0001609253-22-000055 | 10-Q | XBRL Viewer | California Resources Corp

Cover	9 Months Ended
Cover	Sep. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36478
Entity Registrant Name	California Resources Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5670947
Entity Address, Address Line One	1 World Trade Center, Suite 1500
Entity Address, City or Town	Long Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90831
City Area Code	888
Local Phone Number	848-4754
Title of 12(b) Security	Common Stock
Trading Symbol	CRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding	73,470,932
Entity Central Index Key	0001609253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 358	$ 305
Trade receivables	289	245
Inventories	59	60
Assets held for sale	3	22
Receivable from affiliate	32	0
Other current assets	143	121
Total current assets	884	753
PROPERTY, PLANT AND EQUIPMENT	3,126	2,845
Accumulated depreciation, depletion and amortization	(392)	(246)
Total property, plant and equipment, net	2,734	2,599
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY	14	0
DEFERRED TAX ASSET	230	396
OTHER NONCURRENT ASSETS	124	98
TOTAL ASSETS	3,986	3,846
CURRENT LIABILITIES
Accounts payable	305	266
Liabilities associated with assets held for sale	2	21
Fair value of derivative contracts	254	270
Accrued liabilities	371	297
Total current liabilities	932	854
NONCURRENT LIABILITIES
Long-term debt, net	591	589
Fair value of derivative contracts	26	132
Asset retirement obligations	397	438
Other long-term liabilities	185	145
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at September 30, 2022 and December 31, 2021	0	0
Common stock (200,000,000 shares authorized at $0.01 par value) (83,406,002 and 83,389,210 shares issued; 73,470,932 and 79,299,222 shares outstanding at September 30, 2022 and December 31, 2021)	1	1
Treasury stock (9,935,070 shares held at cost at September 30, 2022 and 4,089,988 shares held at cost at December 31, 2021)	(395)	(148)
Additional paid-in capital	1,301	1,288
Retained earnings	876	475
Accumulated other comprehensive income	72	72
Total stockholders' equity	1,855	1,688
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,986	$ 3,846

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	83,406,002	83,389,210
Common stock, outstanding shares (in shares)	73,470,932	79,299,222
Treasury stock (in shares)	9,935,070	4,089,988

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Oil, natural gas and NGL sales	$ 680	$ 549	$ 2,026	$ 1,459
Net gain (loss) from commodity derivatives	243	(125)	(419)	(603)
Total operating revenues	1,125	588	2,025	1,255
OPERATING EXPENSES
Operating costs	214	190	586	523
General and administrative expenses	59	51	163	147
Depreciation, depletion and amortization	50	54	149	160
Asset impairments	0	25	2	28
Taxes other than on income	44	36	120	113
Exploration expense	1	2	3	6
Accretion expense	10	13	32	39
Other operating expenses, net	5	4	28	31
Total operating expenses	536	468	1,405	1,298
Net gain on asset divestitures	2	2	60	4
OPERATING INCOME (LOSS)	591	122	680	(39)
NON-OPERATING (EXPENSES) INCOME
Reorganization items, net	0	(1)	0	(5)
Interest and debt expense, net	(13)	(14)	(39)	(40)
Net loss on early extinguishment of debt	0	0	0	(2)
Other non-operating expenses, net	1	0	3	(3)
INCOME (LOSS) BEFORE INCOME TAXES	579	107	644	(89)
Income tax provision	(153)	0	(203)	0
NET INCOME (LOSS)	426	107	441	(89)
Net income attributable to noncontrolling interest	0	(4)	0	(13)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$ 426	$ 103	$ 441	$ (102)
Net income (loss) attributable to common stock per share
Basic (in dollars per share)	$ 5.75	$ 1.26	$ 5.77	$ (1.23)
Diluted (in dollars per share)	$ 5.58	$ 1.25	$ 5.62	$ (1.23)
Weighted-average common shares outstanding
Basic (in shares)	74.1	81.6	76.4	82.6
Diluted (in shares)	76.3	82.4	78.5	82.6
Sales of purchased natural gas
REVENUES
Revenue not from contract with customer	$ 113	$ 95	$ 220	$ 241
OPERATING EXPENSES
Costs of sales	98	53	186	144
Electricity sales
REVENUES
Revenue not from contract with customer	88	65	171	131
Other revenue
REVENUES
Revenue not from contract with customer	1	4	27	27
Electricity generation expenses
OPERATING EXPENSES
Costs of sales	42	29	99	70
Transportation costs
OPERATING EXPENSES
Costs of sales	$ 13	$ 11	$ 37	$ 37

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 426

$ 107

$ 441

$ (89)

Net income attributable to noncontrolling interest

(4)

(13)

Other comprehensive income:

Actuarial gain associated with pension and postretirement plans

^[1]

Net prior service cost credit

^[1]

Comprehensive income (loss) attributable to common stock

$ 426

$ 185

$ 441

$ (20)

[1]	No associated tax has been recorded for the components of other comprehensive income (loss) for the three and nine months ended September 30, 2021.

- Definition

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

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Reclassification of realized losses on pension and postretirement to income, tax	$ 0	$ 0

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated 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)				(102)		(102)	13
Share-based compensation	10			10			10
Distributions to noncontrolling interest holders	(50)							(50)
Redemption of noncontrolling interest	0			7			7	(7)
Repurchases of common stock	(84)		(84)				(84)
Issuance of common stock	2			2			2
Other	(1)			(1)			(1)
Other comprehensive income	82					82	82
Ending balance at Sep. 30, 2021	1,052	1	(84)	1,286	(225)	74	1,052	0
Beginning balance at Jun. 30, 2021	915	1	(45)	1,273	(328)	(8)	893	22
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	107				103		103	4
Share-based compensation	4			4			4
Distributions to noncontrolling interest holders	(19)							(19)
Redemption of noncontrolling interest	0			7			7	(7)
Repurchases of common stock	(39)		(39)				(39)
Issuance of common stock	2			2			2
Other comprehensive income	82					82	82
Ending balance at Sep. 30, 2021	1,052	1	(84)	1,286	(225)	74	$ 1,052	$ 0
Beginning balance at Dec. 31, 2021	1,688	1	(148)	1,288	475	72
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	441				441
Share-based compensation	14			14
Repurchases of common stock	(247)		(247)
Cash dividend ($0.17 per share)	(40)				(40)
Other	(1)			(1)
Ending balance at Sep. 30, 2022	1,855	1	(395)	1,301	876	72
Beginning balance at Jun. 30, 2022	1,517	1	(315)	1,296	463	72
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	426				426
Share-based compensation	6			6
Repurchases of common stock	(80)		(80)
Cash dividend ($0.17 per share)	(13)				(13)
Other	(1)			(1)
Ending balance at Sep. 30, 2022	$ 1,855	$ 1	$ (395)	$ 1,301	$ 876	$ 72

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares				3 Months Ended	9 Months Ended
	Aug. 03, 2022	May 04, 2022	Feb. 23, 2022	Sep. 30, 2022	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared, common stock (in dollars per share)	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ 426	$ 107	$ 441	$ (89)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	50	54	149	160
Deferred income tax provision	137	0	166	0
Asset impairments	0	25	2	28
Net (gain) loss from commodity derivatives	(243)	125	419	603
Net payments on settled commodity derivatives	(182)	(99)	(604)	(220)
Net loss on early extinguishment of debt	0	0	0	2
Net gain on asset divestitures	(2)	(2)	(60)	(4)
Other non-cash charges to income, net	15	17	42	46
Changes in operating assets and liabilities, net	34	(45)	21	(70)
Net cash provided by operating activities	235	182	576	456
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(107)	(51)	(304)	(128)
Changes in accrued capital investments	(4)	5	5	18
Proceeds from asset divestitures, net	3	11	79	13
Acquisitions	0	(53)	(17)	(53)
Distribution related to the Carbon TerraVault JV	12	0	12	0
Capitalized joint venture transaction costs	(12)	0	(12)	0
Other	(1)	0	(1)	(1)
Net cash used in investing activities	(109)	(88)	(238)	(151)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	0	0	0	16
Repayments of Revolving Credit Facility	0	0	0	(115)
Proceeds from Senior Notes	0	0	0	600
Debt issuance costs	0	0	0	(13)
Repurchases of common stock	(80)	(39)	(247)	(84)
Common stock dividends	(13)	0	(39)	0
Proceeds from warrants exercised	0	2	0	2
Distributions paid to a noncontrolling interest holder	0	(19)	0	(50)
Issuance of common stock	1	0	1	0
Net cash used in financing activities	(92)	(56)	(285)	(144)
Increase in cash and cash equivalents	34	38	53	161
Cash and cash equivalents—beginning of period	324	151	305	28
Cash and cash equivalents—end of period	358	189	358	189
Second Lien Notes
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of senior debt	0	0	0	(200)
EHP Notes
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of senior debt	$ 0	$ 0	$ 0	$ (300)

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 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. We are committed to energy transition and have some of the lowest carbon intensity production in the United States. We are in the early stages of permitting several carbon capture and storage projects in California. Our subsidiary Carbon TerraVault is expected to build, install, operate and maintain CO2 capture equipment, transportation assets and storage facilities in California. In August 2022, Carbon TerraVault entered into a joint venture with BGTF Sierra Aggregator LLC (Brookfield) to pursue certain of these opportunities (Carbon TerraVault JV). See Note 2 Accounting Policy and Disclosure Changes for our accounting policy related to joint ventures and investments in unconsolidated subsidiaries and Note 8 Investments and Related Party Transactions for more information on the Carbon TerraVault JV. Separately, we are evaluating the feasibility of a carbon capture system to be located at our Elk Hills power plant. 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.

ACCOUNTING POLICY AND DISCLOSURE CHANGES	9 Months Ended
ACCOUNTING POLICY AND DISCLOSURE CHANGES	Sep. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
ACCOUNTING POLICY AND DISCLOSURE CHANGES	ACCOUNTING POLICY AND DISCLOSURE CHANGES Accounting Policy Update Joint Ventures and Investments in Unconsolidated Subsidiaries We may enter into joint ventures that are considered to be a variable interest entity (VIE). A VIE is a legal entity that possesses any of the following conditions: the entity's equity at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, equity owners are unable to direct the activities that most significantly impact the legal entity's economic performance (or they possess disproportionate voting rights in relation to the economic interest in the legal entity), or the equity owners lack the obligation to absorb the legal entity's expected losses or the right to receive the legal entity's expected residual returns. We consolidate a VIE if we determine that we have (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that are more than insignificant to the VIE. If an entity is determined to be a VIE but we do not have a controlling interest, the entity is accounted for under either the cost or equity method depending on whether we exercise significant influence. See Note 8 Investments and Related Party Transactions for more information on the Carbon TerraVault JV. These evaluations are highly complex and involve management judgment and may involve the use of estimates and assumptions based on available information. The evaluation requires continual assessment. Investments in unconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value may have occurred, which is other than temporary. Recently Adopted Accounting and Disclosure Changes 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 the February 2022 amendment of our Revolving Credit Facility described in Note 6 Debt 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.

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+ Details

SUPPLEMENTAL BALANCE SHEET INFORMATION

9 Months Ended

Sep. 30, 2022

SUPPLEMENTAL INFORMATION [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

Other current assets — Other current assets includes the following:



	September 30,		December 31,
	2022		2021
	(in millions)
Amounts due from joint interest partners	$	39	$	47

Fair value of derivative contracts	64		6
Prepaid expenses	14		16
Greenhouse gas allowances	14		31
Natural gas margin deposits	5		12
Other	7		9
Other current assets	$	143	$	121

Other noncurrent assets — Other noncurrent assets includes the following:



	September 30,		December 31,
	2022		2021
	(in millions)
Operating lease right-of-use assets	$	40	$	43
Deferred financing costs - Revolving Credit Facility	7		11
Emission reduction credits	11		11
Prepaid power plant maintenance	26		21
Fair value of derivative contracts	25		1
Deposits and other	15		11
Other noncurrent assets	$	124	$	98

Accrued liabilities — Accrued liabilities includes the following:



	September 30,		December 31,
	2022		2021
	(in millions)
Accrued employee-related costs	$	64	$	61
Accrued taxes other than on income	43		30
Asset retirement obligations	78		51
Accrued interest	9		19
Lease liability	12		11

Premiums due on derivative contracts	64		57
Liability for settlement payments on derivative contracts	48		25
Amounts due under production-sharing contracts	9		14
Income taxes payable	17		—
Marketing prepayments	4		5
Other	23		24
Accrued liabilities	$	371	$	297

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



	September 30,		December 31,
	2022		2021
	(in millions)
Compensation-related liabilities	$	34	$	38
Postretirement and pension benefit plans	54		59
Lease liability	32		37

Premiums due on derivative contracts	13		5
Contingent liability related to Carbon TerraVault JV put and call rights	46		—
Other	6		6
Other long-term liabilities	$	185	$	145

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION We paid $20 million of U.S. federal income tax payments during the nine months ended September 30, 2022. We did not make U.S. federal and state income tax payments during the three months ended September 30, 2022 or the three and nine months ended September 30, 2021. Interest paid, net of capitalized amounts was $21 million and $23 million for the three months ended September 30, 2022 and 2021, respectively. Interest paid, net of capitalized amounts was $43 million and $27 million for the nine months ended September 30, 2022 and 2021, respectively. Non-cash financing activities in the three and nine months ended September 30, 2022 included $1 million of dividends accrued for stock-based compensation awards. No dividends were accrued for the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2022, we made a non-cash contribution of $2 million to the Carbon TerraVault JV to satisfy a capital call. See Note 8 Investments and Related Party Transactions for more information on our joint venture.

INVENTORIES

9 Months Ended

Sep. 30, 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:



	September 30,		December 31,
	2022		2021
	(in millions)
Materials and supplies	$	53	$	54
Finished goods	6		6
Inventories	$	59	$	60

DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT

As of September 30, 2022 and December 31, 2021, our long-term debt consisted of the following:



	September 30,		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	(9)		(11)
Long-term debt, net	$	591	$	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 $602 million, which we are permitted to increase if we obtain additional commitments from new or existing lenders. This amount includes $110 million of additional commitments from new lenders that joined this facility in February 2022 and September 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 October 25, 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.

In 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). 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.

In April 2022, we amended our Revolving Credit Facility 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 on (i) the date of delivery of annual and quarterly financial statements and (ii) the date of delivery of a reserve report delivered in connection with an interim borrowing base redetermination) of no less than (i) in the event that our Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) is greater than 2:1 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 2:1 but greater than 1:1 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 1:1 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 at such time is not less than 30.0% of the total commitment and (iii) the Consolidated Total Net Leverage Ratio is less than or equal to 1.5:1.

At September 30, 2022, we were in compliance with all financial and other debt covenants under our Revolving Credit Facility and Senior Notes.

Fair Value

The estimated fair value of our fixed-rate debt at September 30, 2022 and December 31, 2021 was approximately $564 million and $623 million, respectively. We estimate fair value based on prices known from market transactions (using Level 1 inputs on the fair value hierarchy).

DIVESTITURES AND ACQUISITIONS	9 Months Ended
DIVESTITURES AND ACQUISITIONS	Sep. 30, 2022
Acquisitions And Divestitures [Abstract]
DIVESTITURES AND ACQUISITIONS	DIVESTITURES AND ACQUISITIONS Divestitures Ventura Basin Transactions During the second quarter of 2021, we entered into transactions to sell our Ventura basin assets. The transactions contemplate multiple closings that are subject to customary closing conditions. During the three and nine months ended September 30, 2022, we recorded a gain of $2 million and $12 million, respectively, related to the sale of certain Ventura basin assets. We did not close transactions during the three months ended September 30, 2022. The amount recognized in the three and nine months ended September 30, 2022 included $2 million and $6 million, respectively, of additional earn-out consideration on closings that occurred in the second half of 2021 and the first half of 2022. In addition, we also received $2 million to secure performance of well abandonment which we expect to release to the buyer once the abandonment obligations are met. As a result, we recorded a liability of $2 million included as accrued liabilities on our condensed consolidated balance sheet as of September 30, 2022. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 3 Divestitures and Acquisitions in our 2021 Annual Report for additional information on the Ventura basin transactions. The closing of the sale of our remaining assets in the Ventura basin is subject to final approval from the State Lands Commission, which we expect to receive prior to the end of the first quarter of 2023. These remaining assets, consisting of property, plant and equipment and associated asset retirement obligations, are classified as held for sale on our condensed consolidated balance sheet as of September 30, 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 June 2022, we sold our commercial office building located in Bakersfield, California for net proceeds of $13 million, recognizing no gain or loss on sale. We also leased back a portion of the building with a term of 18 months. In the second quarter of 2022, prior to the sale we recorded a $2 million impairment charge to write down the carrying value to fair value, which was determined based on a market approach (using Level 3 inputs in the fair value hierarchy). In the three months ended September 30, 2021, we also recorded an impairment charge of $25 million related to the write-down of the same commercial office building to fair value, which was determined based on a market approach (using Level 3 inputs in the fair value hierarchy). The decline in value of the commercial office building at that time primarily related to limited demand for office space of this size and type in the Bakersfield market and general trends in commercial real estate due to the COVID-19 pandemic. We do not own any other commercial office buildings. Other During the nine months ended September 30, 2022, we sold non-core assets recognizing a $1 million loss. During the three months ended September 30, 2021, we sold unimproved land for $11 million in proceeds recognizing a $2 million gain. During the nine months ended September 30, 2021, we sold non-core assets, including unimproved land, for $13 million in proceeds recognizing a $4 million gain. Acquisitions During the nine months ended September 30, 2022, we acquired properties and land easements for carbon management activities for approximately $17 million. There were no acquisitions for the three months ended September 30, 2022. In August 2021, we purchased the 90% working interest held by Macquarie Infrastructure and Real Assets Inc (MIRA) in certain oil and natural gas properties in the San Joaquin basin for $53 million, before purchase price adjustments and transaction costs. Refer to Part II, Item 8 – Financial Statements and Supplementary Data, Note 3 Divestitures and Acquisitions in our 2021 Annual Report for more information on the acquisition. There were no other acquisitions for the three and nine months ended September 30, 2021.

INVESTMENTS AND RELATED PARTY TRANSACTIONS	9 Months Ended
INVESTMENTS AND RELATED PARTY TRANSACTIONS	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS AND RELATED PARTY TRANSACTIONS	INVESTMENTS AND RELATED PARTY TRANSACTIONS In August 2022, we entered into the Carbon TerraVault JV with Brookfield for the development of a carbon management business in California. We hold a 51% interest in the Carbon TerraVault JV and Brookfield holds a 49% interest. We determined that the Carbon TerraVault JV is a VIE; however, we share decision-making power with Brookfield on matters that most significantly impact the economic performance of the joint venture. Therefore, we account for our investment in the Carbon TerraVault JV under the equity method of accounting. See Note 2 Accounting Policy and Disclosure Changes for more information on the VIE consolidation model. Transactions between us and the Carbon TerraVault JV are related party transactions. As part of the formation of the Carbon TerraVault JV, we contributed rights to inject CO2 into the 26R reservoir in our Elk Hills field for permanent CO2 storage (26R reservoir) and Brookfield committed to make an initial investment of $137 million, payable in three equal installments with the last two installments subject to the achievement of certain milestones. Brookfield contributed the first $46 million installment of their initial investment to the Carbon TerraVault JV during the three months ended September 30, 2022. This amount may, at our sole discretion, be distributed to us or used to satisfy future capital contributions, among other items. During the three months ended September 30, 2022, $12 million of the initial investment was distributed to us (and used to pay transaction costs related to the formation of the joint venture) and $2 million was used to satisfy a capital call. This $14 million is reflected on our condensed consolidated balance sheet as an investment in an unconsolidated subsidiary at September 30, 2022. The remaining $32 million is reported as a receivable from affiliate on our condensed consolidated balance sheet as of September 30, 2022. Because the parties have certain put and call rights with respect to the 26R reservoir, if certain milestones are not met, the $46 million initial investment by Brookfield is reflected as a contingent liability in other long-term liabilities on our condensed consolidated balance sheet as of September 30, 2022. The Carbon TerraVault JV has an option to participate in certain projects that involve the capture, transportation and storage of CO2 in California. This option expires upon the earlier of (1) August 2027, (2) when a final investment decision has been approved by the Carbon TerraVault JV for storage projects representing in excess of 5 million metric tons per annum (MMTPA) in the aggregate, or (3) when Brookfield has made contributions to the joint venture in excess of $500 million (unless Brookfield elects to increase its commitment). Our proportionate share of the net loss generated by the Carbon TerraVault JV for the three and nine months ended September 30, 2022 was insignificant due to the start-up nature of the joint venture.

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	9 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES 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 September 30, 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.

DERIVATIVES

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 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.

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 6 Debt 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 September 30, 2022:


	Q4 2022		Q1 2023		Q2 2023		Q3 2023		Q4 2023		2024
Sold Calls
Barrels per day	25,167		18,322		17,837		17,363		5,747		—
Weighted-average price per barrel	$	57.82	$	57.28	$	60.00	$	57.06	$	57.06	$	—

Swaps
Barrels per day	17,263		14,620		14,475		14,697		24,094		1,492
Weighted-average price per barrel	$	58.79	$	67.36	$	66.36	$	66.27	$	69.14	$	79.06

Net Purchased Puts(a)
Barrels per day	25,167		18,322		17,837		17,363		5,747		1,724
Weighted-average price per barrel	$	64.47	$	76.25	$	76.25	$	76.25	$	76.25	$	75.00

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

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

We held natural gas swaps for 25,000 MMBTU per day at a weighted-average price of $7.74 per MMBTU for the fourth quarter of 2022.

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.

•Net 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 increase the efficacy of our hedging program and, subject to certain conditions, meet the requirements of our Revolving Credit Facility. The majority of our derivative positions for the remainder of 2022 and 2023 were entered into subsequent to our emergence from bankruptcy to comply with the hedging requirements of our Revolving Credit Facility that were applicable at the time.

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 September 30, 2022 and December 31, 2021:


September 30, 2022
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets - Fair value of derivative contracts	$	85	$	(21)	$	64
Other noncurrent assets - Fair value of derivative contracts	28		(3)		25

Liabilities
Current - Fair value of derivative contracts	(275)		21		(254)
Noncurrent - Fair value of derivative contracts	(29)		3		(26)
	$	(191)	$	—	$	(191)


December 31, 2021
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets - Fair value of derivative contracts	$	33	$	(27)	$	6
Other noncurrent assets - Fair value of derivative contracts	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 and nine months ended September 30, 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.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 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 and nine months ended September 30, 2022 and 2021:



	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	426	$	107	$	441	$	(89)
Less: net income attributable to noncontrolling interests	—		(4)		—		(13)
Net income (loss) attributable to common stock	$	426	$	103	$	441	$	(102)



Denominator for Basic EPS
Weighted-average shares	74.1		81.6		76.4		82.6

Potential Common Shares, if dilutive:
Warrants	0.7		—		0.7		—
Restricted Stock Units	0.8		0.4		0.7		—
Performance Stock Units	0.7		0.4		0.7		—

Denominator for Diluted EPS
Weighted-average shares	76.3		82.4		78.5		82.6

EPS
Basic	$	5.75	$	1.26	$	5.77	$	(1.23)
Diluted	$	5.58	$	1.25	$	5.62	$	(1.23)

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



	Three months ended September 30,		Nine months ended September 30,
	2022	2021	2022	2021
	(in millions)
Shares issuable upon exercise of warrants(a)	—	4.3	—	4.3

Shares issuable upon settlement of RSUs	—	—	—	0.9
Shares issuable upon settlement of PSUs	—	—	—	0.6

Total antidilutive shares	—	4.3	—	5.8

(a)Diluted earnings per share for the three and nine months ended September 30, 2021 excludes 4.3 million common shares issuable upon exercise of warrants that were out-of-the-money based on the average stock price for those periods. See Note 14 Stockholders' Equity for information on the terms of the warrants.

PENSION AND POSTRETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021:



	Three months ended September 30,				Three months ended September 30,
	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		—		1		—
Expected return on plan assets	(1)		—		—		—
Curtailment gain	—		—		—		(1)


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



	Nine months ended September 30,				Nine months ended September 30,
	2022				2021
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
	(in millions)				(in millions)
Service cost - benefits earned during the period	$	1	$	2	$	1	$	3
Interest cost on projected benefit obligation	1		1		1		2
Expected return on plan assets	(1)		—		(1)		—

Curtailment gain	—		—		—		(1)
Amortization of prior service cost credit	—		(5)		—		—
Net periodic benefit costs	$	1	$	(2)	$	1	$	4

We made contributions of approximately $1 million for the three months ended September 30, 2022 and contributed approximately $2 million to our defined benefit plans during the nine months ended September 30, 2022. We contributed approximately $1 million and $2 million to our defined benefit plans during the three and nine months ended September 30, 2021, respectively. We expect to satisfy minimum funding requirements with insignificant contributions to our defined benefit pension plans during the remainder of 2022.

In the third quarter of 2021, we adopted a postretirement benefit design change, which terminated the employer cost sharing for post age 65 retiree health benefits effective as of January 1, 2022. Our retiree health care benefits provided up to age 65 to current and future retirees who meet certain eligibility requirements were not affected by this change. As a result of this change, our postretirement medical benefit obligation was remeasured as of September 30, 2021. The remeasurement resulted in a decrease to the benefit obligation of $82 million with a corresponding increase to accumulated other comprehensive income. The benefit from the change in plan design will be recognized in our statement of operations over the average remaining years of future service for active employees as a component of other non-operating expenses, net. During the three and nine months ended September 30, 2022, we have recognized a benefit of $2 million and $5 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 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 26% for the three months ended September 30, 2022 primarily relates to California state taxes, partially offset by the benefit of federal tax credits. The difference between the U.S. federal statutory tax rate of 21% and our effective tax rate of 32% for the nine months ended September 30, 2022 primarily relates to California state taxes and an increase in the valuation allowance related to a capital loss realized on the Lost Hills divestiture, the deductibility of which is limited to future capital gains partially offset by the benefit of federal tax credits. We did not record an income tax benefit for the three and nine months ended September 30, 2021, because we maintained 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.

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+ Details

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Share Repurchase Program Our Board of Directors has authorized a Share Repurchase Program to acquire up to $650 million of our common stock through June 30, 2023. As of September 30, 2022, we have repurchased an aggregate 9,935,070 shares of our common stock for $395 million, at an average price of $39.74 per share, since inception of the Share Repurchase Program in May 2021.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 16 Subsequent Events for information on an increase and extension to our Share Repurchase Program. For the three months ended September 30, 2022, we repurchased 1,921,181 shares of our common stock for $80 million at an average price of $41.78 per share. For the nine months ended September 30, 2022, we repurchased 5,845,082 shares of our common stock for $247 million at an average price of $42.29 per share. For the three months ended September 30, 2021, we repurchased 1,151,596 shares of our common stock for $39 million at an average price of $33.42 per share. For the nine months ended September 30, 2021, we repurchased 2,591,799 shares of our common stock for $84 million at an average price of $32.39 per share. Shares repurchased were held as treasury stock as of September 30, 2022. Dividends On February 23, 2022, our Board of Directors declared a quarterly 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 $13 million was paid on March 16, 2022. On May 4, 2022, our Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend was payable to shareholders of record at the close of business on June 1, 2022 and $13 million was paid on June 16, 2022. On August 3, 2022, our Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend was payable to shareholders of record at the close of business on September 1, 2022 and $13 million was paid on September 16, 2022. Future cash dividends, and the establishment of record and payment dates, are subject to final determination by our Board of Directors each quarter after reviewing our financial performance and position. See Note 16 Subsequent Events for information on future cash dividends. Warrants We reserved an aggregate 4,384,182 shares of our common stock for warrants which are exercisable at $36 per share through October 26, 2024. As of September 30, 2022, we had outstanding warrants exercisable into 4,295,434 shares of our common stock (subject to adjustments pursuant to the terms of the warrants). 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 the issuance of these warrants pursuant to our joint plan of reorganization. We did not issue any shares of our common stock in exchange for warrants during the three months ended September 30, 2022. During the nine months ended September 30, 2022, we issued an insignificant number of shares of our common stock in exchange for warrants. During the three and nine months ended September 30, 2021, we issued 47,416 shares of common stock and received approximately $2 million related to warrants exercised. Employee Stock Purchase Plan In May 2022, our shareholders approved a new California Resources Corporation Employee Stock Purchase Plan (ESPP), which took effect in July 2022. The ESPP provides 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. As of September 30, 2022, 16,480 shares were issued under our ESPP. BSP JV Our development joint venture with Benefit Street Partners (BSP JV) contemplated that BSP contributed 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 interest on 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.

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+ Details

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
	2022		2021			2022		2021
	(in millions)
Oil	$	494	$	413		$	1,527	$	1,124
Natural gas	120		69			294		161
NGLs	66		67			205		174
Oil, natural gas and NGL sales	$	680	$	549		$	2,026	$	1,459

- Definition

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

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+ Details

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On November 2, 2022, our Board of Directors increased the cash dividend policy to anticipate a total annual dividend of $1.13, payable to shareholders in quarterly increments of $0.2825 per share of common stock. 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. Also on November 2, 2022, our Board of Directors declared a quarterly cash dividend of $0.2825 per share of common stock. The dividend is payable to shareholders of record at the close of business on December 1, 2022 and is expected to be paid on December 16, 2022. Share Repurchase Program On November 2, 2022, our Board of Directors increased the Share Repurchase Program by $200 million to $850 million and extended the program through December 31, 2023. In October 2022, we repurchased 682,792 shares of our common stock for $29 million, at an average price of $42.19 per share. As of October 31, 2022, we have repurchased an aggregate 10,617,862 shares of our common stock for $424 million, at an average price of $39.89 per share, since the inception of the Share Repurchase Program in May 2021. After giving effect to the increase, there was approximately $426 million of capacity under our Share Repurchase Program as of October 31, 2022.

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We are an independent oil and natural gas exploration and production company operating properties exclusively within California. We are committed to energy transition and have some of the lowest carbon intensity production in the United States. We are in the early stages of permitting several carbon capture and storage projects in California. Our subsidiary Carbon TerraVault is expected to build, install, operate and maintain CO2 capture equipment, transportation assets and storage facilities in California. In August 2022, Carbon TerraVault entered into a joint venture with BGTF Sierra Aggregator LLC (Brookfield) to pursue certain of these opportunities (Carbon TerraVault JV). See Note 2 Accounting Policy and Disclosure Changes for our accounting policy related to joint ventures and investments in unconsolidated subsidiaries and Note 8 Investments and Related Party Transactions for more information on the Carbon TerraVault JV. Separately, we are evaluating the feasibility of a carbon capture system to be located at our Elk Hills power plant. 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.
Variable Interest Entities and Joint Ventures	Joint Ventures and Investments in Unconsolidated Subsidiaries We may enter into joint ventures that are considered to be a variable interest entity (VIE). A VIE is a legal entity that possesses any of the following conditions: the entity's equity at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, equity owners are unable to direct the activities that most significantly impact the legal entity's economic performance (or they possess disproportionate voting rights in relation to the economic interest in the legal entity), or the equity owners lack the obligation to absorb the legal entity's expected losses or the right to receive the legal entity's expected residual returns. We consolidate a VIE if we determine that we have (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that are more than insignificant to the VIE. If an entity is determined to be a VIE but we do not have a controlling interest, the entity is accounted for under either the cost or equity method depending on whether we exercise significant influence. See Note 8 Investments and Related Party Transactions for more information on the Carbon TerraVault JV. These evaluations are highly complex and involve management judgment and may involve the use of estimates and assumptions based on available information. The evaluation requires continual assessment. Investments in unconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value may have occurred, which is other than temporary.
Recently Adopted Accounting and Disclosure Changes	Recently Adopted Accounting and Disclosure ChangesASC 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 the February 2022 amendment of our Revolving Credit Facility described in Note 6 Debt as a modification of the original instrument. The debt modification did not have a material impact to our condensed consolidated financial statements.

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

SUPPLEMENTAL INFORMATION [Abstract]

Schedule of Other Current Assets, Net

Other current assets includes the following:



	September 30,		December 31,
	2022		2021
	(in millions)
Amounts due from joint interest partners	$	39	$	47

Fair value of derivative contracts	64		6
Prepaid expenses	14		16
Greenhouse gas allowances	14		31
Natural gas margin deposits	5		12
Other	7		9
Other current assets	$	143	$	121

Schedule of Other Noncurrent Assets

Other noncurrent assets includes the following:



	September 30,		December 31,
	2022		2021
	(in millions)
Operating lease right-of-use assets	$	40	$	43
Deferred financing costs - Revolving Credit Facility	7		11
Emission reduction credits	11		11
Prepaid power plant maintenance	26		21
Fair value of derivative contracts	25		1
Deposits and other	15		11
Other noncurrent assets	$	124	$	98

Schedule of Accrued Liabilities

Accrued liabilities includes the following:



	September 30,		December 31,
	2022		2021
	(in millions)
Accrued employee-related costs	$	64	$	61
Accrued taxes other than on income	43		30
Asset retirement obligations	78		51
Accrued interest	9		19
Lease liability	12		11

Premiums due on derivative contracts	64		57
Liability for settlement payments on derivative contracts	48		25
Amounts due under production-sharing contracts	9		14
Income taxes payable	17		—
Marketing prepayments	4		5
Other	23		24
Accrued liabilities	$	371	$	297

Schedule of Other Long-term Liabilities

Other long-term liabilities includes the following:



	September 30,		December 31,
	2022		2021
	(in millions)
Compensation-related liabilities	$	34	$	38
Postretirement and pension benefit plans	54		59
Lease liability	32		37

Premiums due on derivative contracts	13		5
Contingent liability related to Carbon TerraVault JV put and call rights	46		—
Other	6		6
Other long-term liabilities	$	185	$	145

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, by category, are as follows:



	September 30,		December 31,
	2022		2021
	(in millions)
Materials and supplies	$	53	$	54
Finished goods	6		6
Inventories	$	59	$	60

DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of September 30, 2022 and December 31, 2021, our long-term debt consisted of the following:



	September 30,		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	(9)		(11)
Long-term debt, net	$	591	$	589

- Definition

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

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+ Details

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Open Derivative Contracts

We held the following Brent-based crude oil contracts as of September 30, 2022:


	Q4 2022		Q1 2023		Q2 2023		Q3 2023		Q4 2023		2024
Sold Calls
Barrels per day	25,167		18,322		17,837		17,363		5,747		—
Weighted-average price per barrel	$	57.82	$	57.28	$	60.00	$	57.06	$	57.06	$	—

Swaps
Barrels per day	17,263		14,620		14,475		14,697		24,094		1,492
Weighted-average price per barrel	$	58.79	$	67.36	$	66.36	$	66.27	$	69.14	$	79.06

Net Purchased Puts(a)
Barrels per day	25,167		18,322		17,837		17,363		5,747		1,724
Weighted-average price per barrel	$	64.47	$	76.25	$	76.25	$	76.25	$	76.25	$	75.00

Sold Puts
Barrels per day	1,348		—		—		—		—		—
Weighted-average price per barrel	$	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 September 30, 2022 and December 31, 2021:


September 30, 2022
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets - Fair value of derivative contracts	$	85	$	(21)	$	64
Other noncurrent assets - Fair value of derivative contracts	28		(3)		25

Liabilities
Current - Fair value of derivative contracts	(275)		21		(254)
Noncurrent - Fair value of derivative contracts	(29)		3		(26)
	$	(191)	$	—	$	(191)


December 31, 2021
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
Assets	(in millions)
Other current assets - Fair value of derivative contracts	$	33	$	(27)	$	6
Other noncurrent assets - Fair value of derivative contracts	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.

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EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021:



	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	426	$	107	$	441	$	(89)
Less: net income attributable to noncontrolling interests	—		(4)		—		(13)
Net income (loss) attributable to common stock	$	426	$	103	$	441	$	(102)



Denominator for Basic EPS
Weighted-average shares	74.1		81.6		76.4		82.6

Potential Common Shares, if dilutive:
Warrants	0.7		—		0.7		—
Restricted Stock Units	0.8		0.4		0.7		—
Performance Stock Units	0.7		0.4		0.7		—

Denominator for Diluted EPS
Weighted-average shares	76.3		82.4		78.5		82.6

EPS
Basic	$	5.75	$	1.26	$	5.77	$	(1.23)
Diluted	$	5.58	$	1.25	$	5.62	$	(1.23)

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 in the periods presented:



	Three months ended September 30,		Nine months ended September 30,
	2022	2021	2022	2021
	(in millions)
Shares issuable upon exercise of warrants(a)	—	4.3	—	4.3

Shares issuable upon settlement of RSUs	—	—	—	0.9
Shares issuable upon settlement of PSUs	—	—	—	0.6

Total antidilutive shares	—	4.3	—	5.8

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Costs



	Three months ended September 30,				Three months ended September 30,
	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		—		1		—
Expected return on plan assets	(1)		—		—		—
Curtailment gain	—		—		—		(1)


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



	Nine months ended September 30,				Nine months ended September 30,
	2022				2021
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
	(in millions)				(in millions)
Service cost - benefits earned during the period	$	1	$	2	$	1	$	3
Interest cost on projected benefit obligation	1		1		1		2
Expected return on plan assets	(1)		—		(1)		—

Curtailment gain	—		—		—		(1)
Amortization of prior service cost credit	—		(5)		—		—
Net periodic benefit costs	$	1	$	(2)	$	1	$	4

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
	2022		2021			2022		2021
	(in millions)
Oil	$	494	$	413		$	1,527	$	1,124
Natural gas	120		69			294		161
NGLs	66		67			205		174
Oil, natural gas and NGL sales	$	680	$	549		$	2,026	$	1,459

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Other current assets
Amounts due from joint interest partners	$ 39	$ 47
Fair value of derivative contracts	64	6
Prepaid expenses	14	16
Greenhouse gas allowances	14	31
Natural gas margin deposits	5	12
Other	7	9
Other current assets	$ 143	$ 121

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Noncurrent Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
SUPPLEMENTAL INFORMATION [Abstract]
Operating lease right-of-use assets	$ 40	$ 43
Deferred financing costs - Revolving Credit Facility	7	11
Emission reduction credits	11	11
Prepaid power plant maintenance	26	21
Fair value of derivative contracts	25	1
Deposits and other	15	11
Other noncurrent assets	$ 124	$ 98

SUPPLEMENTAL BALANCE SHEET INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accrued liabilities current [abstract]
Accrued employee-related costs	$ 64	$ 61
Accrued taxes other than on income	43	30
Asset retirement obligations	78	51
Accrued interest	9	19
Lease liability	12	11
Premiums due on derivative contracts	64	57
Liability for settlement payments on derivative contracts	48	25
Amounts due under production-sharing contracts	9	14
Income taxes payable	17	0
Marketing prepayments	4	5
Other	23	24
Accrued liabilities	$ 371	$ 297

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
SUPPLEMENTAL INFORMATION [Abstract]
Compensation-related liabilities	$ 34	$ 38
Postretirement and pension benefit plans	54	59
Lease liability	32	37
Premiums due on derivative contracts	13	5
Contingent liability related to Carbon TerraVault JV put and call rights	46	0
Other	6	6
Other long-term liabilities	$ 185	$ 145

- Definition

Portion of the carrying amount as of the balance sheet date of obligations due all related parties that is payable after one year or beyond the normal operating cycle if longer.

+ References

Reference 1: 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(k)(1))
-URI https://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 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: 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 https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.23)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: 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 https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: 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)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: 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 https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: 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)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Taxes paid	$ 0	$ 0	$ 20	$ 0
Interest paid, net of capitalized amounts	21	23	43	27
Dividends	1	$ 0	1	$ 0
Contribution from noncontrolling interest	$ 2		$ 2

INVENTORIES (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Materials and supplies	$ 53	$ 54
Finished goods	6	6
Inventories	$ 59	$ 60

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 25, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt
Principal amount		$ 600	$ 600
Unamortized debt issuance costs		(9)	(11)
Long-term debt, net		591	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%

DEBT - Narrative - Revolving Credit Facility (Details) - Line of Credit $ in Millions		1 Months Ended	9 Months Ended
	Oct. 27, 2020 USD ($)	Feb. 25, 2022	Sep. 30, 2022 USD ($)	Oct. 25, 2022 USD ($)	Apr. 29, 2022
Revolving Credit Facility
Debt instrument
Line of credit facility, maximum borrowing capacity	$ 602
Line of credit facility, increase in current borrowing capacity			$ 110
Margin increase, additional increase each subsequent fiscal quarter		0.50%
Debt instrument, covenant leverage ratio					1.5
Derivative, hedging percent					30.00%
Revolving Credit Facility \| Subsequent Event
Debt instrument
Borrowing base				$ 1,200
Revolving Credit Facility \| Secured Overnight Financing Rate
Debt instrument
Interest rate floor		1.00%
Revolving Credit Facility \| Alternative Base Rate
Debt instrument
Interest rate floor		2.00%
Revolving Credit Facility \| Federal Funds Rate
Debt instrument
Interest rate added to variable rate basis		0.50%
Revolving Credit Facility \| LIBOR
Debt instrument
Interest rate added to variable rate basis		1.00%
Revolving Credit Facility \| Derivative Instrument, Period One \| Crude Oil Hedge Positions
Debt instrument
Derivative, allocation percent	50.00%
Revolving Credit Facility \| Derivative Instrument, Period Two
Debt instrument
Derivative, hedging percent	33.00%
Revolving Credit Facility \| Derivative Instrument, Period Two \| Crude Oil Hedge Positions
Debt instrument
Derivative period	12 months
Revolving Credit Facility \| Maximum
Debt instrument
Debt instrument, covenant leverage ratio	2
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate
Debt instrument
Interest rate added to variable rate basis		4.00%	4.00%
Revolving Credit Facility \| Maximum \| Alternative Base Rate
Debt instrument
Interest rate added to variable rate basis			3.00%
Revolving Credit Facility \| Maximum \| ABR Applicable Margin
Debt instrument
Interest rate added to variable rate basis		3.00%
Revolving Credit Facility \| Minimum
Debt instrument
Debt instrument, covenant leverage ratio	1
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate
Debt instrument
Interest rate added to variable rate basis		3.00%	3.00%
Revolving Credit Facility \| Minimum \| Alternative Base Rate
Debt instrument
Interest rate added to variable rate basis			2.00%
Revolving Credit Facility \| Minimum \| ABR Applicable Margin
Debt instrument
Interest rate added to variable rate basis		2.00%
Letters of Credit
Debt instrument
Line of credit facility, maximum borrowing capacity	$ 200

DEBT - Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Fair value of debt	$ 564	$ 623

DIVESTITURES AND ACQUISITIONS (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 01, 2022	Jun. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Aug. 31, 2021
Business Acquisition [Line Items]
(Loss) gain on disposition of business					$ 2		$ 4
Proceeds from asset divestitures, net			$ 3		11	$ 79	13
Carbon Acquisitions
Business Acquisition [Line Items]
Total spend			0			17
Joint Venture With Macquarie Infrastructure And Real Assets Inc \| Joint Venture With Macquarie Infrastructure And Real Assets Inc
Business Acquisition [Line Items]
Joint venture working interest acquired								90.00%
Purchased of working interest share conveyed assets					53		53
Other Acquisitions
Business Acquisition [Line Items]
Purchased of working interest share conveyed assets					$ 0		$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Ventura Basin
Business Acquisition [Line Items]
Gain on sale of assets			2			12
Gain from additional earn-out			2			6
Amount received to secure performance of abandonment obligations						2
Liability for abandonment obligation payments			$ 2			2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Lost Hills, San Joaquin Basin
Business Acquisition [Line Items]
Gain on sale of assets	$ 49
Joint venture working interest acquired	50.00%
Option retained to capture carbon emissions, percent	100.00%
Percent of deep rights and related seismic data retained	100.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| CRC Plaza
Business Acquisition [Line Items]
Gain on sale of assets		$ 0
Proceeds from sale of buildings		$ 13
Sales leaseback portion of the building		18 months
Impairment charge				$ 2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Other Divestitures
Business Acquisition [Line Items]
(Loss) gain on disposition of business						$ (1)

INVESTMENTS AND RELATED PARTY TRANSACTIONS (Details) MT in Millions, $ in Millions		3 Months Ended	9 Months Ended
	Aug. 03, 2022 USD ($) installment MT	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Contribution from noncontrolling interest		$ 2	$ 2
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY		14	14	$ 0
Contingent liability related to Carbon TerraVault JV put and call rights		46	46	0
Receivable from affiliate		32	32	$ 0
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Interest in joint venture	51.00%
Contribution from noncontrolling interest		12
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY		14	14
Contingent liability related to Carbon TerraVault JV put and call rights		46	46
Receivable from affiliate		32	$ 32
Carbon TerraVault JV \| Brookfield
Schedule of Equity Method Investments [Line Items]
Interest in joint venture	49.00%
Initial investment	$ 137
Number of installments \| installment	3
Number of installments subject to certain milestones \| installment	2
Contribution from noncontrolling interest		46
Metric tons of carbon per annum \| MT	5
Committed amount	$ 500
Carbon TerraVault JV \| Brookfield \| Calls
Schedule of Equity Method Investments [Line Items]
Contribution from noncontrolling interest		$ 2

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

DERIVATIVES - Narrative (Details) - Revolving Credit Facility - Line of Credit	9 Months Ended
	Sep. 30, 2022	Apr. 29, 2022
Derivatives
Derivative, hedging percent		30.00%
48 Month Period
Derivatives
Derivative, hedging percent	85.00%
Derivative period	48 months
48 Month Period \| Crude Oil Hedge Positions
Derivatives
Debt instrument, floor interest rate	100.00%

DERIVATIVES - Commodity Price Risk (Details) bbl in Thousands	Sep. 30, 2022 bbl / d bbl $ / barrel
Crude Oil \| Calls \| Q4 2022
Derivatives
Daily volume \| bbl / d	25,167
Weighted-average price (in dollars per barrel)	57.82
Crude Oil \| Calls \| Q1 2023
Derivatives
Daily volume \| bbl / d	18,322
Weighted-average price (in dollars per barrel)	57.28
Crude Oil \| Calls \| Q2 2023
Derivatives
Daily volume \| bbl / d	17,837
Weighted-average price (in dollars per barrel)	60.00
Crude Oil \| Calls \| Q3 2023
Derivatives
Daily volume \| bbl / d	17,363
Weighted-average price (in dollars per barrel)	57.06
Crude Oil \| Calls \| Q4 2023
Derivatives
Daily volume \| bbl / d	5,747
Weighted-average price (in dollars per barrel)	57.06
Crude Oil \| Calls \| 2024
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel)	0
Crude Oil \| Swaps \| Q4 2022
Derivatives
Daily volume \| bbl / d	17,263
Weighted-average price (in dollars per barrel)	58.79
Crude Oil \| Swaps \| Q1 2023
Derivatives
Daily volume \| bbl / d	14,620
Weighted-average price (in dollars per barrel)	67.36
Crude Oil \| Swaps \| Q2 2023
Derivatives
Daily volume \| bbl / d	14,475
Weighted-average price (in dollars per barrel)	66.36
Crude Oil \| Swaps \| Q3 2023
Derivatives
Daily volume \| bbl / d	14,697
Weighted-average price (in dollars per barrel)	66.27
Crude Oil \| Swaps \| Q4 2023
Derivatives
Daily volume \| bbl / d	24,094
Weighted-average price (in dollars per barrel)	69.14
Crude Oil \| Swaps \| 2024
Derivatives
Daily volume \| bbl / d	1,492
Weighted-average price (in dollars per barrel)	79.06
Crude Oil \| Puts \| Purchased \| Q4 2022
Derivatives
Daily volume \| bbl / d	25,167
Weighted-average price (in dollars per barrel)	64.47
Crude Oil \| Puts \| Purchased \| Q1 2023
Derivatives
Daily volume \| bbl / d	18,322
Weighted-average price (in dollars per barrel)	76.25
Crude Oil \| Puts \| Purchased \| Q2 2023
Derivatives
Daily volume \| bbl / d	17,837
Weighted-average price (in dollars per barrel)	76.25
Crude Oil \| Puts \| Purchased \| Q3 2023
Derivatives
Daily volume \| bbl / d	17,363
Weighted-average price (in dollars per barrel)	76.25
Crude Oil \| Puts \| Purchased \| Q4 2023
Derivatives
Daily volume \| bbl / d	5,747
Weighted-average price (in dollars per barrel)	76.25
Crude Oil \| Puts \| Purchased \| 2024
Derivatives
Daily volume \| bbl / d	1,724
Weighted-average price (in dollars per barrel)	75.00
Crude Oil \| Puts \| Sold \| Q4 2022
Derivatives
Daily volume \| bbl / d	1,348
Weighted-average price (in dollars per barrel)	32.00
Crude Oil \| Puts \| Sold \| Q1 2023
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel)	0
Crude Oil \| Puts \| Sold \| Q2 2023
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel)	0
Crude Oil \| Puts \| Sold \| Q3 2023
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel)	0
Crude Oil \| Puts \| Sold \| Q4 2023
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel)	0
Crude Oil \| Puts \| Sold \| 2024
Derivatives
Daily volume \| bbl / d	0
Weighted-average price (in dollars per barrel)	0
Natural Gas and Natural Gas Liquids \| Swaps \| Q4 2022
Derivatives
Daily volume \| bbl	25
Weighted-average price (in dollars per barrel)	7.74

DERIVATIVES - Fair Value (Details) - Commodity Contracts - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value of Derivatives
Total derivatives	$ 0	$ 0
Other current assets - Fair value of derivative contracts
Fair Value of Derivatives
Netting	(21)	(27)
Other noncurrent assets - Fair value of derivative contracts
Fair Value of Derivatives
Netting	(3)	(11)
Current - Fair value of derivative contracts
Fair Value of Derivatives
Netting	21	27
Noncurrent - Fair value of derivative contracts
Fair Value of Derivatives
Netting	3	11
Gross Amounts at Fair Value
Fair Value of Derivatives
Total derivatives	(191)	(395)
Gross Amounts at Fair Value \| Other current assets - Fair value of derivative contracts
Fair Value of Derivatives
Gross Amounts at Fair Value	85	33
Gross Amounts at Fair Value \| Other noncurrent assets - Fair value of derivative contracts
Fair Value of Derivatives
Gross Amounts at Fair Value	28	12
Gross Amounts at Fair Value \| Current - Fair value of derivative contracts
Fair Value of Derivatives
Gross Amounts at Fair Value	(275)	(297)
Gross Amounts at Fair Value \| Noncurrent - Fair value of derivative contracts
Fair Value of Derivatives
Gross Amounts at Fair Value	(29)	(143)
Net Fair Value
Fair Value of Derivatives
Total derivatives	(191)	(395)
Net Fair Value \| Other current assets - Fair value of derivative contracts
Fair Value of Derivatives
Net Fair Value	64	6
Net Fair Value \| Other noncurrent assets - Fair value of derivative contracts
Fair Value of Derivatives
Net Fair Value	25	1
Net Fair Value \| Current - Fair value of derivative contracts
Fair Value of Derivatives
Net Fair Value	(254)	(270)
Net Fair Value \| Noncurrent - Fair value of derivative contracts
Fair Value of Derivatives
Net Fair Value	$ (26)	$ (132)

EARNINGS PER SHARE - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator for Basic and Diluted EPS
Net income (loss)	$ 426	$ 107	$ 441	$ (89)
Less: net income attributable to noncontrolling interests	0	(4)	0	(13)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$ 426	$ 103	$ 441	$ (102)
Denominator for Basic and Diluted EPS
Weighted-average common shares outstanding — basic (in shares)	74.1	81.6	76.4	82.6
Weighted-average common shares outstanding — diluted (in shares)	76.3	82.4	78.5	82.6
EPS
Basic (in dollars per share)	$ 5.75	$ 1.26	$ 5.77	$ (1.23)
Diluted (in dollars per share)	$ 5.58	$ 1.25	$ 5.62	$ (1.23)
Warrants
Numerator for Basic and Diluted EPS
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.7	0.0	0.7	0.0
Restricted Stock Units
Numerator for Basic and Diluted EPS
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.8	0.4	0.7	0.0
Performance Stock Units
Numerator for Basic and Diluted EPS
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.7	0.4	0.7	0.0

EARNINGS PER SHARE - Potentially Dilutive Common Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares	0	4,300,000	0	5,800,000
Potential common shares for warrants (in shares)		4,300,000		4,300,000
Shares issuable upon exercise of warrants(a)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares	0	4,300,000	0	4,300,000
Shares issuable upon settlement of RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares	0	0	0	900,000
Shares issuable upon settlement of PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares	0	0	0	600,000

PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net periodic benefit costs:
Employer contributions to pension plan	$ 1	$ 1	$ 2	$ 2
Decrease in obligation, pension and other postretirement benefits		82
Other operating expenses, net	(5)	(4)	(28)	(31)
Pension Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	0	0	1	1
Interest cost on projected benefit obligation	1	1	1	1
Expected return on plan assets	(1)	0	(1)	(1)
Curtailment gain	0	0	0	0
Amortization of prior service cost credit	0	0	0	0
Net periodic benefit costs	0	1	1	1
Postretirement Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	1	1	2	3
Interest cost on projected benefit obligation	0	0	1	2
Expected return on plan assets	0	0	0	0
Curtailment gain	0	(1)	0	(1)
Amortization of prior service cost credit	(2)	0	(5)	0
Net periodic benefit costs	(1)	$ 0	(2)	$ 4
Other operating expenses, net	$ 2		$ 5

INCOME TAXES (Details)	3 Months Ended	9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2022	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%
Effective tax rate	26.00%	32.00%

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions							1 Months Ended	3 Months Ended		9 Months Ended		17 Months Ended
	Sep. 16, 2022	Aug. 03, 2022	Jun. 16, 2022	May 04, 2022	Mar. 16, 2022	Feb. 23, 2022	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	May 02, 2022	Dec. 31, 2021	Oct. 27, 2020
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount													$ 650
Treasury stock (in shares)								9,935,070		9,935,070		9,935,070		4,089,988
Stock repurchase								$ 80	$ 39	$ 247	$ 84	$ 395
Average price (in dollar per share)								$ 41.78	$ 33.42	$ 42.29	$ 32.39
Share repurchase (in shares)								1,921,181	1,151,596	5,845,082	2,591,799
Dividends declared, common stock (in dollars per share)		$ 0.17		$ 0.17		$ 0.17		$ 0.17		$ 0.17
Dividends paid	$ 13		$ 13		$ 13
Shares reserved for future issuance (in shares)															4,384,182
Investment warrants, exercise price (in dollars per share)															$ 36
Warrant outstanding (in shares)								4,295,434		4,295,434		4,295,434
Shares of common stock issued (in shares)									47,416		47,416
Proceeds from warrants exercised								$ 0	$ 2	$ 0	$ 2
Employee Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Purchase price of common stock							85.00%
Number of shares authorized (in shares)							1,250,000
Shares issued (in shares)										16,480
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Treasury stock (in shares)								9,935,070		9,935,070		9,935,070
Average price (in dollar per share)												$ 39.74

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 680	$ 549	$ 2,026	$ 1,459
Oil
Disaggregation of revenue
Oil, natural gas and NGL sales	494	413	1,527	1,124
Natural gas
Disaggregation of revenue
Oil, natural gas and NGL sales	120	69	294	161
NGLs
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 66	$ 67	$ 205	$ 174

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions					1 Months Ended	3 Months Ended		9 Months Ended		17 Months Ended	18 Months Ended
	Nov. 02, 2022	Aug. 03, 2022	May 04, 2022	Feb. 23, 2022	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Oct. 31, 2022	May 02, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)		$ 0.17	$ 0.17	$ 0.17		$ 0.17		$ 0.17
Stock repurchase program authorized amount												$ 650
Share repurchase (in shares)						1,921,181	1,151,596	5,845,082	2,591,799
Purchase of common share (in shares)						9,935,070		9,935,070		9,935,070			4,089,988
Average price (in dollar per share)						$ 41.78	$ 33.42	$ 42.29	$ 32.39
Stock repurchase						$ 80	$ 39	$ 247	$ 84	$ 395
Share Repurchase Program
Subsequent Event [Line Items]
Purchase of common share (in shares)						9,935,070		9,935,070		9,935,070
Average price (in dollar per share)										$ 39.74
Subsequent Event \| Share Repurchase Program
Subsequent Event [Line Items]
Stock repurchase program, increase in authorized amount	$ 200
Stock repurchase program authorized amount	$ 850
Share repurchase (in shares)					682,792
Purchase of common share (in shares)					10,617,862						10,617,862
Average price (in dollar per share)					$ 42.19						$ 39.89
Stock repurchase					$ 29						$ 424
Capacity remaining					$ 426						$ 426
Subsequent Event \| Annual Dividend
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)	$ 1.13
Subsequent Event \| Quarterly Dividend
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)	$ 0.2825