0001609253-24-000043 | 10-K | XBRL Viewer | California Resources Corp

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DERIVATIVES - Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Derivatives
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Derivative Liability, Current
Commodity Contracts
Fair Value of Derivatives
Gross Amounts Offset on the Consolidated Balance Sheet		$ 12
Total derivatives	$ 0	0
Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Gross Amounts Offset on the Consolidated Balance Sheet	(18)	(12)
Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Gross Amounts Offset on the Consolidated Balance Sheet	(32)	0
Commodity Contracts \| Current - Fair value of derivative contracts
Fair Value of Derivatives
Gross Amounts Offset on the Consolidated Balance Sheet	18
Commodity Contracts \| Other long-term liabilities
Fair Value of Derivatives
Gross Amounts Offset on the Consolidated Balance Sheet	32
Gross Amounts Recognized \| Commodity Contracts
Fair Value of Derivatives
Gross Amounts Recognized		(258)
Total derivatives	17	(200)
Gross Amounts Recognized \| Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Gross Amounts Recognized	39	51
Gross Amounts Recognized \| Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Gross Amounts Recognized	38	7
Gross Amounts Recognized \| Commodity Contracts \| Current - Fair value of derivative contracts
Fair Value of Derivatives
Gross Amounts Recognized	(26)
Gross Amounts Recognized \| Commodity Contracts \| Other long-term liabilities
Fair Value of Derivatives
Gross Amounts Recognized	(34)
Net Amounts Presented on the Consolidated Balance Sheet \| Commodity Contracts
Fair Value of Derivatives
Net Amounts Presented on the Consolidated Balance Sheet		(246)
Total derivatives	17	(200)
Net Amounts Presented on the Consolidated Balance Sheet \| Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Net Amounts Presented on the Consolidated Balance Sheet	21	39
Net Amounts Presented on the Consolidated Balance Sheet \| Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Net Amounts Presented on the Consolidated Balance Sheet	6	$ 7
Net Amounts Presented on the Consolidated Balance Sheet \| Commodity Contracts \| Current - Fair value of derivative contracts
Fair Value of Derivatives
Net Amounts Presented on the Consolidated Balance Sheet	(8)
Net Amounts Presented on the Consolidated Balance Sheet \| Commodity Contracts \| Other long-term liabilities
Fair Value of Derivatives
Net Amounts Presented on the Consolidated Balance Sheet	$ (2)

EARNINGS PER SHARE - Narrative (Details)	12 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Dec. 31, 2023 day
Earnings Per Share [Abstract]
Number of trading days	60

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Asset Retirement Obligations, Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Asset retirement obligation, liabilities settled and divested	$ 60	$ 57
Settlement payments of asset retirement obligations	51	40
Divestitures of asset retirement obligations	9	17
Revisions of estimated obligation	$ 37	15
Asset retirement obligation, period increase (decrease)		$ 2

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

Nature of Business

We are an independent oil and natural gas exploration and production and carbon management 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 carbon management business, which we refer to as Carbon TerraVault, is expected to build, install, operate and maintain CO2 capture equipment, transportation assets and storage facilities in California. In December 2023, the U.S. Environmental Protection Agency released draft Class VI permits for a carbon storage project held by a joint venture we entered into with BGTF Sierra Aggregator LLC (Brookfield) to pursue carbon management and storage activities (Carbon TerraVault JV). See Note 3 Investments and Related Party Transactions for more information on the Carbon TerraVault JV.

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.

Basis of Presentation

We have prepared this report in accordance with United States (U.S.) generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission applicable to annual financial information.

All financial information presented consists of our consolidated results of operations, financial position and cash flows. We have eliminated significant intercompany transactions and balances. 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 consolidated financial statements.

Use of Estimates

The process of preparing financial statements in conformity with U.S. GAAP requires management to select appropriate accounting policies and make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments. Further, actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our consolidated financial statements.

Risks and Uncertainties

Our revenue, profitability and future growth or our oil and natural gas operations are substantially dependent upon prevailing and future prices for oil and natural gas, which can be volatile and dependent on factors beyond our control including global production inventories, available storage and transportation capacities, government regulation, the military conflicts in Ukraine and Israel, instability in the Middle East and economic conditions. We are in the early stages of developing a carbon capture and sequestration business which is subject to risks as an emerging industry. We operate exclusively in California which is a highly regulated environment.

Concentration of Customers

We sell crude oil, natural gas and NGLs to marketers, California refineries and other customers that have access to transportation and storage facilities. In light of the ongoing energy deficit in California and strong demand for native crude oil production, we do not believe that the loss of any single customer would have a material adverse effect on our consolidated financial statements taken as a whole.

For the year ended December 31, 2023, three California refineries each accounted for at least 10%, and collectively 44%, of our sales (before the effects of hedging). For the year ended December 31, 2022, three California refineries each accounted for at least 10%, and collectively accounted for 52%, of our sales (before the effects of hedging). For the year ended December 31, 2021, three California refineries each accounted for at least 10%, and collectively accounted for 51%, of our sales (before the effects of hedging).

Recently Issued but not Adopted Accounting and Disclosure Changes

In December 2023, the Financial Accounting Standards Board’s (FASB) issued new disclosure requirements for Income Taxes (ASC 740). The rule is effective for fiscal years beginning after December 15, 2024, but early adoption is permitted. This rule is to be applied on a prospective basis, but a retrospective application is permitted. We do not expect the adoption of these rules to have a significant impact on our financial statements.

In November 2023, the FASB issued new segment disclosure requirements primarily to enhance disclosure of significant segment expenses. These new segment disclosure requirements will apply to us. The rules are effective for fiscal years beginning after December 15, 2023 and interim periods beginning on January 1, 2025, early adoption is permitted. The disclosure requirements will be applied retrospectively to all prior periods included in the financial statements. We do not expect the adoption of these rules to have a significant impact on our financial statements.

Significant Accounting Policies

Property, Plant and Equipment (PP&E)

We use the successful efforts method to account for our oil and natural gas properties. Under this method, we capitalize costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells, including permitting, land preparation and drilling costs, are initially capitalized pending a determination of whether we find proved reserves. If we find proved reserves, the costs of exploratory wells remain capitalized. Otherwise, we charge the costs of the related wells to expense. In cases where we cannot determine whether we have found proved reserves at the completion of exploration drilling, we conduct additional testing and evaluation of the wells. We generally expense the costs of such exploratory wells if we do not find proved reserves within a one-year period after initial drilling has been completed.

Proved Reserves – Proved reserves are those quantities of oil and natural gas that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a specific date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. We have no proved oil and natural gas reserves for which the determination of economic producibility is subject to the completion of major capital investments.

Several factors could change our proved oil and natural gas reserves. For example, for long-lived properties, higher commodity prices typically result in additional reserves becoming economic and lower commodity prices may lead to existing reserves becoming uneconomic. Estimation of future production and development costs is also subject to change partially due to factors beyond our control, such as energy costs and inflation or deflation of oil field service costs. These factors, in turn, could lead to changes in the quantity of proved reserves. Additional factors that could result in a change of proved reserves include production decline rates and operating performance differing from those estimated when the proved reserves were initially recorded as well as availability of capital to implement the development activities contemplated in the reserves estimates and changes in management's plans with respect to such development activities.

We perform impairment tests with respect to proved properties when product prices decline other than temporarily, reserve estimates change significantly, other significant events occur or management's plans change with respect to these properties in a manner that may impact our ability to realize the recorded asset amounts. Impairment tests incorporate a number of assumptions involving expectations of undiscounted future cash flows, which can change significantly over time. These assumptions include estimates of future product prices, which we base on forward price curves and, when applicable, contractual prices, estimates of oil and natural gas reserves and estimates of future expected operating and development costs. Any impairment loss would be calculated as the excess of the asset's net book value over its estimated fair value. We recognize any impairment loss on proved properties by adjusting the carrying amount of the asset.

Unproved Properties – When we make acquisitions that include unproved properties, we assign values based on estimated reserves that we believe will ultimately be proved. As exploration and development work progresses and if reserves are proved, we transfer the book value from unproved to proved based on the initially determined rate per BOE. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, regulatory changes, contractual conditions or other factors, the capitalized costs of the related properties would be expensed.

Impairments of unproved properties are primarily based on qualitative factors including intent of property development, lease term and recent development activity. The timing of impairments on unproved properties, if warranted, depends upon management's plans, the nature, timing and extent of future exploration and development activities and their results. We recognize any impairment loss on unproved properties by providing a valuation allowance.

Depreciation, Depletion and Amortization – We determine depreciation, depletion and amortization (DD&A) of oil and natural gas producing properties by the unit-of-production method. Our unproved reserves are not subject to DD&A until they are classified as proved properties. We amortize acquisition costs over total proved reserves, and capitalized development and successful exploration costs over proved developed reserves. Our gas and power plant assets are depreciated over the estimated useful lives of the assets, using the straight-line method, with expected initial useful lives of the assets of up to 30 years. We depreciated other property and equipment using the straight-line method based on expected useful lives of the individual assets or group of assets. The useful lives typically include ranges of 4-10 years for leasehold improvements, 1-4 years for software and telecommunications equipment and up to 5 years for computer hardware.

We expense annual lease rentals, the costs of injection used in production and exploration, and geological, geophysical and seismic costs as incurred. Costs of maintenance and repairs are expensed as incurred, except that the costs of replacements that expand capacity or add proven oil and natural gas reserves are capitalized.

Fair Value Measurements

Our assets and liabilities measured at fair value are categorized in a three-level fair-value hierarchy, based on the inputs to the valuation techniques:

Level 1—using quoted prices in active markets for the assets or liabilities;

Level 2—using observable inputs other than quoted prices for the assets or liabilities; and

Level 3—using unobservable inputs.

Transfers between levels, if any, are recognized at the end of each reporting period. We apply the market approach for certain recurring fair value measurements, maximize our use of observable inputs and minimize use of unobservable inputs. We generally use an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management's judgments regarding expectations of projected cash flows and discount rates.

Commodity derivatives are carried at fair value. We utilize the mid-point between bid and ask prices for valuing these instruments. Our commodity derivatives comprise over-the-counter bilateral financial commodity contracts, which are generally valued using industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contracted prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable data or are supported by observable prices based on transactions executed in the marketplace. We classify these measurements as Level 2.

Our PP&E may be written down to fair value if we determine that there has been an impairment. The fair value is determined as of the date of the assessment generally using discounted cash flow models based on management’s expectations for the future. Inputs include estimates of future production, prices based on commodity forward price curves, inclusive of market differentials, as of the date of the estimate, estimated future operating and development costs and a risk-adjusted discount rate.

The carrying amounts of cash and other on-balance sheet financial instruments, other than fixed-rate debt, approximate fair value.

Revenue Recognition

We derive substantially all of our revenue from sales of oil, natural gas and NGLs and associated hedging activities, with the remaining revenue generated from sales of electricity and trading activities related to storage and managing excess pipeline capacity. Revenues are recognized when control of promised goods is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods. See Note 14 Revenue for more information on our revenue from contracts with customers.

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 3 Investment in Unconsolidated Subsidiary 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.

Inventories

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



	2023		2022
	(in millions)
Materials and supplies	$	68	$	56
Finished goods	4		4
Total	$	72	$	60

Derivative Instruments

The fair value of our derivative contracts are netted when a legal right of offset exists with the same counterparty with an intent to offset. Since we did not apply hedge accounting to our commodity derivatives for any of the periods presented, we recognized fair value adjustments, on a net basis, in our consolidated statements of operations. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging program goals, even though they are not accounted for as cash-flow or fair-value hedges.

Stock-Based Incentive Plans

The terms of our long-term incentive plan were approved by our board of directors in January 2021. In accordance with this long-term incentive plan, we reserved 9,257,740 shares of common stock (subject to adjustment) for future issuances to certain executives, employees and non-employee directors that are more fully described in Note 9 Stock-Based Compensation.

Earnings Per Share

Basic earnings per share is calculated as net income divided by the weighted average number of our common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of our common shares outstanding including the effect of dilutive potential common shares. We compute basic and diluted earnings per share (EPS) using the two-class method required for participating securities, when applicable, and the treasury stock method when participating securities are not in place. Certain restricted and performance stock awards are considered participating securities when such shares have non-forfeitable dividend rights, which participate at the same rate as common stock.

Under the two-class method, net income allocated to participating securities is subtracted from net income attributable to common stock in determining net income available to common stockholders. In loss periods, no allocation is made to participating securities because the participating securities do not share in losses.

Asset Retirement Obligations

We recognize the fair value of asset retirement obligations (ARO) in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The fair value of the retirement obligation is based on future retirement cost estimates and incorporates many assumptions such as time of abandonment, current regulatory requirements, technological changes, future inflation rates and a risk-adjusted discount rate. When the liability is initially recorded, we capitalize the cost by increasing the related PP&E balances. If the estimated future cost or timing of cash flow changes, we adjust the fair value of the liability and PP&E. Over time the liability is increased, and expense is recognized for accretion. The cost capitalized to PP&E is recovered over either the useful life of our facilities or the unit-of-production method for our minerals.

We have asset retirement obligations for certain of our facilities, which includes plant and field decommissioning, and the plugging and abandonment of wells. In certain cases, we will recognize ARO in the periods in which sufficient information becomes available to reasonably estimate their fair values. Additionally, for certain plants, we do not have a legal obligation to decommission them and, accordingly, we have not recorded a liability.

The following table presents a rollforward of our ARO.



	Year ended December 31,		Year ended December 31,
(in millions)	2023		2022
Beginning balance	$	491	$	489

Liabilities settled and divested	(60)		(57)
Accretion expense on discounted obligation	46		43


Revisions of estimated obligation	37		15
Additions	7		6
Other	—		(5)

Ending balance	$	521	$	491

Current portion (included in accrued liabilities)	$	99	$	59
Non-current portion	$	422	$	432

Note: The table excludes $5 million related to asset retirement obligations associated with assets held for sale.

Our liabilities settled and divested in 2023 of $60 million, included $51 million for settlement payments and $9 million of liabilities assumed related to our sale of our non-operated working interest in the Round Mountain Unit and a non-producing asset. Revisions of our estimated obligation increased $37 million, which reflected changes in the timing of settlement.

During 2022, our total asset retirement obligation increased by $2 million from 2021. Our liabilities settled and divested in 2022 of $57 million, included $40 million for settlement payments and $17 million of liabilities assumed related to our Lost Hills divestiture. Revisions of our estimated obligation increased $15 million, which reflect higher anticipated future abandonment costs, including inflation, and changes in the timing of settlement.

See Note 8 Divestitures and Acquisitions for more information on our sold properties and our liabilities reclassified as held for sale.

Loss Contingencies

In the normal course of business, we are involved in lawsuits, claims and other environmental and legal proceedings and audits. We accrue reserves for these matters when it is probable that a liability has been incurred and the liability can be reasonably estimated. In addition, we disclose, if material, in aggregate, our exposure to losses in excess of the amount recorded on the balance sheet for these matters if it is reasonably possible that an additional material loss may be incurred. We review our loss contingencies on an ongoing basis.

Loss contingencies are based on judgments made by management with respect to the likely outcome of these matters and are adjusted as appropriate. Management’s judgments could change based on new information, changes in, or interpretations of, laws or regulations, changes in management’s plans or intentions, opinions regarding the outcome of legal proceedings, or other factors.

Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized when it is more likely than not that they will be realized. We periodically assess our deferred tax assets and reduce such assets by a valuation allowance if we deem it is more likely than not that some portion or all of the deferred tax assets will not be realized.

We recognize the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a tax authority. We recognize interest and penalties, if any, related to uncertain tax positions as a component of the income tax provision. No interest or penalties related to uncertain tax positions were recognized in the financial statements for the periods presented.

Production-Sharing Type Contracts

Our share of production and reserves from operations in the Wilmington field is subject to contractual arrangements similar to production-sharing contracts (PSCs) that are in effect through the economic life of the assets. Under such contracts we are obligated to fund all capital and operating costs. We record a share of production and reserves to recover a portion of such capital and operating costs and an additional share for profit. Our portion of the production represents volumes: (i) to recover our partners’ share of capital and operating costs that we incur on their behalf, (ii) for our share of contractually defined base production and (iii) for our share of remaining production thereafter. We generate returns through our defined share of production from (ii) and (iii) above. These contracts do not transfer any right of ownership to us and reserves reported from these arrangements are based on our economic interest as defined in the contracts. Our share of production and reserves from these contracts decreases when product prices rise and increases when prices decline, assuming comparable capital investment and operating costs. However, our net economic benefit is greater when product prices are higher. These PSCs represented approximately 18% and 16% of our total production for the years ended December 31, 2023 and 2022, respectively.

In line with industry practice for reporting PSCs, we report 100% of operating costs under such contracts in our consolidated statements of operations as opposed to reporting only our share of those costs. We report the proceeds from production designed to recover our partners' share of such costs (cost recovery) in our revenues. Our reported production volumes reflect only our share of the total volumes produced, including cost recovery, which is less than the total volumes produced under the PSCs. This difference in reporting full operating costs but only our net share of production equally inflates our revenue and operating costs per barrel and has no effect on our net results.

Pension and Postretirement Benefit Plans

All of our employees participate in postretirement benefit plans we sponsor. These plans are primarily funded as benefits are paid. In addition, a small number of our employees also participate in defined benefit pension plans sponsored by us. We recognize the net overfunded or underfunded amounts in the consolidated financial statements at each measurement date.

We determine our defined benefit pension and postretirement benefit plan obligations based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. We estimate the rate of return on assets with regard to current market factors but within the context of historical returns.

Pension plan assets are measured at fair value. Publicly registered mutual funds are valued using quoted market prices in active markets. Commingled funds are valued at the fund units’ net asset value (NAV) provided by the issuer, which represents the quoted price in a non-active market.

Actuarial gains and losses that have not yet been recognized through income, are recorded in accumulated other comprehensive income within equity, net of taxes, until they are amortized as a component of net periodic benefit cost.

Leases

We account for our leases in which we are the lessee, other than mineral leases including oil and natural gas leases, under an accounting standard which requires us to recognize most leases, including operating leases, on the balance sheet. The majority of our leases are for commercial office space, fleet vehicles, drilling rigs, easements and facilities. We categorize leases as either operating or financing at lease commencement. We recognize a right-of-use (ROU) asset and associated lease liability for each operating and finance lease with contractual terms of greater than 12 months on the balance sheet. In considering whether a contract contains a lease, we first consider whether there is an identifiable asset and then consider how and for what purpose the asset would be used over the contract term. Our ROU assets are measured at the initial amount of the lease liability determined by measuring the present value of the fixed minimum lease payments, adjusted for any payments made before or at the lease commencement date, discounted using our incremental borrowing rate (IBR). In determining our IBR, we consider the average cost of borrowing for publicly traded corporate bond yields, which are adjusted to reflect our credit rating, the remaining lease term for each class of our leases and frequency of payments.

The ROU assets for operating leases are amortized over the term of the lease using the straight-line method. Lease expense also includes accretion of the lease liability recognized using the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets.

Share Repurchase Program

We repurchase shares of our common stock from time to time under a program authorized by our Board of Directors, including pursuant to a contract, instruction or written plan meeting requirements of Rule 10b5-1(c)(1) of the Exchange Act. Share repurchases have not been retired and are displayed separately as treasury stock on our consolidated balance sheet.

Assets Held for Sale

We may market certain non-core oil and natural gas assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commitment to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within one year, the asset is being actively marketed for sale and it is unlikely that significant changes will be made to the plan. If all of these criteria are met, the asset is presented as held for sale on our consolidated balance sheet and measured at the lower of the carrying amount or estimated fair vale less costs to sell. DD&A expense is not recorded on assets once classified as held for sale.

The assets classified as held for sale at December 31, 2023 include the remaining assets and the associated asset retirement obligations in the Ventura basin and properties acquired for our carbon management activities. See Note 8 Divestitures and Acquisitions for more information.

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Period before costs expensed for no proved reserves	1 year
Gas plant and power plant assets
Property, Plant and Equipment [Line Items]
Expected useful lives	30 years
Hardware
Property, Plant and Equipment [Line Items]
Expected useful lives	5 years
Minimum \| Improvements
Property, Plant and Equipment [Line Items]
Expected useful lives	4 years
Minimum \| Software and Telecommunications Equipment
Property, Plant and Equipment [Line Items]
Expected useful lives	1 year
Maximum \| Improvements
Property, Plant and Equipment [Line Items]
Expected useful lives	10 years
Maximum \| Software and Telecommunications Equipment
Property, Plant and Equipment [Line Items]
Expected useful lives	4 years

LEASES - Supplement Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	OTHER NONCURRENT ASSETS	OTHER NONCURRENT ASSETS
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Right-of-use assets	$ 73	$ 73
Current portion - operating lease liability	15	18
Lease liabilities	$ 55	$ 52

STOCK-BASED COMPENSATION - Cash Incentive Awards (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield		0.00%
Long-Term Cash Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	40.00%	36.00%	25.00%
Risk-free interest rate	4.20%	4.51%	5.26%
Dividend yield	0.00%	0.00%	0.00%
Forecast period (in years)	2 years 1 month 24 days	1 year 6 months	6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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+ Details

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Stock-Based Incentive Plans (Details) - shares	Jan. 31, 2021	Jan. 18, 2021
2021 Incentive Plan
Shares reserved for future issuance (in shares)	9,257,740	9,257,740

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Units
Vested (in shares) \| shares	(30)
Weighted-Average Grant-Date Fair Value
Vested (in dollars per share) \| $ / shares	$ 25.93
Restricted Stock Units
Number of Units
Unvested, beginning of year (in shares) \| shares	1,121
Granted (in shares) \| shares	416
Vested (in shares) \| shares	(81)
Forfeited or Cancelled (in shares) \| shares	(168)
Unvested, end of year (in shares) \| shares	1,288
Weighted-Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share) \| $ / shares	$ 25.64
Granted (in dollars per share) \| $ / shares	39.95
Vested (in dollars per share) \| $ / shares	30.53
Forfeited or Cancelled (in dollars per share) \| $ / shares	29.28
Unvested, end of year (in dollars per share) \| $ / shares	$ 29.49

STOCKHOLDERS' EQUITY - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Equity [Abstract]
Total Number of Shares Purchased (in shares)	3,407,655	7,366,272	4,089,988	14,863,915
Dollar Value of Shares Purchased	$ 143	$ 313	$ 148	$ 604
Average Price Paid per Share (in dollars per share)	$ 41.69	$ 42.47	$ 36.08	$ 40.53
Stock repurchase, excise tax	$ 1

DERIVATIVES - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 27, 2020
Derivatives
Net loss from commodity derivatives	$ 12	$ 551	$ 676
Natural Gas
Derivatives
Net loss from commodity derivatives	$ 8
Revolving Credit Facility \| Line of Credit
Derivatives
Ratio of indebtedness to consolidated EDITDAX				1.5

REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from customers is recognized when obligations under the terms of a contract are satisfied.

Sales of our Produced Oil, Natural Gas and NGLs

Revenue from sales of our oil, natural gas and NGL production is recognized upon delivery (and transfer of control) of the commodity to the customer. In certain instances, transportation and processing fees are incurred by us prior to delivery to customers. We record these transportation and processing fees as transportation costs on our consolidated statements of operations.

Our contracts with customers are generally less than a year and based on index prices. We recognize revenue in the amount that we expect to receive once we are able to adequately estimate the consideration (i.e., when market prices are known). Our contracts with customers typically require payment within 30 days following the month of delivery. Disaggregated revenue for sales of oil, natural gas and natural gas liquids (NGLs) to customers includes the following:


	Year ended December 31,
	2023		2022		2021
(in millions)
Oil	$	1,534	$	1,968	$	1,555
NGLs	198		264		250
Natural gas	423		411		243
Oil, natural gas and NGL sales	$	2,155	$	2,643	$	2,048

We also process third-party wet gas at one of our gas processing facilities, which is sold to customers. We recognized $15 million, $14 million and $10 million included in other revenue on our consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, respectively.

Electricity Sales

The electrical output of our Elk Hills power plant that is not used in our operations is primarily sold to the wholesale power market and a utility under a power purchase and sales agreement (PPA), which included a monthly capacity payment plus a variable payment based on the quantity of power purchased each month. The PPA terminated in December 2023. Revenue is recognized when obligations under the terms of a contract are satisfied; generally, this occurs upon delivery of the electricity. Revenue is measured as the amount of consideration we expect to receive based on the California Independent System Operator (CAISO) market pricing with payment due the month following delivery. Payments under our PPA are settled monthly. We recognize revenue using the output method and consider our performance obligations to be satisfied upon delivery of electricity or as the contracted amount of energy is made available to the customer in the case of capacity payments.

Marketing of Purchased Natural Gas

To transport our natural gas as well as third-party volumes, we have entered into firm pipeline commitments. In addition, we may from time-to-time enter into natural gas purchase and sale agreements with third parties to move natural gas to areas with higher demand. We report sales of purchased natural gas in total operating revenues and associated purchased natural gas expense related to our marketing activities in total operating expenses on our consolidated statements of operations. We consider our performance obligations to be satisfied upon transfer of control of the commodity.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS - Equity Method Investment Unconsolidated Subsidiary, Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Loss from investment in unconsolidated subsidiary	$ 9	$ 1	$ 0
Carbon TerraVault Joint Venture
Schedule of Equity Method Investments [Line Items]
Loss from investment in unconsolidated subsidiary	9	1
General and administrative expense	$ 8	$ 0

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended
	Oct. 31, 2020 platform	Dec. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Number of offshore platforms with decommissioning obligations defaulted \| platform	2
Offshore platforms with decommissioning obligations defaulted percentage	37.50%
Offshore platforms with decommissioning obligations defaulted period since interest sold	30 years
Decommissioning obligations, reserve		$ 12
Long Term Purchase and Contractual Obligation
Purchase obligations
2024		76
2025		60
2026		41
2027		7
2028		7
Thereafter		33
Total		224
Less: Interest		(38)
Present value of purchase obligations		$ 186

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended				12 Months Ended
	Nov. 01, 2023	Nov. 02, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 27, 2020
Schedule of Equity Method Investments [Line Items]
Stock repurchase program authorized amount							$ 1,100
Dividends declared, common stock (in dollars per share)			$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 1.1575	$ 0.7925	$ 0.17
Total annual dividend anticipated, common stock (in dollars per share)	$ 1.24	$ 1.13
Warrant outstanding (in shares)							4,182,521
Warrant exercise price (in dollars per share)										$ 36
Benefit Street Partners
Schedule of Equity Method Investments [Line Items]
Investment commitment in joint venture						$ 50			$ 50
Benefit Street Partners \| Joint Venture With Benefit Street Partners
Schedule of Equity Method Investments [Line Items]
Investment commitment in joint venture						$ 7			$ 7

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Production - Sharing Type Contracts (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Production Sharing Type Contracts
Percentage of production represented by PSC-type contracts	18.00%	16.00%
Percentage of operating costs reported under PSC-type contracts	100.00%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Los Angeles, CA
Auditor Firm ID	185

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 2,155	$ 2,643	$ 2,048
Oil
Disaggregation of revenue
Oil, natural gas and NGL sales	1,534	1,968	1,555
NGLs
Disaggregation of revenue
Oil, natural gas and NGL sales	198	264	250
Natural gas
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 423	$ 411	$ 243

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

DEBT - Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Estimated fair value of long-term debt	$ 554	$ 574

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Common Stock Issuances

The following is a summary of changes in our common shares outstanding:


			Common Shares Outstanding







Balance, December 31, 2021			79,299,222
Shares issued for warrant exercises			312
Shares issued under ESPP			16,480
Treasury stock - shares repurchased			(7,366,272)
Balance, December 31, 2022			71,949,742
Shares issued for warrant exercises			35,441
Shares issued under ESPP			41,013
Shares issued under stock-based compensation arrangements			75,344
Treasury stock - shares repurchased			(3,407,655)
Balance, December 31, 2023			68,693,885

Scheduleof Share Repurchases

The following is a summary of our share repurchases, held as treasury stock, for the periods presented:


	Total Number of Shares Purchased	Dollar Value of Shares Purchased		Average Price Paid per Share
	(number of shares)	(in millions)		($ per share)
Year ended December 31, 2021	4,089,988	$	148	$	36.08
Year ended December 31, 2022	7,366,272	$	313	$	42.47
Year ended December 31, 2023	3,407,655	$	143	$	41.69
Total	14,863,915	$	604	$	40.53

Note: The total value of shares purchased includes approximately $1 million related to excise taxes on share repurchases, which was effective beginning in 2023. Commissions paid were not significant in all periods presented.

Schedule of Dividends Declared

Cash dividends paid for each period is presented in the table below (excluding amounts accrued on share-based compensation awards).


	Total Dividend		Annual Rate Per Share
	(in millions)		($ per share)
Year ended December 31, 2021	$	14	$	0.17
Year ended December 31, 2022	59		$	0.7925
Year ended December 31, 2023	81		$	1.1575
	$	154

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income consists of after-tax amounts for our pension and postretirement benefit plans. See Note 13 Pension and Postretirement Benefit Plans for further information.


	Year ended December 31,
	2023		2022		2021
	(in millions)
Beginning accumulated other comprehensive income (loss)	$	81	$	72	$	(8)
Actuarial (loss) gain associated with pension and postretirement	(2)		18		16
Prior service credit	—		—		65
Recognition of prior service credit due to curtailment	(3)		—		—
Amortization of prior service credit	(5)		(5)		(1)
Other comprehensive (loss) income	(10)		13		80
Total recorded in accumulated other comprehensive income, before tax	71		85		72
Income tax benefit (provision)	3		(4)		—
Total recorded in accumulated other comprehensive loss, net of tax	$	74	$	81	$	72

STOCK-BASED COMPENSATION - Narrative - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash-settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments to settle award	$ 11	$ 6	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PROPERTY, PLANT AND EQUIPMENT - Schedule of the Activity of Capitalized Exploratory Well Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized exploratory well costs for the years ended December 31:
Beginning balance	$ 1	$ 1	$ 3
Charged to expense	0	0	(2)
Ending balance	$ 1	$ 1	$ 1

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations on a Discounted Basis

At December 31, 2023, total purchase obligations on a discounted basis were as follows:


	December 31, 2023
	(in millions)
2024	$	76
2025	60
2026	41
2027	7
2028	7
Thereafter	33
Total	224
Less: Interest	(38)
Present value of purchase obligations	$	186

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Materials and supplies	$ 68	$ 56
Finished goods	4	4
Total	$ 72	$ 60

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Actuarial (losses) gains associated with pension and postretirement plans, tax	$ 1	$ 5
Tax effects			$ 0
Curtailment gain (loss), tax	1
Reclassification adjustment from AOCI, tax	$ 1	$ 1

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Financial Statements

The financial information may not necessarily be indicative of the financial condition and results of operations had the Unrestricted Subsidiaries operated as independent entities.

Condensed Consolidating Balance Sheets

As of December 31, 2023 and 2022


	As of December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total current assets	$	511	$	20	$	398	$	—	$	929
Total property, plant and equipment, net	14		12		2,744		—		2,770
Investments in consolidated subsidiaries	2,311		(11)		1,347		(3,647)		—
Deferred tax asset	132		—		—		—		132
Investment in unconsolidated subsidiary	—		19		—		—		19
Other assets	12		36		100		—		148
TOTAL ASSETS	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998

Total current liabilities	142		13		461		—		$	616
Long-term debt	540		—		—		—		540
Asset retirement obligations	—		—		422		—		422
Other long-term liabilities	79		73		49		—		201

Total equity	2,219		(10)		3,657		(3,647)		2,219
TOTAL LIABILITIES AND EQUITY	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998


	As of December 31, 2022
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total current assets	$	329	$	33	$	502	$	—	$	864
Total property, plant and equipment, net	13		6		2,767		—		2,786
Investments in consolidated subsidiaries	2,096		—		1,512		(3,608)		—
Deferred tax asset	164		—		—		—		164
Investment in unconsolidated subsidiary	—		13		—		—		13
Other assets	8		33		99		—		140
TOTAL ASSETS	$	2,610	$	85	$	4,880	$	(3,608)	$	3,967

Total current liabilities	76		7		811		—		$	894
Long-term debt	592		—		—		—		592
Asset retirement obligations	—		—		432		—		432
Other long-term liabilities	78		67		40		—		185

Total equity	1,864		11		3,597		(3,608)		1,864
TOTAL LIABILITIES AND EQUITY	$	2,610	$	85	$	4,880	$	(3,608)	$	3,967

Condensed Consolidating Statement of Operations

For the year ended December 31, 2023 and 2022


	Year ended December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	21	$	—	$	2,780	$	—	$	2,801
Total costs and other	239		49		1,737		—		2,025
Gain on asset divestitures	—		—		32		—		32
Non-operating (loss) income	(51)		(14)		5		—		(60)
(LOSS) INCOME BEFORE INCOME TAXES	(269)		(63)		1,080		—		748
Income tax provision	(184)		—		—		—		(184)
NET (LOSS) INCOME	$	(453)	$	(63)	$	1,080	$	—	$	564


	Year ended December 31, 2022
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	4	$	—	$	2,703	$	—	$	2,707
Total costs and other	177		37		1,740		—		1,954
Gain on asset divestitures	—		—		59		—		59
Non-operating (loss) income	(55)		(3)		7		—		(51)
(LOSS) INCOME BEFORE INCOME TAXES	(228)		(40)		1,029		—		761
Income tax provision	(237)		—		—		—		(237)
NET (LOSS) INCOME	$	(465)	$	(40)	$	1,029	$	—	$	524


	Year ended December 31, 2021
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	(55)	$	57	$	1,887	$	—	$	1,889
Total costs and other	158		30		1,532		—		1,720
Gain on asset divestitures	—		—		124		—		124
Non-operating (loss) income	(66)		—		2		—		(64)
(LOSS) INCOME BEFORE INCOME TAXES	(279)		27		481		—		229
Income tax provision	396		—		—		—		396
NET INCOME (LOSS)	117		27		481		—		625
Net (income) loss attributable to noncontrolling interest	—		(13)		—		—		(13)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	117	$	14	$	481	$	—	$	612

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

We have designated certain of our subsidiaries as Unrestricted Subsidiaries under the indenture governing our Senior Notes (Senior Notes Indenture). Unrestricted Subsidiaries (as defined in the Senior Notes Indenture) are subject to fewer restrictions under the Senior Notes Indenture. We are required under the Senior Notes indenture to present the financial condition and results of operations of CRC and its Restricted Subsidiaries (as defined in the Senior Notes Indenture) separate from the financial condition and results of operations of its Unrestricted Subsidiaries. The following consolidating balance sheets as of December 31, 2023 and 2022 and the consolidating statements of operations for the year ended December 31, 2023, 2022 and 2021, as applicable, reflect the consolidating financial information of our parent company, CRC (Parent), our combined Unrestricted Subsidiaries, our combined Restricted Subsidiaries and the elimination entries necessary to arrive at the information for the Company on a consolidated basis. The financial information may not necessarily be indicative of the financial condition and results of operations had the Unrestricted Subsidiaries operated as independent entities.

Condensed Consolidating Balance Sheets

As of December 31, 2023 and 2022


	As of December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total current assets	$	511	$	20	$	398	$	—	$	929
Total property, plant and equipment, net	14		12		2,744		—		2,770
Investments in consolidated subsidiaries	2,311		(11)		1,347		(3,647)		—
Deferred tax asset	132		—		—		—		132
Investment in unconsolidated subsidiary	—		19		—		—		19
Other assets	12		36		100		—		148
TOTAL ASSETS	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998

Total current liabilities	142		13		461		—		$	616
Long-term debt	540		—		—		—		540
Asset retirement obligations	—		—		422		—		422
Other long-term liabilities	79		73		49		—		201

Total equity	2,219		(10)		3,657		(3,647)		2,219
TOTAL LIABILITIES AND EQUITY	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998


	As of December 31, 2022
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total current assets	$	329	$	33	$	502	$	—	$	864
Total property, plant and equipment, net	13		6		2,767		—		2,786
Investments in consolidated subsidiaries	2,096		—		1,512		(3,608)		—
Deferred tax asset	164		—		—		—		164
Investment in unconsolidated subsidiary	—		13		—		—		13
Other assets	8		33		99		—		140
TOTAL ASSETS	$	2,610	$	85	$	4,880	$	(3,608)	$	3,967

Total current liabilities	76		7		811		—		$	894
Long-term debt	592		—		—		—		592
Asset retirement obligations	—		—		432		—		432
Other long-term liabilities	78		67		40		—		185

Total equity	1,864		11		3,597		(3,608)		1,864
TOTAL LIABILITIES AND EQUITY	$	2,610	$	85	$	4,880	$	(3,608)	$	3,967

Condensed Consolidating Statement of Operations

For the year ended December 31, 2023 and 2022


	Year ended December 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	21	$	—	$	2,780	$	—	$	2,801
Total costs and other	239		49		1,737		—		2,025
Gain on asset divestitures	—		—		32		—		32
Non-operating (loss) income	(51)		(14)		5		—		(60)
(LOSS) INCOME BEFORE INCOME TAXES	(269)		(63)		1,080		—		748
Income tax provision	(184)		—		—		—		(184)
NET (LOSS) INCOME	$	(453)	$	(63)	$	1,080	$	—	$	564


	Year ended December 31, 2022
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	4	$	—	$	2,703	$	—	$	2,707
Total costs and other	177		37		1,740		—		1,954
Gain on asset divestitures	—		—		59		—		59
Non-operating (loss) income	(55)		(3)		7		—		(51)
(LOSS) INCOME BEFORE INCOME TAXES	(228)		(40)		1,029		—		761
Income tax provision	(237)		—		—		—		(237)
NET (LOSS) INCOME	$	(465)	$	(40)	$	1,029	$	—	$	524


	Year ended December 31, 2021
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	(55)	$	57	$	1,887	$	—	$	1,889
Total costs and other	158		30		1,532		—		1,720
Gain on asset divestitures	—		—		124		—		124
Non-operating (loss) income	(66)		—		2		—		(64)
(LOSS) INCOME BEFORE INCOME TAXES	(279)		27		481		—		229
Income tax provision	396		—		—		—		396
NET INCOME (LOSS)	117		27		481		—		625
Net (income) loss attributable to noncontrolling interest	—		(13)		—		—		(13)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	117	$	14	$	481	$	—	$	612

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Millions	Total	Equity Attributable to Common Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated (Deficit) Earnings	Accumulated Other Comprehensive (Loss) Income	Equity Attributable to Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 1,182	$ 1,138	$ 1	$ 0	$ 1,268	$ (123)	$ (8)	$ 44
Increase (decrease) in Equity
Net income	625	612				612		13
Distributions to noncontrolling interest holder	(50)							(50)
Cash dividends	(14)	(14)				(14)
Redemption of noncontrolling interest	0	7			7			(7)
Share-based compensation	13	13			13
Repurchases of common stock	(148)	(148)		(148)
Issuance of common stock	2	2			2
Other	(2)	(2)			(2)
Other comprehensive income, net of tax	80	80					80
Ending balance at Dec. 31, 2021	1,688	1,688	1	(148)	1,288	475	72	0
Beginning balance at Dec. 31, 2020	1,182	1,138	1	0	1,268	(123)	(8)	44
Increase (decrease) in Equity
Repurchases of common stock	(604)
Ending balance at Dec. 31, 2023	2,219	2,219	1	(604)	1,329	1,419	74	0
Beginning balance at Dec. 31, 2021	1,688	1,688	1	(148)	1,288	475	72	0
Increase (decrease) in Equity
Net income	524	524				524		0
Cash dividends	(61)	(61)				(61)
Share-based compensation	19	19			19
Repurchases of common stock	(313)	(313)		(313)
Other	(2)	(2)			(2)
Other comprehensive income, net of tax	9	9					9
Ending balance at Dec. 31, 2022	1,864	1,864	1	(461)	1,305	938	81	0
Increase (decrease) in Equity
Net income	564	564				564
Cash dividends	(83)	(83)				(83)
Share-based compensation	28	28			28
Repurchases of common stock	(143)	(143)		(143)
Shares cancelled for taxes	(3)	(3)			(3)
Other	(1)	(1)			(1)
Other comprehensive income, net of tax	(7)	(7)					(7)
Ending balance at Dec. 31, 2023	$ 2,219	$ 2,219	$ 1	$ (604)	$ 1,329	$ 1,419	$ 74	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	83,557,800	83,406,002
Common stock, outstanding shares (in shares)	68,693,885	71,949,742
Treasury stock (in shares)	14,863,915	11,456,260

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 48	$ 30	$ 19
Income tax benefit	9	6	0
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	40	26	17
Operating costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7	4	2
Carbon management business expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1	$ 0	$ 0

PENSION AND POSTRETIREMENT BENEFIT PLANS - Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Benefit Obligation Assumptions
Discount rate	4.98%	5.19%
Rate of compensation increase	4.00%	4.00%
Net Periodic Benefit Cost Assumptions
Discount rate	5.19%	2.79%
Expected return on assets	6.98%	5.50%
Rate of compensation increase	4.00%	4.00%
Postretirement Benefits
Benefit Obligation Assumptions
Discount rate	4.99%	5.20%
Net Periodic Benefit Cost Assumptions
Discount rate	5.20%	2.75%
Expected return on assets	6.50%	5.50%
Defined benefit plan, health care cost trend rate consumer price index	2.38%	2.52%
Postretirement Benefits \| Union employees
Net Periodic Benefit Cost Assumptions
Projected healthcare cost rate in ninth year after current fiscal year	4.50%
Projected healthcare cost rate in tenth year and thereafter	4.50%
Projected healthcare cost rate in tenth year after current fiscal year		4.50%
Projected healthcare cost rate in eleventh year and thereafter		4.50%
Postretirement Benefits \| Union employees \| Minimum
Net Periodic Benefit Cost Assumptions
Projected healthcare cost rate in next fiscal year	6.75%	7.00%

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS


	Balance at Beginning of Period		Charged (Credited) to Costs and Expenses		Charged (Credited) to Other Accounts		Deductions		Balance at End of Period
(in millions)
2023
Deferred tax valuation allowance	$	35	$	(35)	$	—	$	—	$	—
Other asset valuation allowance	$	1	$	2	$	—	$	—	$	3
2022
Deferred tax valuation allowance	$	—	$	35	$	—	$	—	$	35
Other asset valuation allowance	$	—	$	1	$	—	$	—	$	1
2021
Deferred tax valuation allowance	$	549	$	(526)	$	(23)	$	—	$	—
Other asset valuation allowance	$	—	$	—	$	—	$	—	$	—

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended				12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared, common stock (in dollars per share)	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 1.1575	$ 0.7925	$ 0.17

DEBT - Repurchases (Details) - USD ($) $ in Millions		12 Months Ended
DEBT - Repurchases (Details) - USD ($) $ in Millions	Jan. 20, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 1	$ 0	$ 2
Senior Notes (Unsecured)
Debt Instrument [Line Items]
Debt instrument, repurchased face amount		55
Loss on early extinguishment of debt	$ 2	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1F
-Subparagraph (a)
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+ Details

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES

We, or certain of our subsidiaries, are involved, in the normal course of business, in lawsuits, environmental and other claims and other contingencies that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief.

We accrue reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserve balances at December 31, 2023 and 2022 were not material to our 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 challenged 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 we are now appealing the order from BSEE. Upon execution of a cost sharing agreement with former lessees, we will share in on-going maintenance costs during the pendency of the challenge to the BSEE order and have recognized a liability of $12 million included in accrued liabilities at December 31, 2023.

We have certain commitments under contracts, including purchase commitments for goods and services used in the normal course of business such as pipeline capacity, easements related to oil and natural gas operations, obligations under long-term service agreements and field equipment.

At December 31, 2023, total purchase obligations on a discounted basis were as follows:


	December 31, 2023
	(in millions)
2024	$	76
2025	60
2026	41
2027	7
2028	7
Thereafter	33
Total	224
Less: Interest	(38)
Present value of purchase obligations	$	186

STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,864	$ 1,688	$ 1,182
Total recorded in accumulated other comprehensive income, before tax	71	85	72
Income tax benefit (provision)	3	(4)	0
Ending balance	2,219	1,864	1,688
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	81	72	(8)
Ending balance	74	81	72
Actuarial (loss) gain associated with pension and postretirement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	(2)	18	16
Prior service credit
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	0	0	65
Recognition of prior service credit due to curtailment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	(3)	0	0
Amortization of prior service credit
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	(5)	(5)	(1)
Other comprehensive (loss) income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, before tax	$ (10)	$ 13	$ 80

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 564	$ 524	$ 612

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Topic 235
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+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Deferred tax assets, release of valuation allowance	$ (35)
Liability recorded for unrecognized tax benefits	0	$ 0
CALIFORNIA
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	6
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	29
Carryforward for business interest expense	765
Tax benefit not recognized from net operating loss carryforwards limited from ownership change	11
State and Local Jurisdiction \| CALIFORNIA
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,000
Tax credit carryforward	20
Tax benefit not recognized from net operating loss carryforwards limited from ownership change	$ 75

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

As of December 31, 2023 and 2022, our long-term debt consisted of the following:



	2023		2022		Interest Rate	Maturity
	(in millions)
Revolving Credit Facility	$	—	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a)	July 31, 2027(b)
Senior Notes	545		600		7.125%	February 1, 2026
Principal amount of debt	$	545	$	600
Unamortized debt issuance costs	(5)		(8)
Long-term debt, net	$	540	$	592

(a)At our election, borrowings under the amended Revolving Credit Facility may be alternate base rate (ABR) loans or term SOFR loans, plus an applicable margin. ABR loans bear interest at a rate 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%. Term SOFR loans bear interest at term SOFR, plus an additional 10 basis points per annum credit spread adjustment. The applicable margin is adjusted based on the commitment utilization percentage and will vary from (i) in the case of ABR loans, 1.50% to 2.50% and (ii) in the case of term SOFR loans, 2.50% to 3.50%.

(b)The Revolving Credit Facility is subject to a springing maturity to August 4, 2025 if any of our Senior Notes, defined below, are outstanding on that date.

Schedule of Financial Performance Covenants

Financial Covenants – Our Revolving Credit Facility includes the following financial covenants:

Ratio

Components

Required Levels

Tested

Consolidated Total Net Leverage Ratio

Ratio of Consolidated Total Debt to Consolidated EBITDAX(a)

Not greater than 3.00 to 1.00

Quarterly

Current Ratio

Ratio of consolidated current assets to consolidated current liabilities(b)

Not less than 1.00 to 1.00

Quarterly

(a)Consolidated EBITDAX is calculated as defined in the Revolving Credit Facility.

(b)The available credit under our Revolving Credit Facility is included in consolidated current assets as part of the calculation of the current ratio.

Schedule of Principal Maturities of Debt Outstanding

Principal maturities of debt outstanding at December 31, 2023 are as follows:


	As of December 31, 2023
	(in millions)
2024	$	—
2025	—
2026	545
2027	—
2028	—
Thereafter	—
Total	$	545

- 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

DIVESTITURES AND ACQUISITIONS - Acquisition (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 31, 2021	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Other Acquisitions
Business Acquisition [Line Items]
Purchase price			$ 5	$ 17
Impairment recognized		$ 3
MIRA \| Joint Venture With Macquarie Infrastructure And Real Assets Inc
Business Acquisition [Line Items]
Working interest acquired by MIRA				90.00%
Joint Venture With Macquarie Infrastructure And Real Assets Inc \| Joint Venture With Macquarie Infrastructure And Real Assets Inc
Business Acquisition [Line Items]
Purchased of working interest share conveyed assets	$ 52
Working interest retained by CRC	10.00%

PENSION AND POSTRETIREMENT BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Other long-term liabilities for the supplemental retirement plan	$ 24	$ 24
Expenses under provisions of defined contribution and supplemental plans	$ 19	$ 18	$ 19

PENSION AND POSTRETIREMENT BENEFIT PLANS - Obligations and Funded Status of our Defined Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Amounts recognized on the balance sheet
Other assets	$ 2	$ 2
Accrued liabilities	0	0
Other long-term liabilities	(3)	0
Amounts recognized in the consolidated balance sheets, total	(1)	2
Accumulated other comprehensive income, net of tax	2	2
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation—beginning of year	30	44
Service cost—benefits earned during the period	1	1	$ 1
Interest cost on projected benefit obligation	1	1	1
Actuarial loss (gain)	3	(12)
Benefits paid	(1)	(4)
Benefit obligation—beginning of year	34	30	44
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets—beginning of year	32	29
Actual return on plan assets	3	(5)
Employer contributions	0	12
Benefits paid	(1)	(4)
Fair value of plan assets—end of year	34	32	29
Net benefit asset (liability)	$ 0	$ 2
Discount rate	4.98%	5.19%
Postretirement Benefits
Amounts recognized on the balance sheet
Other assets	$ 0	$ 0
Accrued liabilities	(3)	(4)
Other long-term liabilities	(33)	(33)
Amounts recognized in the consolidated balance sheets, total	(36)	(37)
Accumulated other comprehensive income, net of tax	72	79
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation—beginning of year	38	49
Service cost—benefits earned during the period	2	2	4
Interest cost on projected benefit obligation	2	1	3
Actuarial loss (gain)	(2)	(12)
Benefits paid	(3)	(2)
Benefit obligation—beginning of year	37	38	49
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets—beginning of year	1	1
Employer contributions	3	2
Benefits paid	(3)	(2)
Fair value of plan assets—end of year	1	1	$ 1
Net benefit asset (liability)	$ (36)	$ (37)
Discount rate	4.99%	5.20%

DIVESTITURES AND ACQUISITIONS	12 Months Ended
DIVESTITURES AND ACQUISITIONS	Dec. 31, 2023
ACQUISITIONS AND DIVESTITURES
DIVESTITURES AND ACQUISITIONS	DIVESTITURES AND ACQUISITIONS Divestitures Round Mountain Unit On December 29, 2023, we entered into an agreement to sell our non-operated working interest in the Round Mountain Unit in the San Joaquin basin, recognizing a gain of $25 million. We retained an option to capture, transport and store CO2 emissions from the production at Round Mountain Unit for future carbon management projects. This option can be terminated by the buyer after January 1, 2028. Ventura Basin During 2021 and 2022, we entered into transactions to sell our Ventura basin assets. The transaction contemplates multiple closings that are subject to customary closing conditions. The closings that occurred in the second half of 2021 resulted in the divestiture of the vast majority of our Ventura basin assets. We recognized a gain of $120 million on the Ventura divestiture during the year ended December 31, 2021. During the year ended December 31, 2022, we recognized a gain of $11 million related to the sale of additional Ventura basin assets. The closing of our remaining assets in the Ventura basin is subject to final approval from the State Lands Commission, we expect could occur in 2024. These remaining assets, consisting of property, plant and equipment and associated asset retirement obligations, are classified as held for sale on our consolidated balance sheet as of December 31, 2023. Lost Hills 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. This option can be terminated by the buyer after January 1, 2026. We also retained 100% of the deep rights and related seismic data. CRC Plaza In 2022, we sold our commercial office building located in Bakersfield, California for net proceeds of $13 million, recognizing no gain or loss on the sale following recognition of impairment charges in 2021 and 2022. We also leased back a portion of the building with a term of 18 months. See Note 2 Property, Plant and Equipment for details of impairment charges we recognized prior to the sale of this property. Other Divestitures In 2023, we sold a non-producing asset in exchange for the assumption of liabilities recognizing a $7 million gain. In 2022, we sold non-core assets recognizing a $1 million loss. In 2021, we also sold unimproved land and other non-core assets for $13 million in proceeds recognizing a $4 million gain. Acquisitions MIRA JV Our development joint venture with Macquarie Infrastructure and Real Assets Inc. (MIRA JV) contemplated that MIRA would fund the development of certain of our oil and natural gas properties in exchange for a 90% working interest. In August 2021, we purchased MIRA’s entire working interest share for $52 million. We accounted for this transaction as an asset acquisition. Prior to the acquisition, our consolidated results reflect only our 10% working interest share in the productive wells. Other Acquisitions In 2023, we acquired properties for our carbon management business for approximately $5 million. In 2022, we acquired properties for our carbon management business for approximately $17 million. In 2023, we recognized an impairment of $3 million to write these assets down to fair value (using Level 3 inputs in the fair value hierarchy) due to market conditions at that time (including inflation and rising interest rates). We intend to divest a portion of these assets, which are classified as held for sale as of December 31, 2023 on our consolidated balance sheet.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Pending Aera Merger On February 7, 2024, we entered into a definitive agreement and plan of merger (Merger Agreement) to combine with Aera Energy, LLC (Aera) in an all-stock transaction (Aera Merger) with an effective date of January 1, 2024. Aera is a leading operator of mature fields in California, primarily in the San Joaquin and Ventura basins, with high oil-weighted production. Pursuant to the Merger Agreement, we have agreed to issue 21,170,357 shares of common stock (subject to customary adjustments in the event of stock splits, dividend paid in stock and similar items) plus an additional number of shares determined by reference to the dividends declared by us having a record date between the effective date and closing as more fully described in the Merger Agreement. Under the terms of the Merger Agreement, we have also agreed to assume Aera’s outstanding long-term indebtedness of $950 million at closing. We expect to repay a significant portion of this indebtedness with cash on hand and borrowings under our Revolving Credit Facility. We intend to refinance the balance through one or more debt capital markets transactions and, only to the extent necessary, borrowings under a bridge loan facility provided by Citigroup Global Markets, Inc. (the Bank). Under the terms of our debt commitment letter with the Bank, it has committed, subject to satisfaction of customary conditions, to provide us with an unsecured 364-day bridge loan facility in an aggregate principal amount of $500 million (Bridge Loan Facility). Closing of the Aera Merger is subject to certain conditions, including, among others, approval of the stock issuance by our stockholders, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, prior authorization by the Federal Energy Regulatory Commission under Section 203 of the Federal Power Act and other customary closing conditions. Upon completion of the transaction, we currently expect our existing stockholders to own approximately 77.1% of the combined company and the existing Aera owners to own approximately 22.9% of the combined company, on a fully diluted basis. The Aera Merger is expected to close in the second half of 2024. Share Repurchase Program On February 6, 2024 our Board of Directors increased the Share Repurchase Program by $250 million to $1.35 billion and extended the program through December 31, 2025. Amendment to our Revolving Credit Facility In connection with the Merger Agreement, on February 9, 2024, we entered into a second amendment to our Revolving Credit Facility to permit us to incur indebtedness under the Bridge Loan Facility. Dividends On February 27, 2024, our Board of Directors declared a cash dividend of $0.31 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 6, 2024 and is expected to be paid on March 18, 2024. Stock-Based Compensation In February 2024, certain of our executives were granted an aggregate of approximately 182,000 RSUs and 273,000 PSUs. The PSUs cliff vest on the third anniversary of the grant date. The RSUs vest ratably over three years, with units vesting on the anniversary date of each grant, generally subject to continued employment through the applicable vesting dates. Sale of Fort Apache in Huntington Beach In February 2024, we entered into an agreement to sell our 0.9-acre Fort Apache real estate property in Huntington Beach, California for approximately $10 million.

PENSION AND POSTRETIREMENT BENEFIT PLANS - Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Net periodic benefit costs
Service cost—benefits earned during the period	$ 1	$ 1	$ 1
Interest cost on projected benefit obligation	1	1	1
Expected return on plan assets	(2)	(1)	(1)
Net periodic benefit costs	0	1	1
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial (loss) gain	(1)	4	(1)
Total	(1)	4	(1)
Postretirement Benefits
Net periodic benefit costs
Service cost—benefits earned during the period	2	2	4
Interest cost on projected benefit obligation	2	1	3
Amortization of prior service credit	(5)	(5)	(1)
Amortization of net actuarial gain/loss	(2)	0	0
Curtailment loss	(3)	0	0
Net periodic benefit costs	(6)	(2)	6
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial (loss) gain	1	9	17
Net prior service credit	0	0	65
Amortization of prior service credit due to curtailment	(2)	0	0
Amortization of prior service credit	(4)	(4)	(1)
Amortization of net actuarial gain/loss	(1)	0	0
Total	$ (6)	$ 5	$ 81

STOCK-BASED COMPENSATION - Narrative - Performance Stock Unit Awards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) day	Dec. 31, 2022 day	Dec. 31, 2021 day
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days	60
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days		60	60
Award service period		3 years	3 years
Unrecognized compensation expense \| $	$ 14
Weighted-average period over which unrecognized compensation expense is expected to be recognized	2 years
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards	0.00%	0.00%	0.00%
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards	200.00%	100.00%	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SUPPLEMENTAL ACCOUNT BALANCES AND CASH FLOW INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accrued liabilities current [abstract]
Accrued employee-related costs	$ 82	$ 49
Accrued taxes other than on income	35	32
Current portion - asset retirement obligations	99	59
Accrued interest	18	19
Current portion - operating lease liability	15	18
Premiums due on derivative contracts	21	58
Liability for settlement payments on derivative contracts	8	33
Income tax payable	18	1
Signal Hill (maintenance expense)	12	8
Other	50	21
Accrued liabilities	$ 358	$ 298

DEBT - Senior Notes (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
DEBT - Senior Notes (Details) - USD ($) $ in Millions	Jan. 20, 2021	Jan. 20, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 1	$ 0	$ 2
Senior Notes (Unsecured)
Debt Instrument [Line Items]
Interest rate			7.125%
Loss on early extinguishment of debt	$ 2		$ 1
7.125% Unsecured Debt Notes \| Senior Notes (Unsecured)
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 600	$ 600
Interest rate	7.125%	7.125%
Proceeds from issuance of debt	$ 587
Debt issuance costs, net	13	$ 13
Percentage of principal amount at which notes can be redeemed in case of change control		101.00%
7.125% Unsecured Debt Notes \| Senior Notes (Unsecured) \| Twelve Months Beginning February 1, 2024
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date		102.00%
7.125% Unsecured Debt Notes \| Senior Notes (Unsecured) \| After February 1, 2025
Debt Instrument [Line Items]
Percentage of principal amount at which notes can be redeemed prior to their maturity date		100.00%
Second Lien Term Loan, EHP Notes, And Revolving Credit Facility \| Senior Notes (Unsecured)
Debt Instrument [Line Items]
Repayments of debt	$ 587

PENSION AND POSTRETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

We have various qualified and non-qualified benefit plans for our salaried and union and nonunion hourly employees.

Defined Contribution Plans

All of our employees are eligible to participate in our tax-qualified, defined contribution retirement plan that provides for periodic cash contributions by us based on annual cash compensation and employee deferrals.

Certain salaried employees participate in supplemental plans that restore benefits lost due to government limitations on qualified plans. We recognized $24 million in other long-term liabilities for each of the years ended December 31, 2023 and 2022 related to these supplemental plans.

We expensed $19 million in 2023, $18 million in 2022, $19 million in 2021 under the provisions of these defined contribution and supplemental plans.

Defined Benefit Plans

Participation in defined benefit pension plans sponsored by us is limited. During 2023, approximately 60 employees accrued benefits under these plans, all of whom were union employees.

Pension costs for the defined benefit pension plans, determined by independent actuarial valuations, are funded by us through payments to trust funds, which are administered by independent trustees.

Postretirement Benefit Plans

We provide postretirement medical and dental benefits for our eligible former employees and their dependents. Our former employees are required to make monthly contributions for the coverage, but the benefits are primarily funded by us as claims are paid during the year.

In 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 $65 million with a corresponding increase to accumulated other comprehensive income. The benefit from the change in plan design is recognized in our statements of operations over the average remaining years of future service for active employees as a component of other non-operating expenses, net. In 2023, we reduced our workforce and accelerated $3 million of the unrecognized prior service cost credit in the third quarter of 2023.

Obligations and Funded Status of our Defined Benefit Plans

The following table shows the amounts recognized on our balance sheets related to pension and postretirement benefit plans, as well as plans that we or our subsidiaries sponsor (in millions):



	December 31, 2023				December 31, 2022
	Pension		Postretirement		Pension		Postretirement
Amounts recognized on the balance sheet
Other assets	$	2	$	—	$	2	$	—
Accrued liabilities	—		(3)		—		(4)
Other long-term liabilities	(3)		(33)		—		(33)
	$	(1)	$	(36)	$	2	$	(37)

Accumulated other comprehensive income, net of tax	$	2	$	72	$	2	$	79

The following table shows the funding status of our pension and post-retirement benefit plans along with a reconciliation of our benefit obligations and changes in fair value of plan assets (in millions):



	Year ended December 31,		Year ended December 31,
	2023		2022
Pension
Changes in the benefit obligation
Benefit obligation—beginning of year	$	30	$	44
Service cost—benefits earned during the period	1		1
Interest cost on projected benefit obligation	1		1
Actuarial loss (gain)(a)	3		(12)

Benefits paid	(1)		(4)


Benefit obligation—end of year	$	34	$	30

Changes in plan assets
Fair value of plan assets—beginning of year	$	32	$	29
Actual return on plan assets	3		(5)
Employer contributions	—		12
Benefits paid	(1)		(4)
Fair value of plan assets—end of year	$	34	$	32

Net benefit asset (liability)	$	—	$	2

Postretirement
Changes in the benefit obligation
Benefit obligation—beginning of year	$	38	$	49
Service cost—benefits earned during the period	2		2
Interest cost on projected benefit obligation	2		1
Actuarial gain(b)	(2)		(12)


Benefits paid	(3)		(2)



Benefit obligation—end of year	$	37	$	38

Changes in plan assets
Fair value of plan assets—beginning of year	$	1	$	1

Employer contributions	3		2
Benefits paid	(3)		(2)
Fair value of plan assets—end of year	$	1	$	1

Net benefit liability	$	(36)	$	(37)

(a)The loss reflected in the changes in the pension benefit obligation for the year ended December 31, 2023 was primarily due to the decrease in the discount rate from 5.19% to 4.98% and other valuation assumption changes.

(b)The gain reflected in the changes in the postretirement benefit obligation for the year ended December 31, 2023 was primarily due to lower than expected benefit payments during 2023.

The following table sets for the details of our obligations and assets related to our defined benefit pension plans for the years ended December 31:



	2023		2022
(in millions)
Projected benefit obligation	$	34	$	30
Accumulated benefit obligation	$	30	$	27
Fair value of plan assets	$	34	$	32

Components of Net Periodic Benefit Cost

We record the service cost component of net periodic pension cost with other employee compensation and all other components, including settlement costs, are reported as other non-operating income (expenses), net on our consolidated statements of operations. The following table set forth the components of our net periodic pension and postretirement benefit costs (in millions):


	Year ended December 31,
	2023		2022		2021
Pension
Net periodic benefit costs
Service cost—benefits earned during the period	$	1	$	1	$	1
Interest cost on projected benefit obligation	1		1		1
Expected return on plan assets	(2)		(1)		(1)



Net periodic benefit costs	$	—	$	1	$	1

Postretirement
Net periodic benefit costs
Service cost—benefits earned during the period	$	2	$	2	$	4
Interest cost on projected benefit obligation	2		1		3



Amortization of prior service cost credit	(5)		(5)		(1)



Amortization of net actuarial gain/loss	(2)		—		—
Curtailment gain	(3)		—		—
Net periodic benefit costs	$	(6)	$	(2)	$	6

Components of accumulated other comprehensive income (loss) (AOCI) are presented net of tax. The following table presents the changes in plan assets and benefit obligations recognized in other comprehensive (loss) income attributable to common stock (in millions):


	Year ended December 31,
	2023		2022		2021
Pension
Net actuarial (loss) gain	$	(1)	$	4	$	(1)



Total	$	(1)	$	4	$	(1)

Postretirement

Net actuarial gain	$	1	$	9	$	17
Prior service credit	—		—		65

Amortization of prior service credit due to curtailment	(2)		—		—
Amortization of prior service credit	(4)		(4)		(1)
Amortization net actuarial gain/loss	(1)		—		—
Total	$	(6)	$	5	$	81

The following tables sets forth the valuation assumptions, on a weighted-average basis, used to determine our benefit obligations and net periodic benefit cost:



	Year ended December 31,		Year ended December 31,
	2023		2022
Pension
Benefit Obligation Assumptions
Discount rate	4.98	%	5.19	%
Rate of compensation increase	4.00	%	4.00	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.19	%	2.79	%
Expected return on assets	6.98	%	5.50	%
Rate of compensation increase	4.00	%	4.00	%

Postretirement
Benefit Obligation Assumptions
Discount rate	4.99	%	5.20	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.20	%	2.75	%
Expected return on assets	6.50	%	5.50	%

For pension plans and postretirement benefit plans that we or our subsidiaries sponsor, we based the discount rate on the FTSE Above Median yield curve in 2023 and in 2022. The weighted-average rate of increase in future compensation levels is consistent with our past and anticipated future compensation increases for employees participating in pension plans that determine benefits using compensation. The assumed return on assets is estimated with regard to current market factors but within the context of historical returns for the asset mix that exists at year end.

In 2023 and 2022, we used the Society of Actuaries Pri-2012 mortality assumptions reflecting the MP-2021 scale which plan sponsors in the U.S. use in the actuarial valuations that determine a plan sponsor’s pension and postretirement obligations.

The postretirement benefit obligation was determined by application of the terms of medical and dental benefits, including the effect of established maximums on covered costs, together with relevant actuarial assumptions and healthcare cost trend rates projected at an assumed U.S. Consumer Price Index (CPI) increase of 2.38% and 2.52% as of December 31, 2023 and 2022, respectively. Under the terms of our postretirement plans, participants other than certain union employees pay for all medical cost increases in excess of increases in the CPI. For those union employees, we projected that, as of December 31, 2023, health care cost trend rates would be 6.75% in 2024 decreasing until they reach 4.50% in 2033 and remain at 4.50% thereafter. For those union employees, we projected that, as of December 31, 2022, health care cost trend rates would be 7.00% in 2023 decreasing until they reach 4.50% in 2033 and remain at 4.50% thereafter.

The actuarial assumptions used could change in the near term as a result of changes in expected future trends and other factors that, depending on the nature of the changes, could cause increases or decreases in the plan assets and liabilities.

Fair Value of Plan Assets

We employ a total return investment approach that uses a diversified blend of equity and fixed-income investments to optimize the long-term return of plan assets at a prudent level of risk. Equity investments were diversified across U.S. and non-U.S. stocks, as well as differing styles and market capitalizations. Other asset classes, such as private equity and real estate, may have been used with the goals of enhancing long-term returns and improving portfolio diversification. In 2023 and 2022, the target allocation of plan assets was 50% and 50% equity securities and 50% and 50% debt securities, respectively. Investment performance was measured and monitored on an ongoing basis through quarterly investment portfolio and manager guideline compliance reviews, annual liability measurements and periodic studies. Our postretirement benefit plan assets of $1 million are invested in mutual funds (Level 1 on the fair value hierarchy) with target allocations of 40% equities and 60% debt securities.

The fair values of our pension plan assets by asset category are as follows:


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Asset Class	(in millions)

Comingled funds
Bonds	—		18		—		18
Commodities	—		—		—		—
U.S. equity	—		6		—		6
International equity	—		10		—		10






Total pension plan assets	$	—	$	34	$	—	$	34


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Asset Class	(in millions)

Commingled funds
Bonds	—		17		—		17
Commodities	—		1		—		1
U.S. equity	—		4		—		4
International equity	—		10		—		10






Total pension plan assets	$	—	$	32	$	—	$	32

Expected Contributions and Benefit Payments

In 2024, we do not expect to contribute to our pension plans and expect to contribute $4 million to our postretirement benefit plan. Estimated future undiscounted benefit payments by the plans, which reflect expected future service, as appropriate, are as follows:


	Pension Benefits		Postretirement Benefits
For the years ended December 31,	(in millions)
2024	$	7	$	4
2025	$	3	$	4
2026	$	2	$	3
2027	$	2	$	3
2028	$	2	$	3
2029 - 2033	$	12	$	12

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

INCOME TAXES - Income Tax Expense (Benefit) (Details)	12 Months Ended
INCOME TAXES - Income Tax Expense (Benefit) (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total income tax expense (benefit) differs from the U.S. federal income tax rate to pre-tax income (loss)
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State income taxes, net	5.00%	9.00%	(81.00%)
Exclusion of income attributable to noncontrolling interest	0.00%	0.00%	(1.00%)
Changes in tax attributes	0.00%	(2.00%)	(8.00%)
Executive compensation	0.01	0	0.02
Change in the U.S. federal valuation allowance	(2.00%)	2.00%	(106.00%)
Other	0.00%	1.00%	0.00%
Effective tax rate	25.00%	31.00%	(173.00%)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	$ 2,801	$ 2,707	$ 1,889
Total costs and other	2,025	1,954	1,720
Gain on asset divestitures	32	59	124
Non-operating (loss) income	(60)	(51)	(64)
INCOME BEFORE INCOME TAXES	748	761	229
Income tax provision	184	237	(396)
NET INCOME	564	524	625
Net income attributable to noncontrolling interest	0	0	(13)
NET INCOME ATTRIBUTABLE TO COMMON STOCK	564	524	612
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	0	0	0
Total costs and other	0	0	0
Gain on asset divestitures	0	0	0
Non-operating (loss) income	0	0	0
INCOME BEFORE INCOME TAXES	0	0	0
Income tax provision	0	0	0
NET INCOME			0
Net income attributable to noncontrolling interest			0
NET INCOME ATTRIBUTABLE TO COMMON STOCK	0	0	0
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	21	4	(55)
Total costs and other	239	177	158
Gain on asset divestitures	0	0	0
Non-operating (loss) income	(51)	(55)	(66)
INCOME BEFORE INCOME TAXES	(269)	(228)	(279)
Income tax provision	184	237	(396)
NET INCOME			117
Net income attributable to noncontrolling interest			0
NET INCOME ATTRIBUTABLE TO COMMON STOCK	(453)	(465)	117
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	0	0	57
Total costs and other	49	37	30
Gain on asset divestitures	0	0	0
Non-operating (loss) income	(14)	(3)	0
INCOME BEFORE INCOME TAXES	(63)	(40)	27
Income tax provision	0	0	0
NET INCOME			27
Net income attributable to noncontrolling interest			(13)
NET INCOME ATTRIBUTABLE TO COMMON STOCK	(63)	(40)	14
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	2,780	2,703	1,887
Total costs and other	1,737	1,740	1,532
Gain on asset divestitures	32	59	124
Non-operating (loss) income	5	7	2
INCOME BEFORE INCOME TAXES	1,080	1,029	481
Income tax provision	0	0	0
NET INCOME			481
Net income attributable to noncontrolling interest			0
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$ 1,080	$ 1,029	$ 481

DERIVATIVES

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

We continue to 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 also enter into natural gas swaps for the purpose of hedging our fuel consumption at one of our steamfloods as well as swaps for natural gas purchases and sales related to our marketing activities. We did not have any commodity derivatives designated as accounting hedges as of and during the years ended December 31, 2023, 2022 and 2021. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging requirements and program goals, even though they are not accounted for as accounting hedges. Our Revolving Credit Facility includes covenants that require us to maintain a certain level of hedges unless the ratio of our indebtedness to Consolidated EBITDAX is less than or equal to 1.5:1.0. We have also entered into a limited number of hedges above and beyond these requirements and will continue to evaluate our hedging strategy based on prevailing market prices and conditions. For more information on the requirements of our Revolving Credit Facility, see Note 4 Debt.

Summary of Derivative Contracts

We held the following Brent-based crude oil contracts as of December 31, 2023:


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		2025
Sold Calls:
Barrels per day	23,650		30,000		30,000		29,000		19,748
Weighted-average price per barrel	$	90.00	$	90.07	$	90.07	$	90.07	$	85.63

Purchased Puts
Barrels per day	30,584		30,000		30,000		29,000		19,748
Weighted-average price per barrel	$	67.27	$	65.17	$	65.17	$	65.17	$	60.00

Swaps
Barrels per day	9,500		8,875		7,750		5,500		3,374
Weighted-average price per barrel	$	79.81	$	79.28	$	79.64	$	77.45	$	72.66

The outcomes of the derivative positions are as follows:

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

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

•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.

At December 31, 2023, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.


	Q1 2024		Q2 2024		Q3 2024		Q4 2024
Swaps:
MMBtu per day	10,000		10,000		10,000		10,000
Weighted-average price per MMBtu	$	5.65	$	5.65	$	5.65	$	5.65

The derivative contracts entered into related to our natural gas marketing activities are intended to lock in locational price spreads.

Fair Value of Derivatives

Derivative instruments not designated as hedging instruments are required to be recorded on the balance sheet at fair value. We report gains and losses on our derivative contracts related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:


	Year ended December 31,
	2023		2022		2021
(in millions)
Non-cash commodity derivative gain (loss)	$	260	$	187	$	(357)


Settlements and amortized premiums	(272)		(738)		(319)

Net loss from commodity derivatives	$	(12)	$	(551)	$	(676)

We report gains and losses on our derivative contracts for purchased natural gas used in our steamflood operations as a component of operating expense on our consolidated statement of operations. For the year ended December 31, 2023, we recognized a non-cash loss of $8 million which was included in other operating expenses, net on our consolidated statement of operations.

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.

The following tables present the fair values of our outstanding commodity derivatives:


December 31, 2023
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet
Assets:	(in millions)
Other current assets, net	$	39	$	(18)	$	21
Other noncurrent assets	38		(32)		6

Liabilities:
Current - Fair value of derivative contracts	(26)		18		(8)
Other long-term liabilities	(34)		32		(2)
	$	17	$	—	$	17



December 31, 2022
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet
Assets:	(in millions)
Other current assets, net	$	51	$	(12)	$	39
Other noncurrent assets	7		—		7

Liabilities:
Current - Fair value of derivative contracts	(258)		12		(246)

	$	(200)	$	—	$	(200)

Counterparty Credit Risk

As of December 31, 2023, all of our derivative financial instruments were with investment-grade counterparties. We actively evaluate the creditworthiness of our counterparties, assign credit limits and monitor exposure against those assigned limits. We believe exposure to credit-related losses was not significant for all periods presented. At December 31, 2023, and 2022, we did not have collateral posted for financial instruments.

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - shares	1 Months Ended	20 Months Ended
	Jul. 31, 2022	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of share purchase price of common stock under ESPP	85.00%
Aggregate number of common stock shares authorized for issuance (in shares)	1,250,000
Shares issued under ESPP (in shares)		57,493

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS.


	Year ended December 31,
	2023		2022		2021
(in millions, except per share amounts)
Numerator for Basic and Diluted EPS
Net income	$	564	$	524	$	625
Less: Net income attributable to noncontrolling interests	—		—		(13)



Net income available to common stockholders	$	564	$	524	$	612

Denominator for Basic EPS
Weighted-average common shares	69.6		75.5		82.0

Potential dilutive common shares:
Restricted Stock Units	1.0		0.7		0.5
Performance Stock Units	0.9		0.7		0.5
Warrants	1.0		0.7		—

Denominator for Diluted Earnings per Share
Weighted-average shares - diluted	72.5		77.6		83.0

EPS
Basic	$	8.10	$	6.94	$	7.46
Diluted	$	7.78	$	6.75	$	7.37

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net income

$ 564

$ 524

$ 625

Net income attributable to noncontrolling interest

(13)

Other comprehensive income (loss):

Actuarial (loss) gain associated with pension and postretirement plans

^[1],[2]

(1)

Prior service credit

^[2]

Recognition of prior service credit due to curtailment

^[3]

(2)

Amortization of prior service credit

^[2],[4]

(4)

(1)

Total other comprehensive (loss) income

(7)

Comprehensive income attributable to common stock

$ 557

$ 533

$ 692

[1]	Net of tax benefit of $1 million in 2023 and expense $5 million in 2022.
[2]	There were no tax effects in 2021.
[3]	Net of tax benefit of $1 million in 2023.
[4]	Net of tax benefit of a $1 million in both 2023 and 2022.

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Oil, natural gas and NGL sales	$ 2,155	$ 2,643	$ 2,048
Net loss from commodity derivatives	(12)	(551)	(676)
Total operating revenues	2,801	2,707	1,889
OPERATING EXPENSES
Operating costs	822	785	705
General and administrative expenses	267	222	200
Depreciation, depletion and amortization	225	198	213
Asset impairments	3	2	28
Taxes other than on income	165	162	145
Exploration expense	3	4	7
Accretion expense	46	43	50
Carbon management business expenses	37	14	0
Other operating expenses, net	66	34	29
Total operating expenses	2,025	1,954	1,720
Net gain on asset divestitures	32	59	124
OPERATING INCOME	808	812	293
NON-OPERATING (EXPENSES) INCOME
Reorganization items, net	0	0	(6)
Interest and debt expense	(56)	(53)	(54)
Loss on early extinguishment of debt	(1)	0	(2)
Loss from investment in unconsolidated subsidiary	(9)	(1)	0
Other non-operating income (expenses), net	6	3	(2)
INCOME BEFORE INCOME TAXES	748	761	229
Income tax (provision) benefit	(184)	(237)	396
NET INCOME	564	524	625
Net income attributable to noncontrolling interest	0	0	(13)
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$ 564	$ 524	$ 612
Net income attributable to common stock per share
Basic (in dollars per share)	$ 8.10	$ 6.94	$ 7.46
Diluted (in dollars per share)	$ 7.78	$ 6.75	$ 7.37
Weighted-average common shares outstanding
Basic (in shares)	69.6	75.5	82.0
Diluted (in shares)	72.5	77.6	83.0
Marketing of purchased natural gas
REVENUES
Revenue not from contract with customer	$ 401	$ 314	$ 312
OPERATING EXPENSES
Cost of sales	221	273	196
Electricity sales
REVENUES
Revenue not from contract with customer	211	261	172
Interest and other revenue
REVENUES
Oil, natural gas and NGL sales	15	14	10
Revenue not from contract with customer	46	40	33
Electricity generation expenses
OPERATING EXPENSES
Cost of sales	103	167	96
Transportation costs
OPERATING EXPENSES
Cost of sales	$ 67	$ 50	$ 51

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Interest and penalties related to uncertain tax positions	$ 0	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 496	$ 307
Trade receivables	216	326
Inventories	72	60
Assets held for sale	13	5
Receivable from affiliate	19	33
Other current assets, net	113	133
Total current assets	929	864
PROPERTY, PLANT AND EQUIPMENT	3,437	3,228
Accumulated depreciation, depletion and amortization	(667)	(442)
Total property, plant and equipment, net	2,770	2,786
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY	19	13
DEFERRED TAX ASSETS	132	164
OTHER NONCURRENT ASSETS	148	140
TOTAL ASSETS	3,998	3,967
CURRENT LIABILITIES
Accounts payable	245	345
Liabilities associated with assets held for sale	5	5
Fair value of derivative contracts	8	246
Accrued liabilities	358	298
Total current liabilities	616	894
NONCURRENT LIABILITIES
Long-term debt, net	540	592
Asset retirement obligations	422	432
Other long-term liabilities	201	185
STOCKHOLDERS' EQUITY
Preferred stock (20 million shares authorized at $0.01 par value); no shares outstanding at December 31, 2023 or 2022	0	0
Common stock (200 million shares authorized at $0.01 par value); (83,557,800 and 83,406,002 shares issued; 68,693,885 and 71,949,742 shares outstanding at December 31, 2023 and 2022, respectively)	1	1
Treasury stock (14,863,915 shares held at cost at December 31, 2023 and 11,456,260 shares held at December 31, 2022)	(604)	(461)
Additional paid-in capital	1,329	1,305
Retained earnings	1,419	938
Accumulated other comprehensive income	74	81
Total stockholders' equity	2,219	1,864
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,998	$ 3,967

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS

In August 2022, our wholly-owned subsidiary Carbon TerraVault I, LLC entered into a joint venture with BGTF Sierra Aggregator LLC (Brookfield) for the further development of a carbon management business in California (Carbon TerraVault JV). 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 all 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 1 Nature of Business, Summary of Significant Accounting Policies and Other for more information on the VIE consolidation model.

Brookfield has committed an initial $500 million to invest in CCS projects that are jointly approved through the Carbon TerraVault JV. 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 installments with the last two installments subject to the achievement of certain milestones. The final installment will be sized based on permitted storage capacity.

Brookfield contributed the first $46 million installment of their initial investment to the Carbon TerraVault JV in 2022. This amount may, at our sole discretion, be distributed to us or used to satisfy our share of future capital contributions, among other items. Because the parties have certain put and call rights (repurchase features) with respect to the 26R reservoir if certain milestones are not met, the initial investment (including accrued interest) by Brookfield is reflected as a contingent liability, included in other long-term liabilities, on our consolidated balance sheet. The contingent liability was $52 million and $48 million at December 31, 2023 and 2022, respectively, inclusive of accrued interest.

The tables below present the summarized financial information related to our equity method investment and related party transactions for the periods presented.



	December 31,		December 31,
	2023		2022
	(in millions)
Investment in unconsolidated subsidiary(a)	$	19	$	13
Receivable from affiliate(b)	$	19	$	33
Property, plant and equipment(c)	$	6	$	—
Contingent liability (related to Carbon TerraVault JV put and call rights)	$	52	$	48

(a)Reflects our investment less losses allocated to us of $9 million and $1 million for the year ended December 31, 2023 and 2022, respectively.

(b)The contribution of the injection rights at the Carbon TerraVault JV formation was accounted for as a financing activity. The amount of Brookfield's initial contribution available to us and amounts due to us under the MSA are reported as receivable from affiliate. At December 31, 2023, the amount of $19 million includes $17 million remaining of Brookfield's initial contribution available to us and $2 million related to the MSA and vendor reimbursements. At December 31, 2022, the amount of $33 million includes $32 million remaining of Brookfield's initial contribution available to us and $1 million related to the MSA and vendor reimbursements.

(c)This amount includes the reimbursement to us for plugging and abandonment activities at the 26R reservoir, which is recorded as a reduction to the net book value of our proved oil and gas properties.


	Year Ended December 31,
	2023		2022
	(in millions)
Loss from investment in unconsolidated subsidiary	$	9	$	1
General and administrative expenses(a)	$	8	$	—

(a)General and administrative expenses on our condensed consolidated statement of operations are net of this amount invoiced by us under the MSA for back-office operational and commercial services.

The underlying net assets of the Carbon TerraVault JV were $310 million and $314 million as of December 31, 2023 and 2022, respectively, which includes cash on hand and PP&E, net of current liabilities. The difference between the carrying value of our investment of $19 million and $13 million at December 31, 2023 and 2022, respectively, and the carrying value of the underlying net assets of the joint venture relates to our accounting for the contribution of the 26R reservoir as a financing arrangement due to the put and call features of the joint venture. The joint venture recognized the contributions by the members at fair value.

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).

We entered into a Management Services Agreement (MSA) with the Carbon TerraVault JV whereby we provide administrative, operational and commercial services under a cost-plus arrangement. Services may be supplemented by using third parties and payments to us under the MSA are limited to the amounts in an approved budget. The MSA may be terminated by mutual agreement of the parties, among other events.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic and diluted earnings per share (EPS) were calculated using the treasury stock method. Our restricted and performance stock unit awards, as described in Note 9 Stock-Based Compensation, 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 underlying shares related to equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive. Under the treasury stock method, we assume that proceeds from the exercise of options, warrants and similar instruments are used to purchase common stock at average market price of our stock each period. For PSUs, we use the 60-trading day volume weighted-average prices of our common stock to determine the percentage earned for each period and the number of potential common shares included in diluted EPS. An insignificant number of potential common shares were not earned, and therefore were not treated as issued in our diluted EPS calculation for the year ended December 31, 2023.

The following table presents the calculation of basic and diluted EPS.


	Year ended December 31,
	2023		2022		2021
(in millions, except per share amounts)
Numerator for Basic and Diluted EPS
Net income	$	564	$	524	$	625
Less: Net income attributable to noncontrolling interests	—		—		(13)



Net income available to common stockholders	$	564	$	524	$	612

Denominator for Basic EPS
Weighted-average common shares	69.6		75.5		82.0

Potential dilutive common shares:
Restricted Stock Units	1.0		0.7		0.5
Performance Stock Units	0.9		0.7		0.5
Warrants	1.0		0.7		—

Denominator for Diluted Earnings per Share
Weighted-average shares - diluted	72.5		77.6		83.0

EPS
Basic	$	8.10	$	6.94	$	7.46
Diluted	$	7.78	$	6.75	$	7.37

There were no potentially dilutive common shares for warrants in 2021 since the average market prices of our common stock at that time was below the warrant exercise price. See Note 10 Stockholders' Equity for a description of our warrants.

DEBT - Schedule of Financial Covenants (Details) - Revolving Credit Facility - Line of Credit	Apr. 26, 2023	Apr. 29, 2022	Oct. 27, 2020
Debt Instrument [Line Items]
Consolidated Total Net Leverage Ratio	2.5	1.75	3.00
Current Ratio			1.00

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SUPPLEMENTAL ACCOUNT BALANCES AND CASH FLOW INFORMATION - Other Noncurrent Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
SUPPLEMENTAL INFORMATION [Abstract]
Right-of-use assets	$ 73	$ 73
Deferred financing costs related to our Revolving Credit Facility	11	6
Emission reduction credits	11	11
Prepaid power plant maintenance	34	28
Fair value of derivative contracts	6	7
Deposits and other	13	15
Other noncurrent assets	$ 148	$ 140

PENSION AND POSTRETIREMENT BENEFIT PLANS - Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Decrease in obligation, pension and other postretirement benefits		$ 65
Accelerated unrecognized prior service cost credit	$ 3

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,121,405,912
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		69,274,418
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement to be filed within 120 days after December 31, 2023 with the Securities and Exchange Commission in connection with the registrant's 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001609253
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

LEASES - Operating Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating lease costs
Operating lease costs	$ 23	$ 17
Short-term lease costs	52	59
Variable lease costs	2	6
Total operating lease costs	77	82
Sublease income	(2)	(1)
Total lease costs	$ 75	$ 81

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 26, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt
Principal amount of debt		$ 545	$ 600
Unamortized debt issuance costs		(5)	(8)
Long-term debt, net		540	592
Senior Notes (Unsecured)
Debt
Principal amount of debt		$ 545	600
Interest rate		7.125%
Revolving Credit Facility \| Line of Credit
Debt
Principal amount of debt		$ 0	$ 0
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate
Debt
Interest rate added to variable rate basis		1.00%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Minimum
Debt
Interest rate added to variable rate basis		2.50%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Maximum
Debt
Interest rate added to variable rate basis		3.50%
Revolving Credit Facility \| Line of Credit \| Alternative Base Rate \| Minimum
Debt
Interest rate added to variable rate basis		1.50%
Revolving Credit Facility \| Line of Credit \| Alternative Base Rate \| Maximum
Debt
Interest rate added to variable rate basis		2.50%
Revolving Credit Facility \| Line of Credit \| Federal Funds Rate
Debt
Interest rate added to variable rate basis	0.50%	0.50%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt
Interest rate added to variable rate basis	1.00%
Revolving Credit Facility \| Line of Credit \| Credit Spread Adjustment
Debt
Interest rate added to variable rate basis	0.10%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Minimum
Debt
Interest rate added to variable rate basis	1.50%	1.50%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Maximum
Debt
Interest rate added to variable rate basis	2.50%	2.50%
Revolving Credit Facility \| Line of Credit \| Term SOFR Loans, Applicable Margin \| Minimum
Debt
Interest rate added to variable rate basis	2.50%
Revolving Credit Facility \| Line of Credit \| Term SOFR Loans, Applicable Margin \| Maximum
Debt
Interest rate added to variable rate basis	3.50%

DEBT - Other (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Principal maturities of long-term debt
2024	$ 0
2025	0
2026	545
2027	0
2028	0
Thereafter	0
Total	$ 545	$ 600

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Balance Sheets related to Pension and Postretirement Benefit Plans

The following table shows the amounts recognized on our balance sheets related to pension and postretirement benefit plans, as well as plans that we or our subsidiaries sponsor (in millions):



	December 31, 2023				December 31, 2022
	Pension		Postretirement		Pension		Postretirement
Amounts recognized on the balance sheet
Other assets	$	2	$	—	$	2	$	—
Accrued liabilities	—		(3)		—		(4)
Other long-term liabilities	(3)		(33)		—		(33)
	$	(1)	$	(36)	$	2	$	(37)

Accumulated other comprehensive income, net of tax	$	2	$	72	$	2	$	79

Schedule of Funding Status of our Pension and Post-Retirement Benefit Plans



	Year ended December 31,		Year ended December 31,
	2023		2022
Pension
Changes in the benefit obligation
Benefit obligation—beginning of year	$	30	$	44
Service cost—benefits earned during the period	1		1
Interest cost on projected benefit obligation	1		1
Actuarial loss (gain)(a)	3		(12)

Benefits paid	(1)		(4)


Benefit obligation—end of year	$	34	$	30

Changes in plan assets
Fair value of plan assets—beginning of year	$	32	$	29
Actual return on plan assets	3		(5)
Employer contributions	—		12
Benefits paid	(1)		(4)
Fair value of plan assets—end of year	$	34	$	32

Net benefit asset (liability)	$	—	$	2

Postretirement
Changes in the benefit obligation
Benefit obligation—beginning of year	$	38	$	49
Service cost—benefits earned during the period	2		2
Interest cost on projected benefit obligation	2		1
Actuarial gain(b)	(2)		(12)


Benefits paid	(3)		(2)



Benefit obligation—end of year	$	37	$	38

Changes in plan assets
Fair value of plan assets—beginning of year	$	1	$	1

Employer contributions	3		2
Benefits paid	(3)		(2)
Fair value of plan assets—end of year	$	1	$	1

Net benefit liability	$	(36)	$	(37)

(b)The gain reflected in the changes in the postretirement benefit obligation for the year ended December 31, 2023 was primarily due to lower than expected benefit payments during 2023.

Schedule of Obligations and Assets to our Defined Benefit Pension Plans

The following table sets for the details of our obligations and assets related to our defined benefit pension plans for the years ended December 31:



	2023		2022
(in millions)
Projected benefit obligation	$	34	$	30
Accumulated benefit obligation	$	30	$	27
Fair value of plan assets	$	34	$	32

Schedule of Net Periodic Pension and Postretirement Benefit Costs

The following table set forth the components of our net periodic pension and postretirement benefit costs (in millions):


	Year ended December 31,
	2023		2022		2021
Pension
Net periodic benefit costs
Service cost—benefits earned during the period	$	1	$	1	$	1
Interest cost on projected benefit obligation	1		1		1
Expected return on plan assets	(2)		(1)		(1)



Net periodic benefit costs	$	—	$	1	$	1

Postretirement
Net periodic benefit costs
Service cost—benefits earned during the period	$	2	$	2	$	4
Interest cost on projected benefit obligation	2		1		3



Amortization of prior service cost credit	(5)		(5)		(1)



Amortization of net actuarial gain/loss	(2)		—		—
Curtailment gain	(3)		—		—
Net periodic benefit costs	$	(6)	$	(2)	$	6

Schedule of Changes in Plan Assets and Benefit Obligations

The following table presents the changes in plan assets and benefit obligations recognized in other comprehensive (loss) income attributable to common stock (in millions):


	Year ended December 31,
	2023		2022		2021
Pension
Net actuarial (loss) gain	$	(1)	$	4	$	(1)



Total	$	(1)	$	4	$	(1)

Postretirement

Net actuarial gain	$	1	$	9	$	17
Prior service credit	—		—		65

Amortization of prior service credit due to curtailment	(2)		—		—
Amortization of prior service credit	(4)		(4)		(1)
Amortization net actuarial gain/loss	(1)		—		—
Total	$	(6)	$	5	$	81

Schedule of Weighted-Average Basis used to our Determine Benefit Obligations

The following tables sets forth the valuation assumptions, on a weighted-average basis, used to determine our benefit obligations and net periodic benefit cost:



	Year ended December 31,		Year ended December 31,
	2023		2022
Pension
Benefit Obligation Assumptions
Discount rate	4.98	%	5.19	%
Rate of compensation increase	4.00	%	4.00	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.19	%	2.79	%
Expected return on assets	6.98	%	5.50	%
Rate of compensation increase	4.00	%	4.00	%

Postretirement
Benefit Obligation Assumptions
Discount rate	4.99	%	5.20	%
Net Periodic Benefit Cost Assumptions
Discount rate	5.20	%	2.75	%
Expected return on assets	6.50	%	5.50	%

Schedule of Fair Values of our Pension Plan Assets

The fair values of our pension plan assets by asset category are as follows:


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Asset Class	(in millions)

Comingled funds
Bonds	—		18		—		18
Commodities	—		—		—		—
U.S. equity	—		6		—		6
International equity	—		10		—		10






Total pension plan assets	$	—	$	34	$	—	$	34


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Asset Class	(in millions)

Commingled funds
Bonds	—		17		—		17
Commodities	—		1		—		1
U.S. equity	—		4		—		4
International equity	—		10		—		10






Total pension plan assets	$	—	$	32	$	—	$	32

Schedule of Estimated Future Undiscounted Benefit Payments

Estimated future undiscounted benefit payments by the plans, which reflect expected future service, as appropriate, are as follows:


	Pension Benefits		Postretirement Benefits
For the years ended December 31,	(in millions)
2024	$	7	$	4
2025	$	3	$	4
2026	$	2	$	3
2027	$	2	$	3
2028	$	2	$	3
2029 - 2033	$	12	$	12

DIVESTITURES AND ACQUISITIONS - Divestitures (Details) - USD ($) $ in Millions			12 Months Ended
	Dec. 29, 2023	Feb. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Proceeds from asset divestitures			$ 32	$ 80	$ 67
Round Mountain Unit \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from sale of oil and gas	$ 25
Ventura Basin \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from sale of oil and gas				13	120
Gain (loss) on sale of assets				11
Lost Hills, San Joaquin Basin \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from sale of oil and gas		$ 49
Working interest acquired by MIRA		50.00%
Percent of deep rights and related seismic data retained		100.00%
Option retained to capture carbon emissions, percent		100.00%
CRC Plaza \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Gain (loss) on sale of assets				0
Proceeds from asset divestitures				$ 13
Term of lease				18 months
Other Divestitures \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Gain (loss) on disposition of business			$ 7	$ (1)
Other 2021 Divestiture \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from asset divestitures					13
Gain (loss) on disposition of business					$ 4

STOCK-BASED COMPENSATION - Schedule of Percentage of Payouts Target Awards (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield			0.00%
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			60.00%
Dividend yield		0.00%		0.00%
Trading period excluded	2 months
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		4236.00%		60.00%
Risk-free interest rate		3.81%	1.59%	0.16%
Forecast period (in years)		1 year 6 months	2 years	2 years
Expected term		2 years
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		5500.00%		65.00%
Risk-free interest rate		4.95%	2.55%	0.60%
Forecast period (in years)		3 years	3 years	3 years
Expected term		3 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUPPLEMENTAL ACCOUNT BALANCES AND CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information
Interest paid, net of amount capitalized	$ (44)	$ (43)	$ (28)
Income taxes paid	121	20	0
Supplemental Disclosure of Non-cash Investing and Financing Activities
Derivative related to additional earn-out consideration for the Ventura divestiture	0	0	3
Receivable from affiliate	0	32	0
Dividends accrued for stock-based compensation awards	3	2	0
Contribution to the Carbon TerraVault JV	$ 15	$ 2	$ 0

PENSION AND POSTRETIREMENT BENEFIT PLANS - Defined Benefit Plan (Details)	Dec. 31, 2023 employee
Pension Benefits
Postretirement and Other Benefit Plans Disclosure
Number of employees accruing benefits under defined benefit plans	60

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share Based Compensation Expense

Stock-based compensation expense is recorded on our consolidated statements of operations based on job function of the employees receiving the grants as shown in the table below.


	Year ended December 31,
	2023		2022		2021
	(in millions)
General and administrative expenses	$	40	$	26	$	17
Operating costs	7		4		2
Carbon management business expenses	1		—		—
Total stock-based compensation expense	$	48	$	30	$	19

Income tax benefit	$	9	$	6	$	—

Schedule of Changes in Cash and Stock-Settled Restricted Stock Units (RSUs)

The following table sets forth RSU activity for the year ended December 31, 2023:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2022	1,121	$	25.64
Granted	416	$	39.95
Vested	(81)	$	30.53
Forfeited or Cancelled	(168)	$	29.28
Unvested at December 31, 2023	1,288	$	29.49

Schedule of Changes in Cash and Stock-Settled Performance Stock Units (PSUs)

The following table sets forth PSU activity for the year ended December 31, 2023:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2022	947	$	20.19
Granted	559	$	43.03
Vested	(30)	$	25.93
Forfeited or Cancelled	(103)	$	36.68
Unvested at December 31, 2023	1,373	$	28.13

Schedule of Grant Date Assumptions used in the Black-Scholes Valuation for Stock Options

The range of assumptions used in the valuation of PSUs granted during 2023, 2022 and 2021 were as follows:


	2023		2022		2021



Expected volatility(a)	42.36% - 55.00%		60.00	%	60.00% - 65.00%
Risk-free interest rate(b)	3.81% - 4.95%		1.59% - 2.55%		0.16% - 0.60%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	1.5 - 3		2 - 3		2 - 3

(a)Expected volatility was calculated using the historic volatility of a peer group due to our limited trading history since our emergence from bankruptcy. For awards granted after June 2021, we included the historic volatility of our stock, excluding our first two trading months, in the peer group.

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

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

The assumptions used in the valuation of our cash awards as of December 31, 2023 were as follows:



	2023 Awards		2022 Awards		2021 Awards



Expected volatility(a)	40	%	36	%	25	%
Risk-free interest rate(b)	4.20	%	4.51	%	5.26	%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.15		1.5		0.5

(a)Expected volatility was calculated using the historical volatility of our stock.

(b)Based on the U.S. Treasury yield for the remaining terms.

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

SUPPLEMENTAL ACCOUNT BALANCES AND CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

SUPPLEMENTAL INFORMATION [Abstract]

Schedule of Other Current Assets

Other current assets, net consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Net amounts due from joint interest partners(a)	$	43	$	39

Fair value of derivative contracts	21		39

Prepaid expenses	19		17
Prepaid greenhouse gas allowances, net(b)	12		—
Natural gas margin deposits	—		16
Income tax receivable	—		10
Other	18		12
Other current assets, net	$	113	$	133

(a)Included in the net amounts due from joint interest partners are allowances of $3 million and $1 million for December 31, 2023 and 2022, respectively.

(b)Greenhouse gas allowances are purchased to meet California's cap-and-trade obligations. Our obligations are determined based on reported greenhouse gas emissions. As of December 31, 2023, we were in a net prepaid position due to the timing of the allowance purchases.

Schedule of Other Noncurrent Assets

Other noncurrent assets consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Right-of-use assets	$	73	$	73
Deferred financing costs related to our Revolving Credit Facility	11		6
Emission reduction credits	11		11
Prepaid power plant maintenance	34		28
Fair value of derivative contracts	6		7
Deposits and other	13		15
Other noncurrent assets	$	148	$	140

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Accrued employee-related costs	$	82	$	49
Accrued taxes other than on income	35		32
Current portion - asset retirement obligations	99		59
Accrued interest	18		19
Current portion - operating lease liability	15		18
Premiums due on derivative contracts	21		58
Liability for settlement payments on derivative contracts	8		33
Income tax payable	18		1
Signal Hill (maintenance expense)	12		8
Other	50		21
Accrued liabilities	$	358	$	298

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Compensation-related liabilities	$	38	$	36
Pension and postretirement benefit plans	36		33
Lease liability	55		52
Premiums due on derivative contracts	10		8
Contingent liability related to Carbon TerraVault JV put and call rights	52		48
Other	10		8
Other long-term liabilities	$	201	$	185

Schedule of Supplemental Cash Flow Information

Supplemental disclosures to our consolidated statements of cash flows, excluding leases and ARO, are presented below:


	Year ended December 31,
	2023		2022		2021
(in millions)
Supplemental Cash Flow Information
Interest paid, net of amount capitalized	$	(44)	$	(43)	$	(28)
Income taxes paid	$	121	$	20	$	—

Supplemental Disclosure of Non-cash Investing and Financing Activities

Derivative related to additional earn-out consideration for the Ventura divestiture	$	—	$	—	$	3
Receivable from affiliate	$	—	$	32	$	—
Dividends accrued for stock-based compensation awards	$	3	$	2	$	—
Contribution to the Carbon TerraVault JV	$	15	$	2	$	—

LEASES - Supplemental Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease liabilities associated with operating activities	$ 28	$ 14
Lease liabilities associated with investing activities	2	6
ROU assets obtained in exchange for new operating lease liabilities	$ 32	$ 35
Weighted-average remaining lease term (in years)	7 years 4 months 2 days	6 years 5 months 4 days
Weighted-average discount rate	6.70%	6.10%

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The tables below present the summarized financial information related to our equity method investment and related party transactions for the periods presented.



	December 31,		December 31,
	2023		2022
	(in millions)
Investment in unconsolidated subsidiary(a)	$	19	$	13
Receivable from affiliate(b)	$	19	$	33
Property, plant and equipment(c)	$	6	$	—
Contingent liability (related to Carbon TerraVault JV put and call rights)	$	52	$	48

(a)Reflects our investment less losses allocated to us of $9 million and $1 million for the year ended December 31, 2023 and 2022, respectively.


	Year Ended December 31,
	2023		2022
	(in millions)
Loss from investment in unconsolidated subsidiary	$	9	$	1
General and administrative expenses(a)	$	8	$	—

(a)General and administrative expenses on our condensed consolidated statement of operations are net of this amount invoiced by us under the MSA for back-office operational and commercial services.

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Concentration of Customers (Details) - Oil And Gas Sales And Other Revenue - Major Customers	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Three California Refineries, Each
Revenue Recognition
Concentration risk percentage	10.00%	10.00%	10.00%
Three California Refineries
Revenue Recognition
Concentration risk percentage	44.00%	52.00%	51.00%

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS - Narrative (Details) MT in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2022 USD ($) MT	Dec. 31, 2022 USD ($) installment	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities		$ 185	$ 201
Investment in unconsolidated subsidiary		13	19
Related Party
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities		48	52
Carbon TerraVault Joint Venture
Schedule of Equity Method Investments [Line Items]
Interest in joint venture	51.00%
Carbon TerraVault Joint Venture \| Related Party
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities		48	52
Carbon TerraVault Joint Venture \| Brookfield
Schedule of Equity Method Investments [Line Items]
Interest in joint venture	49.00%
Committed amount	$ 500	500
Initial investment		$ 137
Number of installments \| installment		3
Number of installments subject to certain milestones \| installment		2
Contribution from noncontrolling interest		$ 46
Equity in net assets		$ 314	$ 310
Metric tons of carbon per annum \| MT	5

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

Net income before income taxes, for all periods presented, was generated from domestic operations. We recognized an income tax provision (benefit) for the periods presented as follows:


	Year ended December 31,
	2023		2022		2021
(in millions)

Federal	$	146	$	10	$	—
State	3		1		—
Current	149		11		—

Federal	(12)		141		(161)
State	47		85		(235)
Deferred	35		226		(396)
Total income tax provision (benefit)	$	184	$	237	$	(396)

Our income tax provision (benefit) differs from the amounts computed by applying the U.S. federal income tax statutory rate to income before income taxes as follows:


	Year ended December 31,
	2023		2022		2021
U.S. federal statutory tax rate	21	%	21	%	21	%
State income taxes, net	5		9		(81)
Exclusion of income attributable to noncontrolling interest	—		—		(1)

Changes in tax attributes	—		(2)		(8)
Executive compensation	1		—		2
Change in the U.S. federal valuation allowance	(2)		2		(106)
Other	—		1		—
Effective tax rate	25	%	31	%	(173)	%

During the year ended December 31, 2023, we released a valuation allowance of $35 million for a portion of the tax loss on the sale of our Lost Hills assets after we jointly agreed to amend the original tax treatment with the buyer. See Note 8 Divestitures and Acquisitions for more information on the Lost Hills transaction. This valuation allowance was initially recorded during the year ended December 31, 2022 for the realizability of a capital loss on the sale of Lost Hills, the deductibility of which was limited. During the year ended December 31, 2021, we released all of our valuation allowance recorded against our net deferred tax assets given our anticipated future earnings trend at that time.

During the years ended December 31, 2022 and 2021, we recognized a tax benefit for tax credits related to our oil and gas operations. The tax benefit of these credits is presented as changes in tax attributes in our effective tax rate reconciliations.

The tax effects of temporary differences resulting in deferred income tax assets and liabilities at December 31, 2023 and 2022 were as follows:



	2023				2022
	Deferred Tax Assets		Deferred Tax Liabilities		Deferred Tax Assets		Deferred Tax Liabilities
	(in millions)

Property, plant and equipment	$	19	$	(286)	$	47	$	(267)

Deferred compensation and benefits	40		—		27		—
Asset retirement obligations	157		—		148		—
Net operating loss and tax credit carryforwards	15		—		85		—
Business interest expense carryforward	161		—		167		—

Federal benefit of state income taxes	—		(21)		—		(31)
Other	81		(34)		60		(37)
Subtotal	473		(341)		534		(335)
Valuation allowance	—		—		(35)		—
Total deferred taxes	$	473	$	(341)	$	499	$	(335)

Management expects to realize the recorded deferred tax assets primarily through future operating income and reversal of taxable temporary differences. The amount of deferred tax assets considered realizable is not assured and could be adjusted if estimates change or three-years of cumulative income is no longer present.

Carryforwards

As of December 31, 2023, we had U.S. federal net operating loss carryforwards of $29 million, which begin to expire in 2037. Our carryforward for disallowed business interest of $765 million does not expire.

As of December 31, 2023, we had California net operating loss carryforwards of $2 billion, which begin to expire in 2026, and $20 million of tax credit carryforwards, which begin to expire in 2041.

Our ability to utilize a portion of our net operating loss, tax credit and interest expense carryforwards is subject to an annual limitation since we experienced an ownership change in connection with our emergence from bankruptcy. We recognized a tax benefit for $11 million of U.S. federal net operating loss carryforwards (that do not expire) and approximately $75 million for California net operating loss carryforwards. We expect our remaining carryforwards will expire unused. Additionally, we recognized a tax benefit for $6 million of California tax credit carryforwards.

Other

We did not record a liability for unrecognized tax benefits as of December 31, 2023 and 2022.

We remain subject to audit by the Internal Revenue Service for calendar years 2020 through 2022 as well as 2019 through 2022 by the state of California.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation We have prepared this report in accordance with United States (U.S.) generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission applicable to annual financial information. All financial information presented consists of our consolidated results of operations, financial position and cash flows. We have eliminated significant intercompany transactions and balances. 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 consolidated financial statements.
Use of Estimates	Use of Estimates The process of preparing financial statements in conformity with U.S. GAAP requires management to select appropriate accounting policies and make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments. Further, actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our consolidated financial statements.
Risks And Uncertainties	Risks and Uncertainties Our revenue, profitability and future growth or our oil and natural gas operations are substantially dependent upon prevailing and future prices for oil and natural gas, which can be volatile and dependent on factors beyond our control including global production inventories, available storage and transportation capacities, government regulation, the military conflicts in Ukraine and Israel, instability in the Middle East and economic conditions. We are in the early stages of developing a carbon capture and sequestration business which is subject to risks as an emerging industry. We operate exclusively in California which is a highly regulated environment.
Concentration of Customers	Concentration of Customers We sell crude oil, natural gas and NGLs to marketers, California refineries and other customers that have access to transportation and storage facilities. In light of the ongoing energy deficit in California and strong demand for native crude oil production, we do not believe that the loss of any single customer would have a material adverse effect on our consolidated financial statements taken as a whole.
Recently Issued but not Adopted Accounting and Disclosure Changes	Recently Issued but not Adopted Accounting and Disclosure Changes In December 2023, the Financial Accounting Standards Board’s (FASB) issued new disclosure requirements for Income Taxes (ASC 740). The rule is effective for fiscal years beginning after December 15, 2024, but early adoption is permitted. This rule is to be applied on a prospective basis, but a retrospective application is permitted. We do not expect the adoption of these rules to have a significant impact on our financial statements. In November 2023, the FASB issued new segment disclosure requirements primarily to enhance disclosure of significant segment expenses. These new segment disclosure requirements will apply to us. The rules are effective for fiscal years beginning after December 15, 2023 and interim periods beginning on January 1, 2025, early adoption is permitted. The disclosure requirements will be applied retrospectively to all prior periods included in the financial statements. We do not expect the adoption of these rules to have a significant impact on our financial statements.
Property, Plant and Equipment (PP&E)	Property, Plant and Equipment (PP&E) We use the successful efforts method to account for our oil and natural gas properties. Under this method, we capitalize costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells, including permitting, land preparation and drilling costs, are initially capitalized pending a determination of whether we find proved reserves. If we find proved reserves, the costs of exploratory wells remain capitalized. Otherwise, we charge the costs of the related wells to expense. In cases where we cannot determine whether we have found proved reserves at the completion of exploration drilling, we conduct additional testing and evaluation of the wells. We generally expense the costs of such exploratory wells if we do not find proved reserves within a one-year period after initial drilling has been completed. Proved Reserves – Proved reserves are those quantities of oil and natural gas that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a specific date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. We have no proved oil and natural gas reserves for which the determination of economic producibility is subject to the completion of major capital investments. Several factors could change our proved oil and natural gas reserves. For example, for long-lived properties, higher commodity prices typically result in additional reserves becoming economic and lower commodity prices may lead to existing reserves becoming uneconomic. Estimation of future production and development costs is also subject to change partially due to factors beyond our control, such as energy costs and inflation or deflation of oil field service costs. These factors, in turn, could lead to changes in the quantity of proved reserves. Additional factors that could result in a change of proved reserves include production decline rates and operating performance differing from those estimated when the proved reserves were initially recorded as well as availability of capital to implement the development activities contemplated in the reserves estimates and changes in management's plans with respect to such development activities. We perform impairment tests with respect to proved properties when product prices decline other than temporarily, reserve estimates change significantly, other significant events occur or management's plans change with respect to these properties in a manner that may impact our ability to realize the recorded asset amounts. Impairment tests incorporate a number of assumptions involving expectations of undiscounted future cash flows, which can change significantly over time. These assumptions include estimates of future product prices, which we base on forward price curves and, when applicable, contractual prices, estimates of oil and natural gas reserves and estimates of future expected operating and development costs. Any impairment loss would be calculated as the excess of the asset's net book value over its estimated fair value. We recognize any impairment loss on proved properties by adjusting the carrying amount of the asset. Unproved Properties – When we make acquisitions that include unproved properties, we assign values based on estimated reserves that we believe will ultimately be proved. As exploration and development work progresses and if reserves are proved, we transfer the book value from unproved to proved based on the initially determined rate per BOE. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, regulatory changes, contractual conditions or other factors, the capitalized costs of the related properties would be expensed. Impairments of unproved properties are primarily based on qualitative factors including intent of property development, lease term and recent development activity. The timing of impairments on unproved properties, if warranted, depends upon management's plans, the nature, timing and extent of future exploration and development activities and their results. We recognize any impairment loss on unproved properties by providing a valuation allowance. Depreciation, Depletion and Amortization – We determine depreciation, depletion and amortization (DD&A) of oil and natural gas producing properties by the unit-of-production method. Our unproved reserves are not subject to DD&A until they are classified as proved properties. We amortize acquisition costs over total proved reserves, and capitalized development and successful exploration costs over proved developed reserves. Our gas and power plant assets are depreciated over the estimated useful lives of the assets, using the straight-line method, with expected initial useful lives of the assets of up to 30 years. We depreciated other property and equipment using the straight-line method based on expected useful lives of the individual assets or group of assets. The useful lives typically include ranges of 4-10 years for leasehold improvements, 1-4 years for software and telecommunications equipment and up to 5 years for computer hardware. We expense annual lease rentals, the costs of injection used in production and exploration, and geological, geophysical and seismic costs as incurred. Costs of maintenance and repairs are expensed as incurred, except that the costs of replacements that expand capacity or add proven oil and natural gas reserves are capitalized.
Fair Value Measurements	Fair Value Measurements Our assets and liabilities measured at fair value are categorized in a three-level fair-value hierarchy, based on the inputs to the valuation techniques: Level 1—using quoted prices in active markets for the assets or liabilities; Level 2—using observable inputs other than quoted prices for the assets or liabilities; and Level 3—using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. We apply the market approach for certain recurring fair value measurements, maximize our use of observable inputs and minimize use of unobservable inputs. We generally use an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management's judgments regarding expectations of projected cash flows and discount rates. Commodity derivatives are carried at fair value. We utilize the mid-point between bid and ask prices for valuing these instruments. Our commodity derivatives comprise over-the-counter bilateral financial commodity contracts, which are generally valued using industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contracted prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable data or are supported by observable prices based on transactions executed in the marketplace. We classify these measurements as Level 2. Our PP&E may be written down to fair value if we determine that there has been an impairment. The fair value is determined as of the date of the assessment generally using discounted cash flow models based on management’s expectations for the future. Inputs include estimates of future production, prices based on commodity forward price curves, inclusive of market differentials, as of the date of the estimate, estimated future operating and development costs and a risk-adjusted discount rate. The carrying amounts of cash and other on-balance sheet financial instruments, other than fixed-rate debt, approximate fair value.
Revenue Recognition	Revenue Recognition We derive substantially all of our revenue from sales of oil, natural gas and NGLs and associated hedging activities, with the remaining revenue generated from sales of electricity and trading activities related to storage and managing excess pipeline capacity. Revenues are recognized when control of promised goods is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods. See Note 14 Revenue for more information on our revenue from contracts with customers. 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 3 Investment in Unconsolidated Subsidiary 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.
Inventories	Inventories Materials and supplies, which primarily consist of well equipment and tubular goods used in our oil and natural gas operations, are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods predominantly comprise oil and natural gas liquids (NGLs), which are valued at the lower of cost or net realizable value.
Derivative Instruments	Derivative Instruments The fair value of our derivative contracts are netted when a legal right of offset exists with the same counterparty with an intent to offset. Since we did not apply hedge accounting to our commodity derivatives for any of the periods presented, we recognized fair value adjustments, on a net basis, in our consolidated statements of operations. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging program goals, even though they are not accounted for as cash-flow or fair-value hedges.
Stock-Based Incentive Plans	Stock-Based Incentive Plans The terms of our long-term incentive plan were approved by our board of directors in January 2021.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated as net income divided by the weighted average number of our common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of our common shares outstanding including the effect of dilutive potential common shares. We compute basic and diluted earnings per share (EPS) using the two-class method required for participating securities, when applicable, and the treasury stock method when participating securities are not in place. Certain restricted and performance stock awards are considered participating securities when such shares have non-forfeitable dividend rights, which participate at the same rate as common stock. Under the two-class method, net income allocated to participating securities is subtracted from net income attributable to common stock in determining net income available to common stockholders. In loss periods, no allocation is made to participating securities because the participating securities do not share in losses.
Asset Retirement Obligations	Asset Retirement Obligations We recognize the fair value of asset retirement obligations (ARO) in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The fair value of the retirement obligation is based on future retirement cost estimates and incorporates many assumptions such as time of abandonment, current regulatory requirements, technological changes, future inflation rates and a risk-adjusted discount rate. When the liability is initially recorded, we capitalize the cost by increasing the related PP&E balances. If the estimated future cost or timing of cash flow changes, we adjust the fair value of the liability and PP&E. Over time the liability is increased, and expense is recognized for accretion. The cost capitalized to PP&E is recovered over either the useful life of our facilities or the unit-of-production method for our minerals. We have asset retirement obligations for certain of our facilities, which includes plant and field decommissioning, and the plugging and abandonment of wells. In certain cases, we will recognize ARO in the periods in which sufficient information becomes available to reasonably estimate their fair values. Additionally, for certain plants, we do not have a legal obligation to decommission them and, accordingly, we have not recorded a liability.
Loss Contingencies	Loss Contingencies In the normal course of business, we are involved in lawsuits, claims and other environmental and legal proceedings and audits. We accrue reserves for these matters when it is probable that a liability has been incurred and the liability can be reasonably estimated. In addition, we disclose, if material, in aggregate, our exposure to losses in excess of the amount recorded on the balance sheet for these matters if it is reasonably possible that an additional material loss may be incurred. We review our loss contingencies on an ongoing basis. Loss contingencies are based on judgments made by management with respect to the likely outcome of these matters and are adjusted as appropriate. Management’s judgments could change based on new information, changes in, or interpretations of, laws or regulations, changes in management’s plans or intentions, opinions regarding the outcome of legal proceedings, or other factors.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized when it is more likely than not that they will be realized. We periodically assess our deferred tax assets and reduce such assets by a valuation allowance if we deem it is more likely than not that some portion or all of the deferred tax assets will not be realized. We recognize the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a tax authority. We recognize interest and penalties, if any, related to uncertain tax positions as a component of the income tax provision. No interest or penalties related to uncertain tax positions were recognized in the financial statements for the periods presented.
Production-Sharing Type Contracts	Production-Sharing Type Contracts Our share of production and reserves from operations in the Wilmington field is subject to contractual arrangements similar to production-sharing contracts (PSCs) that are in effect through the economic life of the assets. Under such contracts we are obligated to fund all capital and operating costs. We record a share of production and reserves to recover a portion of such capital and operating costs and an additional share for profit. Our portion of the production represents volumes: (i) to recover our partners’ share of capital and operating costs that we incur on their behalf, (ii) for our share of contractually defined base production and (iii) for our share of remaining production thereafter. We generate returns through our defined share of production from (ii) and (iii) above. These contracts do not transfer any right of ownership to us and reserves reported from these arrangements are based on our economic interest as defined in the contracts. Our share of production and reserves from these contracts decreases when product prices rise and increases when prices decline, assuming comparable capital investment and operating costs. However, our net economic benefit is greater when product prices are higher. These PSCs represented approximately 18% and 16% of our total production for the years ended December 31, 2023 and 2022, respectively. In line with industry practice for reporting PSCs, we report 100% of operating costs under such contracts in our consolidated statements of operations as opposed to reporting only our share of those costs. We report the proceeds from production designed to recover our partners' share of such costs (cost recovery) in our revenues. Our reported production volumes reflect only our share of the total volumes produced, including cost recovery, which is less than the total volumes produced under the PSCs. This difference in reporting full operating costs but only our net share of production equally inflates our revenue and operating costs per barrel and has no effect on our net results.
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans All of our employees participate in postretirement benefit plans we sponsor. These plans are primarily funded as benefits are paid. In addition, a small number of our employees also participate in defined benefit pension plans sponsored by us. We recognize the net overfunded or underfunded amounts in the consolidated financial statements at each measurement date. We determine our defined benefit pension and postretirement benefit plan obligations based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. We estimate the rate of return on assets with regard to current market factors but within the context of historical returns. Pension plan assets are measured at fair value. Publicly registered mutual funds are valued using quoted market prices in active markets. Commingled funds are valued at the fund units’ net asset value (NAV) provided by the issuer, which represents the quoted price in a non-active market. Actuarial gains and losses that have not yet been recognized through income, are recorded in accumulated other comprehensive income within equity, net of taxes, until they are amortized as a component of net periodic benefit cost.
Leases	Leases We account for our leases in which we are the lessee, other than mineral leases including oil and natural gas leases, under an accounting standard which requires us to recognize most leases, including operating leases, on the balance sheet. The majority of our leases are for commercial office space, fleet vehicles, drilling rigs, easements and facilities. We categorize leases as either operating or financing at lease commencement. We recognize a right-of-use (ROU) asset and associated lease liability for each operating and finance lease with contractual terms of greater than 12 months on the balance sheet. In considering whether a contract contains a lease, we first consider whether there is an identifiable asset and then consider how and for what purpose the asset would be used over the contract term. Our ROU assets are measured at the initial amount of the lease liability determined by measuring the present value of the fixed minimum lease payments, adjusted for any payments made before or at the lease commencement date, discounted using our incremental borrowing rate (IBR). In determining our IBR, we consider the average cost of borrowing for publicly traded corporate bond yields, which are adjusted to reflect our credit rating, the remaining lease term for each class of our leases and frequency of payments. The ROU assets for operating leases are amortized over the term of the lease using the straight-line method. Lease expense also includes accretion of the lease liability recognized using the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets.
Share Repurchase Program	Share Repurchase Program We repurchase shares of our common stock from time to time under a program authorized by our Board of Directors, including pursuant to a contract, instruction or written plan meeting requirements of Rule 10b5-1(c)(1) of the Exchange Act. Share repurchases have not been retired and are displayed separately as treasury stock on our consolidated balance sheet.
Assets Held for Sale	Assets Held for Sale We may market certain non-core oil and natural gas assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commitment to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within one year, the asset is being actively marketed for sale and it is unlikely that significant changes will be made to the plan. If all of these criteria are met, the asset is presented as held for sale on our consolidated balance sheet and measured at the lower of the carrying amount or estimated fair vale less costs to sell. DD&A expense is not recorded on assets once classified as held for sale. The assets classified as held for sale at December 31, 2023 include the remaining assets and the associated asset retirement obligations in the Ventura basin and properties acquired for our carbon management activities.

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Total property, plant and equipment	$ 3,437	$ 3,228
Accumulated depreciation, depletion and amortization	(667)	(442)
Total property, plant and equipment, net	2,770	2,786
Proved oil and natural gas properties
Property, Plant and Equipment
Total property, plant and equipment	3,156	2,972
Unproved oil and natural gas properties
Property, Plant and Equipment
Total property, plant and equipment	1	2
Facilities and other
Property, Plant and Equipment
Total property, plant and equipment	$ 280	$ 254

STOCK-BASED COMPENSATION - Narrative (Details) - shares	Jan. 31, 2021	Jan. 18, 2021
2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	9,257,740	9,257,740

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	$ 929	$ 864
Total property, plant and equipment, net	2,770	2,786
Investments in consolidated subsidiaries	0	0
Deferred tax asset	132	164
Investment in unconsolidated subsidiary	19	13
Other assets	148	140
TOTAL ASSETS	3,998	3,967
Total current liabilities	616	894
Long-term debt, net	540	592
Asset retirement obligations	422	432
Other long-term liabilities	201	185
Total equity	2,219	1,864	$ 1,688	$ 1,182
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	3,998	3,967
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	0	0
Total property, plant and equipment, net	0	0
Investments in consolidated subsidiaries	(3,647)	(3,608)
Deferred tax asset	0	0
Investment in unconsolidated subsidiary	0	0
Other assets	0	0
TOTAL ASSETS	(3,647)	(3,608)
Total current liabilities	0	0
Long-term debt, net	0	0
Asset retirement obligations	0	0
Other long-term liabilities	0	0
Total equity	(3,647)	(3,608)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(3,647)	(3,608)
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	511	329
Total property, plant and equipment, net	14	13
Investments in consolidated subsidiaries	2,311	2,096
Deferred tax asset	132	164
Investment in unconsolidated subsidiary	0	0
Other assets	12	8
TOTAL ASSETS	2,980	2,610
Total current liabilities	142	76
Long-term debt, net	540	592
Asset retirement obligations	0	0
Other long-term liabilities	79	78
Total equity	2,219	1,864
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,980	2,610
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	20	33
Total property, plant and equipment, net	12	6
Investments in consolidated subsidiaries	(11)	0
Deferred tax asset	0	0
Investment in unconsolidated subsidiary	19	13
Other assets	36	33
TOTAL ASSETS	76	85
Total current liabilities	13	7
Long-term debt, net	0	0
Asset retirement obligations	0	0
Other long-term liabilities	73	67
Total equity	(10)	11
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	76	85
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	398	502
Total property, plant and equipment, net	2,744	2,767
Investments in consolidated subsidiaries	1,347	1,512
Deferred tax asset	0	0
Investment in unconsolidated subsidiary	0	0
Other assets	100	99
TOTAL ASSETS	4,589	4,880
Total current liabilities	461	811
Long-term debt, net	0	0
Asset retirement obligations	422	432
Other long-term liabilities	49	40
Total equity	3,657	3,597
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,589	$ 4,880

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax valuation allowance
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	$ 35	$ 0	$ 549
Charged (Credited) to Costs and Expenses	(35)	35	(526)
Charged (Credited) to Other Accounts	0	0	(23)
Deductions	0	0	0
Balance at End of Period	0	35	0
Other asset valuation allowance
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	1	0	0
Charged (Credited) to Costs and Expenses	2	1	0
Charged (Credited) to Other Accounts	0	0	0
Deductions	0	0	0
Balance at End of Period	$ 3	$ 1	$ 0

DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

As of December 31, 2023 and 2022, our long-term debt consisted of the following:



	2023		2022		Interest Rate	Maturity
	(in millions)
Revolving Credit Facility	$	—	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a)	July 31, 2027(b)
Senior Notes	545		600		7.125%	February 1, 2026
Principal amount of debt	$	545	$	600
Unamortized debt issuance costs	(5)		(8)
Long-term debt, net	$	540	$	592

(b)The Revolving Credit Facility is subject to a springing maturity to August 4, 2025 if any of our Senior Notes, defined below, are outstanding on that date.

Fair Value

The estimated fair value of our debt at December 31, 2023 and 2022 was approximately $554 million and $574 million, respectively. We estimate the fair value of our fixed-rate debt based on prices from known market transactions (Level 1 inputs on the fair value hierarchy).

Repurchases

For the year ended December 31, 2023, we repurchased $55 million in principal amount of our Senior Notes at par resulting in an extinguishment loss of $1 million for the write-off of unamortized debt issuance costs.

Revolving Credit Facility

On April 26, 2023, we entered into an Amended and Restated Credit Agreement (as amended, restated supplemented or modified as of the date hereof, the Revolving Credit Facility) with Citibank, N.A., as administrative agent, and certain other lenders, which amended and restated in its entirety the prior credit agreement, dated October 27, 2020. Our Revolving Credit Facility consists of a senior revolving loan facility with an aggregate commitment of $630 million, which we are permitted to increase if we obtain additional commitments from new or existing lenders. Our Revolving Credit Facility also includes a sub-limit of $250 million for the issuance of letters of credit. As of December 31, 2023, we had approximately $477 million available for borrowing under the Revolving Credit Facility after taking into account $153 million of outstanding letters of credit.

The proceeds of all or a portion of the Revolving Credit Facility may be used for our working capital needs and for other purposes subject to meeting certain criteria. For information on an amendment to our Revolving Credit Facility, see Note 17 Subsequent Events.

Security – The lenders have a first-priority lien on a substantial majority of our assets.

Interest Rate – We can elect to borrow at either an adjusted SOFR rate or an alternate base rate (ABR), 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, 2.5% to 3.5% and (ii) in the case of ABR loans, 1.5% to 2.5%. The unused portion of the facility is subject to a commitment fee which will vary between 0.375% and 0.50% per annum based on the borrowing base utilization. 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.

Amortization Payments – The Revolving Credit Facility does not include any obligation to make amortizing payments.

Borrowing Base – The borrowing base, currently $1.2 billion, will be redetermined semi-annually each April and October.

Financial Covenants – Our Revolving Credit Facility includes the following financial covenants:

Ratio

Components

Required Levels

Tested

Consolidated Total Net Leverage Ratio

Ratio of Consolidated Total Debt to Consolidated EBITDAX(a)

Not greater than 3.00 to 1.00

Quarterly

Current Ratio

Ratio of consolidated current assets to consolidated current liabilities(b)

Not less than 1.00 to 1.00

Quarterly

(a)Consolidated EBITDAX is calculated as defined in the Revolving Credit Facility.

(b)The available credit under our Revolving Credit Facility is included in consolidated current assets as part of the calculation of the current ratio.

Other Covenants – Our Revolving Credit Facility includes covenants that, among other things, restrict our ability to incur additional indebtedness, grant liens, make asset sales and investments, repay existing indebtedness, make subsidiary distributions and enter into transactions that would result in fundamental changes. We are also restricted in the amount of cash dividends we can pay on our common stock unless we meet certain covenants included in the Revolving Credit Facility.

Our Revolving Credit Facility, among other things, has a maturity date of July 31, 2027 (subject to a springing maturity of August 4, 2025 if any of our Senior Notes are outstanding on that date); permits us to make certain restricted payments (such as dividends and share repurchases) and certain investments (including in our carbon management business); provides for the release of liens on certain assets securing the loans made under the Revolving Credit Facility, including our Elk Hills power plant; permits us to designate the entities that hold certain of our assets, including our Elk Hills power plant, as unrestricted subsidiaries subject to meeting certain conditions; sets the period for which we can enter into hedges on our production at 60 months; and provides for our capacity to issue letters of credit of $250 million. In October 2023, we further amended our Revolving Credit Facility to increase our flexibility to incur new indebtedness in the form of term loans secured on a pari passu basis with the obligations under the Revolving Credit Facility. The aggregate amount of such term loans shall not exceed the lesser of the following: (i) the borrowing base then in effect minus the Aggregate Elected Revolving Commitment Amounts (as defined in the Revolving Credit Facility) then in effect and (ii) an amount equal to 33 1/3% of the sum of (A) the Aggregate Elected Revolving Commitment Amounts (as defined in the Revolving Credit Facility) then in effect plus (B) the aggregate term loan exposure of any lender then outstanding.

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 Revolving Credit Facility) is greater than 2.0:1.0 as of the end of the most recent fiscal quarter test period, 50.0% of our reasonably anticipated oil production from our proved developed producing reserves for each quarter during the period ending the earlier of (1) the maturity date of the Revolving Credit Facility and (2) 12 months after the delivery of the compliance certificate for the relevant test period and (ii) in the event that our Consolidated Total Net Leverage Ratio is less than or equal to 2.0:1.0 but greater than 1.5:1.0 as of the end of the most recent fiscal quarter test period, 33.0% 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 1.5:1.0 as of the last day of the most recently ended fiscal quarter test period.

Furthermore, the restricted payment and investments covenants permit unlimited investments and/or restricted payments so long as either (a) (i) no Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing under the Revolving Credit Facility, (ii) the undrawn availability under the Revolving Credit Facility at such time is not less than 20.0% of the total commitment, (iii) the Consolidated Total Net Leverage Ratio is less than or equal to 2.5:1.0 and (iv) Distributable Free Cash Flow is greater than or equal to zero on such date of determination; or (b) (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 25.0% of the total commitment and (iii) the Consolidated Total Net Leverage Ratio is less than or equal to 1.75:1.0.

Events of Default and Change of Control – Our Revolving Credit Facility provides for certain events of default, including upon a change of control, as defined in the Revolving Credit Facility, that entitles our lenders to declare the outstanding loans immediately due and payable, subject to certain limitations and conditions.

Senior Notes

On January 20, 2021, we completed an offering of $600 million in aggregate principal amount of our 7.125% senior unsecured notes due 2026 (Senior Notes). The net proceeds of $587 million, after $13 million of debt issuance costs, were used to repay in full our Second Lien Term Loan and EHP Notes, with the remainder used to repay substantially all of the then outstanding borrowings under our Revolving Credit Facility. We recognized a $2 million loss on extinguishment of debt, including unamortized debt issuance costs, associated with these repayments.

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

Redemption – We may redeem the Senior Notes at any time prior to the maturity date at a redemption price equal to (i) 102% of the principal amount if redeemed in the twelve months beginning February 1, 2024 and (ii) 100% of the principal amount if redeemed after February 1, 2025, in each case plus accrued and unpaid interest.

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

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

Other

At December 31, 2023, all obligations under our Revolving Credit Facility and Senior Notes are guaranteed by certain of our material wholly owned subsidiaries. See Note 16 Condensed Consolidating Financial Information for additional information.

The terms and conditions of all of our indebtedness are subject to additional qualifications and limitations that are set forth in the relevant governing documents.

At December 31, 2023, we were in compliance with all debt covenants under our Revolving Credit Facility.

Principal maturities of debt outstanding at December 31, 2023 are as follows:


	As of December 31, 2023
	(in millions)
2024	$	—
2025	—
2026	545
2027	—
2028	—
Thereafter	—
Total	$	545

DERIVATIVES - Schedule of Gain (Loss) On Derivative Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash commodity derivative gain (loss)	$ 260	$ 187	$ (357)
Settlements and amortized premiums	(272)	(738)	(319)
Net loss from commodity derivatives	$ (12)	$ (551)	$ (676)

SUPPLEMENTAL ACCOUNT BALANCES AND CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2023

SUPPLEMENTAL INFORMATION [Abstract]

SUPPLEMENTAL ACCOUNT BALANCES AND CASH FLOW INFORMATION

Other Current Assets

Other current assets, net consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Net amounts due from joint interest partners(a)	$	43	$	39

Fair value of derivative contracts	21		39

Prepaid expenses	19		17
Prepaid greenhouse gas allowances, net(b)	12		—
Natural gas margin deposits	—		16
Income tax receivable	—		10
Other	18		12
Other current assets, net	$	113	$	133

(a)Included in the net amounts due from joint interest partners are allowances of $3 million and $1 million for December 31, 2023 and 2022, respectively.

Other Noncurrent Assets

Other noncurrent assets consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Right-of-use assets	$	73	$	73
Deferred financing costs related to our Revolving Credit Facility	11		6
Emission reduction credits	11		11
Prepaid power plant maintenance	34		28
Fair value of derivative contracts	6		7
Deposits and other	13		15
Other noncurrent assets	$	148	$	140

Accrued Liabilities

Accrued liabilities consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Accrued employee-related costs	$	82	$	49
Accrued taxes other than on income	35		32
Current portion - asset retirement obligations	99		59
Accrued interest	18		19
Current portion - operating lease liability	15		18
Premiums due on derivative contracts	21		58
Liability for settlement payments on derivative contracts	8		33
Income tax payable	18		1
Signal Hill (maintenance expense)	12		8
Other	50		21
Accrued liabilities	$	358	$	298

Other Long-Term Liabilities

Other long-term liabilities consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Compensation-related liabilities	$	38	$	36
Pension and postretirement benefit plans	36		33
Lease liability	55		52
Premiums due on derivative contracts	10		8
Contingent liability related to Carbon TerraVault JV put and call rights	52		48
Other	10		8
Other long-term liabilities	$	201	$	185

Supplemental Cash Flow Information

Supplemental disclosures to our consolidated statements of cash flows, excluding leases and ARO, are presented below:


	Year ended December 31,
	2023		2022		2021
(in millions)
Supplemental Cash Flow Information
Interest paid, net of amount capitalized	$	(44)	$	(43)	$	(28)
Income taxes paid	$	121	$	20	$	—

Supplemental Disclosure of Non-cash Investing and Financing Activities

Derivative related to additional earn-out consideration for the Ventura divestiture	$	—	$	—	$	3
Receivable from affiliate	$	—	$	32	$	—
Dividends accrued for stock-based compensation awards	$	3	$	2	$	—
Contribution to the Carbon TerraVault JV	$	15	$	2	$	—

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment
Asset impairments	$ 3	$ 2	$ 28
Capitalized cost			3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Ventura Basin
Property, Plant and Equipment
Proceeds from sale of oil and gas		$ 13	120
Bakersfield Office Building
Property, Plant and Equipment
Asset impairments			$ 25

LEASES - Operating and Finance Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 18
2025	14
2026	12
2027	10
2028	9
Thereafter	27
Less: Interest	(20)
Present value of lease liabilities	$ 70

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Oil Hedge Positions

We held the following Brent-based crude oil contracts as of December 31, 2023:


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		2025
Sold Calls:
Barrels per day	23,650		30,000		30,000		29,000		19,748
Weighted-average price per barrel	$	90.00	$	90.07	$	90.07	$	90.07	$	85.63

Purchased Puts
Barrels per day	30,584		30,000		30,000		29,000		19,748
Weighted-average price per barrel	$	67.27	$	65.17	$	65.17	$	65.17	$	60.00

Swaps
Barrels per day	9,500		8,875		7,750		5,500		3,374
Weighted-average price per barrel	$	79.81	$	79.28	$	79.64	$	77.45	$	72.66

At December 31, 2023, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.


	Q1 2024		Q2 2024		Q3 2024		Q4 2024
Swaps:
MMBtu per day	10,000		10,000		10,000		10,000
Weighted-average price per MMBtu	$	5.65	$	5.65	$	5.65	$	5.65

We report gains and losses on our derivative contracts related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:


	Year ended December 31,
	2023		2022		2021
(in millions)
Non-cash commodity derivative gain (loss)	$	260	$	187	$	(357)


Settlements and amortized premiums	(272)		(738)		(319)

Net loss from commodity derivatives	$	(12)	$	(551)	$	(676)

Schedule of Fair Values (at Gross and Net) of Outstanding Derivatives

The following tables present the fair values of our outstanding commodity derivatives:


December 31, 2023
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet
Assets:	(in millions)
Other current assets, net	$	39	$	(18)	$	21
Other noncurrent assets	38		(32)		6

Liabilities:
Current - Fair value of derivative contracts	(26)		18		(8)
Other long-term liabilities	(34)		32		(2)
	$	17	$	—	$	17



December 31, 2022
Classification	Gross Amounts Recognized		Gross Amounts Offset on the Consolidated Balance Sheet		Net Amounts Presented on the Consolidated Balance Sheet
Assets:	(in millions)
Other current assets, net	$	51	$	(12)	$	39
Other noncurrent assets	7		—		7

Liabilities:
Current - Fair value of derivative contracts	(258)		12		(246)

	$	(200)	$	—	$	(200)

- Definition

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

+ References + Details

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				12 Months Ended			36 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Equity [Abstract]
Common stock dividends					$ 81	$ 59	$ 14	$ 154
Dividends declared, common stock (in dollars per share)	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 1.1575	$ 0.7925	$ 0.17

PENSION AND POSTRETIREMENT BENEFIT PLANS - Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Benefits
Estimated future undiscounted benefit payments
2024	$ 7
2025	3
2026	2
2027	2
2028	2
2029 - 2033	12
Postretirement Benefits
Defined Benefit Plan Disclosure
Expected contribution in 2024	4
Estimated future undiscounted benefit payments
2024	4
2025	4
2026	3
2027	3
2028	3
2029 - 2033	$ 12

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

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


	Year ended December 31,
	2023		2022		2021
(in millions)
Oil	$	1,534	$	1,968	$	1,555
NGLs	198		264		250
Natural gas	423		411		243
Oil, natural gas and NGL sales	$	2,155	$	2,643	$	2,048

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Net income before income taxes, for all periods presented, was generated from domestic operations. We recognized an income tax provision (benefit) for the periods presented as follows:


	Year ended December 31,
	2023		2022		2021
(in millions)

Federal	$	146	$	10	$	—
State	3		1		—
Current	149		11		—

Federal	(12)		141		(161)
State	47		85		(235)
Deferred	35		226		(396)
Total income tax provision (benefit)	$	184	$	237	$	(396)

Schedule of U.S. Federal Income Tax Statutory Rate

Our income tax provision (benefit) differs from the amounts computed by applying the U.S. federal income tax statutory rate to income before income taxes as follows:


	Year ended December 31,
	2023		2022		2021
U.S. federal statutory tax rate	21	%	21	%	21	%
State income taxes, net	5		9		(81)
Exclusion of income attributable to noncontrolling interest	—		—		(1)

Changes in tax attributes	—		(2)		(8)
Executive compensation	1		—		2
Change in the U.S. federal valuation allowance	(2)		2		(106)
Other	—		1		—
Effective tax rate	25	%	31	%	(173)	%

Schedule of Tax Effects of Temporary differences Resulting in Deferred Income Taxes

The tax effects of temporary differences resulting in deferred income tax assets and liabilities at December 31, 2023 and 2022 were as follows:



	2023				2022
	Deferred Tax Assets		Deferred Tax Liabilities		Deferred Tax Assets		Deferred Tax Liabilities
	(in millions)

Property, plant and equipment	$	19	$	(286)	$	47	$	(267)

Deferred compensation and benefits	40		—		27		—
Asset retirement obligations	157		—		148		—
Net operating loss and tax credit carryforwards	15		—		85		—
Business interest expense carryforward	161		—		167		—

Federal benefit of state income taxes	—		(21)		—		(31)
Other	81		(34)		60		(37)
Subtotal	473		(341)		534		(335)
Valuation allowance	—		—		(35)		—
Total deferred taxes	$	473	$	(341)	$	499	$	(335)

PENSION AND POSTRETIREMENT BENEFIT PLANS - Obligations and Asset Fair Values (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Pension plans with accumulated benefit obligation in excess of plan assets
Projected benefit obligation	$ 34	$ 30
Accumulated benefit obligation	30	27
Fair value of plan assets	$ 34	$ 32

INCOME TAXES - Schedule of Components of Income Tax Expense (benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 146	$ 10	$ 0
State	3	1	0
Current	149	11	0
Deferred
Federal	(12)	141	(161)
State	47	85	(235)
Deferred	35	226	(396)
Income tax benefit	$ 184	$ 237	$ (396)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

STOCK-BASED COMPENSATION - Narrative - Restricted Stock Units (Details) - Restricted Stock Units $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 10
Weighted-average period over which unrecognized compensation expense is expected to be recognized	2 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%

PENSION AND POSTRETIREMENT BENEFIT PLANS - Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets	50.00%	50.00%
Debt Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets	50.00%	50.00%
Postretirement Benefits
Asset Class:
Fair value of plan assets	$ 1	$ 1	$ 1
Postretirement Benefits \| Equity Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets	40.00%
Postretirement Benefits \| Debt Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets	60.00%
Postretirement Benefits \| Mutual funds
Asset Class:
Fair value of plan assets	$ 1
Pension Benefits
Asset Class:
Fair value of plan assets	34	32	$ 29
Pension Benefits \| Pension Plan Assets - Gross
Asset Class:
Fair value of plan assets	34	32
Pension Benefits \| Pension Plan Assets - Gross \| Level 1
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| Pension Plan Assets - Gross \| Level 2
Asset Class:
Fair value of plan assets	34	32
Pension Benefits \| Pension Plan Assets - Gross \| Level 3
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| Bonds
Asset Class:
Fair value of plan assets	18	17
Pension Benefits \| Bonds \| Level 1
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| Bonds \| Level 2
Asset Class:
Fair value of plan assets	18	17
Pension Benefits \| Bonds \| Level 3
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| Commodities
Asset Class:
Fair value of plan assets	0	1
Pension Benefits \| Commodities \| Level 1
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| Commodities \| Level 2
Asset Class:
Fair value of plan assets	0	1
Pension Benefits \| Commodities \| Level 3
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| U.S. equity
Asset Class:
Fair value of plan assets	6	4
Pension Benefits \| U.S. equity \| Level 1
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| U.S. equity \| Level 2
Asset Class:
Fair value of plan assets	6	4
Pension Benefits \| U.S. equity \| Level 3
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| International equity
Asset Class:
Fair value of plan assets	10	10
Pension Benefits \| International equity \| Level 1
Asset Class:
Fair value of plan assets	0	0
Pension Benefits \| International equity \| Level 2
Asset Class:
Fair value of plan assets	10	10
Pension Benefits \| International equity \| Level 3
Asset Class:
Fair value of plan assets	$ 0	$ 0

DEBT - Revolving Credit Facility (Details) - Line of Credit $ in Millions			12 Months Ended
	Apr. 26, 2023 USD ($)	Oct. 27, 2020	Dec. 31, 2023 USD ($)	Apr. 29, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 630
Line of credit facility, amount available for borrowing			$ 477
Line of current borrowing capacity			$ 1,200
Period to enter into hedges on production	60 months
Commitment fee percentage		20.00%
Consolidated Total Net Leverage Ratio	2.5	3.00		1.75
Derivative, hedging percent				25.00%
Revolving Credit Facility \| First 24 Months \| Crude Oil Hedge Positions
Debt Instrument [Line Items]
Derivative, allocation percent		50.00%
Revolving Credit Facility \| Month 25 Through Month 36
Debt Instrument [Line Items]
Derivative, hedging percent		33.00%
Revolving Credit Facility \| Month 25 Through Month 36 \| Crude Oil Hedge Positions
Debt Instrument [Line Items]
Derivative, period		12 months
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Margin increase, additional increase each subsequent fiscal quarter			0.375%
Consolidated Total Net Leverage Ratio		1.5
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Margin increase, additional increase each subsequent fiscal quarter			0.50%
Consolidated Total Net Leverage Ratio		2.0
Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Interest rate added to variable rate basis	0.50%		0.50%
Revolving Credit Facility \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Interest rate added to variable rate basis			1.00%
Revolving Credit Facility \| Secured Overnight Financing Rate \| Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate basis			2.50%
Revolving Credit Facility \| Secured Overnight Financing Rate \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis			3.50%
Revolving Credit Facility \| ABR Applicable Margin \| Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate basis	1.50%		1.50%
Revolving Credit Facility \| ABR Applicable Margin \| Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate basis	2.50%		2.50%
Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250
Letters of credit outstanding amount			$ 153
Debt covenant, additional borrowing capacity, multiplier	33.33%

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

We capitalize the costs incurred to acquire or develop our oil and natural gas assets, including ARO and interest. For asset acquisitions, purchase price, including liabilities assumed, is allocated to acquired assets based on relative fair values at the acquisition date. We evaluate long-lived assets on a quarterly basis for possible impairment.

Property, plant and equipment, net consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Proved oil and natural gas properties	$	3,156	$	2,972
Unproved oil and natural gas properties	1		2
Facilities and other	280		254
Total property, plant and equipment	3,437		3,228
Accumulated depreciation, depletion and amortization	(667)		(442)
Total property, plant and equipment, net	$	2,770	$	2,786

The following table summarizes the activity of capitalized exploratory well costs:


	Year ended December 31,
(in millions)	2023		2022		2021
Beginning balance	$	1	$	1	$	3


Charged to expense	—		—		(2)


Ending balance	$	1	$	1	$	1

There are not significant exploratory well costs in the periods presented that have been capitalized for a period greater than one year after the completion of drilling. Our capitalized exploratory well costs at December 31, 2023 are for wells that we intend to drill.

Asset Impairments

In 2023, we recognized an impairment of $3 million related to properties acquired for our carbon management activities. The fair value, using Level 3 inputs in the fair value hierarchy, declined during the first quarter of 2023 due to market conditions (including inflation and rising interest rates).

We recognized an asset impairment of $2 million for the year ended December 31, 2022 related to a write-down of CRC Plaza, a commercial office building located in Bakersfield, California to fair value. In 2022, we sold CRC Plaza for $13 million. See Note 8 Divestitures and Acquisitions for further information regarding the sale of CRC Plaza.

Asset impairments were $28 million for the year ended December 31, 2021, including $25 million related to the write-down of CRC Plaza to fair value and a $3 million write-off of capitalized costs related to projects which were abandoned. We valued our commercial office building based on a market approach (using Level 3 inputs in the fair value hierarchy). The decline in commercial demand for office space of this size and type in that market at each assessment resulted in an impairment.

EARNINGS PER SHARE - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator for Basic and Diluted EPS
Net income	$ 564	$ 524	$ 625
Net income attributable to noncontrolling interest	0	0	(13)
Net income (loss) available to common stockholders - basic	564	524	612
Net income (loss) available to common stockholders - diluted	$ 564	$ 524	$ 612
Denominator for Basic EPS
Weighted-average common shares — basic (in shares)	69.6	75.5	82.0
Weighted-average common shares — diluted (in shares)	72.5	77.6	83.0
EPS
Basic (in dollars per share)	$ 8.10	$ 6.94	$ 7.46
Diluted (in dollars per share)	$ 7.78	$ 6.75	$ 7.37
Restricted Stock Units
Potential dilutive common shares:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	1.0	0.7	0.5
Performance Stock Units
Potential dilutive common shares:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.9	0.7	0.5
Warrants
Potential dilutive common shares:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	1.0	0.7	0.0

STOCK-BASED COMPENSATION - Narrative - Cash Incentive Awards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) day employee	Dec. 31, 2022 day employee	Dec. 31, 2021 day employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days \| day	60
Long-Term Cash Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of non-executive employees \| employee	500	500	500
Number of trading days \| day	60	60	60
Award vesting period	3 years	3 years	3 years
Award service period	3 years	3 years	3 years
Unrecognized compensation expense \| $	$ 14
Weighted-average period over which unrecognized compensation expense is expected to be recognized	2 years
Grant value of awards forfeited \| $	$ 4
Long-Term Cash Incentive Awards \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Long-Term Cash Incentive Awards \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Long-Term Cash Incentive Awards \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Long-Term Cash Incentive Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards	75.00%	75.00%	75.00%
Long-Term Cash Incentive Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payouts target awards	150.00%	150.00%	150.00%

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

The following is a summary of changes in our common shares outstanding:


			Common Shares Outstanding







Balance, December 31, 2021			79,299,222
Shares issued for warrant exercises			312
Shares issued under ESPP			16,480
Treasury stock - shares repurchased			(7,366,272)
Balance, December 31, 2022			71,949,742
Shares issued for warrant exercises			35,441
Shares issued under ESPP			41,013
Shares issued under stock-based compensation arrangements			75,344
Treasury stock - shares repurchased			(3,407,655)
Balance, December 31, 2023			68,693,885

Share Repurchase Program

Our Board of Directors authorized a Share Repurchase Program to acquire up to $1.1 billion of our common stock through June 30, 2024. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The 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. The following is a summary of our share repurchases, held as treasury stock, for the periods presented:


	Total Number of Shares Purchased	Dollar Value of Shares Purchased		Average Price Paid per Share
	(number of shares)	(in millions)		($ per share)
Year ended December 31, 2021	4,089,988	$	148	$	36.08
Year ended December 31, 2022	7,366,272	$	313	$	42.47
Year ended December 31, 2023	3,407,655	$	143	$	41.69
Total	14,863,915	$	604	$	40.53

See Note 17 Subsequent Events for information on an increase and extension to our Share Repurchase Program.

Dividends

Dividends are payable to shareholders in quarterly increments, subject to the quarterly approval of our Board of Directors. 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. See Note 17 Subsequent Events for information on future cash dividends.

Our Board of Directors declared quarterly cash dividends of $0.17 per share of common stock for the fourth quarter of 2021 and each of the first three quarters of 2022. On November 2, 2022, our Board of Directors approved an increase in our dividend policy to an expected total annual dividend of $1.13 per share. On November 1, 2023, our Board of Directors increased our dividend policy to an expected total annual dividend of $1.24 per share. Cash dividends paid for each period is presented in the table below (excluding amounts accrued on share-based compensation awards).


	Total Dividend		Annual Rate Per Share
	(in millions)		($ per share)
Year ended December 31, 2021	$	14	$	0.17
Year ended December 31, 2022	59		$	0.7925
Year ended December 31, 2023	81		$	1.1575
	$	154

Noncontrolling Interests

BSP JV

Our development joint venture with Benefit Street Partners (BSP JV) contemplated that BSP contributed funds to 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 the redemption, we made aggregate distributions to BSP of $50 million in 2021 which reduced noncontrolling interest on our consolidated balance sheet and was reported as a financing cash outflow on our consolidated statement of cash flows.

BSP's preferred interest was reported in equity on our consolidated balance sheets and BSP’s share of net income (loss) was reported in net income attributable to noncontrolling interests in our consolidated statements of operations for all periods prior to redemption. Upon redemption, we reallocated the remaining balance of $7 million in noncontrolling interest and increased our additional paid-in capital by the same amount.

Warrants

As of December 31, 2023, we had outstanding warrants exercisable into 4,182,521 shares of our common stock.

These warrants are exercisable at an exercise price of $36 per share until October 2024. The Warrant Agreement contains customary anti-dilution adjustments in the event of any stock split, reverse stock split, stock dividend, equity awards under our Management Incentive Plan or 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.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income consists of after-tax amounts for our pension and postretirement benefit plans. See Note 13 Pension and Postretirement Benefit Plans for further information.


	Year ended December 31,
	2023		2022		2021
	(in millions)
Beginning accumulated other comprehensive income (loss)	$	81	$	72	$	(8)
Actuarial (loss) gain associated with pension and postretirement	(2)		18		16
Prior service credit	—		—		65
Recognition of prior service credit due to curtailment	(3)		—		—
Amortization of prior service credit	(5)		(5)		(1)
Other comprehensive (loss) income	(10)		13		80
Total recorded in accumulated other comprehensive income, before tax	71		85		72
Income tax benefit (provision)	3		(4)		—
Total recorded in accumulated other comprehensive loss, net of tax	$	74	$	81	$	72

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

SUPPLEMENTAL ACCOUNT BALANCES AND CASH FLOW INFORMATION - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Supplemental Information [Line Items]
Compensation-related liabilities	$ 38	$ 36
Pension and postretirement benefit plans	36	33
Lease liabilities	55	52
Premiums due on derivative contracts	10	8
Contingent liability related to Carbon TerraVault JV put and call rights	201	185
Other	10	8
Related Party
Supplemental Information [Line Items]
Contingent liability related to Carbon TerraVault JV put and call rights	52	48
Nonrelated Party
Supplemental Information [Line Items]
Contingent liability related to Carbon TerraVault JV put and call rights	$ 201	$ 185

LEASES - Narrative (Details)	12 Months Ended
LEASES - Narrative (Details)	Dec. 31, 2023 option	Dec. 31, 2022 contract
Leases [Abstract]
Number of finance lease contracts \| contract		2
Number of sublease extension options \| option	0

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

We have operating leases primarily for carbon sequestration easements, drilling rigs, vehicles and commercial office space. We have recorded the following amounts on our balance sheet as of December 31, 2023 and 2022:



	Classification	2023		2022
		(in millions)
Right-of-use assets	Other noncurrent assets	$	73	$	73



Lease liabilities	Accrued liabilities	$	15	$	18

Lease liabilities	Other long-term liabilities	$	55	$	52

We determine if our arrangements contain a lease at inception.

We combine lease and nonlease components in determining fixed minimum lease payments for our drilling rigs and commercial office space. If applicable, fixed minimum lease payments are reduced by lease incentives for our commercial office space and increased by mobilization and demobilization fees for our drilling rigs. Certain of our lease agreements include options to extend or terminate the lease, which we may exercise at our sole discretion. For our existing leases, we did not include these options in determining our fixed minimum lease payments over the lease term. Our leases do not include options to purchase the leased property. Lease agreements for our fleet vehicles include residual value guarantees, none of which are recognized in our financial statements until the underlying contingency is resolved.

Variable lease costs for our drilling rigs include costs to operate, move and repair the rigs. Variable lease costs for commercial office space includes utilities and common area maintenance charges. Variable lease costs for our fleet vehicles include other-than-routine maintenance and other various amounts in excess of our fixed minimum rental fee.

Our lease costs, including amounts capitalized to PP&E, shown in the table below are before joint-interest recoveries. Lease payments are reduced by joint interest recoveries on our consolidated statement of operations through our joint-interest billing process.



	Year ended December 31,		Year ended December 31,
	2023		2022
	(in millions)



Operating lease costs	$	23	$	17
Short-term lease costs(a)	52		59
Variable lease costs	2		6
Total operating lease costs	77		82

Sublease income	(2)		(1)
Total lease costs	$	75	$	81

(a)Contracts with terms of less than one month or less are excluded from our disclosure of short-term lease costs.

We had two contracts treated as finance leases, where the terms ended in 2022. These leases were not material to our consolidated results of operations for the periods presented.

We sublease certain commercial office space to third parties where we are the primary obligor under the head lease. The lease terms on those subleases never extend past the term of the head lease and the subleases contain no extension options or residual value guarantees. Sublease income is recognized based on the contract terms and included as a reduction of operating lease cost under our head lease.

Other supplemental information related to our operating leases as of December 31, 2023 and 2022 is provided below:



	Year ended December 31,		Year ended December 31,
	2023		2022
	(in millions)
Cash paid for lease liabilities
Lease liabilities associated with operating activities	$	28	$	14
Lease liabilities associated with investing activities	$	2	$	6


ROU assets obtained in exchange for new operating lease liabilities	$	32	$	35



	2023		2022
Operating Leases
Weighted-average remaining lease term (in years)	7.34		6.43
Weighted-average discount rate	6.7	%	6.1	%

Our operating lease payments are as follows:



	As of
	December 31, 2023
	(in millions)
2024	$	18
2025	14
2026	12
2027	10
2028	9
Thereafter	27
Less: Interest	(20)
Present value of lease liabilities	$	70

STOCKHOLDERS' EQUITY - Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the year (in shares)	71,949,742
Balance at the end of the year (in shares)	68,693,885	71,949,742
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the year (in shares)	71,949,742,000	79,299,222,000
Shares issued from warrant exercises (in shares)	35,441,000	312,000
Shares issued under ESPP (in shares)	41,013,000	16,480,000
Shares issued for stock-based compensation arrangements (in shares)	75,344,000
Shares repurchased (in shares)	(3,407,655,000)	(7,366,272,000)
Balance at the end of the year (in shares)	68,693,885,000	71,949,742,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

DERIVATIVES - Summary of Derivative Contracts (Details)	Dec. 31, 2023 bbl / d MMcf / d $ / barrel $ / MMBTU
Calls \| Q1 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	23,650
Weighted-average price (in dollars per barrel) \| $ / barrel	90.00
Calls \| Q2 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	30,000
Weighted-average price (in dollars per barrel) \| $ / barrel	90.07
Calls \| Q3 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	30,000
Weighted-average price (in dollars per barrel) \| $ / barrel	90.07
Calls \| Q4 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	29,000
Weighted-average price (in dollars per barrel) \| $ / barrel	90.07
Calls \| 2025 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	19,748
Weighted-average price (in dollars per barrel) \| $ / barrel	85.63
Puts \| Purchased \| Q1 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	30,584
Weighted-average price (in dollars per barrel) \| $ / barrel	67.27
Puts \| Purchased \| Q2 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	30,000
Weighted-average price (in dollars per barrel) \| $ / barrel	65.17
Puts \| Purchased \| Q3 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	30,000
Weighted-average price (in dollars per barrel) \| $ / barrel	65.17
Puts \| Purchased \| Q4 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	29,000
Weighted-average price (in dollars per barrel) \| $ / barrel	65.17
Puts \| Purchased \| 2025 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	19,748
Weighted-average price (in dollars per barrel) \| $ / barrel	60.00
Swaps \| Q1 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	9,500
Weighted-average price (in dollars per barrel) \| $ / barrel	79.81
Swaps \| Q1 2024 \| Natural Gas
Derivatives
Daily volume (in Bbl) \| MMcf / d	10,000
Weighted-average price (in dollars per barrel) \| $ / MMBTU	5.65
Swaps \| Q2 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	8,875
Weighted-average price (in dollars per barrel) \| $ / barrel	79.28
Swaps \| Q2 2024 \| Natural Gas
Derivatives
Daily volume (in Bbl) \| MMcf / d	10,000
Weighted-average price (in dollars per barrel) \| $ / MMBTU	5.65
Swaps \| Q3 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	7,750
Weighted-average price (in dollars per barrel) \| $ / barrel	79.64
Swaps \| Q3 2024 \| Natural Gas
Derivatives
Daily volume (in Bbl) \| MMcf / d	10,000
Weighted-average price (in dollars per barrel) \| $ / MMBTU	5.65
Swaps \| Q4 2024 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	5,500
Weighted-average price (in dollars per barrel) \| $ / barrel	77.45
Swaps \| Q4 2024 \| Natural Gas
Derivatives
Daily volume (in Bbl) \| MMcf / d	10,000
Weighted-average price (in dollars per barrel) \| $ / MMBTU	5.65
Swaps \| 2025 \| Crude Oil
Derivatives
Daily volume (in Bbl) \| bbl / d	3,374
Weighted-average price (in dollars per barrel) \| $ / barrel	72.66

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets and Liabilities
Deferred Tax Assets, property, plant and equipment differences	$ 19	$ 47
Deferred Tax Assets, Deferred compensation and benefits	40	27
Deferred Tax Assets, asset retirement obligations	157	148
Deferred Tax Assets, net operating loss carryforwards and credits	15	85
Deferred Tax Asset, business interest expense carryforward	161	167
Deferred Tax Assets, other	81	60
Deferred Tax Assets, subtotal	473	534
Deferred Tax Assets, valuation allowance	0	(35)
Deferred Tax Assets, Net of valuation allowance	473	499
Deferred Tax Liabilities, property, plant and equipment differences	(286)	(267)
Deferred Tax Liabilities, federal benefit of state income taxes	(21)	(31)
Deferred Tax Liabilities, all other	(34)	(37)
Deferred Tax Liabilities, total net deferred taxes	$ (341)	$ (335)

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Balance Sheet Information Related to Operating Leases



	Classification	2023		2022
		(in millions)
Right-of-use assets	Other noncurrent assets	$	73	$	73



Lease liabilities	Accrued liabilities	$	15	$	18

Lease liabilities	Other long-term liabilities	$	55	$	52

Schedule of Operating Lease Costs



	Year ended December 31,		Year ended December 31,
	2023		2022
	(in millions)



Operating lease costs	$	23	$	17
Short-term lease costs(a)	52		59
Variable lease costs	2		6
Total operating lease costs	77		82

Sublease income	(2)		(1)
Total lease costs	$	75	$	81

(a)Contracts with terms of less than one month or less are excluded from our disclosure of short-term lease costs.

Schedule of Other Operating and Finance Lease Information

Other supplemental information related to our operating leases as of December 31, 2023 and 2022 is provided below:



	Year ended December 31,		Year ended December 31,
	2023		2022
	(in millions)
Cash paid for lease liabilities
Lease liabilities associated with operating activities	$	28	$	14
Lease liabilities associated with investing activities	$	2	$	6


ROU assets obtained in exchange for new operating lease liabilities	$	32	$	35



	2023		2022
Operating Leases
Weighted-average remaining lease term (in years)	7.34		6.43
Weighted-average discount rate	6.7	%	6.1	%

Schedule of Maturities of our Operating Lease Liabilities

Our operating lease payments are as follows:



	As of
	December 31, 2023
	(in millions)
2024	$	18
2025	14
2026	12
2027	10
2028	9
Thereafter	27
Less: Interest	(20)
Present value of lease liabilities	$	70

Schedule of Maturities of our Financing Lease Liabilities

Our operating lease payments are as follows:



	As of
	December 31, 2023
	(in millions)
2024	$	18
2025	14
2026	12
2027	10
2028	9
Thereafter	27
Less: Interest	(20)
Present value of lease liabilities	$	70

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$ 564	$ 524	$ 625
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	225	198	213
Deferred income tax provision (benefit)	35	226	(396)
Asset impairments	3	2	28
Net loss from commodity derivatives	20	551	676
Settlement payments from commodity derivatives	(272)	(738)	(319)
Loss on early extinguishment of debt	1	0	2
Net gain on asset divestitures	(32)	(59)	(124)
Other non-cash charges to income, net	103	43	62
Changes in operating assets and liabilities, net:
Decrease (increase) in trade receivables	110	(81)	(68)
(Increase) in inventories	(12)	0	0
Decrease (increase) in other current assets, net	0	35	(47)
(Decrease) increase in accounts payable and accrued liabilities	(92)	(11)	8
Net cash provided by operating activities	653	690	660
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(185)	(379)	(194)
Changes in accrued capital investments	(13)	1	20
Proceeds from asset divestitures	32	80	67
Acquisitions	(5)	(17)	(52)
Distribution related to the Carbon TerraVault JV	0	12	0
Capitalized joint venture transaction costs	0	(12)	0
Other	(4)	(2)	(2)
Net cash used in investing activities	(175)	(317)	(161)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Senior Notes	0	0	600
Debt repurchases	(56)	0	0
Debt financing costs	(8)	0	(13)
Distributions to noncontrolling interest holders	0	0	(50)
Repurchases of common stock	(143)	(313)	(148)
Common stock dividends	(81)	(59)	(14)
Issuance of common stock	2	1	2
Shares cancelled for taxes and other	(3)	0	0
Net cash (used) provided by financing activities	(289)	(371)	(222)
Increase in cash	189	2	277
Cash and cash equivalents—beginning of period	307	305	28
Cash and cash equivalents—end of period	496	307	305
Revolving Credit Facility
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	0	0	16
Repayments of Revolving Credit Facility	0	0	(115)
Second Lien Notes
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of Second Lien Term Loan and EHP Notes	0	0	(200)
EHP Notes
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of Second Lien Term Loan and EHP Notes	$ 0	$ 0	$ (300)

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER - Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligations Roll forward
Beginning balance	$ 491	$ 489
Liabilities settled and divested	(60)	(57)
Accretion expense on discounted obligation	46	43
Revisions of estimated obligation	37	15
Additions	7	6
Other	0	(5)
Ending balance	521	491
Current portion (included in accrued liabilities)	99	59
Non-current portion	422	$ 432
Asset retirement obligations associated with assets held for sale	$ 5

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:



	December 31, 2023		December 31, 2022
	(in millions)
Proved oil and natural gas properties	$	3,156	$	2,972
Unproved oil and natural gas properties	1		2
Facilities and other	280		254
Total property, plant and equipment	3,437		3,228
Accumulated depreciation, depletion and amortization	(667)		(442)
Total property, plant and equipment, net	$	2,770	$	2,786

Schedule of the Activity of Capitalized Exploratory Well Costs

The following table summarizes the activity of capitalized exploratory well costs:


	Year ended December 31,
(in millions)	2023		2022		2021
Beginning balance	$	1	$	1	$	3


Charged to expense	—		—		(2)


Ending balance	$	1	$	1	$	1

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS - Equity Method Investment Unconsolidated Subsidiary, Balance Sheet (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	$ 19	$ 33
Total property, plant and equipment, net	2,770	2,786
Other long-term liabilities	201	185
Loss from investment in unconsolidated subsidiary	9	1	$ 0
Related Party
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	19	33
Other long-term liabilities	52	48
Carbon TerraVault Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiary	19	13
Total property, plant and equipment, net	6	0
Loss from investment in unconsolidated subsidiary	9	1
Carbon TerraVault Joint Venture \| Related Party
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	19	33
Other long-term liabilities	52	48
Carbon TerraVault Joint Venture \| Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Equity method investments, distributed to satisfy future capital calls	17	32
Carbon TerraVault Joint Venture \| Management Services Agreement \| Related Party
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	$ 2	$ 1

SUPPLEMENTAL ACCOUNT BALANCES AND CASH FLOW INFORMATION - Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Supplemental Information [Line Items]
Fair value of derivative contracts	$ 21	$ 39
Prepaid expenses	19	17
Prepaid greenhouse gas allowances, net	12	0
Natural gas margin deposits	0	16
Income tax receivable	0	10
Other	18	12
Other current assets, net	113	133
Due from joint interest partners, allowances	3	1
Joint Interest Partners
Supplemental Information [Line Items]
Other current assets, net	43	39
Nonrelated Party
Supplemental Information [Line Items]
Other current assets, net	$ 113	$ 133

STOCK-BASED COMPENSATION - Performance Stock Unit Awards (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Units
Vested (in shares) \| shares	(30)
Weighted-Average Grant-Date Fair Value
Vested (in dollars per share) \| $ / shares	$ 25.93
Performance Stock Units
Number of Units
Unvested, beginning of year (in shares) \| shares	947
Granted (in shares) \| shares	559
Forfeited or Cancelled (in shares) \| shares	(103)
Unvested, end of year (in shares) \| shares	1,373
Weighted-Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share) \| $ / shares	$ 20.19
Granted (in dollars per share) \| $ / shares	43.03
Forfeited or Cancelled (in dollars per share) \| $ / shares	36.68
Unvested, end of year (in dollars per share) \| $ / shares	$ 28.13

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

On January 18, 2021, our Board of Directors approved the California Resources Corporation 2021 Long Term Incentive Plan (Long Term Incentive Plan). The Long Term Incentive Plan provides for potential grants of stock options, stock appreciation rights, restricted stock awards, restricted stock units, vested stock awards, dividend equivalents, other stock-based awards and substitute awards to employees, officers, non-employee directors and other service providers of the Company and its affiliates.

The Long Term Incentive Plan provides for the reservation of 9,257,740 shares of common stock for future issuances, subject to adjustment as provided in the Long Term Incentive Plan. Shares of stock subject to an award under the Long Term Incentive Plan that expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated without the actual delivery of shares (restricted stock awards are not considered “delivered shares” for this purpose) will again be available for new awards under the Long Term Incentive Plan. However, (i) shares tendered or withheld in payment of any exercise or purchase price of an award or taxes relating to awards, (ii) shares that were subject to an option or a stock appreciation right but were not issued or delivered as a result of the net settlement or net exercise of the option or stock appreciation right, and (iii) shares repurchased on the open market with the proceeds from the exercise price of an option, will not, in each case, again be available for new awards under the Long Term Incentive Plan.

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

Stock-based compensation expense is recorded on our consolidated statements of operations based on job function of the employees receiving the grants as shown in the table below.


	Year ended December 31,
	2023		2022		2021
	(in millions)
General and administrative expenses	$	40	$	26	$	17
Operating costs	7		4		2
Carbon management business expenses	1		—		—
Total stock-based compensation expense	$	48	$	30	$	19

Income tax benefit	$	9	$	6	$	—

We paid $11 million and $6 million for our long-term cash incentive awards for the year ended December 31, 2023 and December 31, 2022, respectively. No payments were made during the year ended December 31, 2021.

Stock Settled Awards

Restricted Stock Units

Executives and non-employee directors were granted RSUs, which are in the form of, or equivalent in value to, actual shares of our common stock. The awards generally vest from two to three years following the grant date. Dividend equivalents are accumulated and paid when the shares are issued.

The following table sets forth RSU activity for the year ended December 31, 2023:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2022	1,121	$	25.64
Granted	416	$	39.95
Vested	(81)	$	30.53
Forfeited or Cancelled	(168)	$	29.28
Unvested at December 31, 2023	1,288	$	29.49

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

As of December 31, 2023, the unrecognized compensation expense for our unvested RSUs was approximately $10 million and is expected to be recognized over a weighted-average remaining service period of approximately two years.

Performance Stock Units

In 2023, executives were granted PSUs which are earned based on our absolute total shareholder return and total shareholder return relative to the SPDR S&P Oil and Gas Exploration and Production Exchange-Traded Fund listed on the New York Stock Exchange. The PSUs have payouts that range from 0% to 200% of the target award and settle in common shares once certified. Dividend equivalents for these awards are accumulated and paid out upon certification of the award.

In 2021 and 2022, executives were granted PSUs which are earned upon the attainment of specified 60-trading day volume weighted average prices for shares of our common stock generally during a three-year service period commencing on the grant date. Once units are earned, the earned units are not reduced for subsequent decreases in stock price. For the duration of the three-year period, a minimum of 0% and a maximum of 100% of the PSUs granted could be earned. The grant date fair value and associated equity compensation expense was measured using a Monte Carlo simulation model which runs a probabilistic assessment of the number of units that will be earned based on a projection of our stock price during the three-year service period. Although certain events may accelerate vesting, earned PSUs generally vest on the third anniversary of the grant date, and are settled in shares of our common stock at the three-year anniversary of the grant date. PSU grants made to certain executives in 2021 have been fully earned.

The following table sets forth PSU activity for the year ended December 31, 2023:



	Number of Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2022	947	$	20.19
Granted	559	$	43.03
Vested	(30)	$	25.93
Forfeited or Cancelled	(103)	$	36.68
Unvested at December 31, 2023	1,373	$	28.13

The range of assumptions used in the valuation of PSUs granted during 2023, 2022 and 2021 were as follows:


	2023		2022		2021



Expected volatility(a)	42.36% - 55.00%		60.00	%	60.00% - 65.00%
Risk-free interest rate(b)	3.81% - 4.95%		1.59% - 2.55%		0.16% - 0.60%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	1.5 - 3		2 - 3		2 - 3

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

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

Compensation expense is recognized on a straight-line basis over the requisite service periods adjusted for actual forfeitures, if any. Events that accelerate the vesting of an award have no effect on the requisite service period until such an event becomes probable.

As of December 31, 2023, the unrecognized compensation expense for our unvested PSUs was approximately $14 million and is expected to be recognized over a weighted-average remaining service period of approximately two years.

Cash Incentive Awards

In each of the years of 2023, 2022 and 2021, we granted performance cash-settled awards to approximately 500 non-executive employees where half of the award is variable with payouts ranging from 75% to 150% of the grant value. The variable portion of the award is determined based upon the attainment of specified 60-trading day volume weighted average prices for shares of our common stock preceding each vesting date. These awards vest ratably over a three-year service period, with one third of the grants vesting on each of the first three anniversaries of the grant date. The fair value of the awards is adjusted on a quarterly basis for the cumulative change in the value determined using a Monte Carlo simulation model which runs a probabilistic assessment of our stock price for each of the three-year service periods.

The assumptions used in the valuation of our cash awards as of December 31, 2023 were as follows:



	2023 Awards		2022 Awards		2021 Awards



Expected volatility(a)	40	%	36	%	25	%
Risk-free interest rate(b)	4.20	%	4.51	%	5.26	%
Dividend yield(c)	—	%	—	%	—	%
Forecast period (in years)	2.15		1.5		0.5

(a)Expected volatility was calculated using the historical volatility of our stock.

(b)Based on the U.S. Treasury yield for the remaining terms.

(c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

As of December 31, 2023, the unrecognized compensation expense for all of our unvested cash-settled awards was $14 million and is expected to be recognized over a weighted-average remaining service period of approximately two years. The value of awards forfeited during the year ended December 31, 2023 was approximately $4 million.

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 December 31, 2023, a total of 57,493 common shares were issued under our ESPP.

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended				12 Months Ended
	Feb. 27, 2024 $ / shares	Feb. 07, 2024 USD ($) shares	Feb. 06, 2024 USD ($)	Feb. 29, 2024 USD ($) shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
Subsequent Event [Line Items]
Stock repurchase program authorized amount									$ 1,100
Dividends declared, common stock (in dollars per share) \| $ / shares					$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 1.1575	$ 0.7925	$ 0.17
Proceeds from asset divestitures									$ 32	$ 80	$ 67
Restricted Stock Units
Subsequent Event [Line Items]
Granted (in shares) \| shares									416,000
Restricted Stock Units \| Maximum
Subsequent Event [Line Items]
Award vesting period									3 years
Performance Stock Units
Subsequent Event [Line Items]
Granted (in shares) \| shares									559,000
Subsequent Event
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share) \| $ / shares	$ 0.31
Subsequent Event \| Fort Apache In Huntington Beach \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Number of acres sold				0.9
Proceeds from asset divestitures				$ 10
Subsequent Event \| Line of Credit \| Bridge Loan Facility
Subsequent Event [Line Items]
Term of loan facility		364 days
Line of credit facility, maximum borrowing capacity		$ 500
Subsequent Event \| Aera Energy, LLC
Subsequent Event [Line Items]
Long-term indebtedness assumed in connection with merger		$ 950
Ownership percentage as a result of merger		77.10%
Subsequent Event \| Aera Energy, LLC \| Aera Energy, LLC
Subsequent Event [Line Items]
Ownership percentage as a result of merger		22.90%
Subsequent Event \| Aera Energy, LLC \| Common Stock
Subsequent Event [Line Items]
Common stock issued in connection with merger (in shares) \| shares		21,170,357
Subsequent Event \| Certain Executives \| Restricted Stock Units
Subsequent Event [Line Items]
Granted (in shares) \| shares				182,000
Subsequent Event \| Certain Executives \| Restricted Stock Units \| Maximum
Subsequent Event [Line Items]
Award vesting period				3 years
Subsequent Event \| Certain Executives \| Performance Stock Units
Subsequent Event [Line Items]
Granted (in shares) \| shares				273,000
Subsequent Event \| Share Repurchase Program
Subsequent Event [Line Items]
Stock repurchase program, increase in authorized amount			$ 250
Stock repurchase program authorized amount			$ 1,350

REVENUE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of revenue
Typical term of payment following invoicing	30 days
Revenue	$ 2,155	$ 2,643	$ 2,048
Other revenue
Disaggregation of revenue
Revenue	$ 15	$ 14	$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventories, by category, are as follows:



	2023		2022
	(in millions)
Materials and supplies	$	68	$	56
Finished goods	4		4
Total	$	72	$	60

Schedule of Rollforward of Asset Retirement Obligation

The following table presents a rollforward of our ARO.



	Year ended December 31,		Year ended December 31,
(in millions)	2023		2022
Beginning balance	$	491	$	489

Liabilities settled and divested	(60)		(57)
Accretion expense on discounted obligation	46		43


Revisions of estimated obligation	37		15
Additions	7		6
Other	—		(5)

Ending balance	$	521	$	491

Current portion (included in accrued liabilities)	$	99	$	59
Non-current portion	$	422	$	432

Note: The table excludes $5 million related to asset retirement obligations associated with assets held for sale.