0001609253-24-000080 | 10-Q | XBRL Viewer | California Resources Corp

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	84,460,423	83,557,800
Common stock, outstanding shares (in shares)	68,530,744	68,693,885
Treasury stock (in shares)	15,929,679	14,863,915

DERIVATIVES

3 Months Ended

Mar. 31, 2024

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 derivative instruments designated as accounting hedges as of and for the three months ended March 31, 2024 and 2023. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to implement our hedging strategy.

Summary of Derivative Contracts

We held the following Brent-based contracts as of March 31, 2024:


	Q2 2024		Q3 2024		Q4 2024		1H 2025		2H 2025
Sold Calls
Barrels per day	30,000		30,000		29,000		28,000		27,500
Weighted-average price per barrel	$	90.07	$	90.07	$	90.07	$	86.88	$	86.90

Purchased Puts
Barrels per day	30,000		30,000		29,000		28,000		27,500
Weighted-average price per barrel	$	65.17	$	65.17	$	65.17	$	61.43	$	61.45

Swaps
Barrels per day	8,875		8,875		5,500		3,500		3,250
Weighted-average price per barrel	$	79.28	$	80.10	$	77.45	$	72.81	$	72.50

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 March 31, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.


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

We also have a limited number of derivative contracts related to our natural gas marketing activities are intended to lock in locational price spreads. These derivative contracts are not significant to our results of operations or financial statements taken as a whole.

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 which hedge commodity price risk related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:


	Three months ended March 31,
	2024		2023
(in millions)
Non-cash commodity derivative (loss) gain	$	(59)	$	107


Settlements and premiums	(12)		(65)

Net (loss) gain from commodity derivatives	$	(71)	$	42

We report gains and losses on our derivative contracts for purchased natural gas used to generate steam for our steamflood operations as a component of operating expense on our consolidated statement of operations. For the three months ended March 31, 2024, we recognized a net loss of $1 million (which includes a non-cash gain of $1 million and $2 million of settlement payments) in other operating expenses, net on our consolidated statement of operations. We did not have derivative contracts related to purchased natural gas for the three months ended March 31, 2023.

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 as of March 31, 2024 and December 31, 2023:


March 31, 2024
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
	(in millions)
Other current assets, net	$	11	$	(11)	$	—
Other noncurrent assets	24		(24)		—

Current liabilities	(46)		11		(35)
Noncurrent liabilities	(38)		24		(14)
	$	(49)	$	—	$	(49)


December 31, 2023
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
	(in millions)
Other current assets, net	$	39	$	(18)	$	21
Other noncurrent assets	38		(32)		6

Current liabilities	(26)		18		(8)
Noncurrent liabilities	(34)		32		(2)
	$	17	$	—	$	17

SUPPLEMENTAL ACCOUNT BALANCES - Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Materials and supplies	$ 68	$ 68
Finished goods	2	4
Inventories	$ 70	$ 72

SUPPLEMENTAL ACCOUNT BALANCES

3 Months Ended

Mar. 31, 2024

SUPPLEMENTAL INFORMATION [Abstract]

SUPPLEMENTAL ACCOUNT BALANCES

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

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



	Three months ended March 31,
	2024		2023
	(in millions)
Oil	$	348	$	390
Natural gas	32		263
NGLs	49		62
Oil, natural gas and NGL sales	$	429	$	715

From time-to-time, we enter into transactions for third-party production, which we report as revenue from marketing of purchased commodities on our condensed consolidated statement of operations. Revenues from marketing of purchased commodities primarily results from the storage or transportation of natural gas to take advantage of differences in pricing or location or in the quality of other products. The following table provides disaggregated revenue for sales to customers related to our marketing activities:



	Three months ended March 31,
	2024		2023
	(in millions)
Oil	$	20	$	—
Natural gas	48		184
NGLs	6		3
Revenue from marketing of purchased commodities	$	74	$	187

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



	March 31,		December 31,
	2024		2023
	(in millions)
Materials and supplies	$	68	$	68
Finished goods	2		4
Inventories	$	70	$	72

Other current assets, net — Other current assets, net include the following:



	March 31,		December 31,
	2024		2023
	(in millions)
Net amounts due from joint interest partners(a)	$	40	$	43

Fair value of commodity derivative contracts	—		21
Prepaid expenses	29		19
Greenhouse gas allowances	6		12

Income tax receivable	4		—
Other	16		18
Other current assets, net	$	95	$	113

(a)Included in the March 31, 2024 and December 31, 2023 net amounts due from joint interest partners are allowances of $3 million.

Other noncurrent assets — Other noncurrent assets include the following:



	March 31,		December 31,
	2024		2023
	(in millions)
Operating lease right-of-use assets	$	85	$	73
Deferred financing costs - Revolving Credit Facility	10		11
Emission reduction credits	11		11
Prepaid power plant maintenance	2		34
Fair value of commodity derivative contracts	—		6
Deposits and other	15		13
Other noncurrent assets	$	123	$	148

Accrued liabilities — Accrued liabilities include the following:


	March 31,		December 31,
	2024		2023
	(in millions)
Employee-related costs	$	48	$	82
Taxes other than on income	50		35
Asset retirement obligations	90		99
Interest	8		18
Operating lease liability	19		15
Fair value of derivative contracts	35		8
Premiums due on commodity derivative contracts	13		21
Liability for settlement payments on commodity derivative contracts	5		8
Amounts due under production-sharing contracts	10		5
Signal Hill maintenance	13		12
Income taxes payable	—		18

Other	47		45
Accrued liabilities	$	338	$	366

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



	March 31,		December 31,
	2024		2023
	(in millions)
Compensation-related liabilities	$	33	$	38
Postretirement benefit plan	35		36
Operating lease liability	56		55
Fair value of commodity derivative contracts	14		2
Premiums due on commodity derivative contracts	10		10
Contingent liability (related to Carbon TerraVault JV put and call rights)	99		52
Other	6		8
Other long-term liabilities	$	253	$	201

General and administrative expenses — The table below shows G&A expenses for our exploration and production business (including unallocated corporate overhead and other) separately from our carbon management business. The amounts shown for our carbon management business are net of amounts invoiced by us under the MSA with the Carbon TerraVault JV. See Note 3 Investment in Unconsolidated Subsidiary and Related Party Transactions for more information on the Carbon TerraVault JV.


	Three months ended March 31,
	2024		2023
	(in millions)
Exploration and production, corporate and other	$	55	$	62
Carbon management business	2		3
Total general and administrative expenses	$	57	$	65

SUPPLEMENTAL ACCOUNT BALANCES - General and Administrative Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Information [Line Items]
General and administrative expenses	$ 57	$ 65
Exploration and production, corporate and other
Supplemental Information [Line Items]
General and administrative expenses	55	62
Carbon management business
Supplemental Information [Line Items]
General and administrative expenses	$ 2	$ 3

EARNINGS PER SHARE - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for Basic and Diluted EPS
NET (LOSS) INCOME	$ (10)	$ 301
Denominator for Basic EPS
Weighted-average common shares outstanding — basic (in shares)	69.0	71.3
Weighted-average common shares outstanding — diluted (in shares)	69.0	73.5
EPS
Basic (in dollars per share)	$ (0.14)	$ 4.22
Diluted (in dollars per share)	$ (0.14)	$ 4.09
Warrants
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.0	0.5
Restricted stock units
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.0	0.9
Performance stock units
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0.0	0.8

SUPPLEMENTAL ACCOUNT BALANCES - Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Supplemental Information [Line Items]
Fair value of commodity derivative contracts	$ 0	$ 21
Prepaid expenses	29	19
Greenhouse gas allowances	6	12
Income tax receivable	4	0
Other	16	18
Other current assets, net	95	113
Due from joint interest partners, allowances	3	3
Joint Interest Partners
Supplemental Information [Line Items]
Other current assets, net	40	43
Nonrelated Party
Supplemental Information [Line Items]
Other current assets, net	$ 95	$ 113

SUPPLEMENTAL CASH FLOW INFORMATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Line Items]
Taxes paid	$ 22	$ 0
Interest paid, net of capitalized amounts	20	21
Interest income	6	3
Issuance of shares	87
Dividends accrued for stock-based compensation awards	1
Excise tax on share repurchases	$ 1	1
Carbon TerraVault JV
Supplemental Cash Flow Elements [Line Items]
Non-cash investing activities, capital call		$ 2

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Open Derivative Contracts

We held the following Brent-based contracts as of March 31, 2024:


	Q2 2024		Q3 2024		Q4 2024		1H 2025		2H 2025
Sold Calls
Barrels per day	30,000		30,000		29,000		28,000		27,500
Weighted-average price per barrel	$	90.07	$	90.07	$	90.07	$	86.88	$	86.90

Purchased Puts
Barrels per day	30,000		30,000		29,000		28,000		27,500
Weighted-average price per barrel	$	65.17	$	65.17	$	65.17	$	61.43	$	61.45

Swaps
Barrels per day	8,875		8,875		5,500		3,500		3,250
Weighted-average price per barrel	$	79.28	$	80.10	$	77.45	$	72.81	$	72.50

At March 31, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.


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

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


	Three months ended March 31,
	2024		2023
(in millions)
Non-cash commodity derivative (loss) gain	$	(59)	$	107


Settlements and premiums	(12)		(65)

Net (loss) gain from commodity derivatives	$	(71)	$	42

Schedule of Fair Value of Derivatives

The following tables present the fair values of our outstanding commodity derivatives as of March 31, 2024 and December 31, 2023:


March 31, 2024
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
	(in millions)
Other current assets, net	$	11	$	(11)	$	—
Other noncurrent assets	24		(24)		—

Current liabilities	(46)		11		(35)
Noncurrent liabilities	(38)		24		(14)
	$	(49)	$	—	$	(49)


December 31, 2023
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value
	(in millions)
Other current assets, net	$	39	$	(18)	$	21
Other noncurrent assets	38		(32)		6

Current liabilities	(26)		18		(8)
Noncurrent liabilities	(34)		32		(2)
	$	17	$	—	$	17

- 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

SUPPLEMENTAL ACCOUNT BALANCES - Other Noncurrent Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Operating lease right-of-use assets	$ 85	$ 73
Deferred financing costs - Revolving Credit Facility	10	11
Emission reduction credits	11	11
Prepaid power plant maintenance	2	34
Fair value of commodity derivative contracts	0	6
Deposits and other	15	13
Other noncurrent assets	$ 123	$ 148

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Interest and other revenue
Reclassification [Line Items]
Revenue not from contract with customer	$ 7	$ 12
Interest and other revenue \| Reclassification adjustment
Reclassification [Line Items]
Revenue not from contract with customer		(3)
Revenue from marketing of purchased commodities
Reclassification [Line Items]
Revenue not from contract with customer	74	$ 187
Revenue from marketing of purchased commodities \| Reclassification adjustment
Reclassification [Line Items]
Revenue not from contract with customer	$ 3

SUPPLEMENTAL ACCOUNT BALANCES (Tables)

3 Months Ended

Mar. 31, 2024

SUPPLEMENTAL INFORMATION [Abstract]

Schedule of Disaggregated Revenue

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



	Three months ended March 31,
	2024		2023
	(in millions)
Oil	$	348	$	390
Natural gas	32		263
NGLs	49		62
Oil, natural gas and NGL sales	$	429	$	715



	Three months ended March 31,
	2024		2023
	(in millions)
Oil	$	20	$	—
Natural gas	48		184
NGLs	6		3
Revenue from marketing of purchased commodities	$	74	$	187

Schedule of Inventories

Inventories, by category, are as follows:



	March 31,		December 31,
	2024		2023
	(in millions)
Materials and supplies	$	68	$	68
Finished goods	2		4
Inventories	$	70	$	72

Schedule of Other Current Assets, Net

Other current assets, net include the following:



	March 31,		December 31,
	2024		2023
	(in millions)
Net amounts due from joint interest partners(a)	$	40	$	43

Fair value of commodity derivative contracts	—		21
Prepaid expenses	29		19
Greenhouse gas allowances	6		12

Income tax receivable	4		—
Other	16		18
Other current assets, net	$	95	$	113

(a)Included in the March 31, 2024 and December 31, 2023 net amounts due from joint interest partners are allowances of $3 million.

Schedule of Other Noncurrent Assets

Other noncurrent assets include the following:



	March 31,		December 31,
	2024		2023
	(in millions)
Operating lease right-of-use assets	$	85	$	73
Deferred financing costs - Revolving Credit Facility	10		11
Emission reduction credits	11		11
Prepaid power plant maintenance	2		34
Fair value of commodity derivative contracts	—		6
Deposits and other	15		13
Other noncurrent assets	$	123	$	148

Schedule of Accrued Liabilities

Accrued liabilities include the following:


	March 31,		December 31,
	2024		2023
	(in millions)
Employee-related costs	$	48	$	82
Taxes other than on income	50		35
Asset retirement obligations	90		99
Interest	8		18
Operating lease liability	19		15
Fair value of derivative contracts	35		8
Premiums due on commodity derivative contracts	13		21
Liability for settlement payments on commodity derivative contracts	5		8
Amounts due under production-sharing contracts	10		5
Signal Hill maintenance	13		12
Income taxes payable	—		18

Other	47		45
Accrued liabilities	$	338	$	366

Schedule of Other Long-term Liabilities

Other long-term liabilities includes the following:



	March 31,		December 31,
	2024		2023
	(in millions)
Compensation-related liabilities	$	33	$	38
Postretirement benefit plan	35		36
Operating lease liability	56		55
Fair value of commodity derivative contracts	14		2
Premiums due on commodity derivative contracts	10		10
Contingent liability (related to Carbon TerraVault JV put and call rights)	99		52
Other	6		8
Other long-term liabilities	$	253	$	201

Schedule of General and Administrative Expenses

The table below shows G&A expenses for our exploration and production business (including unallocated corporate overhead and other) separately from our carbon management business. The amounts shown for our carbon management business are net of amounts invoiced by us under the MSA with the Carbon TerraVault JV. See Note 3 Investment in Unconsolidated Subsidiary and Related Party Transactions for more information on the Carbon TerraVault JV.


	Three months ended March 31,
	2024		2023
	(in millions)
Exploration and production, corporate and other	$	55	$	62
Carbon management business	2		3
Total general and administrative expenses	$	57	$	65

DEBT - Revolving Credit Facility - Narrative (Details) - Line of Credit - USD ($) $ in Millions	Mar. 31, 2024	Feb. 28, 2024	Oct. 30, 2023
Revolving Credit Facility
Debt instrument
Line of credit facility, maximum borrowing capacity	$ 630
Line of credit facility, remaining borrowing capacity	477
Borrowing base	1,500	$ 1,200	$ 1,200
Aggregate commitment	1,100	$ 630
Letters of Credit
Debt instrument
Line of credit facility, maximum borrowing capacity	250
Letters of credit issued	$ 153

- 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.

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+ Details

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic and diluted earnings per share (EPS) were calculated using the treasury stock method for the three months ended March 31, 2024 and 2023. Our restricted stock unit (RSU) and performance stock unit (PSU) awards are not considered participating securities since the dividend rights on unvested shares are forfeitable.

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

The following table presents the calculation of basic and diluted EPS, for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
	2024		2023
	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net (loss) income	$	(10)	$	301





Denominator for Basic EPS
Weighted-average shares	69.0		71.3

Potential common shares, if dilutive:
Warrants	—		0.5
Restricted stock units	—		0.9
Performance stock units	—		0.8

Denominator for Diluted EPS
Weighted-average shares	69.0		73.5

EPS
Basic	$	(0.14)	$	4.22
Diluted	$	(0.14)	$	4.09

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


	Three months ended March 31,
	2024	2023
(in millions)
Shares issuable upon exercise of warrants	4.2	—
Shares issuable upon settlement of RSUs	0.9	—
Shares issuable upon settlement of PSUs	1.1	—
Total antidilutive shares	6.2	—

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	$ 839	$ 929
Total property, plant and equipment, net	2,793	2,770
Investments in consolidated subsidiaries	0	0
Deferred tax asset	139	132
Investment in unconsolidated subsidiary	16	19
Other assets	123	148
TOTAL ASSETS	3,910	3,998
Total current liabilities	594	616
Long-term debt	541	540
Asset retirement obligations	429	422
Other long-term liabilities	253	201
Amounts due to (from) affiliates	0
Total equity	2,093	2,219	$ 2,092	$ 1,864
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	3,910	3,998
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	0	0
Total property, plant and equipment, net	0	0
Investments in consolidated subsidiaries	(3,669)	(3,647)
Deferred tax asset	0	0
Investment in unconsolidated subsidiary	0	0
Other assets	0	0
TOTAL ASSETS	(3,669)	(3,647)
Total current liabilities	0	0
Long-term debt	0	0
Asset retirement obligations	0	0
Other long-term liabilities	0	0
Amounts due to (from) affiliates	0
Total equity	(3,669)	(3,647)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(3,669)	(3,647)
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	428	511
Total property, plant and equipment, net	13	14
Investments in consolidated subsidiaries	2,358	2,311
Deferred tax asset	139	132
Investment in unconsolidated subsidiary	0	0
Other assets	12	12
TOTAL ASSETS	2,950	2,980
Total current liabilities	82	142
Long-term debt	541	540
Asset retirement obligations	0	0
Other long-term liabilities	71	79
Amounts due to (from) affiliates	163
Total equity	2,093	2,219
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,950	2,980
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	67	20
Total property, plant and equipment, net	16	12
Investments in consolidated subsidiaries	(17)	(11)
Deferred tax asset	0	0
Investment in unconsolidated subsidiary	16	19
Other assets	50	36
TOTAL ASSETS	132	76
Total current liabilities	15	13
Long-term debt	0	0
Asset retirement obligations	0	0
Other long-term liabilities	122	73
Amounts due to (from) affiliates	24
Total equity	(29)	(10)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	132	76
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	344	398
Total property, plant and equipment, net	2,764	2,744
Investments in consolidated subsidiaries	1,328	1,347
Deferred tax asset	0	0
Investment in unconsolidated subsidiary	0	0
Other assets	61	100
TOTAL ASSETS	4,497	4,589
Total current liabilities	497	461
Long-term debt	0	0
Asset retirement obligations	429	422
Other long-term liabilities	60	49
Amounts due to (from) affiliates	(187)
Total equity	3,698	3,657
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,497	$ 4,589

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Oil, natural gas and NGL sales	$ 429	$ 715
Net (loss) gain from commodity derivatives	(71)	42
Total operating revenues	454	1,024
OPERATING EXPENSES
Operating costs	176	254
General and administrative expenses	57	65
Depreciation, depletion and amortization	53	58
Asset impairment	0	3
Taxes other than on income	38	42
Exploration expense	1	1
Accretion expense	12	12
Carbon management business expenses	8	5
Other operating expenses, net	37	8
Total operating expenses	464	638
Gain on asset divestitures	6	7
OPERATING (LOSS) INCOME	(4)	393
NON-OPERATING (EXPENSES) INCOME
Interest and debt expense	(13)	(14)
Loss from investment in unconsolidated subsidiary	(3)	(2)
Other non-operating income (loss)	1	(1)
(LOSS) INCOME BEFORE INCOME TAXES	(19)	376
Income tax benefit (provision)	9	(75)
NET (LOSS) INCOME	$ (10)	$ 301
Net (loss) income per share
Basic (in dollars per share)	$ (0.14)	$ 4.22
Diluted (in dollars per share)	$ (0.14)	$ 4.09
Weighted-average common shares outstanding
Basic (in shares)	69.0	71.3
Diluted (in shares)	69.0	73.5
Revenue from marketing of purchased commodities
REVENUES
Revenue not from contract with customer	$ 74	$ 187
OPERATING EXPENSES
Costs of sales	54	124
Electricity sales
REVENUES
Revenue not from contract with customer	15	68
Interest and other revenue
REVENUES
Revenue not from contract with customer	7	12
Electricity generation expenses
OPERATING EXPENSES
Costs of sales	8	49
Transportation costs
OPERATING EXPENSES
Costs of sales	$ 20	$ 17

DEBT - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Fair value of debt	$ 549	$ 554

STOCKHOLDERS' EQUITY - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		35 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
Equity [Abstract]
Share repurchase (in shares)	1,065,764	1,423,764	15,929,679
Stock repurchase	$ 58	$ 59	$ 662
Average price (in dollar per share)	$ 53.26	$ 41.25	$ 41.39
Stock repurchase, excise tax	$ 1	$ 1

INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table presents the components of our total income tax provision:


	Three months ended March 31,
	2024		2023
	(in millions)
(Loss) income before income taxes	$	(19)	$	376

Current income tax provision	—		28
Deferred income tax (benefit) provision	(9)		47
Total income tax (benefit) provision	$	(9)	$	75

Our income tax provision or benefit for interim periods is determined by applying an estimated annual effective tax rate to (loss) income before income taxes with the result adjusted for discrete items, if any, in the relevant period. A reconciliation of the U.S. federal statutory tax rate to effective tax rate, including discrete items, for the three months ended March 31, 2024 and 2023 is shown below:


	Three months ended March 31,
	2024		2023
U.S federal statutory tax rate	21	%	21	%
State income taxes, net	7		7
Other	3		—
Annual effective tax rate	31	%	28	%
Discrete items:
Stock compensation and other	16		—
Change in the valuation allowance	—		(8)
Effective tax rate	47	%	20	%

Our annual effective tax rate of 31% differed from the U.S. federal statutory tax rate of 21% for the three months ended March 31, 2024 primarily due to state taxes and disallowed executive compensation expense. During the three months ended March 31, 2024, we recognized an income tax benefit related to the settlement of certain equity-settled stock-based compensation awards, which have the effect of increasing our effective tax rate by 16%.

Our annual effective tax rate of 28% differed from the U.S. federal statutory tax rate of 21% for the three months ended March 31, 2023 due to state taxes. During the three months ended March 31, 2023 we recognized a tax benefit for the release of a valuation allowance which was recorded in 2022 related to a capital loss generated from the divestiture of oil and gas assets. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Income Taxes in our 2023 Annual Report for additional information.

Management expects to realize the recorded deferred tax assets primarily through future income and reversal of taxable temporary differences. Realization of our existing deferred tax assets is not assured and depends on a number of factors including our ability to generate sufficient taxable income in future periods.

- Definition

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

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+ Details

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS - Equity Method Investment Unconsolidated Subsidiary, Balance Sheet (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiary	$ 16		$ 19
Receivable from affiliate	66		19
Other long-term liabilities	253		201
Loss from investment in unconsolidated subsidiary	3	$ 2
Related Party
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	66		19
Other long-term liabilities	99		52
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiary	16		19
Loss from investment in unconsolidated subsidiary	3	$ 2	9
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	66		19
Other long-term liabilities	99		52
Carbon TerraVault JV \| Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Equity method investments, distributed to satisfy future capital calls	63		17
Carbon TerraVault JV \| Management Services Agreement \| Related Party
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	$ 3		$ 2

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared, common stock (in dollars per share)	$ 0.31	$ 0.2825

INCOME TAXES - Income Tax Provision (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
(Loss) income before income taxes	$ (19)	$ 376
Current income tax provision	0	28
Deferred income tax (benefit) provision	(9)	47
Total income tax (benefit) provision	$ (9)	$ 75

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

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

+ References + Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend On May 7, 2024, our Board of Directors declared a quarterly cash dividend of $0.31 per share of common stock. The dividend is payable to shareholders of record at the close of business on May 31, 2024 and is expected to be paid on June 14, 2024.

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Shares Repurchased

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


	Total Number of Shares Purchased	Total Value of Shares Purchased		Average Price Paid per Share
	(number of shares)	(in millions)		($ per share)
Three months ended March 31, 2023	1,423,764	$	59	$	41.25
Three months ended March 31, 2024	1,065,764	$	58	$	53.26




Inception of Program (May 2021) through March 31, 2024	15,929,679	$	662	$	41.39

Note: The total value of shares purchased includes approximately $1 million in both the three months ended March 31, 2024 and 2023 related to excise taxes on share repurchases, which was effective beginning on January 1, 2023. Commissions paid on share repurchases were not significant in all periods presented.

Schedule of Dividends Declared

Our Board of Directors declared the following cash dividends for each of the periods presented.


	Total Dividend		Rate Per Share
	(in millions)		($ per share)

Three months ended March 31, 2024	$	21	$	0.31




Three months ended March 31, 2023	$	20	$	0.2825

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION We made U.S. federal and state income tax payments of $22 million during the three months ended March 31, 2024. We did not make U.S. federal or state income tax payments during the three months ended March 31, 2023. Interest paid, net of capitalized amounts, was $20 million and $21 million for the three months ended March 31, 2024 and 2023, respectively. Interest income was $6 million and $3 million for the three months ended March 31, 2024 and 2023, respectively. Non-cash investing activities in the three months ended March 31, 2023 included $2 million related to our share of capital calls by the Carbon TerraVault JV. See Note 3 Investment in Unconsolidated Subsidiary and Related Party Transactions for more information on the Carbon TerraVault JV. Non-cash financing activities in the three months ended March 31, 2024 included approximately $87 million related to the issuance of shares for our stock-based compensation awards. Non-cash financing activities in the three months ended March 31, 2024 also included approximately $1 million related to dividend equivalents accrued for stock-based compensation awards and approximately $1 million related to an excise tax on share repurchases. Non-cash financing activities in the three months ended March 31, 2023 included an insignificant amount, for dividend equivalents accrued for stock-based compensation awards and approximately $1 million related to an excise tax on share repurchases.

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION We are an independent oil and natural gas exploration and production 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 (CCS) 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 August 2022, we entered into a joint venture with BGTF Sierra Aggregator LLC (Brookfield) to pursue carbon management and storage activities (Carbon TerraVault JV). See Note 3 Investment in Unconsolidated Subsidiary 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. In the opinion of our management, the accompanying unaudited financial statements contain all adjustments necessary to fairly present our financial position, results of operations, comprehensive income, equity and cash flows for all periods presented. We have eliminated all significant intercompany transactions and accounts. We account for our share of oil and natural gas producing activities, in which we have a direct working interest, by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on our condensed consolidated financial statements. In applying the equity method of accounting, our investment in an unconsolidated subsidiary (Carbon TerraVault JV HoldCo, LLC) was initially recognized at cost and then adjusted for our proportionate share of income or loss in addition to contributions and distributions. We have prepared this report in accordance with generally accepted accounting principles (GAAP) in the United States and the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial information which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the information presented not misleading. The preparation of financial statements in conformity with GAAP requires management to select appropriate accounting policies and make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Actual results could differ. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report). The carrying amounts of cash, cash equivalents and on-balance sheet financial instruments, other than debt, approximate fair value. Refer to Note 4 Debt for the fair value of our debt. Certain prior period balances related to natural gas liquid (NGL) marketing activities have been reclassified to conform to our 2024 presentation. For the three months ended March 31, 2023, we reclassified $3 million related to NGL storage activities from other revenue to revenue from marketing of purchased commodities on our condensed consolidated statement of operations.

DIVESTITURES AND ACQUISITIONS	3 Months Ended
DIVESTITURES AND ACQUISITIONS	Mar. 31, 2024
Acquisitions And Divestitures [Abstract]
DIVESTITURES AND ACQUISITIONS	DIVESTITURES AND ACQUISITIONS Divestitures Fort Apache in Huntington Beach In March 2024, we sold our 0.9-acre Fort Apache real estate property in Huntington Beach, California for a purchase price of $10 million and recognized a $6 million gain. Ventura Basin Transactions 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 closing of the sale of our remaining assets in the Ventura basin is subject to final approval from the State Lands Commission, which we expect 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 condensed consolidated balance sheets at March 31, 2024 and December 31, 2023. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 8 Divestitures and Acquisitions in our 2023 Annual Report for additional information on the Ventura basin transactions. Other During the three months ended March 31, 2023, we sold a non-producing asset in exchange for the assumption of liabilities, recognizing a $7 million gain related to the liability reduction. Acquisitions In 2022, we acquired properties for carbon management activities for approximately $17 million. We intend to divest a portion of these assets and recorded these assets at fair value recognizing an impairment of $3 million in the first quarter of 2023. 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). The assets being divested are classified as held for sale as of March 31, 2024 on our condensed consolidated balance sheet.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
NET (LOSS) INCOME	$ (10)	$ 301

- Definition

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

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+ Details

EARNINGS PER SHARE - Potentially Dilutive Common Shares (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	6,200,000	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	4,200,000	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	900,000	0
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	1,100,000	0

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	$ 454	$ 1,024
Total costs and other	464	638
Gain on asset divestitures	6	7
Non-operating (loss) income	(15)	(17)
(LOSS) INCOME BEFORE INCOME TAXES	(19)	376
Income tax provision	(9)	75
NET (LOSS) INCOME	(10)	301
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	(9)	0
Total costs and other	(9)	0
Gain on asset divestitures	0	0
Non-operating (loss) income	0	0
(LOSS) INCOME BEFORE INCOME TAXES	0	0
Income tax provision	0	0
NET (LOSS) INCOME	0	0
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	6	4
Total costs and other	60	50
Gain on asset divestitures	0	0
Non-operating (loss) income	(12)	(15)
(LOSS) INCOME BEFORE INCOME TAXES	(66)	(61)
Income tax provision	(9)	75
NET (LOSS) INCOME	(57)	(136)
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	0	0
Total costs and other	10	8
Gain on asset divestitures	0	0
Non-operating (loss) income	(4)	(3)
(LOSS) INCOME BEFORE INCOME TAXES	(14)	(11)
Income tax provision	0	0
NET (LOSS) INCOME	(14)	(11)
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total revenues	457	1,020
Total costs and other	403	580
Gain on asset divestitures	6	7
Non-operating (loss) income	1	1
(LOSS) INCOME BEFORE INCOME TAXES	61	448
Income tax provision	0	0
NET (LOSS) INCOME	$ 61	$ 448

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

As of March 31, 2024 and December 31, 2023, our long-term debt consisted of the following:



	March 31,		December 31,
	2024		2023		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		545		7.125%	February 1, 2026
Principal amount	$	545	$	545
Unamortized debt issuance costs	(4)		(5)
Long-term debt, net	$	541	$	540

(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 are outstanding on that date.

On April 26, 2023, we entered into an Amended and Restated Credit Agreement (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. As of March 31, 2024, our Revolving Credit Facility consisted of a senior revolving loan facility with an aggregate commitment of $630 million. Our Revolving Credit Facility also included a sub-limit of $250 million for the issuance of letters of credit. As of March 31, 2024, $153 million letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters. As of March 31, 2024, we had $477 million of availability on our Revolving Credit Facility after taking into account the $153 million letters of credit outstanding.

In connection with the Merger Agreement in February 2024, we entered into a second amendment to our Revolving Credit Facility to, among other things, permit the incurrence of indebtedness under the Bridge Loan Facility. In March 2024, we entered into the third amendment to our Revolving Credit Facility. The amendment facilitated certain matters with respect to the Aera Merger, including the postponement of the regular spring borrowing base redetermination until the fall of 2024 and certain other amendments.

In March 2024, we obtained commitments from our existing lenders and certain new lenders to amend our Revolving Credit Facility upon the closing of the Aera Merger. These commitments include increasing our borrowing base from $1.2 billion to $1.5 billion, increasing the aggregate commitment amount from $630 million to $1.1 billion and other matters. These commitments are subject to certain conditions prior to becoming effective, including the closing of the Aera Merger.

The borrowing base is redetermined semi-annually and was reaffirmed at $1.2 billion on October 30, 2023. The regular spring borrowing base redetermination for 2024 was postponed until the fall of 2024. The borrowing base takes into account the estimated value of our proved reserves, total indebtedness and other relevant factors consistent with customary reserves-based lending criteria. The amount we are able to borrow under our Revolving Credit Facility is limited to the amount of the commitment described above.

As of March 31, 2024, we were in compliance with all financial and other debt covenants under our Revolving Credit Facility and Senior Notes. For more information on our Senior Notes, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 4 Debt in our 2023 Annual Report.

Fair Value

The fair value of our fixed-rate debt at March 31, 2024 and December 31, 2023 was approximately $549 million and $554 million, respectively. We estimate fair value based on known prices from market transactions (using Level 1 inputs on the fair value hierarchy).

DERIVATIVES - Schedule of Gain (Loss) On Derivative Contracts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash commodity derivative gain (loss)	$ (59)	$ 107
Settlements and amortized premiums	(12)	(65)
Net (loss) gain from commodity derivatives	$ (71)	$ 42

SUPPLEMENTAL ACCOUNT BALANCES - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 429	$ 715
Oil
Disaggregation of revenue
Oil, natural gas and NGL sales	348	390
Revenue not from contract with customer	20	0
Natural gas
Disaggregation of revenue
Oil, natural gas and NGL sales	32	263
Revenue not from contract with customer	48	184
NGLs
Disaggregation of revenue
Oil, natural gas and NGL sales	49	62
Revenue not from contract with customer	6	3
Revenue from marketing of purchased commodities
Disaggregation of revenue
Revenue not from contract with customer	$ 74	$ 187

- 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.

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+ Details

SUBSEQUENT EVENTS - Narrative (Details) - $ / shares		3 Months Ended
SUBSEQUENT EVENTS - Narrative (Details) - $ / shares	May 07, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)		$ 0.31	$ 0.2825
Subsequent Event
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)	$ 0.31

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS - Equity Method Investment Unconsolidated Subsidiary, Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Loss from investment in unconsolidated subsidiary	$ 3	$ 2
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Loss from investment in unconsolidated subsidiary	3	2	$ 9
General and administrative expense	$ 2	$ 1

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Derivatives
Non-cash commodity derivative gain (loss)	$ 59	$ (107)
Net (loss) gain from commodity derivatives	(71)	42
Settlements and amortized premiums	12	$ 65
Natural Gas
Derivatives
Non-cash commodity derivative gain (loss)	1
Net (loss) gain from commodity derivatives	1
Settlements and amortized premiums	$ 2

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Differences Between the U.S. Federal Income Tax Rate and the Company's Effective Tax Rate

The following table presents the components of our total income tax provision:


	Three months ended March 31,
	2024		2023
	(in millions)
(Loss) income before income taxes	$	(19)	$	376

Current income tax provision	—		28
Deferred income tax (benefit) provision	(9)		47
Total income tax (benefit) provision	$	(9)	$	75


	Three months ended March 31,
	2024		2023
U.S federal statutory tax rate	21	%	21	%
State income taxes, net	7		7
Other	3		—
Annual effective tax rate	31	%	28	%
Discrete items:
Stock compensation and other	16		—
Change in the valuation allowance	—		(8)
Effective tax rate	47	%	20	%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

3 Months Ended

Mar. 31, 2024

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 condensed consolidating balance sheets as of March 31, 2024 and December 31, 2023 and the condensed consolidating statements of operations for the three months ended March 31, 2023 and 2024, as applicable, reflect the condensed 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 March 31, 2024 and December 31, 2023


	As of March 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total current assets	$	428	$	67	$	344	$	—	$	839
Total property, plant and equipment, net	13		16		2,764		—		2,793
Investments in consolidated subsidiaries	2,358		(17)		1,328		(3,669)		—
Deferred tax asset	139		—		—		—		139
Investment in unconsolidated subsidiary	—		16		—		—		16
Other assets	12		50		61		—		123
TOTAL ASSETS	$	2,950	$	132	$	4,497	$	(3,669)	$	3,910

Total current liabilities	82		15		497		—		$	594
Long-term debt	541		—		—		—		541
Asset retirement obligations	—		—		429		—		429
Other long-term liabilities	71		122		60		—		253
Amounts due to (from) affiliates	163		24		(187)		—		—
Total equity	2,093		(29)		3,698		(3,669)		2,093
TOTAL LIABILITIES AND EQUITY	$	2,950	$	132	$	4,497	$	(3,669)	$	3,910


	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

Condensed Consolidating Statement of Operations

For the three months ended March 31, 2024 and 2023


	Three months ended March 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	6	$	—	$	457	$	(9)	$	454
Total costs and other	60		10		403		(9)		464
Gain on asset divestitures	—		—		6		—		6
Non-operating (loss) income	(12)		(4)		1		—		(15)
(LOSS) INCOME BEFORE INCOME TAXES	(66)		(14)		61		—		(19)
Income tax benefit	9		—		—		—		9
NET (LOSS) INCOME	$	(57)	$	(14)	$	61	$	—	$	(10)


	Three months ended March 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	4	$	—	$	1,020	$	—	$	1,024
Total costs and other	50		8		580		—		638
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(15)		(3)		1		—		(17)
(LOSS) INCOME BEFORE INCOME TAXES	(61)		(11)		448		—		376
Income tax provision	(75)		—		—		—		(75)
NET (LOSS) INCOME	$	(136)	$	(11)	$	448	$	—	$	301

SUPPLEMENTAL ACCOUNT BALANCES - Other Operating Expenses, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Information [Line Items]
General and administrative expenses	$ 57	$ 65
Exploration and production, corporate and other
Supplemental Information [Line Items]
General and administrative expenses	55	62
Carbon management business
Supplemental Information [Line Items]
General and administrative expenses	$ 2	$ 3

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	3 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES We are involved, in the normal course of business, in lawsuits, environmental and other claims and other contingencies that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties or injunctive or declaratory relief. We accrue reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserve balances for these items at March 31, 2024 and December 31, 2023 were not material to our condensed consolidated balance sheets as of such dates. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of reserves cannot be accurately determined. In October 2020, Signal Hill Services, Inc. defaulted on its decommissioning obligations associated with two offshore platforms. The Bureau of Safety and Environmental Enforcement (BSEE) determined that former lessees, including our former parent, Occidental Petroleum Corporation (Oxy) with a 37.5% share, are responsible for accrued decommissioning obligations associated with these offshore platforms. Oxy sold its interest in the platforms approximately 30 years ago and it is our understanding that Oxy has not had any connection to the operations since that time and was challenging BSEE's order. Oxy notified us of the claim under the indemnification provisions of the Separation and Distribution Agreement between us and Oxy. In September 2021, we accepted the indemnification claim from Oxy and are challenging the order from BSEE. In March 2024, we entered into a cost sharing agreement with former lessees to share in ongoing maintenance costs during the pendency of the challenge to the BSEE order. We estimate our ongoing share of maintenance costs for the platforms could approximate $5 million to $8 million per year. Due to the preliminary stage of the process, no cost estimates to abandon the offshore platforms have been determined.

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	1 Months Ended
	Oct. 31, 2020 platform	Mar. 31, 2024 USD ($)
Other Commitments [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
Minimum
Other Commitments [Line Items]
Estimated share of maintenance costs		$ 5
Maximum
Other Commitments [Line Items]
Estimated share of maintenance costs		$ 8

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023


	As of March 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total current assets	$	428	$	67	$	344	$	—	$	839
Total property, plant and equipment, net	13		16		2,764		—		2,793
Investments in consolidated subsidiaries	2,358		(17)		1,328		(3,669)		—
Deferred tax asset	139		—		—		—		139
Investment in unconsolidated subsidiary	—		16		—		—		16
Other assets	12		50		61		—		123
TOTAL ASSETS	$	2,950	$	132	$	4,497	$	(3,669)	$	3,910

Total current liabilities	82		15		497		—		$	594
Long-term debt	541		—		—		—		541
Asset retirement obligations	—		—		429		—		429
Other long-term liabilities	71		122		60		—		253
Amounts due to (from) affiliates	163		24		(187)		—		—
Total equity	2,093		(29)		3,698		(3,669)		2,093
TOTAL LIABILITIES AND EQUITY	$	2,950	$	132	$	4,497	$	(3,669)	$	3,910


	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

Condensed Consolidating Statement of Operations

For the three months ended March 31, 2024 and 2023


	Three months ended March 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	6	$	—	$	457	$	(9)	$	454
Total costs and other	60		10		403		(9)		464
Gain on asset divestitures	—		—		6		—		6
Non-operating (loss) income	(12)		(4)		1		—		(15)
(LOSS) INCOME BEFORE INCOME TAXES	(66)		(14)		61		—		(19)
Income tax benefit	9		—		—		—		9
NET (LOSS) INCOME	$	(57)	$	(14)	$	61	$	—	$	(10)


	Three months ended March 31, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated
	(in millions)
Total revenues	$	4	$	—	$	1,020	$	—	$	1,024
Total costs and other	50		8		580		—		638
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(15)		(3)		1		—		(17)
(LOSS) INCOME BEFORE INCOME TAXES	(61)		(11)		448		—		376
Income tax provision	(75)		—		—		—		(75)
NET (LOSS) INCOME	$	(136)	$	(11)	$	448	$	—	$	301

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Net (loss) income	$ (10)	$ 301
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization	53	58
Deferred income tax (benefit) provision	(9)	47
Asset impairment	0	3
Net loss (gain) from commodity derivatives	72	(42)
Net payments on settled commodity derivatives	(14)	(65)
Gain on asset divestitures	(6)	(7)
Other non-cash charges to income, net	6	21
Changes in operating assets and liabilities, net	(5)	(6)
Net cash provided by operating activities	87	310
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(54)	(47)
Changes in accrued capital investments	(4)	(13)
Proceeds from asset divestitures, net	10	0
Other, net	(1)	(1)
Net cash used in investing activities	(49)	(61)
CASH FLOW FROM FINANCING ACTIVITIES
Repurchases of common stock	(58)	(59)
Common stock dividends	(21)	(20)
Payments on equity-settled awards	(4)	0
Issuance of common stock	1	1
Bridge loan commitment and debt amendment costs	(8)	0
Shares cancelled for taxes	(41)	(1)
Net cash used in financing activities	(131)	(79)
(Decrease) increase in cash and cash equivalents	(93)	170
Cash and cash equivalents—beginning of period	496	307
Cash and cash equivalents—end of period	$ 403	$ 477

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

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 Brookfield for the further development of a carbon management business in California. We hold a 51% interest in the Carbon TerraVault JV and Brookfield holds a 49% interest. We determined that the Carbon TerraVault JV is a variable interest entity (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. Transactions between us and the Carbon TerraVault JV are related party transactions.

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. We achieved the milestone for the second installment in March 2024. The third 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 and the second $46 million installment was recorded as a receivable from affiliate on our condensed consolidated balance sheet as of March 31, 2024. The remaining balance of the initial installment plus the second installment may, at our sole discretion, be distributed to us or used to satisfy 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 first and second installment of the initial investment by Brookfield is reflected as a contingent liability included in other long-term liabilities on our condensed consolidated balance sheets. The contingent liability was $99 million and $52 million at March 31, 2024 and December 31, 2023, respectively.

The tables below present the summarized financial information related to our equity method investment in the Carbon TerraVault JV (and do not include amounts we have incurred related to development of our carbon management business, Carbon TerraVault) along with related party transactions for the periods presented.



	March 31,		December 31,
	2024		2023
	(in millions)
Investment in unconsolidated subsidiary(a)	$	16	$	19
Receivable from affiliate(b)	$	66	$	19
Other long-term liabilities - Contingent liability (related to Carbon TerraVault JV put and call rights)	$	99	$	52

(a)Reflects our investment less losses allocated to us of $3 million and $9 million for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively.

(b)The amount of Brookfield's contributions available to us and amounts due to us under the MSA (described further below) are reported as receivable from affiliate. At March 31, 2024, the amount of $66 million includes the remaining $63 million of Brookfield's first and second installments of their initial investment which is available to us and $3 million related to the MSA and vendor reimbursements. 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.


	Three months ended March 31,
	2024		2023
	(in millions)
Loss from investment in unconsolidated subsidiary	$	3	$	2
General and administrative expenses(a)	$	2	$	1

(a)General and administrative expenses on our condensed consolidated statements of operations have been reduced by this amount which we have invoiced to the Carbon TerraVault JV under the MSA for back-office operational and commercial services.

We are also performing well abandonment work at our Elk Hills field as part of the permitting process for injection of CO2 at the 26R reservoir. During the three months ended March 31, 2024 and 2023, we performed abandonment work and sought reimbursement in the amounts of $4 million and $1 million, respectively, from the Carbon TerraVault JV.

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 amount in an approved budget. The MSA may be terminated by mutual agreement of the parties, among other events.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2022	$ 1,864	$ 1	$ (461)	$ 1,305	$ 938	$ 81
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	301				301
Share-based compensation	7			7
Repurchases of common stock	(59)		(59)
Cash dividend	(20)				(20)
Shares cancelled for taxes	(1)			(1)
Ending balance at Mar. 31, 2023	2,092	1	(520)	1,311	1,219	81
Beginning balance at Dec. 31, 2023	2,219	1	(604)	1,329	1,419	74
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(10)				(10)
Share-based compensation	7			7
Repurchases of common stock	(58)		(58)
Cash dividend	(22)				(22)
Shares cancelled for taxes	(41)			(41)
Other comprehensive income, net of tax	(2)					(2)
Ending balance at Mar. 31, 2024	$ 2,093	$ 1	$ (662)	$ 1,295	$ 1,387	$ 72

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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+ Details

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investment Unconsolidated Subsidiary



	March 31,		December 31,
	2024		2023
	(in millions)
Investment in unconsolidated subsidiary(a)	$	16	$	19
Receivable from affiliate(b)	$	66	$	19
Other long-term liabilities - Contingent liability (related to Carbon TerraVault JV put and call rights)	$	99	$	52

(a)Reflects our investment less losses allocated to us of $3 million and $9 million for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively.


	Three months ended March 31,
	2024		2023
	(in millions)
Loss from investment in unconsolidated subsidiary	$	3	$	2
General and administrative expenses(a)	$	2	$	1

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of March 31, 2024 and December 31, 2023, our long-term debt consisted of the following:



	March 31,		December 31,
	2024		2023		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		545		7.125%	February 1, 2026
Principal amount	$	545	$	545
Unamortized debt issuance costs	(4)		(5)
Long-term debt, net	$	541	$	540

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

- 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

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS - Narrative (Details) MT in Millions, $ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Aug. 31, 2022 USD ($) installment MT	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Contingent liability (related to Carbon TerraVault JV put and call rights)	$ 253		$ 253			$ 201
Related Party
Schedule of Equity Method Investments [Line Items]
Contingent liability (related to Carbon TerraVault JV put and call rights)	99		99			52
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Interest in joint venture		51.00%
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Contingent liability (related to Carbon TerraVault JV put and call rights)	99		99			$ 52
Carbon TerraVault JV \| Brookfield
Schedule of Equity Method Investments [Line Items]
Interest in joint venture		49.00%
Committed amount		$ 500
Initial investment		$ 137
Number of installments \| installment		3
Number of installments subject to certain milestones \| installment		2
Contribution from noncontrolling interest	$ 46				$ 46
Metric tons of carbon per annum \| MT		5
Elk Hills
Schedule of Equity Method Investments [Line Items]
Reimbursement for abandonment work			$ 4	$ 1

DEBT - Long-Term Debt (Details) - USD ($) $ in Millions		3 Months Ended
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions	Apr. 26, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt
Principal amount		$ 545	$ 545
Unamortized debt issuance costs		(4)	(5)
Long-term debt, net		541	540
Senior Notes (Unsecured)
Debt
Principal amount		$ 545	545
Interest rate		7.125%
Revolving Credit Facility \| Line of Credit
Debt
Principal amount		$ 0	$ 0
Revolving Credit Facility \| Line of Credit \| SOFR
Debt
Interest rate added to variable rate basis	1.00%
Revolving Credit Facility \| Line of Credit \| SOFR \| Minimum
Debt
Interest rate added to variable rate basis		2.50%
Revolving Credit Facility \| Line of Credit \| SOFR \| 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%
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%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Maximum
Debt
Interest rate added to variable rate basis	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%

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Statement of Comprehensive Income [Abstract]

NET (LOSS) INCOME

$ (10)

$ 301

Amortization of prior service cost credit included in net periodic benefit cost, net of tax(a)

^[1]

(2)

Comprehensive (loss) income attributable to common stock

$ (12)

$ 301

[1]	(a) Tax effects of the amortization of prior service cost credit were insignificant for the three months ended March 31, 2024.

- Definition

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

+ References

+ Details

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS, for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
	2024		2023
	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net (loss) income	$	(10)	$	301





Denominator for Basic EPS
Weighted-average shares	69.0		71.3

Potential common shares, if dilutive:
Warrants	—		0.5
Restricted stock units	—		0.9
Performance stock units	—		0.8

Denominator for Diluted EPS
Weighted-average shares	69.0		73.5

EPS
Basic	$	(0.14)	$	4.22
Diluted	$	(0.14)	$	4.09

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Three months ended March 31,
	2024	2023
(in millions)
Shares issuable upon exercise of warrants	4.2	—
Shares issuable upon settlement of RSUs	0.9	—
Shares issuable upon settlement of PSUs	1.1	—
Total antidilutive shares	6.2	—

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

Share Repurchase Program

Our Board of Directors has authorized a Share Repurchase Program to acquire up to $1.35 billion of our common stock through December 31, 2025. The repurchases may be effected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares and our Board of Directors may modify, suspend or discontinue authorization of the program at any time. The following is a summary of our share repurchases, which is held as treasury stock, for the periods presented:


	Total Number of Shares Purchased	Total Value of Shares Purchased		Average Price Paid per Share
	(number of shares)	(in millions)		($ per share)
Three months ended March 31, 2023	1,423,764	$	59	$	41.25
Three months ended March 31, 2024	1,065,764	$	58	$	53.26




Inception of Program (May 2021) through March 31, 2024	15,929,679	$	662	$	41.39

Dividends

Our Board of Directors declared the following cash dividends for each of the periods presented.


	Total Dividend		Rate Per Share
	(in millions)		($ per share)

Three months ended March 31, 2024	$	21	$	0.31




Three months ended March 31, 2023	$	20	$	0.2825

In addition to dividends on our common stock shown in the table above, we paid $4 million on equity-settled stock-based compensation awards in the three months ended March 31, 2024. Future cash dividends, and the establishment of record and payment dates, are subject to final determination by our Board of Directors each quarter after reviewing our financial performance and position. See Note 14 Subsequent Events for information on future cash dividends.

Warrants

In October 2020, we reserved an aggregate 4,384,182 shares of our common stock for warrants which are exercisable at $36 per share through October 26, 2024.

As of March 31, 2024, we had outstanding warrants exercisable into 4,163,670 shares of our common stock (subject to adjustments pursuant to the terms of the warrants). During the three months ended March 31, 2024, we issued 18,851 shares of our common stock in exchange for warrants. During the three months ended March 31, 2023, we issued an insignificant number of shares of our common stock in exchange for warrants.

See Part II, Item 8 – Financial Statements and Supplementary Data, Note 10 Stockholders' Equity in our 2023 Annual Report for additional information on the terms of our warrants.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-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
-Section 50
-Paragraph 18
-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 - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Supplemental Information [Line Items]
Compensation-related liabilities	$ 33	$ 38
Postretirement benefit plan	35	36
Operating lease liability	56	55
Fair value of commodity derivative contracts	14	2
Premiums due on commodity derivative contracts	10	10
Contingent liability (related to Carbon TerraVault JV put and call rights)	253	201
Other	6	8
Related Party
Supplemental Information [Line Items]
Contingent liability (related to Carbon TerraVault JV put and call rights)	99	52
Nonrelated Party
Supplemental Information [Line Items]
Contingent liability (related to Carbon TerraVault JV put and call rights)	$ 253	$ 201

SUPPLEMENTAL ACCOUNT BALANCES - Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accrued liabilities current [abstract]
Employee-related costs	$ 48	$ 82
Taxes other than on income	50	35
Asset retirement obligations	90	99
Interest	8	18
Operating lease liability	19	15
Fair value of derivative contracts	35	8
Premiums due on commodity derivative contracts	13	21
Liability for settlement payments on commodity derivative contracts	5	8
Amounts due under production-sharing contracts	10	5
Signal Hill maintenance	13	12
Income taxes payable	0	18
Other	47	45
Accrued liabilities	$ 338	$ 366

DERIVATIVES - Commodity Price Risk (Details)	3 Months Ended
DERIVATIVES - Commodity Price Risk (Details)	Mar. 31, 2024 $ / barrel bbl
Q2 2024
Derivatives
Daily volume (in Bbl) \| bbl	10,000
Weighted-average price (in dollars per barrel) \| $ / barrel	5.65
Q3 2024
Derivatives
Daily volume (in Bbl) \| bbl	10,000
Weighted-average price (in dollars per barrel) \| $ / barrel	5.65
Q4 2024
Derivatives
Daily volume (in Bbl) \| bbl	10,000
Weighted-average price (in dollars per barrel) \| $ / barrel	5.65
Crude Oil \| Calls \| Q2 2024
Derivatives
Daily volume (in Bbl) \| bbl	30,000
Weighted-average price (in dollars per barrel) \| $ / barrel	90.07
Crude Oil \| Calls \| Q3 2024
Derivatives
Daily volume (in Bbl) \| bbl	30,000
Weighted-average price (in dollars per barrel) \| $ / barrel	90.07
Crude Oil \| Calls \| Q4 2024
Derivatives
Daily volume (in Bbl) \| bbl	29,000
Weighted-average price (in dollars per barrel) \| $ / barrel	90.07
Crude Oil \| Calls \| 1H 2025
Derivatives
Daily volume (in Bbl) \| bbl	28,000
Weighted-average price (in dollars per barrel) \| $ / barrel	86.88
Crude Oil \| Calls \| 2H 2025
Derivatives
Daily volume (in Bbl) \| bbl	27,500
Weighted-average price (in dollars per barrel) \| $ / barrel	86.90
Crude Oil \| Puts \| Purchased \| Q2 2024
Derivatives
Daily volume (in Bbl) \| bbl	30,000
Weighted-average price (in dollars per barrel) \| $ / barrel	65.17
Crude Oil \| Puts \| Purchased \| Q3 2024
Derivatives
Daily volume (in Bbl) \| bbl	30,000
Weighted-average price (in dollars per barrel) \| $ / barrel	65.17
Crude Oil \| Puts \| Purchased \| Q4 2024
Derivatives
Daily volume (in Bbl) \| bbl	29,000
Weighted-average price (in dollars per barrel) \| $ / barrel	65.17
Crude Oil \| Puts \| Purchased \| 1H 2025
Derivatives
Daily volume (in Bbl) \| bbl	28,000
Weighted-average price (in dollars per barrel) \| $ / barrel	61.43
Crude Oil \| Puts \| Purchased \| 2H 2025
Derivatives
Daily volume (in Bbl) \| bbl	27,500
Weighted-average price (in dollars per barrel) \| $ / barrel	61.45
Crude Oil \| Swaps \| Q2 2024
Derivatives
Daily volume (in Bbl) \| bbl	8,875
Weighted-average price (in dollars per barrel) \| $ / barrel	79.28
Crude Oil \| Swaps \| Q3 2024
Derivatives
Daily volume (in Bbl) \| bbl	8,875
Weighted-average price (in dollars per barrel) \| $ / barrel	80.10
Crude Oil \| Swaps \| Q4 2024
Derivatives
Daily volume (in Bbl) \| bbl	5,500
Weighted-average price (in dollars per barrel) \| $ / barrel	77.45
Crude Oil \| Swaps \| 1H 2025
Derivatives
Daily volume (in Bbl) \| bbl	3,500
Weighted-average price (in dollars per barrel) \| $ / barrel	72.81
Crude Oil \| Swaps \| 2H 2025
Derivatives
Daily volume (in Bbl) \| bbl	3,250
Weighted-average price (in dollars per barrel) \| $ / barrel	72.50

PENDING AERA MERGER	3 Months Ended
PENDING AERA MERGER	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
PENDING AERA MERGER	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. Upon closing, Aera's $950 million outstanding long-term debt will become due as a result of a change in control provision within their legacy debt agreement. 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). Additionally, we have amended our Revolving Credit Facility as described in Note 4 Debt in connection with the pending Aera Merger. During the three months ended March 31, 2024, we incurred $8 million related to the bridge loan commitment and amending our Revolving Credit Facility which is reported in other current assets, net on our condensed consolidated balance sheet. 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 (HSR Act), prior authorization by the Federal Energy Regulatory Commission under Section 203 of the Federal Power Act and other customary closing conditions. The required waiting period under the HSR Act expired on March 25, 2024. Upon completion of the transaction, we currently expect our existing stockholders to own approximately 77% of the combined company and the existing Aera owners to own approximately 23% of the combined company, on a fully diluted basis.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 (CCS) 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 August 2022, we entered into a joint venture with BGTF Sierra Aggregator LLC (Brookfield) to pursue carbon management and storage activities (Carbon TerraVault JV). See Note 3 Investment in Unconsolidated Subsidiary 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. In the opinion of our management, the accompanying unaudited financial statements contain all adjustments necessary to fairly present our financial position, results of operations, comprehensive income, equity and cash flows for all periods presented. We have eliminated all significant intercompany transactions and accounts. We account for our share of oil and natural gas producing activities, in which we have a direct working interest, by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on our condensed consolidated financial statements. In applying the equity method of accounting, our investment in an unconsolidated subsidiary (Carbon TerraVault JV HoldCo, LLC) was initially recognized at cost and then adjusted for our proportionate share of income or loss in addition to contributions and distributions. We have prepared this report in accordance with generally accepted accounting principles (GAAP) in the United States and the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial information which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the information presented not misleading. The preparation of financial statements in conformity with GAAP requires management to select appropriate accounting policies and make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Actual results could differ. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report). The carrying amounts of cash, cash equivalents and on-balance sheet financial instruments, other than debt, approximate fair value.

Cover	3 Months Ended
Cover	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Long Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90831
City Area Code	888
Local Phone Number	848-4754
Title of 12(b) Security	Common Stock
Trading Symbol	CRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding	68,530,744
Entity Central Index Key	0001609253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

INCOME TAXES - Narrative (Details)	3 Months Ended
INCOME TAXES - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	31.00%	28.00%
U.S federal statutory tax rate	21.00%	21.00%
Stock compensation and other	16.00%	0.00%

DIVESTITURES AND ACQUISITIONS - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) a	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Proceeds from asset divestitures, net		$ 10	$ 0
Gain on asset divestitures		$ 6	7
Other Acquisitions
Business Acquisition [Line Items]
Business combination, consideration transferred				$ 17
Impairment recognized			3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Other Divestitures
Business Acquisition [Line Items]
Gain on asset divestitures			$ 7
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Fort Apache In Huntington Beach
Business Acquisition [Line Items]
Number of acres sold \| a	0.9
Proceeds from asset divestitures, net	$ 10
Gain on asset divestitures	$ 6

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Total Dividend	$ 21	$ 20
Rate per share (in dollars per share)	$ 0.31	$ 0.2825

INCOME TAXES - Income Tax Expense (Benefit) (Details)	3 Months Ended
INCOME TAXES - Income Tax Expense (Benefit) (Details)	Mar. 31, 2024	Mar. 31, 2023
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%
State income taxes, net	7.00%	7.00%
Other	3.00%	0.00%
Annual effective tax rate	31.00%	28.00%
Stock compensation and other	16.00%	0.00%
Change in the valuation allowance	0.00%	(8.00%)
Effective tax rate	47.00%	20.00%

DERIVATIVES - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value of Derivatives
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Total current liabilities	Total current liabilities
Commodity Contracts
Fair Value of Derivatives
Total derivatives	$ 0	$ 0
Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Netting	(11)	(18)
Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Netting	(24)	(32)
Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Netting	11	18
Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Netting	24	32
Gross Amounts at Fair Value \| Commodity Contracts
Fair Value of Derivatives
Total derivatives	(49)	17
Gross Amounts at Fair Value \| Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Gross Amounts at Fair Value	11	39
Gross Amounts at Fair Value \| Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Gross Amounts at Fair Value	24	38
Gross Amounts at Fair Value \| Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(46)	(26)
Gross Amounts at Fair Value \| Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(38)	(34)
Net Fair Value \| Commodity Contracts
Fair Value of Derivatives
Total derivatives	(49)	17
Net Fair Value \| Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Net Fair Value	0	21
Net Fair Value \| Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Net Fair Value	0	6
Net Fair Value \| Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Net Fair Value	(35)	(8)
Net Fair Value \| Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Net Fair Value	$ (14)	$ (2)

PENDING AERA MERGER (Details) - USD ($) $ in Millions		3 Months Ended
PENDING AERA MERGER (Details) - USD ($) $ in Millions	Feb. 07, 2024	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Bridge loan commitment and debt amendment costs		$ 8	$ 0
Bridge Loan Facility \| Line of Credit
Business Acquisition [Line Items]
Term of loan facility	364 days
Line of credit facility, maximum borrowing capacity	$ 500
Bridge loan commitment and debt amendment costs		$ 8
Aera Energy, LLC
Business Acquisition [Line Items]
Long-term indebtedness assumed in connection with merger	$ 950
Ownership percentage as a result of merger	77.00%
Aera Energy, LLC \| Aera Energy, LLC
Business Acquisition [Line Items]
Ownership percentage as a result of merger	23.00%
Aera Energy, LLC \| Common Stock
Business Acquisition [Line Items]
Common stock issued in connection with merger (in shares)	21,170,357

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Oct. 31, 2020
Equity [Abstract]
Stock repurchase program authorized amount	$ 1,350
Payments on equity-settled awards	$ 4	$ 0
Shares reserved for future issuance (in shares)			4,384,182
Investment warrants, exercise price (in dollars per share)			$ 36
Warrant outstanding (in shares)	4,163,670
Shares issued in exchange for warrants (in shares)	18,851

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 403	$ 496
Trade receivables	192	216
Inventories	70	72
Assets held for sale	13	13
Receivable from affiliate	66	19
Other current assets, net	95	113
Total current assets	839	929
PROPERTY, PLANT AND EQUIPMENT	3,514	3,437
Accumulated depreciation, depletion and amortization	(721)	(667)
Total property, plant and equipment, net	2,793	2,770
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY	16	19
DEFERRED INCOME TAXES	139	132
OTHER NONCURRENT ASSETS	123	148
TOTAL ASSETS	3,910	3,998
CURRENT LIABILITIES
Accounts payable	251	245
Liabilities associated with assets held for sale	5	5
Accrued liabilities	338	366
Total current liabilities	594	616
NONCURRENT LIABILITIES
Long-term debt, net	541	540
Asset retirement obligations	429	422
Other long-term liabilities	253	201
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock (200,000,000 shares authorized at $0.01 par value) (84,460,423 and 83,557,800 shares issued; 68,530,744 and 68,693,885 shares outstanding at March 31, 2024 and December 31, 2023)	1	1
Treasury stock (15,929,679 shares held at cost at March 31, 2024 and 14,863,915 shares held at cost at December 31, 2023)	(662)	(604)
Additional paid-in capital	1,295	1,329
Retained earnings	1,387	1,419
Accumulated other comprehensive income	72	74
Total stockholders' equity	2,093	2,219
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,910	$ 3,998