losses, the deductibility of which is limited to future capital gains, resulting from our Lost Hills divestiture. The difference between the U.S. federal statutory tax rate of 21% and our effective tax rate of zero for the three months ended March 31, 2021, primarily includes state taxes and changes to maintain a full valuation allowance against our net deferred tax assets given our anticipated future earnings trends at that time. Realization of our deferred tax assets is subjective and remains dependent on a number of factors including our ability to generate sufficient taxable income, including capital gains, in future periods.

- 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

ACCOUNTING AND DISCLOSURE CHANGES	3 Months Ended
ACCOUNTING AND DISCLOSURE CHANGES	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
ACCOUNTING AND DISCLOSURE CHANGES	ACCOUNTING AND DISCLOSURE CHANGESIn February 2022, we amended our Revolving Credit Facility to replace the benchmark rate from the London Interbank Offered Rate to the secured overnight financing rate (SOFR). As a result of this amendment, we can elect to borrow at either an adjusted SOFR rate or an alternate base rate (ABR), subject to a 1% floor and 2% floor, respectively, plus an applicable margin. The ABR is equal to the highest of (i) the federal funds effective rate plus 0.50%, (ii) the administrative agent prime rate and (iii) the one-month SOFR rate plus 1%. The applicable margin is adjusted based on the borrowing base utilization percentage and will vary from (i) in the case of SOFR loans, 3% to 4% and (ii) in the case of ABR loans, 2% to 3%. The unused portion of the facility is subject to a commitment fee of 0.50% per annum. We also pay customary fees and expenses. Interest on ABR loans is payable quarterly in arrears. Interest on SOFR loans is payable at the end of each SOFR period, but not less than quarterly.ASC Topic 848, Reference Rate Reform contains guidance for applying U.S. GAAP to contracts, hedging relationships and other transactions that are impacted by reference rate reform. Under this guidance, we elected to account for this debt amendment as a modification of the original instrument. The debt modification did not have a material impact to 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

DEBT - Revolving Credit Facility (Details) - Line of Credit $ in Millions	Mar. 31, 2022 USD ($)
Debt instrument
Availability	$ 416
Revolving Credit Facility
Debt instrument
Borrowing capacity	552
Letters of Credit
Debt instrument
Outstanding letters of credit	$ (136)

- 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

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATIONWe did not make U.S. federal and state income tax payments during the three months ended March 31, 2022 and 2021. Interest paid, net of capitalized amounts, totaled $22 million and $2 million for the three months ended March 31, 2022 and 2021, respectively. Non-cash financing activities in the three months ended March 31, 2022 included $1 million of dividends accrued for stock-based compensation awards. No dividends were accrued for the three months ended March 31, 2021.

EARNINGS PER SHARE - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for Basic and Diluted EPS
Net loss	$ (175)	$ (89)
Less: net income attributable to noncontrolling interests	0	(5)
NET LOSS ATTRIBUTABLE TO COMMON STOCK	$ (175)	$ (94)
Denominator for Basic and Diluted EPS
Weighted-average common shares outstanding — basic (in shares)	78.5	83.3
Weighted-average common shares outstanding — diluted (in shares)	78.5	83.3
EPS
Basic (in dollars per share)	$ (2.23)	$ (1.13)
Diluted (in dollars per share)	$ (2.23)	$ (1.13)

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On May 4, 2022, our Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable to shareholders of record at the close of business on June 1, 2022 and is expected to be paid on June 16, 2022. Employee Stock Purchase Plan On May 4, 2022, our shareholders approved a new California Resources Corporation Employee Stock Purchase Plan (ESPP). The ESPP will provide our employees with the ability to purchase shares of our common stock at a price equal to 85% of the closing price of a share of our common stock as of the first or last day of each fiscal quarter, whichever amount is less. The maximum number of shares of our common stock which may be issued pursuant to the ESPP is subject to certain annual limits and has a cumulative limit of 1,250,000 shares. Share Repurchase Program On May 4, 2022, our Board of Directors increased our Share Repurchase Program by $300 million to an aggregate $650 million and extended the term of the program until June 30, 2023. Debt On April 29, 2022, we amended our Revolving Credit Facility by entering into that certain Third Amendment to Credit Agreement (the Third Amendment) among California Resources Corporation in its capacity as borrower under Revolving Credit Facility, Citibank, N.A. in its capacity as administrative agent under the Revolving Credit Facility and each of the lenders party to the Third Amendment to, among other things, modify the minimum hedge requirement and the restricted payment and investment covenants contained in the Revolving Credit Facility. As a result of this amendment, the rolling hedge requirement as described in Part II, Item 8 – Financial Statements and Supplementary Data, Note 4 Debt in our 2021 Annual Report has been modified. As amended, our Revolving Credit Facility requires us to maintain hedges on a minimum amount of crude oil production, determined semi-annually, of no less than (i) in the event that our Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) is greater than 2.0 to 1.0 as of the end of the most recent fiscal quarter test period, 50% of our reasonably anticipated oil production from our proved developed producing reserves for each quarter during the period ending the earlier of (1) the maturity date of the Revolving Credit Facility and (2) 12 months after the delivery of the compliance certificate for the relevant test period and (ii) in the event that our Consolidated Total Net Leverage Ratio is less than or equal to 2.0 to 1.0 but greater than 1.0 to 1.0 as of the end of the most recent fiscal quarter test period, 33% of our reasonably anticipated oil production from our proved developed producing reserves for each quarter during the period ending the earlier of (1) the maturity date of the Revolving Credit Facility and (2) 12 months after the delivery of the compliance certificate for the relevant test period. The foregoing minimum hedge requirements do not apply to the extent that our Consolidated Total Net Leverage Ratio is less than or equal to 1.00 to 1.00 as of the last day of the most recently ended fiscal quarter test period.Furthermore, the restricted payment and investments covenants were modified to permit unlimited investments and/or restricted payments so long as (i) no Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing under the Revolving Credit Facility at the time of such investment or restricted payment, (ii) the undrawn availability under the Revolving Credit Facility is not less than 30.0% at such time and (iii) the Consolidated Total Net Leverage Ratio is less than or equal to 1.50 to 1.00.

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares		3 Months Ended
	Feb. 23, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared, common stock (in dollars per share)	$ 0.17	$ 0.17

DEBT

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

DEBT

As of March 31, 2022 and December 31, 2021, our long-term debt consisted of the following:



	March 31,		December 31,
	2022		2021		Interest Rate	Maturity
	(in millions)

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

Senior Notes	600		600		7.125%	February 1, 2026
Principal amount	$	600	$	600
Unamortized debt issuance costs	(10)		(11)
Long-term debt, net	$	590	$	589

Revolving Credit Facility

On October 27, 2020, we entered into a Credit Agreement with Citibank, N.A., as administrative agent, and certain other lenders. This credit agreement currently consists of a senior revolving loan facility (Revolving Credit Facility) with an aggregate commitment of $552 million, which we are permitted to increase if we obtain additional commitments from new or existing lenders. This amount includes $60 million of additional commitments from new lenders that we obtained in February 2022. Our Revolving Credit Facility also includes a sub-limit of $200 million for the issuance of letters of credit. Letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters.

The borrowing base is redetermined semi-annually and was reaffirmed at $1.2 billion on April 29, 2022. The borrowing base takes into account the estimated value of our proved reserves, total indebtedness and other relevant factors consistent with customary reserves-based lending criteria. The amount we are able to borrow under our Revolving Credit Facility is limited to the amount of the commitment described above.

As of March 31, 2022, our availability under our Revolving Credit Facility was as follows:



	March 31,
	2022
	(in millions)
Borrowing capacity	$	552
Outstanding letters of credit	(136)
Availability	$	416

At March 31, 2022, we were in compliance with all financial and other debt covenants under our Revolving Credit Facility and Senior Notes. See Note 15 Subsequent Events for more information on an amendment to our Revolving Credit Facility.

Fair Value

The estimated fair value of our fixed-rate debt at March 31, 2022 and December 31, 2021 was approximately $625 million and $623 million, respectively. We estimate fair value based on prices known from market transactions (Level 1).

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%
Effective tax rate	13.00%	0.00%

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	3 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES Litigation and Claims We 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 for these items at March 31, 2022 and December 31, 2021 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 was challenging BSEE's order. Oxy notified us of the claim under the indemnification provisions of the Separation and Distribution Agreement between us and Oxy. In September 2021, we accepted the indemnification claim from Oxy and are challenging the order from BSEE.

OTHER BALANCE SHEET INFORMATION

3 Months Ended

Mar. 31, 2022

OTHER INFORMATION

OTHER BALANCE SHEET INFORMATION

Other current assets — Other current assets includes the following:



	March 31,		December 31,
	2022		2021
	(in millions)
Amounts due from joint interest partners	$	62	$	47

Fair value of derivative contracts	9		6
Prepaid expenses	18		16
Greenhouse gas allowances	38		31
Margin deposits	12		12
Other	7		9
Other current assets	$	146	$	121

Other noncurrent assets - Other noncurrent assets includes the following:



	March 31,		December 31,
	2022		2021
	(in millions)
Operating lease right-of-use assets	$	41	$	43
Deferred financing costs - Revolving Credit Facility	9		11
Emission reduction credits	11		11
Prepaid power plant maintenance	23		21
Fair value of derivative contracts	29		1
Deposits and other	13		11
Other noncurrent assets	$	126	$	98

Accrued liabilities — Accrued liabilities includes the following:



	March 31,		December 31,
	2022		2021
	(in millions)
Accrued employee-related costs	$	41	$	61
Accrued taxes other than on income	30		30
Asset retirement obligations	48		51
Accrued interest	9		19
Lease liability	10		11

Premiums due on derivative contracts	69		57
Liability for settlement payments on derivative contracts	85		25
Amounts due under production-sharing contracts	33		14
Other	37		29
Accrued liabilities	$	362	$	297

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



	March 31,		December 31,
	2022		2021
	(in millions)
Compensation-related liabilities	$	31	$	38
Postretirement and pension benefit plans	57		59
Lease liability	35		37

Premiums due on derivative contracts	49		5
Other	6		6
Other long-term liabilities	$	178	$	145

PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net periodic benefit costs:
Employer contributions to pension plan	$ 1	$ 0
Contributions deferred	1
Pension Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	0	0
Interest cost on projected benefit obligation	0	0
Amortization of prior service cost credit	0	0
Net periodic benefit costs	0	0
Postretirement Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	1	1
Interest cost on projected benefit obligation	0	1
Amortization of prior service cost credit	(1)	0
Net periodic benefit costs	$ 0	$ 2

- Definition

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

+ References + Details

DERIVATIVES - Commodity Price Risk (Details)	Mar. 31, 2022 bbl / d $ / barrel
Calls \| Q2 2022
Derivatives
Daily volume \| bbl / d	35,343
Weighted-average price (in dollars per barrel) \| $ / barrel	60.63
Calls \| Q3 2022
Derivatives
Daily volume \| bbl / d	34,380
Weighted-average price (in dollars per barrel) \| $ / barrel	60.76
Calls \| Q4 2022
Derivatives
Daily volume \| bbl / d	25,167
Weighted-average price (in dollars per barrel) \| $ / barrel	57.82
Calls \| 1H 2023
Derivatives
Daily volume \| bbl / d	18,078
Weighted-average price (in dollars per barrel) \| $ / barrel	58.63
Calls \| 2H 2023
Derivatives
Daily volume \| bbl / d	11,555
Weighted-average price (in dollars per barrel) \| $ / barrel	57.06
Calls \| 2024
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Swaps \| Q2 2022
Derivatives
Daily volume \| bbl / d	10,669
Weighted-average price (in dollars per barrel) \| $ / barrel	54.12
Swaps \| Q3 2022
Derivatives
Daily volume \| bbl / d	10,476
Weighted-average price (in dollars per barrel) \| $ / barrel	53.97
Swaps \| Q4 2022
Derivatives
Daily volume \| bbl / d	17,263
Weighted-average price (in dollars per barrel) \| $ / barrel	58.79
Swaps \| 1H 2023
Derivatives
Daily volume \| bbl / d	11,806
Weighted-average price (in dollars per barrel) \| $ / barrel	58.04
Swaps \| 2H 2023
Derivatives
Daily volume \| bbl / d	16,552
Weighted-average price (in dollars per barrel) \| $ / barrel	62.95
Swaps \| 2024
Derivatives
Daily volume \| bbl / d	1,492
Weighted-average price (in dollars per barrel) \| $ / barrel	79.06
Puts \| Purchased \| Q2 2022
Derivatives
Daily volume \| bbl / d	35,343
Weighted-average price (in dollars per barrel) \| $ / barrel	65.42
Puts \| Purchased \| Q3 2022
Derivatives
Daily volume \| bbl / d	34,380
Weighted-average price (in dollars per barrel) \| $ / barrel	65.02
Puts \| Purchased \| Q4 2022
Derivatives
Daily volume \| bbl / d	25,167
Weighted-average price (in dollars per barrel) \| $ / barrel	64.47
Puts \| Purchased \| 1H 2023
Derivatives
Daily volume \| bbl / d	18,078
Weighted-average price (in dollars per barrel) \| $ / barrel	76.25
Puts \| Purchased \| 2H 2023
Derivatives
Daily volume \| bbl / d	11,555
Weighted-average price (in dollars per barrel) \| $ / barrel	76.25
Puts \| Purchased \| 2024
Derivatives
Daily volume \| bbl / d	1,724
Weighted-average price (in dollars per barrel) \| $ / barrel	75.00
Puts \| Sold \| Q2 2022
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Puts \| Sold \| Q3 2022
Derivatives
Daily volume \| bbl / d	4,000
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| Q4 2022
Derivatives
Daily volume \| bbl / d	1,348
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| 1H 2023
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Puts \| Sold \| 2H 2023
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Puts \| Sold \| 2024
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0

OTHER BALANCE SHEET INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

OTHER INFORMATION

Schedule of Other Current Assets, Net

Other current assets includes the following:



	March 31,		December 31,
	2022		2021
	(in millions)
Amounts due from joint interest partners	$	62	$	47

Fair value of derivative contracts	9		6
Prepaid expenses	18		16
Greenhouse gas allowances	38		31
Margin deposits	12		12
Other	7		9
Other current assets	$	146	$	121

Schedule of Other Noncurrent Assets

Other noncurrent assets includes the following:



	March 31,		December 31,
	2022		2021
	(in millions)
Operating lease right-of-use assets	$	41	$	43
Deferred financing costs - Revolving Credit Facility	9		11
Emission reduction credits	11		11
Prepaid power plant maintenance	23		21
Fair value of derivative contracts	29		1
Deposits and other	13		11
Other noncurrent assets	$	126	$	98

Schedule of Accrued Liabilities

Accrued liabilities includes the following:



	March 31,		December 31,
	2022		2021
	(in millions)
Accrued employee-related costs	$	41	$	61
Accrued taxes other than on income	30		30
Asset retirement obligations	48		51
Accrued interest	9		19
Lease liability	10		11

Premiums due on derivative contracts	69		57
Liability for settlement payments on derivative contracts	85		25
Amounts due under production-sharing contracts	33		14
Other	37		29
Accrued liabilities	$	362	$	297

Schedule of Other Long-term Liabilities

Other long-term liabilities includes the following:



	March 31,		December 31,
	2022		2021
	(in millions)
Compensation-related liabilities	$	31	$	38
Postretirement and pension benefit plans	57		59
Lease liability	35		37

Premiums due on derivative contracts	49		5
Other	6		6
Other long-term liabilities	$	178	$	145

PENSION AND POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

The following table sets forth the components of the net periodic benefit costs for our defined benefit pension and postretirement benefit plans for the three months ended March 31, 2022 and 2021:



	Three months ended March 31,				Three months ended March 31,
	2022				2021
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
	(in millions)				(in millions)
Service cost - benefits earned during the period	$	—	$	1	$	—	$	1
Interest cost on projected benefit obligation	—		—		—		1



Amortization of prior service cost credit	—		(1)		—		—
Net periodic benefit costs	$	—	$	—	$	—	$	2

We contributed approximately $1 million to our defined benefit plans during the three months ended March 31, 2022. We expect to satisfy minimum funding requirements with contributions of approximately $1 million to our defined benefit pension plans during the remainder of 2022.

We did not make significant contributions to our defined benefit plans for the three months ended March 31, 2021.

- 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

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

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



	Three months ended March 31,
	2022		2021
	(in millions)
Oil	$	486	$	331
Natural gas	80		47
NGLs	62		54
Oil, natural gas and NGL sales	$	628	$	432

DEBT - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Fair value of debt	$ 625	$ 623

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		15 Months Ended
	Feb. 23, 2022	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Oct. 27, 2020
Equity [Abstract]
Stock repurchase program authorized amount		$ 350		$ 350
Treasury stock, shares, acquired (in shares)		1,668,456	0
Treasury stock acquired, average price per share (in dollar per share)		$ 42.52		$ 37.95
Repurchases of common stock		$ 71		$ 219
Treasury stock (in shares)		5,758,444		5,758,444	4,089,988
Dividends declared, common stock (in dollars per share)	$ 0.17	$ 0.17
Shares reserved for future issuance (in shares)						4,384,182
Investment warrants, exercise price (in dollars per share)						$ 36
Expected term						4 years
Warrant outstanding (in shares)		4,295,702		4,295,702

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2022
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. Through our subsidiary, Carbon TerraVault, we are in the early stages of developing several carbon capture and sequestration projects in California. Separately, we are evaluating the feasibility of a carbon capture system to be located at our Elk Hills power plant (CalCapture). 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 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, 2021 (2021 Annual Report). The carrying amounts of cash and on-balance sheet financial instruments, other than debt, approximate fair value. Refer to Note 6 Debt for the fair value of our debt.

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Oil, natural gas and NGL sales	$ 628	$ 432
Net loss from commodity derivatives	(562)	(213)
Total operating revenues	153	363
OPERATING EXPENSES
Operating costs	182	164
General and administrative expenses	48	48
Depreciation, depletion and amortization	49	52
Asset impairments	0	3
Taxes other than on income	34	40
Exploration expense	1	2
Accretion expense	11	13
Other operating expenses, net	14	17
Total operating expenses	396	436
Net gain on asset divestitures	54	0
OPERATING LOSS	(189)	(73)
NON-OPERATING (EXPENSES) INCOME
Reorganization items, net	0	(2)
Interest and debt expense, net	(13)	(13)
Net loss on early extinguishment of debt	0	(2)
Other non-operating expenses, net	1	1
LOSS BEFORE INCOME TAXES	(201)	(89)
Income taxes	26	0
NET LOSS	(175)	(89)
Less: net income attributable to noncontrolling interests	0	(5)
NET LOSS ATTRIBUTABLE TO COMMON STOCK	$ (175)	$ (94)
Net loss attributable to common stock per share
Basic (in dollars per share)	$ (2.23)	$ (1.13)
Diluted (in dollars per share)	$ (2.23)	$ (1.13)
Weighted-average common shares outstanding
Basic (in shares)	78.5	83.3
Diluted (in shares)	78.5	83.3
Sales of purchased natural gas
REVENUES
Revenue not from contract with customer	$ 32	$ 98
OPERATING EXPENSES
Costs of sales	21	61
Electricity sales
REVENUES
Revenue not from contract with customer	34	33
Other revenue
REVENUES
Revenue not from contract with customer	21	13
Electricity generation expenses
OPERATING EXPENSES
Costs of sales	24	24
Transportation costs
OPERATING EXPENSES
Costs of sales	$ 12	$ 12

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2022
Equity [Abstract]
EQUITY	EQUITY Share Repurchase Program In 2021, our Board of Directors authorized a Share Repurchase Program to acquire up to $350 million of our common stock through December 31, 2022. 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. See Note 15 Subsequent Events for additional information on an increase in our Share Repurchase Program and an extension of the term. For the three months ended March 31, 2022, we repurchased 1,668,456 shares of our common stock at an average price of $42.52 per share for $71 million. For the three months ended March 31, 2021, we did not repurchase any shares of our common stock. As of March 31, 2022, since inception of the Share Repurchase Program we have repurchased an aggregate 5,758,444 shares of our common stock, at an average price of $37.95 per share for $219 million. Shares repurchased were held as treasury stock as of March 31, 2022. Dividends On February 23, 2022, our Board of Directors declared a cash dividend of $0.17 per share of common stock. The dividend was payable to shareholders of record at the close of business on March 7, 2022 and paid on March 16, 2022. This quarterly dividend was made pursuant to a cash dividend policy approved by the Board of Directors in November 2021. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by our Board of Directors each quarter after reviewing our financial performance and position. See Note 15 Subsequent Events for more information on future cash dividends. Warrants We reserved an aggregate 4,384,182 shares of our common stock for warrants which are exercisable at an initial exercise price of $36 per share for a period of four years beginning on October 27, 2020, the effective date of the joint plan of reorganization for our 2020 restructuring. The Warrant Agreement contains customary anti-dilution adjustments in the event of any stock split, reverse stock split, stock dividend and certain other distributions. The warrant holder may elect, in its sole discretion, to pay cash or to exercise on a cashless basis, pursuant to which the holder will not be required to pay cash for shares of common stock upon exercise of the warrant but will instead receive fewer shares. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 10 Equity in our 2021 Annual Report for a description of our warrants and Note 14 Chapter 11 Proceedings for more information on our joint plan of reorganization. During the three months ended March 31, 2022, we issued an insignificant number of shares of our common stock in exchange for warrants. As of March 31, 2022, we had outstanding warrants exercisable into 4,295,702 shares of our common stock (subject to adjustments pursuant to the terms of the warrants). Noncontrolling Interests Our development joint venture with Benefit Street Partners (BSP JV) contemplated that BSP would contribute funds for the development of our oil and natural gas properties in exchange for preferred interests in the BSP JV. In September 2021, BSP's preferred interest was automatically redeemed in full under the terms of the joint venture agreement. Prior to redemption, BSP's preferred interest was reported in equity on our condensed consolidated balance sheets and BSP’s share of net income (loss) was reported in net income attributable to noncontrolling interests in our condensed consolidated statements of operations.

- 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

OTHER BALANCE SHEET INFORMATION - Other noncurrent Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
OTHER INFORMATION
Operating lease right-of-use assets	$ 41	$ 43
Deferred financing costs - Revolving Credit Facility	9	11
Emission reduction credits	11	11
Prepaid power plant maintenance	23	21
Fair value of derivative contracts	29	1
Deposits and other	13	11
Other noncurrent assets	$ 126	$ 98

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Materials and supplies	$ 54	$ 54
Finished goods	2	6
Inventories	$ 56	$ 60

DIVESTITURES AND ACQUISITIONS (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 01, 2022	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Gain (loss) on disposition of business		$ (1)	$ 2
Carbon Acquisitions
Business Acquisition [Line Items]
Total spend		17
Disposal Group, Held-for-sale, Not Discontinued Operations \| Ventura Basin
Business Acquisition [Line Items]
Proceeds from sale of oil and gas		$ 6
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Lost Hills, San Joaquin Basin
Business Acquisition [Line Items]
Proceeds from sale of oil and gas	$ 49
Joint venture working interest acquired	50.00%
Option retained to capture carbon emissions, percent	100.00%

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 628	$ 432
Oil
Disaggregation of revenue
Oil, natural gas and NGL sales	486	331
Natural gas
Disaggregation of revenue
Oil, natural gas and NGL sales	80	47
NGLs
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 62	$ 54

- 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

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 25, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt
Principal amount		$ 600	$ 600
Unamortized debt issuance costs		(10)	(11)
Long-term debt, net		590	589
Senior Notes (Unsecured)
Debt
Principal amount		$ 600	600
Interest rate		7.125%
Revolving Credit Facility \| Line of Credit
Debt
Principal amount		$ 0	$ 0
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Minimum
Debt
Interest rate added to variable rate basis	3.00%	3.00%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Maximum
Debt
Interest rate added to variable rate basis	4.00%	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%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (175)	$ (89)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	49	52
Deferred income tax benefit	(33)	0
Asset impairments	0	3
Net loss from commodity derivatives	562	213
Net payments on settled commodity derivatives	(181)	(39)
Net loss on early extinguishment of debt	0	2
Net gain on asset divestitures	(54)	(2)
Other non-cash charges to income, net	8	7
Changes in operating assets and liabilities, net	(16)	0
Net cash provided by operating activities	160	147
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(99)	(27)
Changes in accrued capital investments	3	5
Proceeds from asset divestitures	60	2
Acquisitions	(17)	0
Net cash used in investing activities	(53)	(20)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Senior Notes	0	600
Debt issuance costs	0	(12)
Repurchases of common stock	(71)	0
Common stock dividends	(13)	0
Distributions paid to a noncontrolling interest holder	0	(14)
Net cash used in financing activities	(84)	(25)
Increase in cash	23	102
Cash—beginning of period	305	28
Cash—end of period	328	130
Revolving Credit Facility
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	0	16
Repayments of Revolving Credit Facility	0	(115)
Second Lien Notes
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of senior debt	0	(200)
EHP Notes
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of senior debt	$ 0	$ (300)

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (175)	$ (89)
Net income attributable to noncontrolling interests	0	(5)
Comprehensive loss attributable to common stock	$ (175)	$ (94)

- 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

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Taxes paid	$ 0	$ 0
Interest paid, net of capitalized amounts	22	2
Dividends	$ 1	$ 0

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Costs

The following table sets forth the components of the net periodic benefit costs for our defined benefit pension and postretirement benefit plans for the three months ended March 31, 2022 and 2021:



	Three months ended March 31,				Three months ended March 31,
	2022				2021
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
	(in millions)				(in millions)
Service cost - benefits earned during the period	$	—	$	1	$	—	$	1
Interest cost on projected benefit obligation	—		—		—		1



Amortization of prior service cost credit	—		(1)		—		—
Net periodic benefit costs	$	—	$	—	$	—	$	2

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS, for the three months ended March 31, 2022 and 2021:



	Three months ended March 31,
	2022		2021
	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net loss	$	(175)	$	(89)
Less: net income attributable to noncontrolling interests	—		(5)
Net loss attributable to common stock	$	(175)	$	(94)



Denominator for Basic EPS
Weighted-average shares	78.5		83.3






Denominator for Diluted EPS
Weighted-average shares	78.5		83.3

EPS
Basic	$	(2.23)	$	(1.13)
Diluted	$	(2.23)	$	(1.13)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive weighted-average common shares which were excluded from the denominator for diluted EPS:



	Three months ended March 31,
	2022	2021
	(in millions)
Shares issuable upon exercise of warrants	4.3	4.4

Shares issuable upon settlement of RSUs	1.1	0.6
Shares issuable upon settlement of PSUs	1.0	0.4

Total antidilutive shares	6.4	5.4

DERIVATIVES - Commodity Price Risk (Details)	Mar. 31, 2022 bbl / d $ / barrel
Calls \| Q2 2022
Derivatives
Daily volume \| bbl / d	35,343
Weighted-average price (in dollars per barrel) \| $ / barrel	60.63
Calls \| Q3 2022
Derivatives
Daily volume \| bbl / d	34,380
Weighted-average price (in dollars per barrel) \| $ / barrel	60.76
Calls \| Q4 2022
Derivatives
Daily volume \| bbl / d	25,167
Weighted-average price (in dollars per barrel) \| $ / barrel	57.82
Calls \| 1H 2023
Derivatives
Daily volume \| bbl / d	18,078
Weighted-average price (in dollars per barrel) \| $ / barrel	58.63
Calls \| 2H 2023
Derivatives
Daily volume \| bbl / d	11,555
Weighted-average price (in dollars per barrel) \| $ / barrel	57.06
Calls \| 2024
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Swaps \| Q2 2022
Derivatives
Daily volume \| bbl / d	10,669
Weighted-average price (in dollars per barrel) \| $ / barrel	54.12
Swaps \| Q3 2022
Derivatives
Daily volume \| bbl / d	10,476
Weighted-average price (in dollars per barrel) \| $ / barrel	53.97
Swaps \| Q4 2022
Derivatives
Daily volume \| bbl / d	17,263
Weighted-average price (in dollars per barrel) \| $ / barrel	58.79
Swaps \| 1H 2023
Derivatives
Daily volume \| bbl / d	11,806
Weighted-average price (in dollars per barrel) \| $ / barrel	58.04
Swaps \| 2H 2023
Derivatives
Daily volume \| bbl / d	16,552
Weighted-average price (in dollars per barrel) \| $ / barrel	62.95
Swaps \| 2024
Derivatives
Daily volume \| bbl / d	1,492
Weighted-average price (in dollars per barrel) \| $ / barrel	79.06
Puts \| Purchased \| Q2 2022
Derivatives
Daily volume \| bbl / d	35,343
Weighted-average price (in dollars per barrel) \| $ / barrel	65.42
Puts \| Purchased \| Q3 2022
Derivatives
Daily volume \| bbl / d	34,380
Weighted-average price (in dollars per barrel) \| $ / barrel	65.02
Puts \| Purchased \| Q4 2022
Derivatives
Daily volume \| bbl / d	25,167
Weighted-average price (in dollars per barrel) \| $ / barrel	64.47
Puts \| Purchased \| 1H 2023
Derivatives
Daily volume \| bbl / d	18,078
Weighted-average price (in dollars per barrel) \| $ / barrel	76.25
Puts \| Purchased \| 2H 2023
Derivatives
Daily volume \| bbl / d	11,555
Weighted-average price (in dollars per barrel) \| $ / barrel	76.25
Puts \| Purchased \| 2024
Derivatives
Daily volume \| bbl / d	1,724
Weighted-average price (in dollars per barrel) \| $ / barrel	75.00
Puts \| Sold \| Q2 2022
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Puts \| Sold \| Q3 2022
Derivatives
Daily volume \| bbl / d	4,000
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| Q4 2022
Derivatives
Daily volume \| bbl / d	1,348
Weighted-average price (in dollars per barrel) \| $ / barrel	32.00
Puts \| Sold \| 1H 2023
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Puts \| Sold \| 2H 2023
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0
Puts \| Sold \| 2024
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel) \| $ / barrel	0