0001609253-24-000119 | 10-Q | XBRL Viewer | California Resources Corp

DERIVATIVES

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 in our steamflood operations as well as swaps for natural gas purchases and sales related to our marketing activities. In connection with the Aera Merger, we also acquired swaps related to crude oil sales and natural gas purchases. We did not have any derivative instruments designated as accounting hedges as of and for the three and nine months ended September 30, 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 September 30, 2024:


	Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028
Sold Calls
Barrels per day	29,000		30,000		30,000		30,000		29,000		5,000		—		—
Weighted-average price per barrel	$	90.07	$	87.08	$	87.08	$	87.08	$	87.13	$	85.00	$	—	$	—

Purchased Puts
Barrels per day	29,000		30,000		30,000		30,000		29,000		5,000		—		—
Weighted-average price per barrel	$	65.17	$	61.67	$	61.67	$	61.67	$	61.72	$	60.00	$	—	$	—

Swaps
Barrels per day	59,014		52,837		45,631		44,126		42,626		30,449		13,882		10,353
Weighted-average price per barrel	$	74.90	$	72.48	$	71.31	$	70.62	$	69.94	$	67.95	$	65.53	$	65.00

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 September 30, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.


	Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028

SoCal Border
MMBtu per day	20,000		10,000		29,074		25,750		22,408		—		—		—
Weighted-average price per MMBtu	$	5.49	$	6.02	$	3.44	$	3.48	$	3.53	$	—	$	—	$	—

NWPL Rockies
MMBtu per day	50,999		50,999		51,750		51,750		51,750		35,336		12,616		9,613
Weighted-average price per MMBtu	$	4.67	$	5.48	$	2.95	$	2.95	$	4.22	$	4.04	$	4.34	$	3.95

PG&E Citygate
MMBtu per day	14,000		14,000		—		—		—		—		—		—
Weighted-average price per MMBtu	$	5.60	$	6.10	$	—	$	—	$	—	$	—	$	—	$	—

We also have a limited number of derivative contracts related to our natural gas marketing activities that 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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Non-cash commodity derivative gain (loss)	$	373	$	(109)	$	325	$	92


Settlements and premiums	(17)		(95)		(35)		(223)

Net gain (loss) from commodity derivatives	$	356	$	(204)	$	290	$	(131)

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 and nine months ended September 30, 2024, we recognized a net loss of $9 million (which includes a non-cash gain of $3 million and $12 million of settlement payments) and a net loss of $11 million (which includes a non-cash gain of $7 million and $18 million of settlement payments) in other operating expenses, net on our condensed consolidated statement of operations. We did not have derivative contracts related to purchased natural gas for our marketing activities during the three and nine months ended September 30, 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 September 30, 2024 and December 31, 2023. See Note 2 Aera Merger for the fair value of Aera's acquired derivative contracts on July 1, 2024.


September 30, 2024
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

	(in millions)
Other current assets, net	$	59	$	(13)	$	46
Other noncurrent assets	34		(12)		22

Current liabilities	(32)		13		(19)
Noncurrent liabilities	(67)		12		(55)
	$	(6)	$	—	$	(6)


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

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Amendment to our Revolving Credit Facility On November 1, 2024, we amended our existing Revolving Credit Facility. The amendments included, among other things: •increasing the amount of the revolving commitments by $50 million to $1,150 million to reflect changes to our lender group; •extending the maturity date of the facility from July 31, 2027 to March 16, 2029; •amending the springing maturity to permit our 2026 Senior Notes to remain outstanding past October 31, 2025 so long as the aggregate availability (less the outstanding 2026 Senior Notes) is not less than 25% of the total revolving commitments; •increasing our capacity to issue letters of credit from $250 million to $300 million; and •other technical amendments. Borrowing Base Redetermination The borrowing base under our Revolving Credit Facility is redetermined semi-annually and was reaffirmed at $1.5 billion on November 1, 2024. Dividend On November 5, 2024, our Board of Directors declared a quarterly cash dividend of $0.3875 per share of common stock. The dividend is payable to shareholders of record at the close of business on December 2, 2024 and is expected to be paid on December 16, 2024. Ventura Basin Divestiture On October 14, 2024, we completed the sale of Ventura basin assets for net proceeds of $3 million. See Note 8 Divestitures, Acquisitions and Assets Held for Sale above and 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. Warrants During October 2024, we issued 2,630,540 shares of our common stock in connection with warrant exercises. Since the issuance date of the warrants in October 2020, 3,856,833 shares have been issued upon the exercise of warrants and 469,429 shares were cancelled due to net settlement. On October 28, 2024, any unexercised warrants expired in accordance with their terms and 57,920 shares underlying such warrants were never issued.

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	1 Months Ended
	Oct. 31, 2020 platform	Sep. 30, 2024 USD ($)	Jul. 01, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of offshore platforms with decommissioning obligations defaulted \| platform	2
Offshore platforms with decommissioning obligations defaulted percentage	37.50%
Offshore platforms with decommissioning obligations defaulted period since interest sold	30 years
Estimated share of maintenance costs		$ 5
Purchase obligation			$ 50

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 01, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Effective tax rate	29.00%	27.00%	28.00%	22.00%
Deferred tax assets, net	$ 50		$ 50			$ 132
Deferred tax liabilities, net	$ 124		124
Valuation allowance, deferred tax asset, increase (decrease), amount			$ 206
Aera Energy, LLC
Business Acquisition [Line Items]
Deferred tax liabilities					$ 120

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	$ 872		$ 929
Total property, plant and equipment, net	5,836		2,770
Investments in consolidated subsidiaries	0		0
Deferred tax asset	50		132
Investment in unconsolidated subsidiaries	84		19
Other assets	286		148
TOTAL ASSETS	7,128		3,998
Total current liabilities	897		616
Long-term debt	1,131		540
Asset retirement obligations	1,083		422
Other long-term liabilities	392		201
Deferred tax liability	124		0
Amounts due to (from) affiliates	0
Total equity	3,501	$ 2,052	2,219	$ 2,050	$ 2,110	$ 1,864
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,128		3,998
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	0		0
Total property, plant and equipment, net	0		0
Investments in consolidated subsidiaries	(19,642)		(3,647)
Deferred tax asset	0		0
Investment in unconsolidated subsidiaries	0		0
Other assets	0		0
TOTAL ASSETS	(19,642)		(3,647)
Total current liabilities	0		0
Long-term debt	0		0
Asset retirement obligations	0		0
Other long-term liabilities	0		0
Deferred tax liability	0
Amounts due to (from) affiliates	0
Total equity	(19,642)		(3,647)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(19,642)		(3,647)
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	251		511
Total property, plant and equipment, net	12		14
Investments in consolidated subsidiaries	5,031		2,311
Deferred tax asset	50		132
Investment in unconsolidated subsidiaries	0		0
Other assets	19		12
TOTAL ASSETS	5,363		2,980
Total current liabilities	125		142
Long-term debt	1,131		540
Asset retirement obligations	0		0
Other long-term liabilities	72		79
Deferred tax liability	124
Amounts due to (from) affiliates	410
Total equity	3,501		2,219
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	5,363		2,980
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	46		20
Total property, plant and equipment, net	24		12
Investments in consolidated subsidiaries	(27)		(11)
Deferred tax asset	0		0
Investment in unconsolidated subsidiaries	29		19
Other assets	51		36
TOTAL ASSETS	123		76
Total current liabilities	15		13
Long-term debt	0		0
Asset retirement obligations	0		0
Other long-term liabilities	130		73
Deferred tax liability	0
Amounts due to (from) affiliates	19
Total equity	(41)		(10)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	123		76
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	575		398
Total property, plant and equipment, net	5,800		2,744
Investments in consolidated subsidiaries	14,638		1,347
Deferred tax asset	0		0
Investment in unconsolidated subsidiaries	55		0
Other assets	216		100
TOTAL ASSETS	21,284		4,589
Total current liabilities	757		461
Long-term debt	0		0
Asset retirement obligations	1,083		422
Other long-term liabilities	190		49
Deferred tax liability	0
Amounts due to (from) affiliates	(429)
Total equity	19,683		3,657
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 21,284		$ 4,589

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Amortization of prior service cost credit included in net periodic benefit cost, tax	$ 2	$ 2	$ 1	$ 2

SUPPLEMENTAL ACCOUNT BALANCES

9 Months Ended

Sep. 30, 2024

SUPPLEMENTAL INFORMATION [Abstract]

SUPPLEMENTAL ACCOUNT BALANCES

Restricted cash — Restricted cash of $28 million at September 30, 2024 primarily includes funds held in an escrow account established to secure oil field well and infrastructure abandonment and habitat restoration at an oil and gas field previously owned by Aera. Funds will be released from the escrow account as work is completed. The Merger Agreement provides that 50% of the amount by which released funds exceeds the cumulative abandonment and restoration expenditures from January 1, 2024 onward is payable to the Sellers. We do not expect this amount to be significant. Restricted cash included an insignificant amount that was restricted under oil and natural gas liens in favor of one of our suppliers. We had no restricted cash at December 31, 2023.

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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Oil	$	804	$	402	$	1,505	$	1,154
Natural gas	22		61		68		367
NGLs	44		47		138		151
Oil, natural gas and NGL sales	$	870	$	510	$	1,711	$	1,672

Since July 1, 2024, the closing date of the Aera Merger, the results of operations for Aera have been included in our consolidated financial statements. For the period from July 1, 2024 to September 30, 2024, $475 million of oil, natural gas and NGL sales attributable to Aera's business has been included in the consolidated statements of operations.

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 statements 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 marketing oil sales that have resulted from third-party purchases. The following table provides disaggregated revenue for sales to customers related to our marketing activities:



	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Oil	$	25	$	—	$	73	$	—
Natural gas	26		78		97		334
NGLs	—		(1)		6		2
Revenue from marketing of purchased commodities	$	51	$	77	$	176	$	336

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



	September 30,		December 31,
	2024		2023

	(in millions)
Materials and supplies	$	71	$	68
Finished goods	4		4
Inventories	$	75	$	72

In the nine months ended September 30, 2024, we recorded an impairment of excess and obsolete materials and supplies of $13 million. The impairment related to the write-down of obsolete materials and supplies to fair value using Level 3 inputs in the fair value hierarchy.

We also acquired inventory with an estimated value of $18 million in connection with the Aera Merger. See Note 2 Aera Merger for additional information.

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


	September 30,		December 31,
	2024		2023

	(in millions)
Net amounts due from joint interest partners(a)	$	34	$	43

Fair value of commodity derivative contracts	46		21
Prepaid expenses	18		19
Greenhouse gas allowances	49		12



Other	37		18
Other current assets, net	$	184	$	113

(a)Included in the September 30, 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:



	September 30,		December 31,
	2024		2023

	(in millions)
Operating lease right-of-use assets	$	100	$	73
Deferred financing costs - Revolving Credit Facility	17		11
Emission reduction credits	21		11
Prepaid power plant maintenance	3		34
Fair value of commodity derivative contracts	22		6
Funded pension	89		2
Deposits and other	34		11
Other noncurrent assets	$	286	$	148

Accrued liabilities — Accrued liabilities include the following:


	September 30,		December 31,
	2024		2023

	(in millions)
Employee-related costs	$	165	$	82
Taxes other than on income	97		35
Asset retirement obligations	130		99
Interest	29		18
Operating lease liability	20		15
Fair value of derivative contracts	19		8
Premiums due on commodity derivative contracts	13		21
Liability for settlement payments on commodity derivative contracts	1		8
Amounts due under production-sharing contracts	4		5
Signal Hill maintenance	1		12
Income taxes payable	11		18

Other	51		45
Accrued liabilities	$	541	$	366

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



	September 30,		December 31,
	2024		2023

	(in millions)
Compensation-related liabilities	$	48	$	38
Postretirement and pension benefit plans	68		36
Operating lease liability	71		55

Premiums due on commodity derivative contracts	5		10
Contingent liability (related to Carbon TerraVault JV put and call rights)	104		52
Other	41		8
Other long-term liabilities	$	337	$	199

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. Since July 1, 2024, the closing date of the Aera Merger, the results of operations for Aera have been included in our consolidated financial statements. The amounts shown for our exploration and production business includes $46 million related to Aera during the period of July 1, 2024 through September 30, 2024.


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Exploration and production, corporate and other	$	104	$	61	$	219	$	191
Carbon management business	2		4		7		10
Total general and administrative expenses	$	106	$	65	$	226	$	201

DERIVATIVES - Schedule of Commodity Price Risk (Details) - Not Designated as Hedging Instrument	9 Months Ended
	Sep. 30, 2024 MMBTU $ / barrel $ / MMBTU bbl
Sold Calls - Crude Oil Q4 2024
Derivatives
Barrels per day (in barrels) \| bbl	29,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	90.07
Sold Calls - Crude Oil Q1 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	87.08
Sold Calls - Crude Oil Q2 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	87.08
Sold Calls - Crude Oil Q3 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	87.08
Sold Calls - Crude Oil Q4 2025
Derivatives
Barrels per day (in barrels) \| bbl	29,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	87.13
Sold Calls - Crude Oil 2026
Derivatives
Barrels per day (in barrels) \| bbl	5,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	85.00
Sold Calls - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
Sold Calls - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
Purchased Puts - Crude Oil Q4 2024
Derivatives
Barrels per day (in barrels) \| bbl	29,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	65.17
Purchased Puts - Crude Oil Q1 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.67
Purchased Puts - Crude Oil Q2 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.67
Purchased Puts - Crude Oil Q3 2025
Derivatives
Barrels per day (in barrels) \| bbl	30,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.67
Purchased Puts - Crude Oil Q4 2025
Derivatives
Barrels per day (in barrels) \| bbl	29,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.72
Purchased Puts - Crude Oil 2026
Derivatives
Barrels per day (in barrels) \| bbl	5,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	60.00
Purchased Puts - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
Purchased Puts - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
Swaps - Crude Oil Q4 2024
Derivatives
Barrels per day (in barrels) \| bbl	59,014
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	74.90
Swaps - Crude Oil Q1 2025
Derivatives
Barrels per day (in barrels) \| bbl	52,837
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	72.48
Swaps - Crude Oil Q2 2025
Derivatives
Barrels per day (in barrels) \| bbl	45,631
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	71.31
Swaps - Crude Oil Q3 2025
Derivatives
Barrels per day (in barrels) \| bbl	44,126
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	70.62
Swaps - Crude Oil Q4 2025
Derivatives
Barrels per day (in barrels) \| bbl	42,626
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	69.94
Swaps - Crude Oil 2026
Derivatives
Barrels per day (in barrels) \| bbl	30,449
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	67.95
Swaps - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	13,882
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	65.53
Swaps - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	10,353
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	65.00
SoCal Border - Natural Gas Q4 2024
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	20,000
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	5.49
SoCal Border - Natural Gas Q1 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	10,000
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	6.02
SoCal Border - Natural Gas Q2 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	29,074
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.44
SoCal Border - Natural Gas Q3 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	25,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.48
SoCal Border - Natural Gas Q4 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	22,408
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.53
SoCal Border - Natural Gas 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
SoCal Border - Natural Gas 2027
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
SoCal Border - Natural Gas 2028
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
NWPL Rockies - Natural Gas Q4 2024
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	50,999
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.67
NWPL Rockies - Natural Gas Q1 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	50,999
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	5.48
NWPL Rockies - Natural Gas Q2 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	2.95
NWPL Rockies - Natural Gas Q3 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	2.95
NWPL Rockies - Natural Gas Q4 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.22
NWPL Rockies - Natural Gas 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	35,336
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.04
NWPL Rockies - Natural Gas 2027
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	12,616
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.34
NWPL Rockies - Natural Gas 2028
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	9,613
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.95
PG&E Citygate - Natural Gas Q4 2024
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	14,000
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	5.60
PG&E Citygate - Natural Gas Q1 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	14,000
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	6.10
PG&E Citygate - Natural Gas Q2 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas Q3 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas Q4 2025
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas 2027
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
PG&E Citygate - Natural Gas 2028
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	345	$	(22)	$	343	$	376





Denominator for Basic EPS
Weighted-average shares	89.4		68.7		75.5		69.9

Potential common shares, if dilutive:
Warrants	1.0		—		1.1		0.8
Restricted stock units	0.4		—		0.5		1.0
Performance stock units	0.4		—		0.5		0.9

Denominator for Diluted EPS
Weighted-average shares	91.2		68.7		77.6		72.6

EPS
Basic	$	3.86	$	(0.32)	$	4.54	$	5.38
Diluted	$	3.78	$	(0.32)	$	4.42	$	5.18

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 September 30,		Nine months ended September 30,
	2024	2023	2024	2023

	(in millions)		(in millions)
Shares issuable upon exercise of warrants	—	4.3	—	—
Shares issuable upon settlement of RSUs	—	1.3	—	—
Shares issuable upon settlement of PSUs	—	1.6	—	—
Total antidilutive shares	—	7.2	—	—

PENSION AND POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Aug. 31, 2024 age	Jul. 01, 2024 USD ($) plan	Jun. 30, 2024 plan
Postemployment Benefits [Abstract]
Number of plans \| plan					2
Number of plans acquired \| plan				2
Postretirement benefits, number of plans acquired \| plan				2
Defined benefit plan, funded (unfunded) status of plan				$ 73
Net benefit liability				$ 35
Age threshold for retirement benefits \| age			65
Curtailment gain	$ 4	$ 4
Net periodic benefit costs	4	4
Employer contributions to pension plan	$ 0	$ 2

STOCKHOLDERS' EQUITY - Schedule of Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		41 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Equity [Abstract]
Share repurchase (in shares)	835,319	365,145	2,604,922	3,407,655	17,468,837
Stock repurchase	$ 42	$ 20	$ 135	$ 143	$ 739
Average price (in dollar per share)	$ 50.23	$ 54.75	$ 51.33	$ 41.69	$ 42.14
Stock repurchase, excise tax			$ 1	$ 1

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

The following table is a summary of common stock issuances:


						Common Stock

Balance at December 31, 2023						68,693,885
Issued as part of the Aera Merger						21,315,707
Shares repurchased						(2,604,922)
Shares issued for exercised warrants						1,139,163
Other shares issued, net						917,840
Balance at September 30, 2024						89,461,673

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 are 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 September 30, 2023	365,145	$	20	$	54.75
Three months ended September 30, 2024	835,319	$	42	$	50.23

Nine months ended September 30, 2023	3,407,655	$	143	$	41.69
Nine months ended September 30, 2024	2,604,922	$	135	$	51.33

Inception of Program (May 2021) through September 30, 2024	17,468,837	$	739	$	42.14

Note: The total value of shares purchased includes approximately $1 million in both the nine months ended September 30, 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.

Dividends

On August 2, 2024, our Board of Directors increased the cash dividend policy to anticipate a total annual dividend of $1.55 per share of common stock, payable to shareholders in quarterly increments of $0.3875 per share of common stock.

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


	Total Dividend		Rate Per Share
	(in millions)		($ per share)
2024
Three months ended March 31, 2024	$	21	$	0.31
Three months ended June 30, 2024	22		$	0.31
Three months ended September 30, 2024	34		$	0.3875
Nine months ended September 30, 2024	$	77
2023
Three months ended March 31, 2023	$	20	$	0.2825
Three months ended June 30, 2023	20		$	0.2825
Three months ended September 30, 2023	19		$	0.2825
Nine months ended September 30, 2023	$	59

In addition to dividends on our common stock shown in the table above, we paid $4 million of dividend equivalents on equity-settled stock-based compensation awards in the nine months ended September 30, 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 15 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 issuance upon the exercise of warrants, which were exercisable at $36 per share through October 28, 2024.

As of September 30, 2024, we had outstanding warrants exercisable into 2,812,754 shares of our common stock (subject to adjustments pursuant to the terms of the warrants). During the three and nine months ended September 30, 2024, we issued 1,085,838 and 1,139,163 shares of our common stock in exchange for warrants, respectively. During the three and nine months ended September 30, 2023, we issued 1,958 and 2,179 shares of our common stock in exchange for warrants, respectively.

See Note 15 Subsequent Events for warrant exercises during October 2024.

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

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

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

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

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

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

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

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

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

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

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

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-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

AERA MERGER - Schedule of Merger Consideration and Preliminary Purchase Price Allocation (Details) - Aera Energy, LLC - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024
Business Combination Segment Allocation [Line Items]
Common stock per share fair value (in dollars per share)	$ 53.28
Fair value of share consideration	$ 1,136
Settlement of Aera debt	990
Member taxes	(1)
Total purchase consideration	$ 2,125
Common Stock
Business Combination Segment Allocation [Line Items]
Issued as part of the Aera Merger (in shares)	21,315,707	21,315,707

STOCKHOLDERS' EQUITY - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Total Dividend	$ 34	$ 22	$ 21	$ 19	$ 20	$ 20	$ 77	$ 59
Rate per share (in dollars per share)	$ 0.3875	$ 0.31	$ 0.31	$ 0.2825	$ 0.2825	$ 0.2825

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	9 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Sep. 30, 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 we determine it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserve balances for these items at September 30, 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 be approximately $5 million per year. Due to the preliminary stage of the process, no cost estimates to abandon the offshore platforms have been determined. As of September 30, 2024 there were no material changes to our legacy purchase obligations disclosed in the 2023 Annual Report. In connection with the Aera Merger, we assumed purchase obligations of approximately $50 million. These purchase obligations are primarily related to natural gas transportation and a power purchase agreement for a future solar project.

Debt - Tender Offer and Note Repurchases (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Aug. 22, 2024	Oct. 20, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt instrument
Net loss on early extinguishment of debt			$ 5	$ 0	$ 5	$ 0
2026 Senior Notes \| Senior Notes (Unsecured)
Debt instrument
Repurchase face amount			300	$ 5	300	$ 5
Debt repurchases			303		303
Net loss on early extinguishment of debt			5		5
Write off of deferred debt issuance cost			$ 2		$ 2
Percentage of principal amount at which notes can be redeemed prior to their maturity date	7.125%
2026 Senior Notes \| Senior Notes (Unsecured) \| Twelve Months Beginning February 2024
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date		102.00%
2026 Senior Notes \| Senior Notes (Unsecured) \| Period Beginning February 2025
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date		100.00%

DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of September 30, 2024 and December 31, 2023, our long-term debt consisted of the following:



	September 30,		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)

2026 Senior Notes	245		545		7.125%	February 1, 2026
2029 Senior Notes	900		—		8.250%	June 15, 2029
Principal amount	$	1,145	$	545
Unamortized debt discount and issuance costs	(17)		(5)
Unamortized premium	3		—
Long-term debt, net	$	1,131	$	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 a 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)On November 1, 2024 the maturity date of the Revolving Credit Facility was extended to March 16, 2029, and the springing maturity date was also amended. See Note 15 Subsequent Events for more information on the amendment.

As shown in the table below, we estimate the fair value of our fixed rate 2029 Senior Notes and 2026 Senior Notes based on known prices from market transactions (using Level 1 inputs on the fair value hierarchy).


	September 30,		December 31,
	2024		2023

	(in millions)
Variable rate debt	$	—	$	—
Fixed rate debt
2026 Senior Notes	246		554
2029 Senior Notes	918		—
Fair Value of Long-Term Debt	$	1,164	$	554

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION We are an independent energy and carbon management company committed to energy transition. We are committed to environmental stewardship while safely providing local, responsibly sourced energy. We are also focused on maximizing the value of our land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. 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 as of the date presented. In the opinion of our management, the accompanying unaudited condensed consolidated 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 investments in our unconsolidated subsidiaries are recognized either at cost, as is the case with Carbon TerraVault JV HoldCo, LLC, or at fair value if acquired in a business combination, as is the case for Midway Sunset Cogeneration Company. These investments are 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. On July 1, 2024, we closed on transactions pursuant to the definitive agreement and plan of merger (Merger Agreement) to obtain all of the ownership interests in Aera Energy, LLC (Aera) (Aera Merger). Refer to Note 2 Aera Merger for further discussion of the Aera Merger. The Aera Merger has been accounted for as a business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations (ASC 805). The merger consideration of $2.1 billion was allocated to individual assets acquired net of liabilities assumed based on their fair value as of July 1, 2024 and are not included on the comparative balance sheet presented. The accompanying unaudited condensed consolidated statement of operations, comprehensive income and cash flows contain the results of Aera beginning on July 1, 2024. 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 and nine months ended September 30, 2023, we reclassified $1 million and $2 million, respectively, related to NGL storage activities from other revenue to revenue from marketing of purchased commodities on our condensed consolidated statement of operations.
Concentration Risk, Credit Risk, Policy	Concentration of Customers We sell crude oil, natural gas and NGLs to marketers, California refineries and other customers that have access to transportation and storage facilities. In light of the ongoing energy deficit in California and strong demand for native crude oil production, we do not believe that the loss of any single customer would have a material adverse effect on our consolidated financial statements taken as a whole. For the three months ended September 30, 2024, two California customers each accounted for at least 10%, and collectively 58%, of our sales (before the effects of hedging).

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ 345	$ (22)	$ 343	$ 376
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	140	56	246	170
Deferred income tax provision (benefit)	90	(40)	84	16
Asset impairments	0	0	13	3
Net (gain) loss from commodity derivatives	(347)	204	(279)	131
Net payments on settled commodity derivatives	(29)	(95)	(53)	(223)
Net loss on early extinguishment of debt	5	0	5	0
Gain on asset divestitures	0	0	(7)	(7)
Other non-cash charges to income, net	45	26	97	77
Changes in operating assets and liabilities, net	(29)	(25)	(45)	(21)
Net cash provided by operating activities	220	104	404	522
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(79)	(33)	(167)	(119)
Changes in accrued capital investments	6	5	8	(10)
Proceeds from asset divestitures, net	0	0	12	0
Purchase of a business, net of cash acquired	(853)	0	(853)	0
Acquisitions	0	0	(6)	(1)
Other, net	(2)	0	(4)	(3)
Net cash used in investing activities	(928)	(28)	(1,010)	(133)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	0	0	30	0
Repayments of Revolving Credit Facility	(30)	0	(30)	0
Proceeds from 2029 Senior Notes, net	298	0	888	0
Repurchases of common stock	(42)	(20)	(135)	(143)
Common stock dividends	(34)	(19)	(77)	(59)
Payments on equity-settled awards	0	0	(4)	0
Issuance of common stock	0	0	2	1
Bridge loan commitments	0	0	(5)	0
Debt amendment costs	(7)	0	(10)	(8)
Stock warrants exercised	37	0	37	0
Shares cancelled for taxes	0	(1)	(42)	(3)
Debt repurchases	(303)	(5)	(303)	(5)
Other	(1)	0	0	0
Net cash (used in) provided by financing activities	(82)	(45)	351	(217)
Increase (decrease) in cash and cash equivalents	(790)	31	(255)	172
Cash and cash equivalents—beginning of period	1,031	448	496	307
Cash and cash equivalents—end of period	$ 241	$ 479	$ 241	$ 479

SUBSEQUENT EVENTS (Details) - USD ($)				1 Months Ended	3 Months Ended						49 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Nov. 05, 2024	Oct. 31, 2024	Oct. 14, 2024	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Oct. 31, 2024	Nov. 01, 2024	Oct. 28, 2024	Jul. 01, 2024
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)					$ 0.3875	$ 0.31	$ 0.31	$ 0.2825	$ 0.2825	$ 0.2825
Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity					$ 1,100,000,000	$ 630,000,000								$ 1,100,000,000
Borrowing base						$ 1,200,000,000								$ 1,500,000,000
Letters of Credit \| Line of Credit
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity					$ 250,000,000
Subsequent Event
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)	$ 0.3875
Proceeds from sale of Ventura basin assets			$ 3,000,000
Stock issued during period, warrant exercises (in shares)				2,630,540							3,856,833
Warrants cancelled (in shares)											469,429
Warrants unissued (in shares)													57,920
Subsequent Event \| Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Line of credit facility, accordion feature, increase limit												$ 50,000,000
Line of credit facility, accordion feature, higher borrowing capacity option												1,150,000,000
Borrowing base												1,500,000,000
Subsequent Event \| Revolving Credit Facility \| 2026 Senior Notes
Subsequent Event [Line Items]
Debt instrument, covenant, revolving commitments, minimum		25.00%
Subsequent Event \| Letters of Credit \| Line of Credit
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 250,000,000		$ 250,000,000							$ 250,000,000	$ 300,000,000

AERA MERGER - Schedule of Merger Related Costs (Details) - Aera Energy, LLC - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Business Combination Segment Allocation [Line Items]
Employee severance and related costs	$ 27	$ 28
Transaction and integration costs	30	56
Total merger-related costs	$ 57	$ 84

DIVESTITURES, ACQUISITIONS AND ASSETS HELD FOR SALE - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) a	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Proceeds from sale of assets		$ 0	$ 0		$ 12	$ 0
Gain (loss) on disposition of assets		$ 0	$ 0		7	7
Payments to acquire land					6	1
Other Acquisitions
Business Acquisition [Line Items]
Total purchase consideration							$ 17
Impairment recognized				$ 3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Fort Apache In Huntington Beach
Business Acquisition [Line Items]
Area of real estate property \| a	0.9
Proceeds from sale of assets	$ 10
Gain (loss) on disposition of assets	$ 6
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Other Divestitures
Business Acquisition [Line Items]
Gain (loss) on disposition of assets					$ 1	$ 7

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Costs

The following table sets forth the components of the net periodic benefit costs for our defined benefit pension and postretirement benefit plans for the three and nine months ended September 30, 2024 and 2023:



	Three months ended September 30,				Three months ended September 30,
	2024				2023
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Service cost - benefits earned during the period	$	3	$	1	$	—	$	—
Interest cost on projected benefit obligation	4		1		—		—
Expected return on plan assets	(6)		(1)		—		—
Curtailment gain	—		(4)				(3)


Cost of special termination benefits	—		4		—		—
Amortization of prior service cost credit	—		(1)		—		(1)
Net periodic benefit costs	$	1	$	—	$	—	$	(4)


	Nine months ended September 30,				Nine months ended September 30,
	2024				2023
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Service cost - benefits earned during the period	$	3	$	2	$	—	$	1
Interest cost on projected benefit obligation	4		2		1		2
Expected return on plan assets	(7)		(1)		(1)		—
Curtailment gain	—		(4)		—		(3)
Recognized actuarial gain	—		(1)		—		(1)
Cost of special termination benefits	—		4		—		—
Amortization of prior service cost credit	—		(4)		—		(4)
Net periodic benefit costs	$	—	$	(2)	$	—	$	(5)

AERA MERGER - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Aera Energy, LLC $ in Millions	Jul. 01, 2024 USD ($)
Assets Acquired
Cash	$ 137
Other current assets	202
Investment in unconsolidated subsidiary	59
Property, plant and equipment	3,119
Pension and other postretirement benefits	73
Other noncurrent assets	67
Total Assets Acquired	3,657
Liabilities Assumed
Accounts payable	(157)
Accrued liabilities	(132)
Asset retirement obligations	(700)
Fair value of derivative contracts	(351)
Other long-term liabilities	(192)
Total Liabilities Assumed	(1,532)
Net Assets Acquired	$ 2,125

AERA MERGER (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Merger Consideration and Preliminary Purchase Price Allocation

The following table summarizes the consideration transferred:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock (dividend adjusted)	21,315,707
Common stock per share fair value on July 1, 2024	$	53.28
Fair value of share consideration	$	1,136
Settlement of Aera debt	990
Member taxes	(1)
Total purchase consideration	$	2,125

The following table summarizes the merger-related costs incurred:


	Three months ended September 30, 2024		Nine months ended September 30, 2024

	(in millions)
Employee severance and related costs	$	27	$	28
Transaction and integration costs	$	30	$	56
Total merger-related costs	$	57	$	84

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table represents the preliminary purchase price allocation of the identifiable assets acquired and the liabilities assumed based on their estimated fair values as of the closing date of the Aera Merger:


	Preliminary Purchase Price Allocation
	(in millions)
Assets Acquired
Cash	$	137
Other current assets	202
Investment in unconsolidated subsidiary	59
Property, plant and equipment	3,119
Pension and other postretirement benefits	73
Other noncurrent assets	67
Total Assets Acquired	3,657

Liabilities Assumed
Accounts payable	(157)
Accrued liabilities	(132)
Asset retirement obligations	(700)
Fair value of derivative contracts	(351)
Other long-term liabilities	(192)
Total Liabilities Assumed	(1,532)
Net Assets Acquired	$	2,125

Schedule of Business Acquisition, Pro Forma Information

The following supplemental unaudited pro forma financial information presents the condensed consolidated results of operations for the three and nine months ended September 30, 2024 and 2023 as if the Aera Merger had occurred on January 1, 2023.


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Total operating revenue	$	1,353	$	438	$	3,006	$	3,165
Net income	$	386	$	(459)	$	341	$	43

EPS
Basic	$	4.32	$	(5.10)	$	3.53	$	0.47
Diluted	$	4.23	$	(5.10)	$	3.45	$	0.45

INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES AND RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY AND RELATED PARTY TRANSACTIONS

INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES AND RELATED PARTY TRANSACTIONS

Midway Sunset Cogeneration Company

In July 2024, our merger with Aera led to our ownership of Midway Sunset Cogeneration Company, which is a partnership designed to own, manage, and operate a cogeneration facility in Kern County, California. We hold a 50% interest in Midway Sunset Cogeneration Company and San Joaquin Energy Company, a subsidiary of NRG Energy Inc. (NRG), holds a 50% interest. We determined that Midway Sunset Cogeneration Company is a voting interest entity, where we share decision-making power with San Joaquin Energy Company, on all matters that most significantly impact the economic performance of the company. Therefore, we account for our investment in Midway Sunset Cogeneration Company under the equity method of accounting. We recorded our investment at a preliminary fair value of $59 million which was $48 million in excess of Aera's investment in the underlying assets of the partnership. This difference is associated with PP&E and we expect this amount will reverse over the remaining useful life of the power plant. There are no significant transactions between CRC and Midway Sunset Cogeneration Company. As of September 30, 2024, the carrying value of our investment in Midway Sunset Cogeneration Company was $55 million.

Carbon TerraVault JV

In August 2022, we entered into a joint venture with BGTF Sierra Aggregator LLC (Brookfield) for the further development of a carbon management business in California (Carbon TerraVault JV). We hold a 51% interest in the Carbon TerraVault JV and Brookfield holds a 49% interest. We determined that the Carbon TerraVault JV is a 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 committed an initial $500 million to invest in CCS projects that are jointly approved through the Carbon TerraVault JV. Our initial contribution included rights to inject CO2 into the 26R reservoir in our Elk Hills field for permanent CO2 storage (26R reservoir). Brookfield's initial investment is $137 million, of which $92 million has been contributed to date. The remaining amount of Brookfield's initial investment will be sized based on permitted storage capacity.

Because the parties have certain put and call rights (repurchase features) with respect to the 26R reservoir if certain milestones are not met, the initial investment by Brookfield is reflected as a contingent liability included in other long-term liabilities on our condensed consolidated balance sheets. The contingent liability was $104 million and $52 million at September 30, 2024 and December 31, 2023, respectively, inclusive of interest.

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.



	September 30,		December 31,
	2024		2023

	(in millions)
Investment in unconsolidated subsidiary	$	29	$	19
Receivable from affiliate(a)	$	46	$	19
Other long-term liabilities - Contingent liability (related to Carbon TerraVault JV put and call rights)	$	104	$	52

(a)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 September 30, 2024, the amount of $46 million includes the remaining $43 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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Loss from investment in unconsolidated subsidiary	$	3	$	3	$	10	$	6
General and administrative expenses(a)	$	2	$	2	$	7	$	5

(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 and nine months ended September 30, 2024, we performed abandonment work and sought reimbursement in the amounts of $4 million and $13 million, respectively, from the Carbon TerraVault JV. During the three and nine months ended September 30, 2023, we performed abandonment work and sought reimbursement in the amounts of $2 million and $4 million, respectively, from the Carbon TerraVault JV.

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Open Derivative Contracts

We held the following Brent-based contracts as of September 30, 2024:


	Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028
Sold Calls
Barrels per day	29,000		30,000		30,000		30,000		29,000		5,000		—		—
Weighted-average price per barrel	$	90.07	$	87.08	$	87.08	$	87.08	$	87.13	$	85.00	$	—	$	—

Purchased Puts
Barrels per day	29,000		30,000		30,000		30,000		29,000		5,000		—		—
Weighted-average price per barrel	$	65.17	$	61.67	$	61.67	$	61.67	$	61.72	$	60.00	$	—	$	—

Swaps
Barrels per day	59,014		52,837		45,631		44,126		42,626		30,449		13,882		10,353
Weighted-average price per barrel	$	74.90	$	72.48	$	71.31	$	70.62	$	69.94	$	67.95	$	65.53	$	65.00

At September 30, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.


	Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028

SoCal Border
MMBtu per day	20,000		10,000		29,074		25,750		22,408		—		—		—
Weighted-average price per MMBtu	$	5.49	$	6.02	$	3.44	$	3.48	$	3.53	$	—	$	—	$	—

NWPL Rockies
MMBtu per day	50,999		50,999		51,750		51,750		51,750		35,336		12,616		9,613
Weighted-average price per MMBtu	$	4.67	$	5.48	$	2.95	$	2.95	$	4.22	$	4.04	$	4.34	$	3.95

PG&E Citygate
MMBtu per day	14,000		14,000		—		—		—		—		—		—
Weighted-average price per MMBtu	$	5.60	$	6.10	$	—	$	—	$	—	$	—	$	—	$	—

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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Non-cash commodity derivative gain (loss)	$	373	$	(109)	$	325	$	92


Settlements and premiums	(17)		(95)		(35)		(223)

Net gain (loss) from commodity derivatives	$	356	$	(204)	$	290	$	(131)

Schedule of Fair Value of Derivatives


September 30, 2024
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

	(in millions)
Other current assets, net	$	59	$	(13)	$	46
Other noncurrent assets	34		(12)		22

Current liabilities	(32)		13		(19)
Noncurrent liabilities	(67)		12		(55)
	$	(6)	$	—	$	(6)


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

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 26, 2023	Sep. 30, 2024	Aug. 22, 2024	Jun. 05, 2024	Dec. 31, 2023
Debt
Principal amount		$ 1,145,000			$ 545,000
Unamortized debt discount and issuance costs		(17,000)			(5,000)
Unamortized premium		3,000			0
Long-term debt, net		1,131,000			540,000
Senior Notes (Unsecured) \| 2026 Senior Notes
Debt
Principal amount		$ 245,000			545,000
Interest rate		7.125%
Senior Notes (Unsecured) \| 2029 Senior Notes
Debt
Principal amount		$ 900,000			0
Unamortized premium			$ 3,000
Interest rate		8.25%		8.25%
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 \| 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 \| 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%

INCOME TAXES - Income Tax Provision (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 483	$ (30)	$ 475	$ 481
Current income tax provision	48	32	48	89
Deferred income tax provision (benefit)	90	(40)	84	16
Total income tax provision (benefit)	$ 138	$ (8)	$ 132	$ 105
Effective tax rate	29.00%	27.00%	28.00%	22.00%

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

SUPPLEMENTAL CASH FLOW INFORMATION

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental disclosures to our condensed consolidated statements of cash flows are presented below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Supplemental Cash Flow Information
Interest paid, net of amount capitalized	$	23	$	22	$	42	$	44
Income taxes paid	$	29	$	29	$	55	$	80
Interest income	$	1	$	5	$	15	$	14

Supplemental Disclosure of Non-cash Investing and Financing Activities
Contribution to the Carbon TerraVault JV	$	15	$	4	$	20	$	7
Issuance of shares for stock-based compensation awards	$	—	$	2	$	88	$	3
Dividends accrued for stock-based compensation awards	$	2	$	1	$	2	$	2
Excise tax on share repurchases	$	—	$	—	$	1	$	1

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	106,930,510	83,557,800
Common stock, outstanding shares (in shares)	89,461,673	68,693,885
Treasury stock (in shares)	17,468,837	14,863,915

DEBT - Repurchases Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt instrument
Net loss on early extinguishment of debt	$ 5	$ 0	$ 5	$ 0
Senior Notes \| 2026 Senior Notes
Debt instrument
Repurchase face amount	300	$ 5	300	$ 5
Debt repurchases	303		303
Net loss on early extinguishment of debt	$ 5		$ 5

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Oil, natural gas and NGL sales	$ 870	$ 510	$ 1,711	$ 1,672
Net gain (loss) from commodity derivatives	356	(204)	290	(131)
Total operating revenues	1,353	460	2,321	2,075
OPERATING EXPENSES
Operating costs	311	196	643	636
General and administrative expenses	106	65	226	201
Depreciation, depletion and amortization	140	56	246	170
Asset impairments	0	0	13	3
Taxes other than on income	85	48	162	132
Exploration expense	1	0	2	2
Accretion expense	31	12	56	35
Carbon management business expenses	13	7	36	20
Other operating expenses, net	73	21	161	42
Total operating expenses	835	475	1,776	1,557
Gain on asset divestitures	0	0	7	7
OPERATING INCOME (LOSS)	518	(15)	552	525
NON-OPERATING (EXPENSES) INCOME
Interest and debt expense	(29)	(15)	(59)	(43)
Loss on early extinguishment of debt	(5)	0	(5)	0
Loss from investment in unconsolidated subsidiaries	(2)	(3)	(9)	(6)
Other non-operating income (loss)	1	3	(4)	5
(LOSS) INCOME BEFORE INCOME TAXES	483	(30)	475	481
Income tax (provision) benefit	(138)	8	(132)	(105)
NET INCOME (LOSS)	$ 345	$ (22)	$ 343	$ 376
Net income (loss) per share
Basic (in dollars per share)	$ 3.86	$ (0.32)	$ 4.54	$ 5.38
Diluted (in dollars per share)	$ 3.78	$ (0.32)	$ 4.42	$ 5.18
Weighted-average common shares outstanding
Basic (in shares)	89.4	68.7	75.5	69.9
Diluted (in shares)	91.2	68.7	77.6	72.6
Revenue from marketing of purchased commodities
REVENUES
Revenue not from contract with customer	$ 51	$ 77	$ 176	$ 336
OPERATING EXPENSES
Costs of sales	43	31	140	182
Electricity sales
REVENUES
Revenue not from contract with customer	69	67	120	169
Interest and other revenue
REVENUES
Revenue not from contract with customer	7	10	24	29
Electricity generation expenses
OPERATING EXPENSES
Costs of sales	9	23	31	85
Transportation costs
OPERATING EXPENSES
Costs of sales	$ 23	$ 16	$ 60	$ 49

INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES AND RELATED PARTY TRANSACTIONS - Schedule of Equity Method Investment Unconsolidated Subsidiary, Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Loss from investment in unconsolidated subsidiaries	$ 2	$ 3	$ 9	$ 6
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Loss from investment in unconsolidated subsidiaries	3	3	10	6
General and administrative expense	$ 2	$ 2	$ 7	$ 5

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 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 (benefit) and effective tax rate:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(in millions)						(in millions)
Income (loss) before income taxes	$	483		$	(30)		$	475		$	481

Current income tax provision	48			32			48			89
Deferred income tax provision (benefit)	90			(40)			84			16
Total income tax provision (benefit)	$	138		$	(8)		$	132		$	105

Effective tax rate	29		%	27		%	28		%	22		%

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2020
Equity [Abstract]
Stock repurchase program authorized amount	$ 1,350						$ 1,350
Total annual dividend (in dollars per share)	$ 1.55
Dividends declared, common stock (in dollars per share)	$ 0.3875	$ 0.31	$ 0.31	$ 0.2825	$ 0.2825	$ 0.2825
Payments on equity-settled awards	$ 0			$ 0			$ 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)	2,812,754						2,812,754

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures to our condensed consolidated statements of cash flows are presented below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Supplemental Cash Flow Information
Interest paid, net of amount capitalized	$	23	$	22	$	42	$	44
Income taxes paid	$	29	$	29	$	55	$	80
Interest income	$	1	$	5	$	15	$	14

Supplemental Disclosure of Non-cash Investing and Financing Activities
Contribution to the Carbon TerraVault JV	$	15	$	4	$	20	$	7
Issuance of shares for stock-based compensation awards	$	—	$	2	$	88	$	3
Dividends accrued for stock-based compensation awards	$	2	$	1	$	2	$	2
Excise tax on share repurchases	$	—	$	—	$	1	$	1

SUPPLEMENTAL ACCOUNT BALANCES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 01, 2024	Dec. 31, 2023
Disaggregation of revenue
Restricted cash	$ 28,000,000		$ 28,000,000			$ 0
Escrow funds payable to sellers, percentage of released funds in excess of expenditures					50.00%
Oil, natural gas and NGL sales	(870,000,000)	$ (510,000,000)	(1,711,000,000)	$ (1,672,000,000)
Inventory write-down			13,000,000
General and administrative expenses	106,000,000	$ 65,000,000	$ 226,000,000	$ 201,000,000
Aera
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 475,000,000
Acquired inventory					$ 18,000,000

- Definition

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

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

SUPPLEMENTAL ACCOUNT BALANCES - Other Noncurrent Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Operating lease right-of-use assets	$ 100	$ 73
Deferred financing costs - Revolving Credit Facility	17	11
Emission reduction credits	21	11
Prepaid power plant maintenance	3	34
Fair value of commodity derivative contracts	22	6
Funded pension	89	2
Deposits and other	34	11
Other noncurrent assets	$ 286	$ 148

DEBT - Schedule of Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt instrument
Variable rate debt	$ 0	$ 0
Fair Value of Long-Term Debt	1,164	554
2026 Senior Notes
Debt instrument
Fixed rate debt	246	554
2029 Senior Notes
Debt instrument
Fixed rate debt	$ 918	$ 0

- Definition

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

+ References

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		91,705,360
Entity Central Index Key	0001609253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

PENSION AND POSTRETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

Prior to the Aera Merger, we had two qualified defined benefit pension plans covering union employees and a postretirement health care plan for certain retired employees. In connection with the Aera Merger, we acquired two defined benefit pension plans, a qualified retirement plan and a supplemental retirement plan. We also acquired two plans that provide health care benefits for certain retired employees. Certain of the postretirement benefit obligations are funded through 401(h) accounts under the defined benefit plans. Aera's pension and postretirement obligations were remeasured as of the July 1, 2024 acquisition date. At that time, we recognized a net benefit asset of $73 million, included in other noncurrent assets, and a net benefit liability of $35 million, included in other long-term liabilities, on our condensed consolidated statement of financial position. Accumulated other comprehensive income balances were eliminated in purchase accounting.

In August 2024, we amended Aera's pension and postretirement benefit plans. For Aera’s defined benefit pension plans and post age 65 postretirement benefit plan, participants no longer earn benefits for service after September 30, 2024. However, future service will count towards vesting of benefits accumulated based on past service. For Aera’s postretirement benefit plans, we expanded the eligibility provisions in the event of an involuntary layoff. Following the Aera Merger, we recognized a curtailment gain of $4 million and a one-time cost of special termination benefits of $4 million included in net periodic benefit costs for the three and nine months ended September 30, 2024 as shown in the table below.



	Three months ended September 30,				Three months ended September 30,
	2024				2023
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Service cost - benefits earned during the period	$	3	$	1	$	—	$	—
Interest cost on projected benefit obligation	4		1		—		—
Expected return on plan assets	(6)		(1)		—		—
Curtailment gain	—		(4)				(3)


Cost of special termination benefits	—		4		—		—
Amortization of prior service cost credit	—		(1)		—		(1)
Net periodic benefit costs	$	1	$	—	$	—	$	(4)


	Nine months ended September 30,				Nine months ended September 30,
	2024				2023
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Service cost - benefits earned during the period	$	3	$	2	$	—	$	1
Interest cost on projected benefit obligation	4		2		1		2
Expected return on plan assets	(7)		(1)		(1)		—
Curtailment gain	—		(4)		—		(3)
Recognized actuarial gain	—		(1)		—		(1)
Cost of special termination benefits	—		4		—		—
Amortization of prior service cost credit	—		(4)		—		(4)
Net periodic benefit costs	$	—	$	(2)	$	—	$	(5)

We made no contributions to our defined benefit pension plans during the three months ended September 30, 2024 and contributed $2 million to our defined benefit plans during the nine months ended September 30, 2024. We made no contributions during the three and nine months ended September 30, 2023. We do not expect to make any significant contributions to our defined benefit pension plans during the remainder of 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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

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

+ Details

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of revenue
Oil, natural gas and NGL sales	$ 870	$ 510	$ 1,711	$ 1,672
Oil
Disaggregation of revenue
Oil, natural gas and NGL sales	804	402	1,505	1,154
Revenue not from contract with customer	25	0	73	0
Natural gas
Disaggregation of revenue
Oil, natural gas and NGL sales	22	61	68	367
Revenue not from contract with customer	26	78	97	334
NGLs
Disaggregation of revenue
Oil, natural gas and NGL sales	44	47	138	151
Revenue not from contract with customer	0	(1)	6	2
Revenue from marketing of purchased commodities
Disaggregation of revenue
Revenue not from contract with customer	$ 51	$ 77	$ 176	$ 336

- Definition

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

+ References + Details

- Definition

+ References

+ Details

INCOME TAXES

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table presents the components of our total income tax provision (benefit) and effective tax rate:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(in millions)						(in millions)
Income (loss) before income taxes	$	483		$	(30)		$	475		$	481

Current income tax provision	48			32			48			89
Deferred income tax provision (benefit)	90			(40)			84			16
Total income tax provision (benefit)	$	138		$	(8)		$	132		$	105

Effective tax rate	29		%	27		%	28		%	22		%

The difference between our annual effective tax rate as shown in the table above and the U.S. federal statutory tax rate of 21% is primarily due to state taxes where the state statutory tax rate is 7% (net of the federal tax deduction). Our annual effective rate of 22% differed from the U.S. federal statutory rate of 21% for the nine months ended September 30, 2023 primarily due to state taxes and the recognition of a tax benefit for the release of a valuation allowance, which was recognized in 2022. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 7 Income Taxes in our 2023 Annual Report for additional information on the release of the valuation allowance.

We had net deferred tax assets of $50 million and net deferred tax liabilities of $124 million as of September 30, 2024. As of December 31, 2023, we had a net deferred tax asset of $132 million. The change of $206 million primarily relates to the assumption of a deferred tax liability estimated at $120 million upon the acquisition of Aera on July 1, 2024. For further information on the acquisition of Aera, see Note 2 Aera Merger. The remaining increase in our deferred tax liability primarily relates to Aera’s unrealized gains on derivative contracts during the three months ended September 30, 2024 which are not recognized for tax purposes until settlement. Management expects to realize the 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.

There are no ongoing examinations related to CRC or Aera. As the surviving entity after the Aera Merger, we are responsible for managing Aera's examinations, if any, for years that remain subject to examination. For Aera, years ending December 31, 2021 through December 31, 2023 remain subject to examination for U.S. federal tax purposes and years ending December 31, 2020 through December 31, 2023 remain subject to examination for California tax purposes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 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 2026 Senior Notes (2026 Senior Notes Indenture) and 2029 Senior Notes (2029 Senior Notes Indenture). Unrestricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) are subject to fewer restrictions under the indentures. We are required under the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture to present the financial condition and results of operations of CRC and its Restricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) separate from the financial condition and results of operations of its Unrestricted Subsidiaries. The following condensed consolidating balance sheets as of September 30, 2024 and December 31, 2023 and the condensed consolidating statements of operations for the three and nine months ended September 30, 2024 and 2023, as applicable, reflect the condensed consolidating financial information of 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 September 30, 2024 and December 31, 2023


	As of September 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	251	$	46	$	575	$	—	$	872
Total property, plant and equipment, net	12		24		5,800		—		5,836
Investments in consolidated subsidiaries	5,031		(27)		14,638		(19,642)		—
Deferred tax asset	50		—		—		—		50
Investment in unconsolidated subsidiaries	—		29		55		—		84
Other assets	19		51		216		—		286
TOTAL ASSETS	$	5,363	$	123	$	21,284	$	(19,642)	$	7,128

Total current liabilities	125		15		757		—		897
Long-term debt	1,131		—		—		—		1,131
Asset retirement obligations	—		—		1,083		—		1,083
Other long-term liabilities	72		130		190		—		392
Deferred tax liability	124		—		—		—		124
Amounts due to (from) affiliates	410		19		(429)		—		—
Total equity	3,501		(41)		19,683		(19,642)		3,501
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,363	$	123	$	21,284	$	(19,642)	$	7,128


	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 STOCKHOLDERS' EQUITY	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998

Condensed Consolidating Statement of Operations

For the three and nine months ended September 30, 2024 and 2023


	Three months ended September 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	2	$	—	$	1,437	$	(86)	$	1,353
Total costs and other	86		16		818		(85)		835

Non-operating (loss) income	(32)		(5)		2		—		(35)
(LOSS) INCOME BEFORE INCOME TAXES	(116)		(21)		621		(1)		483
Income tax provision	(138)		—		—		—		(138)
NET (LOSS) INCOME	$	(254)	$	(21)	$	621	$	(1)	$	345


	Three months ended September 30, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	6	$	—	$	454	$	—	$	460
Total costs and other	66		12		397		—		475

Non-operating (loss) income	(12)		(4)		1		—		(15)
(LOSS) INCOME BEFORE INCOME TAXES	(72)		(16)		58		—		(30)
Income tax benefit	8		—		—		—		8
NET (LOSS) INCOME	$	(64)	$	(16)	$	58	$	—	$	(22)


	Nine months ended September 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	15	$	—	$	2,407	$	(101)	$	2,321
Total costs and other	222		44		1,611		(101)		1,776
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(66)		(16)		5		—		(77)
(LOSS) INCOME BEFORE INCOME TAXES	(273)		(60)		808		—		475
Income tax provision	(132)		—		—		—		(132)
NET (LOSS) INCOME	$	(405)	$	(60)	$	808	$	—	$	343


	Nine months ended September 30, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	14	$	—	$	2,061	$	—	$	2,075
Total costs and other	177		31		1,349		—		1,557
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(39)		(9)		4		—		(44)
(LOSS) INCOME BEFORE INCOME TAXES	(202)		(40)		723		—		481
Income tax provision	(105)		—		—		—		(105)
NET (LOSS) INCOME	$	(307)	$	(40)	$	723	$	—	$	376

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amount capitalized	$ 23	$ 22	$ 42	$ 44
Income taxes paid	29	29	55	80
Interest income	1	5	15	14
Supplemental Disclosure of Non-cash Investing and Financing Activities
Contribution to the Carbon TerraVault JV	15	4	20	7
Issuance of shares for stock-based compensation awards	0	2	88	3
Dividends accrued for stock-based compensation awards	2	1	2	2
Excise tax on share repurchases	$ 0	$ 0	$ 1	$ 1

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 45
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477346/946-830-45-39

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

+ Details

DERIVATIVES - Schedule of Gain (Loss) On Derivative Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash commodity derivative gain (loss)	$ 373	$ (109)	$ 325	$ 92
Settlements and premiums	(17)	(95)	(35)	(223)
Net gain (loss) from commodity derivatives	$ 356	$ (204)	$ 290	$ (131)

EARNINGS PER SHARE - Schedule of Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for Basic and Diluted EPS
Net income (loss)	$ 345	$ (22)	$ 343	$ 376
Denominator for Basic EPS
Weighted-average common shares outstanding — basic (in shares)	89,400	68,700	75,500	69,900
Weighted-average common shares outstanding — diluted (in shares)	91,200	68,700	77,600	72,600
EPS
Basic (in dollars per share)	$ 3.86	$ (0.32)	$ 4.54	$ 5.38
Diluted (in dollars per share)	$ 3.78	$ (0.32)	$ 4.42	$ 5.18
Warrants
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	1,000	0	1,100	800
Restricted stock units
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	400	0	500	1,000
Performance stock units
Potential common shares, if dilutive:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	400	0	500	900

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)	376				376
Share-based compensation	22			22
Repurchases of common stock	(143)		(143)
Cash dividend	(61)				(61)
Shares cancelled for taxes	(3)			(3)
Other comprehensive income, net of tax	(5)					(5)
Ending balance at Sep. 30, 2023	2,050	1	(604)	1,324	1,253	76
Beginning balance at Jun. 30, 2023	2,110	1	(584)	1,317	1,295	81
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(22)				(22)
Share-based compensation	8			8
Repurchases of common stock	(20)		(20)
Cash dividend	(20)				(20)
Shares cancelled for taxes	(1)			(1)
Other comprehensive income, net of tax	(5)					(5)
Ending balance at Sep. 30, 2023	2,050	1	(604)	1,324	1,253	76
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)	343				343
Share-based compensation	19			19
Repurchases of common stock	(135)		(135)
Shares issued for warrants	37			37
Shares issued for Aera Merger	1,135			1,135
Cash dividend	(79)				(79)
Shares cancelled for taxes	(42)			(42)
Other	1			1
Other comprehensive income, net of tax	3					3
Ending balance at Sep. 30, 2024	3,501	1	(739)	2,479	1,683	77
Beginning balance at Jun. 30, 2024	2,052	1	(697)	1,302	1,374	72
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	345				345
Share-based compensation	5			5
Repurchases of common stock	(42)		(42)
Shares issued for warrants	37			37
Shares issued for Aera Merger	1,135			1,135
Cash dividend	(36)				(36)
Other comprehensive income, net of tax	5					5
Ending balance at Sep. 30, 2024	$ 3,501	$ 1	$ (739)	$ 2,479	$ 1,683	$ 77

SUPPLEMENTAL ACCOUNT BALANCES - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Compensation-related liabilities	$ 48	$ 38
Postretirement and pension benefit plans	68	36
Operating lease liability	71	55
Premiums due on commodity derivative contracts	5	10
Contingent liability (related to Carbon TerraVault JV put and call rights)	104	52
Other	41	8
Other long-term liabilities	$ 337	$ 199

DEBT - Revolving Credit Facility Narrative (Details) - Line of Credit - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Nov. 01, 2024	Oct. 31, 2024	Jul. 01, 2024
Revolving Credit Facility
Debt instrument
Line of credit facility, maximum borrowing capacity	$ 1,100,000,000	$ 630,000,000	$ 1,100,000,000			$ 1,100,000,000
Line of credit facility, remaining borrowing capacity	925,000,000		925,000,000
Borrowing base		1,200,000,000				$ 1,500,000,000
Line of credit facility commitment fee amount, writeoff		$ 6,000,000
Revolving Credit Facility \| Subsequent Event
Debt instrument
Borrowing base				$ 1,500,000,000
Line of credit facility, accordion feature, increase limit				50,000,000
Revolving Credit Facility \| Second Amendment
Debt instrument
Increase (decrease) in debt issuance costs	0		3,000,000
Revolving Credit Facility \| Fourth Amendment
Debt instrument
Increase (decrease) in debt issuance costs	7,000,000		7,000,000
Letters of Credit
Debt instrument
Line of credit facility, maximum borrowing capacity	250,000,000		250,000,000
Letters of credit outstanding, amount	$ (175,000,000)		$ (175,000,000)
Letters of Credit \| Subsequent Event
Debt instrument
Line of credit facility, maximum borrowing capacity				$ 300,000,000	$ 250,000,000

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives
Non-cash commodity derivative loss	$ (373)	$ 109	$ (325)	$ (92)
Net gain from commodity derivatives	356	(204)	290	(131)
Settlements and amortized premiums	17	$ 95	35	$ 223
Natural Gas
Derivatives
Non-cash commodity derivative loss	9		11
Net gain from commodity derivatives	3		7
Settlements and amortized premiums	$ (12)		$ (18)

INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES AND RELATED PARTY TRANSACTIONS- Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 01, 2024	Dec. 31, 2023	Aug. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investment, difference between carrying amount and underlying equity						$ 48
Investment in unconsolidated subsidiary		$ 84		$ 84			$ 19
Contingent liability (related to Carbon TerraVault JV put and call rights)		337		337			199
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Interest in joint venture								51.00%
Investment in unconsolidated subsidiary		29		29			19
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Contingent liability (related to Carbon TerraVault JV put and call rights)		104		104			$ 52
Carbon TerraVault JV \| Brookfield
Schedule of Equity Method Investments [Line Items]
Interest in joint venture								49.00%
Committed amount								$ 500
Initial investment	$ 137
Contribution from noncontrolling interest		92		92
Elk Hills
Schedule of Equity Method Investments [Line Items]
Reimbursement for abandonment work		4	$ 2	13	$ 4
Midway Sunset Cogeneration Company
Schedule of Equity Method Investments [Line Items]
Interest in joint venture						50.00%
Equity method investments, fair value						$ 59
Investment in unconsolidated subsidiary		$ 55		$ 55
Midway Sunset Cogeneration Company \| San Joaquin Energy Company
Schedule of Equity Method Investments [Line Items]
Interest in joint venture						50.00%

SUPPLEMENTAL ACCOUNT BALANCES (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Oil	$	804	$	402	$	1,505	$	1,154
Natural gas	22		61		68		367
NGLs	44		47		138		151
Oil, natural gas and NGL sales	$	870	$	510	$	1,711	$	1,672

The following table provides disaggregated revenue for sales to customers related to our marketing activities:



	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Oil	$	25	$	—	$	73	$	—
Natural gas	26		78		97		334
NGLs	—		(1)		6		2
Revenue from marketing of purchased commodities	$	51	$	77	$	176	$	336

Schedule of Inventories

Inventories, by category, are as follows:



	September 30,		December 31,
	2024		2023

	(in millions)
Materials and supplies	$	71	$	68
Finished goods	4		4
Inventories	$	75	$	72

Schedule of Other Current Assets, Net

Other current assets, net include the following:


	September 30,		December 31,
	2024		2023

	(in millions)
Net amounts due from joint interest partners(a)	$	34	$	43

Fair value of commodity derivative contracts	46		21
Prepaid expenses	18		19
Greenhouse gas allowances	49		12



Other	37		18
Other current assets, net	$	184	$	113

(a)Included in the September 30, 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:



	September 30,		December 31,
	2024		2023

	(in millions)
Operating lease right-of-use assets	$	100	$	73
Deferred financing costs - Revolving Credit Facility	17		11
Emission reduction credits	21		11
Prepaid power plant maintenance	3		34
Fair value of commodity derivative contracts	22		6
Funded pension	89		2
Deposits and other	34		11
Other noncurrent assets	$	286	$	148

Schedule of Accrued Liabilities

Accrued liabilities include the following:


	September 30,		December 31,
	2024		2023

	(in millions)
Employee-related costs	$	165	$	82
Taxes other than on income	97		35
Asset retirement obligations	130		99
Interest	29		18
Operating lease liability	20		15
Fair value of derivative contracts	19		8
Premiums due on commodity derivative contracts	13		21
Liability for settlement payments on commodity derivative contracts	1		8
Amounts due under production-sharing contracts	4		5
Signal Hill maintenance	1		12
Income taxes payable	11		18

Other	51		45
Accrued liabilities	$	541	$	366

Schedule of Other Long-term Liabilities

Other long-term liabilities includes the following:



	September 30,		December 31,
	2024		2023

	(in millions)
Compensation-related liabilities	$	48	$	38
Postretirement and pension benefit plans	68		36
Operating lease liability	71		55

Premiums due on commodity derivative contracts	5		10
Contingent liability (related to Carbon TerraVault JV put and call rights)	104		52
Other	41		8
Other long-term liabilities	$	337	$	199

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. Since July 1, 2024, the closing date of the Aera Merger, the results of operations for Aera have been included in our consolidated financial statements. The amounts shown for our exploration and production business includes $46 million related to Aera during the period of July 1, 2024 through September 30, 2024.


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Exploration and production, corporate and other	$	104	$	61	$	219	$	191
Carbon management business	2		4		7		10
Total general and administrative expenses	$	106	$	65	$	226	$	201

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The following table is a summary of common stock issuances:


						Common Stock

Balance at December 31, 2023						68,693,885
Issued as part of the Aera Merger						21,315,707
Shares repurchased						(2,604,922)
Shares issued for exercised warrants						1,139,163
Other shares issued, net						917,840
Balance at September 30, 2024						89,461,673

Schedule of Shares Repurchased

The following is a summary of our share repurchases, which are 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 September 30, 2023	365,145	$	20	$	54.75
Three months ended September 30, 2024	835,319	$	42	$	50.23

Nine months ended September 30, 2023	3,407,655	$	143	$	41.69
Nine months ended September 30, 2024	2,604,922	$	135	$	51.33

Inception of Program (May 2021) through September 30, 2024	17,468,837	$	739	$	42.14

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)
2024
Three months ended March 31, 2024	$	21	$	0.31
Three months ended June 30, 2024	22		$	0.31
Three months ended September 30, 2024	34		$	0.3875
Nine months ended September 30, 2024	$	77
2023
Three months ended March 31, 2023	$	20	$	0.2825
Three months ended June 30, 2023	20		$	0.2825
Three months ended September 30, 2023	19		$	0.2825
Nine months ended September 30, 2023	$	59

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 241	$ 496
Trade receivables	313	216
Inventories	75	72
Assets held for sale	13	13
Receivable from affiliate	46	19
Other current assets, net	184	113
Total current assets	872	929
PROPERTY, PLANT AND EQUIPMENT	6,752	3,437
Accumulated depreciation, depletion and amortization	(916)	(667)
Total property, plant and equipment, net	5,836	2,770
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY	84	19
DEFERRED INCOME TAXES	50	132
OTHER NONCURRENT ASSETS	286	148
TOTAL ASSETS	7,128	3,998
CURRENT LIABILITIES
Accounts payable	351	245
Liabilities associated with assets held for sale	5	5
Accrued liabilities	541	366
Total current liabilities	897	616
NONCURRENT LIABILITIES
Long-term debt, net	1,131	540
Fair value of derivative contracts	55	2
Asset retirement obligations	1,083	422
Deferred tax liability	124	0
Other long-term liabilities	337	199
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock (200,000,000 shares authorized at $0.01 par value) (106,930,510 and 83,557,800 shares issued; 89,461,673 and 68,693,885 shares outstanding at September 30, 2024 and December 31, 2023)	1	1
Treasury stock (17,468,837 shares held at cost at September 30, 2024 and 14,863,915 shares held at cost at December 31, 2023)	(739)	(604)
Additional paid-in capital	2,479	1,329
Retained earnings	1,683	1,419
Accumulated other comprehensive income	77	74
Total stockholders' equity	3,501	2,219
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 7,128	$ 3,998

AERA MERGER - Schedule of Pro Forma Information (Details) - Aera Energy, LLC - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Total operating revenue	$ 1,353	$ 438	$ 3,006	$ 3,165
Net income	$ 386	$ (459)	$ 341	$ 43
EPS
Basic (in dollars per share)	$ 4.32	$ (5.10)	$ 3.53	$ 0.47
Diluted (in dollars per share)	$ 4.23	$ (5.10)	$ 3.45	$ 0.45

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Financial Statements

The following condensed consolidating balance sheets as of September 30, 2024 and December 31, 2023 and the condensed consolidating statements of operations for the three and nine months ended September 30, 2024 and 2023, as applicable, reflect the condensed consolidating financial information of 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 September 30, 2024 and December 31, 2023


	As of September 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	251	$	46	$	575	$	—	$	872
Total property, plant and equipment, net	12		24		5,800		—		5,836
Investments in consolidated subsidiaries	5,031		(27)		14,638		(19,642)		—
Deferred tax asset	50		—		—		—		50
Investment in unconsolidated subsidiaries	—		29		55		—		84
Other assets	19		51		216		—		286
TOTAL ASSETS	$	5,363	$	123	$	21,284	$	(19,642)	$	7,128

Total current liabilities	125		15		757		—		897
Long-term debt	1,131		—		—		—		1,131
Asset retirement obligations	—		—		1,083		—		1,083
Other long-term liabilities	72		130		190		—		392
Deferred tax liability	124		—		—		—		124
Amounts due to (from) affiliates	410		19		(429)		—		—
Total equity	3,501		(41)		19,683		(19,642)		3,501
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,363	$	123	$	21,284	$	(19,642)	$	7,128


	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 STOCKHOLDERS' EQUITY	$	2,980	$	76	$	4,589	$	(3,647)	$	3,998

Condensed Consolidating Statement of Operations

For the three and nine months ended September 30, 2024 and 2023


	Three months ended September 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	2	$	—	$	1,437	$	(86)	$	1,353
Total costs and other	86		16		818		(85)		835

Non-operating (loss) income	(32)		(5)		2		—		(35)
(LOSS) INCOME BEFORE INCOME TAXES	(116)		(21)		621		(1)		483
Income tax provision	(138)		—		—		—		(138)
NET (LOSS) INCOME	$	(254)	$	(21)	$	621	$	(1)	$	345


	Three months ended September 30, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	6	$	—	$	454	$	—	$	460
Total costs and other	66		12		397		—		475

Non-operating (loss) income	(12)		(4)		1		—		(15)
(LOSS) INCOME BEFORE INCOME TAXES	(72)		(16)		58		—		(30)
Income tax benefit	8		—		—		—		8
NET (LOSS) INCOME	$	(64)	$	(16)	$	58	$	—	$	(22)


	Nine months ended September 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	15	$	—	$	2,407	$	(101)	$	2,321
Total costs and other	222		44		1,611		(101)		1,776
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(66)		(16)		5		—		(77)
(LOSS) INCOME BEFORE INCOME TAXES	(273)		(60)		808		—		475
Income tax provision	(132)		—		—		—		(132)
NET (LOSS) INCOME	$	(405)	$	(60)	$	808	$	—	$	343


	Nine months ended September 30, 2023
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	14	$	—	$	2,061	$	—	$	2,075
Total costs and other	177		31		1,349		—		1,557
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(39)		(9)		4		—		(44)
(LOSS) INCOME BEFORE INCOME TAXES	(202)		(40)		723		—		481
Income tax provision	(105)		—		—		—		(105)
NET (LOSS) INCOME	$	(307)	$	(40)	$	723	$	—	$	376

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	$ 1,353	$ 460	$ 2,321	$ 2,075
Total costs and other	835	475	1,776	1,557
Gain on asset divestitures	0	0	7	7
Non-operating (loss) income	(35)	(15)	(77)	(44)
(LOSS) INCOME BEFORE INCOME TAXES	483	(30)	475	481
Income tax (provision) benefit	(138)	8	(132)	(105)
NET INCOME (LOSS)	345	(22)	343	376
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	(86)	0	(101)	0
Total costs and other	(85)	0	(101)	0
Gain on asset divestitures			0	0
Non-operating (loss) income	0	0	0	0
(LOSS) INCOME BEFORE INCOME TAXES	(1)	0	0	0
Income tax (provision) benefit	0	0	0	0
NET INCOME (LOSS)	(1)	0	0	0
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	2	6	15	14
Total costs and other	86	66	222	177
Gain on asset divestitures			0	0
Non-operating (loss) income	(32)	(12)	(66)	(39)
(LOSS) INCOME BEFORE INCOME TAXES	(116)	(72)	(273)	(202)
Income tax (provision) benefit	(138)	8	(132)	(105)
NET INCOME (LOSS)	(254)	(64)	(405)	(307)
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	0	0	0	0
Total costs and other	16	12	44	31
Gain on asset divestitures			0	0
Non-operating (loss) income	(5)	(4)	(16)	(9)
(LOSS) INCOME BEFORE INCOME TAXES	(21)	(16)	(60)	(40)
Income tax (provision) benefit	0	0	0	0
NET INCOME (LOSS)	(21)	(16)	(60)	(40)
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	1,437	454	2,407	2,061
Total costs and other	818	397	1,611	1,349
Gain on asset divestitures			7	7
Non-operating (loss) income	2	1	5	4
(LOSS) INCOME BEFORE INCOME TAXES	621	58	808	723
Income tax (provision) benefit	0	0	0	0
NET INCOME (LOSS)	$ 621	$ 58	$ 808	$ 723

EARNINGS PER SHARE - Schedule of Potentially Dilutive Common Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	0	7,200,000	0	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	0	4,300,000	0	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	0	1,300,000	0	0
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	0	1,600,000	0	0

INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES AND RELATED PARTY TRANSACTIONS - Schedule of Equity Method Investment Unconsolidated Subsidiary (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiary	$ 84	$ 19
Receivable from affiliate	46	19
Other long-term liabilities	337	199
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiary	29	19
Carbon TerraVault JV \| Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Equity method investments, distributed to satisfy future capital calls	43	17
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	46	19
Other long-term liabilities	104	52
Carbon TerraVault JV \| Related Party \| Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	$ 3	$ 2

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

As of September 30, 2024 and December 31, 2023, our long-term debt consisted of the following:



	September 30,		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)

2026 Senior Notes	245		545		7.125%	February 1, 2026
2029 Senior Notes	900		—		8.250%	June 15, 2029
Principal amount	$	1,145	$	545
Unamortized debt discount and issuance costs	(17)		(5)
Unamortized premium	3		—
Long-term debt, net	$	1,131	$	540

Revolving Credit Facility

As of September 30, 2024, our Amended and Restated Credit Agreement, dated April 26, 2023 (Revolving Credit Facility), consisted of a senior revolving loan facility with an aggregate commitment of $1.1 billion. The amount we are able to borrow under our Revolving Credit Facility is limited to the amount of these commitments. Our Revolving Credit Facility also included a sub-limit of $250 million for the issuance of letters of credit. As of September 30, 2024, $175 million letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters. As of September 30, 2024, we had $925 million of availability on our Revolving Credit Facility after taking into account $175 million in letters of credit outstanding. Our borrowing base of $1.5 billion is redetermined semi-annually and was re-affirmed in November 2024 as part of our recent amendment. For information on the fifth amendment to our Revolving Credit Facility, refer to Note 15 Subsequent Events.

Amendments

In February 2024, in connection with the Aera Merger, we entered into a second amendment to our Revolving Credit Facility to, among other things, permit the incurrence of indebtedness under a bridge loan facility. We did not utilize a bridge loan facility in connection with the Aera Merger and wrote-off $6 million of bridge loan and commitment fees during the three months ended June 30, 2024 included in other non-operating (loss) income on our condensed consolidated statement of operations. We capitalized approximately $3 million in deferred financing fees related to this amendment to other assets on our condensed consolidated statement of financial position during the nine months ended September 30, 2024. We did not capitalize any deferred financing fees related to this amendment during the three months ended September 30, 2024.

In March 2024, we entered into a third amendment to our Revolving Credit Facility. This 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 July 2024, we entered into a fourth amendment to our Revolving Credit Facility as part of the Aera Merger. This amendment increased the aggregate revolving commitments available under the Revolving Credit Facility from $630 million to $1.1 billion. Our ability to borrow under our Revolving Credit Facility is limited to the amount of these commitments. This amendment also increased the borrowing base from $1.2 billion to $1.5 billion, among other matters. We capitalized approximately $7 million in deferred financing fees related to this amendment to other assets on our condensed consolidated statement of financial position during the three and nine months ended September 30, 2024.

On November 1, 2024, we entered into a fifth amendment to our Revolving Credit Facility which included extending the springing maturity of our Revolving Credit Facility and increasing the aggregate amount of our commitments by $50 million. Refer to Note 15 Subsequent Events for additional information on the fifth amendment.

2029 Notes Offering and Follow-On Offering

On June 5, 2024, we completed the offering of $600 million in aggregate principal amount of the 2029 Senior Notes. The terms of the 2029 Senior Notes are governed by the indenture, dated as of June 5, 2024, by and among us, the guarantors and Wilmington Trust, National Association, as trustee (2029 Senior Notes Indenture). The net proceeds of $590 million, after $10 million of debt discount and issuance costs, were used along with available cash to repay all of Aera's outstanding debt for approximately $990 million at closing of the Aera Merger. See Note 2 Aera Merger for more information on the closing of the Aera Merger.

On August 22, 2024, we completed a follow-on offering of an additional $300 million in aggregate principal amount of 2029 Senior Notes. The net proceeds from this offering of $298 million, after $3 million of debt premium and $5 million of debt issuance costs, were used to repurchase a portion of our 7.125% senior notes due 2026 (2026 Senior Notes). The 2029 Senior Notes issued on August 22, 2024 are governed by the same indenture as the $600 million of 2029 Senior Notes that were previously issued on June 5, 2024.

Security – Our 2029 Senior Notes are general unsecured obligations which are guaranteed on a senior unsecured basis by all of our existing subsidiaries that guarantee our obligations under the Revolving Credit Facility and our existing 2026 Senior Notes.

Redemption – We may redeem the 2029 Senior Notes at any time on or after June 15, 2026 at the redemption prices of (i) 104.125% during the twelve-month period beginning on June 15, 2026, (ii) 102.063% during the twelve-month period beginning on June 15, 2027 and (iii) 100% after June 15, 2028 and before the maturity date. Prior to June 15, 2026, we may redeem up to 35% of the aggregate principal amount of the 2029 Senior Notes with an amount of cash not greater than the net cash proceeds from certain equity offerings at the redemption price of 108.250%. In addition, before June 15, 2026, we may redeem some or all of the 2029 Senior Notes at a redemption price equal to 100% of the aggregate principal amount of the 2029 Senior Notes redeemed, plus the applicable premium as specified in the 2029 Senior Notes Indenture and accrued and unpaid interest, if any, to, but excluding, the redemption date.

Other Covenants – Our 2029 Senior Notes include covenants that, among other things, restrict our ability to incur additional indebtedness, issue preferred stock, grant liens, make asset sales and investments, repay existing indebtedness, make subsidiary distributions, and enter into transactions that would result in fundamental changes.

Events of Default and Change of Control – Our 2029 Senior Notes provide for certain triggering events, including upon a change of control, as defined in the indenture, that would require us to repurchase all or any part of the 2029 Senior Notes at a price equal to 101% of the aggregate principal amount plus accrued and unpaid interest.

Tender Offer and Note Repurchases

In the three and nine months ended September 30, 2024, we repurchased $300 million in face value of our 2026 Senior Notes for $303 million, resulting in a loss on early extinguishment of debt in the amount of $5 million which includes a $2 million write-off of unamortized debt issuance costs. In the three and nine months ended September 30, 2023, we repurchased $5 million in face value of our 2026 Senior Notes at par, resulting in an insignificant extinguishment loss for the write-off of unamortized debt issuance costs.

Our 2026 Senior Notes are redeemable at any time prior to the maturity date at a redemption price equal to (i) 102% of the principal amount if redeemed in the twelve months beginning February 1, 2024, and (ii) 100% of the principal amount if redeemed after February 1, 2025, in each case plus accrued and unpaid interest.

Fair Value


	September 30,		December 31,
	2024		2023

	(in millions)
Variable rate debt	$	—	$	—
Fixed rate debt
2026 Senior Notes	246		554
2029 Senior Notes	918		—
Fair Value of Long-Term Debt	$	1,164	$	554

Other

As of September 30, 2024, we were in compliance with all financial and other debt covenants under our Revolving Credit Facility, 2026 Senior Notes and 2029 Senior Notes. For more information on our 2026 Senior Notes, see Part II, Item 8 – Financial Statements and Supplementary Data, Note 4 Debt in our 2023 Annual Report.

DEBT - 2029 Senior Notes Follow-On Offering Narrative (Details) - USD ($) $ in Thousands	Aug. 22, 2024	Jun. 05, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt instrument
Repayments of assumed debt		$ 990,000
Unamortized premium			$ 3,000	$ 0
2029 Senior Notes \| Senior Notes (Unsecured)
Debt instrument
Initial investment amount	$ 300,000	600,000
Proceeds from issuance of debt	298,000	590,000
Debt issuance costs	5,000	$ 10,000
Unamortized premium	$ 3,000
Debt instrument, redemption price, percentage of principal amount redeemed		35.00%
2029 Senior Notes \| Senior Notes (Unsecured) \| Period Beginning On June 2026
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date		104.125%
2029 Senior Notes \| Senior Notes (Unsecured) \| Period Beginning On June 2027
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date		102.063%
2029 Senior Notes \| Senior Notes (Unsecured) \| Period Beginning On June 2028
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date		100.00%
2029 Senior Notes \| Senior Notes (Unsecured) \| Prior to June 2026 One
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date		108.25%
2029 Senior Notes \| Senior Notes (Unsecured) \| Prior to June 2026 Two
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date		100.00%
2029 Senior Notes \| Senior Notes (Unsecured) \| Events of Default and Change of Control
Debt instrument
Percentage of principal amount at which notes can be redeemed prior to their maturity date		101.00%

DERIVATIVES - Schedule of Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 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	(13)	(18)
Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Netting	(12)	(32)
Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Netting	13	18
Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Netting	12	32
Gross Amounts at Fair Value \| Commodity Contracts
Fair Value of Derivatives
Total derivatives	(6)	17
Gross Amounts at Fair Value \| Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Gross Amounts at Fair Value	59	39
Gross Amounts at Fair Value \| Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Gross Amounts at Fair Value	34	38
Gross Amounts at Fair Value \| Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(32)	(26)
Gross Amounts at Fair Value \| Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(67)	(34)
Net Fair Value \| Commodity Contracts
Fair Value of Derivatives
Total derivatives	(6)	17
Net Fair Value \| Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Net Fair Value	46	21
Net Fair Value \| Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Net Fair Value	22	6
Net Fair Value \| Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Net Fair Value	(19)	(8)
Net Fair Value \| Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Net Fair Value	$ (55)	$ (2)

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Omar Hayat [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 12, 2024, Omar Hayat, our Executive Vice President of Operations, entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The trading arrangement will be in effect from December 12, 2024 to March 12, 2025. An aggregate of up to 16,016 shares may be sold pursuant to this trading arrangement.
Name	Omar Hayat
Title	Executive Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	March 12, 2025
Arrangement Duration	90 days
Aggregate Available	16,016	16,016
Michael L. Preston [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 12, 2024, Michael L. Preston, our Executive Vice President, Chief Strategy Officer and General Counsel entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The trading arrangement will be in effect from December 12, 2024 to January 9, 2025. An aggregate of up to 83,000 shares may be sold pursuant to this trading arrangement.
Name	Michael L. Preston
Title	Executive Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	January 9, 2025
Arrangement Duration	28 days
Aggregate Available	83,000	83,000

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Two Customers \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Reclassification [Line Items]
Concentration risk, percentage		58.00%
Revenue from marketing of purchased commodities
Reclassification [Line Items]
Revenue not from contract with customer		$ 51	$ 77	$ 176	$ 336
Revenue from marketing of purchased commodities \| Reclassification adjustment
Reclassification [Line Items]
Revenue not from contract with customer		$ 1			$ 2
Aera
Reclassification [Line Items]
Total purchase consideration	$ 2,100

AERA MERGER - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
AERA MERGER - Narrative (Details) - USD ($) $ in Millions	Jul. 01, 2024	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Jun. 05, 2024
Business Combination Segment Allocation [Line Items]
Expected number of positions eliminated, percent		12.00%
2029 Senior Notes \| Senior Notes (Unsecured)
Business Combination Segment Allocation [Line Items]
Debt instrument, interest rate, stated percentage			8.25%	8.25%	8.25%
California Resources Corporation \| Aera Energy, LLC
Business Combination Segment Allocation [Line Items]
Business acquisition, percentage of ownership before transaction	24.00%
California Resources Corporation \| Existing CRC Stockholders
Business Combination Segment Allocation [Line Items]
Business acquisition, percentage of ownership before transaction	76.00%
Aera Energy, LLC
Business Combination Segment Allocation [Line Items]
Settlement of Aera debt	$ 990
Revenue of acquiree since acquisition date, actual			$ 765
Aera Energy, LLC \| Common Stock
Business Combination Segment Allocation [Line Items]
Issued as part of the Aera Merger (in shares)	21,315,707			21,315,707
Aera
Business Combination Segment Allocation [Line Items]
Restricted cash	$ 27
Earnings (loss) of acquiree since acquisition date, actual			400
Share-based payment arrangement, accelerated cost			$ 7	$ 7

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.3875	$ 0.2825	$ 1.0075	$ 0.8475

SUPPLEMENTAL ACCOUNT BALANCES - Inventories (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Materials and supplies	$ 71		$ 71		$ 68
Finished goods	4		4		4
Inventories	75		75		$ 72
Asset impairments	$ 0	$ 0	$ 13	$ 3

STOCKHOLDERS' EQUITY - Schedule of Common Stock Issuance Activity (Details) - shares		3 Months Ended		9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock, Shares, Outstanding [Roll Forward]
Balance at December 31, 2023				68,693,885
Balance at September 30, 2024		89,461,673		89,461,673
Common Stock
Common Stock, Shares, Outstanding [Roll Forward]
Shares repurchased (in shares)				(2,604,922)
Shares issued in exchange for warrants (in shares)		1,085,838	1,958	1,139,163	2,179
Other shares issued, net (in share)				917,840
Common Stock \| Aera Energy, LLC
Common Stock, Shares, Outstanding [Roll Forward]
Issued as part of the Aera Merger (in shares)	21,315,707			21,315,707

- Definition

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

+ References + Details

SUPPLEMENTAL ACCOUNT BALANCES - Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accrued liabilities current [abstract]
Employee-related costs	$ 165	$ 82
Taxes other than on income	97	35
Asset retirement obligations	130	99
Interest	29	18
Operating lease liability	20	15
Fair value of derivative contracts	19	8
Premiums due on commodity derivative contracts	13	21
Liability for settlement payments on commodity derivative contracts	1	8
Amounts due under production-sharing contracts	4	5
Signal Hill maintenance	1	12
Income taxes payable	11	18
Other	51	45
Accrued liabilities	$ 541	$ 366

PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net periodic benefit costs:
Curtailment gain	$ (4)		$ (4)
Recognized actuarial gain	(1)	$ (3)	4	$ (5)
Net periodic benefit costs	4		4
Pension Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	3	0	3	0
Interest cost on projected benefit obligation	4	0	4	1
Expected return on plan assets	(6)	0	(7)	(1)
Curtailment gain	0		0	0
Recognized actuarial gain			0	0
Cost of special termination benefits	0	0	0	0
Amortization of prior service cost credit	0	0	0	0
Net periodic benefit costs	1	0	0	0
Postretirement Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	1	0	2	1
Interest cost on projected benefit obligation	1	0	2	2
Expected return on plan assets	(1)	0	(1)	0
Curtailment gain	(4)	(3)	(4)	(3)
Recognized actuarial gain			(1)	(1)
Cost of special termination benefits	4	0	4	0
Amortization of prior service cost credit	(1)	(1)	(4)	(4)
Net periodic benefit costs	$ 0	$ (4)	$ (2)	$ (5)

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 345	$ (22)	$ 343	$ 376

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

SUPPLEMENTAL ACCOUNT BALANCES - Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
SUPPLEMENTAL INFORMATION [Abstract]
Net amounts due from joint interest partners	$ 34	$ 43
Fair value of commodity derivative contracts	46	21
Prepaid expenses	18	19
Greenhouse gas allowances	49	12
Other	37	18
Other current assets, net	184	113
Due from joint interest partners, allowances	$ 3	$ 3

SUPPLEMENTAL ACCOUNT BALANCES - General and Administrative Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplemental Information [Line Items]
General and administrative expenses	$ 106	$ 65	$ 226	$ 201
Exploration and production, corporate and other
Supplemental Information [Line Items]
General and administrative expenses	104	61	219	191
Exploration and production, corporate and other \| Aera
Supplemental Information [Line Items]
General and administrative expenses	46
Carbon management business
Supplemental Information [Line Items]
General and administrative expenses	$ 2	$ 4	$ 7	$ 10

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	345	$	(22)	$	343	$	376





Denominator for Basic EPS
Weighted-average shares	89.4		68.7		75.5		69.9

Potential common shares, if dilutive:
Warrants	1.0		—		1.1		0.8
Restricted stock units	0.4		—		0.5		1.0
Performance stock units	0.4		—		0.5		0.9

Denominator for Diluted EPS
Weighted-average shares	91.2		68.7		77.6		72.6

EPS
Basic	$	3.86	$	(0.32)	$	4.54	$	5.38
Diluted	$	3.78	$	(0.32)	$	4.42	$	5.18

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 September 30,		Nine months ended September 30,
	2024	2023	2024	2023

	(in millions)		(in millions)
Shares issuable upon exercise of warrants	—	4.3	—	—
Shares issuable upon settlement of RSUs	—	1.3	—	—
Shares issuable upon settlement of PSUs	—	1.6	—	—
Total antidilutive shares	—	7.2	—	—

INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES AND RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investment Unconsolidated Subsidiary



	September 30,		December 31,
	2024		2023

	(in millions)
Investment in unconsolidated subsidiary	$	29	$	19
Receivable from affiliate(a)	$	46	$	19
Other long-term liabilities - Contingent liability (related to Carbon TerraVault JV put and call rights)	$	104	$	52


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Loss from investment in unconsolidated subsidiary	$	3	$	3	$	10	$	6
General and administrative expenses(a)	$	2	$	2	$	7	$	5

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 345

$ (22)

$ 343

$ 376

Other comprehensive income (loss):

Actuarial gain associated with pension and postretirement plans

^[1]

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

^[1]

(4)

(5)

(6)

(5)

Comprehensive income (loss)

$ 350

$ (27)

$ 346

$ 371

[1]	(a) Amounts are net of $2 million and $1 million in tax for the three and nine months ended September 30, 2024, respectively. Amounts are net of $2 million in tax for the three and nine months ended September 30, 2023.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION We are an independent energy and carbon management company committed to energy transition. We are committed to environmental stewardship while safely providing local, responsibly sourced energy. We are also focused on maximizing the value of our land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. 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 as of the date presented. In the opinion of our management, the accompanying unaudited condensed consolidated 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 investments in our unconsolidated subsidiaries are recognized either at cost, as is the case with Carbon TerraVault JV HoldCo, LLC, or at fair value if acquired in a business combination, as is the case for Midway Sunset Cogeneration Company. These investments are 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. On July 1, 2024, we closed on transactions pursuant to the definitive agreement and plan of merger (Merger Agreement) to obtain all of the ownership interests in Aera Energy, LLC (Aera) (Aera Merger). Refer to Note 2 Aera Merger for further discussion of the Aera Merger. The Aera Merger has been accounted for as a business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations (ASC 805). The merger consideration of $2.1 billion was allocated to individual assets acquired net of liabilities assumed based on their fair value as of July 1, 2024 and are not included on the comparative balance sheet presented. The accompanying unaudited condensed consolidated statement of operations, comprehensive income and cash flows contain the results of Aera beginning on July 1, 2024. 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 and nine months ended September 30, 2023, we reclassified $1 million and $2 million, respectively, related to NGL storage activities from other revenue to revenue from marketing of purchased commodities on our condensed consolidated statement of operations. Concentration of Customers We sell crude oil, natural gas and NGLs to marketers, California refineries and other customers that have access to transportation and storage facilities. In light of the ongoing energy deficit in California and strong demand for native crude oil production, we do not believe that the loss of any single customer would have a material adverse effect on our consolidated financial statements taken as a whole. For the three months ended September 30, 2024, two California customers each accounted for at least 10%, and collectively 58%, of our sales (before the effects of hedging).

DIVESTITURES, ACQUISITIONS AND ASSETS HELD FOR SALE	9 Months Ended
DIVESTITURES, ACQUISITIONS AND ASSETS HELD FOR SALE	Sep. 30, 2024
Acquisitions And Divestitures [Abstract]
DIVESTITURES, ACQUISITIONS AND ASSETS HELD FOR SALE	DIVESTITURES, ACQUISITIONS AND ASSETS HELD FOR SALE 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 purchase price of $10 million and recognized a $6 million gain. Other During the nine months ended September 30, 2024, we sold non-core assets recognizing a $1 million gain. During the nine months ended September 30, 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 the nine months ended September 30, 2024, we acquired land for our carbon management business for approximately $6 million. In the nine months ended September 30, 2023, we acquired land for our carbon management business for approximately $1 million. Assets Held for Sale 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 transfer of the remaining assets in the Ventura basin was approved in June 2024 by the State Lands Commission. We completed the sale of these assets in October 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 September 30, 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. See Note 15 Subsequent Events for information on the closing of the sale that occurred in October 2024. Other In 2022, we acquired properties for carbon management activities for approximately $17 million, with the intent to divest a portion of these assets. We 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 September 30, 2024 on our condensed consolidated balance sheet.

AERA MERGER

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

AERA MERGER

On July 1, 2024, we obtained by way of merger all of the ownership interests in Aera. Aera is a leading operator of mature fields in California, primarily in the San Joaquin and Ventura basins, with high oil-weighted production. The Aera Merger adds significant proved developed reserves to CRC. In connection with the closing of the Aera Merger, we issued 21,315,707 shares of common stock to the former Aera owners (Sellers). We also paid approximately $990 million in connection with the extinguishment of all of Aera's outstanding indebtedness using the proceeds from the issuance of our 8.25% senior notes due 2029 (2029 Senior Notes) and cash on hand. For more information on the 2029 Senior Notes and recent amendments to our Revolving Credit Facility, refer to Note 4 Debt and Note 15 Subsequent Events.

As of July 1, 2024, and immediately following closing of the Aera Merger, our existing stockholders prior to the Aera Merger owned 76% of CRC and the Sellers owned 24% of CRC.

At the date of this filing, our assessment of the fair value of assets acquired and liabilities assumed is not complete. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of Aera's assets, evaluation of Aera's materials and supplies inventory, measurement of leases and preparation of final tax returns that will provide underlying tax basis of the assets acquired and liabilities assumed. We expect to complete the purchase price allocation during the 12-month period subsequent to the Aera Merger closing date and adjustments may be made to the provisional amounts recorded as of September 30, 2024.

The following table summarizes the consideration transferred:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock (dividend adjusted)	21,315,707
Common stock per share fair value on July 1, 2024	$	53.28
Fair value of share consideration	$	1,136
Settlement of Aera debt	990
Member taxes	(1)
Total purchase consideration	$	2,125


	Preliminary Purchase Price Allocation
	(in millions)
Assets Acquired
Cash	$	137
Other current assets	202
Investment in unconsolidated subsidiary	59
Property, plant and equipment	3,119
Pension and other postretirement benefits	73
Other noncurrent assets	67
Total Assets Acquired	3,657

Liabilities Assumed
Accounts payable	(157)
Accrued liabilities	(132)
Asset retirement obligations	(700)
Fair value of derivative contracts	(351)
Other long-term liabilities	(192)
Total Liabilities Assumed	(1,532)
Net Assets Acquired	$	2,125

We recorded cash based on Aera's bank balances as of July 1, 2024, which included restricted cash of $27 million. The measurements for predominately all of the other current and other noncurrent assets acquired and accounts payable, accrued liabilities and other long-term liabilities assumed are based on contracts in place at Aera on the acquisition date. Assets and liabilities related to Aera's pension and other postretirement benefit plans were measured based on actuarial valuations using Level 3 inputs. For more information on Aera's pension and other postretirement benefit plans, see Note 11 Pension and Postretirement Benefit Plans.

The fair value of an investment in an unconsolidated subsidiary was based on a preliminary appraisal using both the cost approach and available market data. The fair value of derivative instruments was based on observable inputs, primarily forward commodity-price curves. These inputs are considered Level 2 inputs in the fair value hierarchy.

The fair value of certain acquired property, plant and equipment, primarily consisting of proved oil and natural gas properties, land, gas processing plants and corporate assets including software and computer equipment, was based on preliminary appraisals. The fair value of proved oil and natural gas properties as of the acquisition date is based on estimated discounted future net cash flows incorporating market participant assumptions on an after-tax basis. Significant inputs to the valuation include estimates of future production volumes, future operating and development costs, future commodity prices, a weighted average cost of capital and a projected inflation rate. When estimating the fair value of proved properties, additional risk adjustments were applied to proved undeveloped reserves to reflect the relative uncertainty of the reserve class. These inputs are classified as Level 3 unobservable inputs, including the underlying commodity price assumptions which are based on the five-year NYMEX forward strip prices, escalated for inflation thereafter, and adjusted for price differentials.

The liability for future asset retirement obligations was determined by calculating the present value of estimated future abandonment costs. We utilized several assumptions, including a credit-adjusted risk-free interest rate, estimated remediation costs, estimated timing of when the work will be performed and a projected inflation rate.

Deferred income taxes, included in other noncurrent assets and long-term liabilities, represent the tax effects of differences in the tax basis and merger-date fair values of assets acquired and liabilities assumed. Refer to Note 7 Income Taxes for additional information on the deferred tax liability.

Lease-related assets and liabilities acquired are remeasured as if the leases were new at the merger date. These agreements are still under review for measurement at an updated incremental borrowing rate. Lease assets are included in property, plant and equipment and the liabilities are included in accrued liabilities and other long-term liabilities.

Supplemental Unaudited Pro Forma Financial Information


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(in millions)				(in millions)
Total operating revenue	$	1,353	$	438	$	3,006	$	3,165
Net income	$	386	$	(459)	$	341	$	43

EPS
Basic	$	4.32	$	(5.10)	$	3.53	$	0.47
Diluted	$	4.23	$	(5.10)	$	3.45	$	0.45

The pro forma information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the Aera Merger been completed on January 1, 2023, nor is it necessarily indicative of future operating results of the combined entity. The pro forma financial information for the three and nine months ended September 30, 2024 and 2023 is a result of combining our three and nine months statements of operations with Aera's pre-merger results from January 1, 2024 and 2023 and includes adjustments for revenues and direct expenses. The pro forma results do not reflect any cost savings anticipated as a result of the Aera Merger and exclude the impact of any severance and merger-related costs. The pro forma results include adjustments to depreciation, depletion and amortization (DD&A) based on the purchase price allocated to property, plant, and equipment and the estimated useful lives as well as adjustments to interest and accretion expense. The pro forma adjustments include estimates and assumptions based on currently available information. Management believes the estimates and assumptions are reasonable, and the relative effects of the Aera Merger are properly reflected. Future results may vary significantly from the results reflected in the following pro forma information.

For the period of July 1, 2024 through September 30, 2024, revenue and income before income taxes associated with Aera totaled $765 million and $400 million, respectively.

The following table summarizes the merger-related costs incurred:


	Three months ended September 30, 2024		Nine months ended September 30, 2024

	(in millions)
Employee severance and related costs	$	27	$	28
Transaction and integration costs	$	30	$	56
Total merger-related costs	$	57	$	84

Transaction and integration costs related to the Aera Merger and employee severance and related costs are included in other operating expenses, net on our condensed consolidated statement of operations.

In August 2024, management committed to a reduction in force as part of the integration process following the Aera Merger, which, when complete, will result in a 12% reduction in the combined company's employee headcount. We initiated this workforce reduction to align the size and composition of our workforce with expected future operating and capital plans. In addition, employee severance and related costs includes expenses from a voluntary separation program for eligible employees.

The accelerated vesting of certain awards for former Aera executives was $7 million, and is included in general and administrative expenses for the three and nine months ended September 30, 2024. This amount for accelerated vesting is not included in the table above. The accelerated vesting was based on existing change of control provisions within the former Aera employee award agreements.