0001609253-25-000069 | 10-Q | XBRL Viewer | California Resources Corp

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PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pension Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	$ 0	$ 0	$ 0	$ 0
Interest cost on projected benefit obligation	3	1	7	1
Expected return on plan assets	(5)	(1)	(11)	(1)
Settlement loss	1	0	1	0
Amortization of net actuarial loss	0	0	0	0
Amortization of prior service cost credit	0	0	0	0
Net periodic benefit costs	(1)	0	(3)	0
Postretirement Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	0	1	1	1
Interest cost on projected benefit obligation	2	1	3	1
Expected return on plan assets	(1)	0	(2)	0
Settlement loss	0	0	0	0
Amortization of net actuarial loss	0	(1)	(1)	(1)
Amortization of prior service cost credit	(1)	(1)	(2)	(2)
Net periodic benefit costs	$ 0	$ 0	$ (1)	$ (1)

DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of June 30, 2025 and December 31, 2024, our long-term debt consisted of the following:



	June 30,		December 31,
	2025		2024		Interest Rate	Maturity

	(in millions)

Revolving Credit Facility	$	—	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a)	March 16, 2029

2026 Senior Notes	122		245		7.125%	February 1, 2026
2029 Senior Notes	900		900		8.250%	June 15, 2029
Principal amount	1,022		$	1,145
Unamortized debt discount and issuance costs	(14)		(16)
Unamortized premium	2		3
Total debt, net	1,010		1,132
Less: Current maturities	122		—
Long-term debt, net	$	888	$	1,132

(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%.

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).


	June 30,		December 31,
	2025		2024

	(in millions)

Fixed rate debt
2026 Senior Notes	$	123	$	245
2029 Senior Notes	925		913
Fair Value of Long-Term Debt	$	1,048	$	1,158

- Definition

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

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+ Details

DEBT

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

DEBT

As of June 30, 2025 and December 31, 2024, our long-term debt consisted of the following:



	June 30,		December 31,
	2025		2024		Interest Rate	Maturity

	(in millions)

Revolving Credit Facility	$	—	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a)	March 16, 2029

2026 Senior Notes	122		245		7.125%	February 1, 2026
2029 Senior Notes	900		900		8.250%	June 15, 2029
Principal amount	1,022		$	1,145
Unamortized debt discount and issuance costs	(14)		(16)
Unamortized premium	2		3
Total debt, net	1,010		1,132
Less: Current maturities	122		—
Long-term debt, net	$	888	$	1,132

Revolving Credit Facility

Our Amended and Restated Credit Agreement, dated April 26, 2023 (Revolving Credit Facility), consists of a senior revolving loan facility with an aggregate commitment of $1.15 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 includes a sub-limit of $300 million for the issuance of letters of credit. As of June 30, 2025, $167 million letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters. As of June 30, 2025, we had $983 million of availability on our Revolving Credit Facility after taking into account $167 million in letters of credit outstanding. Our borrowing base of $1.5 billion is redetermined semi-annually and was re-affirmed in April 2025.

Fair Value


	June 30,		December 31,
	2025		2024

	(in millions)

Fixed rate debt
2026 Senior Notes	$	123	$	245
2029 Senior Notes	925		913
Fair Value of Long-Term Debt	$	1,048	$	1,158

Other

As of June 30, 2025, we were in compliance with all financial and other debt covenants under our Revolving Credit Facility, 2026 Senior Notes and 2029 Senior Notes.

Note Redemptions

In February 2025, we redeemed $123 million of our 7.125% senior notes due 2026 (2026 Senior Notes) at 100% of the principal amount, resulting in an extinguishment loss in the amount of $1 million for the write-off of unamortized debt issuance costs. There were no repurchases or redemptions of our 2026 Senior Notes in the three months ended June 30, 2025 or the three and six months ended June 30, 2024.

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Jul. 30, 2025
Class of Stock [Line Items]
Share repurchase program, remaining authorized, amount	$ 205		$ 205
Share repurchase (in shares)	5,516,050	703,839	7,787,969	1,769,603
Average price (in dollar per share)	$ 45.73	$ 49.71	$ 45.23	$ 51.85
Total Value of Shares Purchased	$ 253	$ 35	$ 354	$ 93
Dividend equivalents on equity-settled awards	$ 0	$ 0	$ 1	$ 4
Subsequent Event
Class of Stock [Line Items]
Stock repurchase program authorized amount					$ 1,350
IKAV
Class of Stock [Line Items]
Share repurchase (in shares)	4,950,000
Average price (in dollar per share)	$ 46.00
Total Value of Shares Purchased	$ 228

- 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	6 Months Ended
Cover	Jun. 30, 2025 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
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	83,679,985
Entity Central Index Key	0001609253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

INVESTMENTS AND RELATED PARTY TRANSACTIONS - Schedule of Changes Investments in Unconsolidated Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Equity Method Investments [Roll Forward]
Beginning balance			$ 86
(Loss) income from investment in unconsolidated subsidiary	$ 0	$ (4)	(1)	$ (7)
Ending balance	93		93
Carbon TerraVault JV
Equity Method Investments [Roll Forward]
Beginning balance			27
(Loss) income from investment in unconsolidated subsidiary	(1)	$ (4)	(2)	$ (7)
Contributions			15
Ending balance	40		40
Midway Sunset Cogeneration Company
Equity Method Investments [Roll Forward]
Beginning balance			59
Adjustment to the preliminary purchase price allocation			(7)
(Loss) income from investment in unconsolidated subsidiary	1		1
Ending balance	$ 53		$ 53

- 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

- Definition

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

+ References + Details

SEGMENT INFORMATION - Schedule of Reconciliation of Capital Investments from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	$ 56	$ 34	$ 111	$ 88
Operating Segments \| Oil and Natural Gas
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	51	46	93	82
Operating Segments \| Carbon Management
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	5	(2)	7	2
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Capital investments	$ 0	$ (10)	$ 11	$ 4

PENSION AND POSTRETIREMENT BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pension Benefit
Defined Benefit Plan Disclosure [Line Items]
Pension benefit plans contributed	$ 0	$ 2	$ 0	$ 2

- Definition

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

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AERA MERGER - Schedule of Pro Forma Information (Details) - Aera Energy, LLC - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Business Combination [Line Items]
Total operating revenue	$ 1,045	$ 1,658
Net income (loss)	$ 168	$ (118)
Net income (loss) per share
Basic (in dollars per share)	$ 1.88	$ (1.31)
Diluted (in dollars per share)	$ 1.84	$ (1.31)

- Definition

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+ Details

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disaggregation of revenue
Oil, natural gas and natural gas liquids sales	$ 702	$ 412	$ 1,516	$ 841
Oil
Disaggregation of revenue
Oil, natural gas and natural gas liquids sales	644	353	1,380	701
Other revenue	24	28	46	48
Natural gas
Disaggregation of revenue
Oil, natural gas and natural gas liquids sales	19	14	47	46
Other revenue	32	23	68	71
Natural gas liquids
Disaggregation of revenue
Oil, natural gas and natural gas liquids sales	39	45	89	94
Other revenue	0	0	6	6
Revenue from marketing of purchased commodities
Disaggregation of revenue
Other revenue	$ 56	$ 51	$ 120	$ 125

- Definition

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

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+ Details

DERIVATIVES

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

We enter into commodity derivative contracts to help protect our cash flows, margins and capital program from the volatility of commodity prices. We primarily hedge a portion of our forecasted oil production and purchased natural gas used in our steamflood operations. We did not have any derivative instruments designated as accounting hedges as of and for the three and six months ended June 30, 2025 and 2024. 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 June 30, 2025:


	Q3 2025		Q4 2025		Q1 2026		Q2 2026		2H 2026		2027		2028
Sold Calls
Barrels per day	30,000		29,000		35,000		35,000		35,000		—		—
Weighted-average price per barrel	$	87.08	$	87.13	$	83.86	$	83.86	$	83.86	$	—	$	—

Purchased Puts
Barrels per day	30,000		29,000		35,000		35,000		35,000		—		—
Weighted-average price per barrel	$	61.67	$	61.72	$	61.14	$	61.14	$	61.14	$	—	$	—

Swaps
Barrels per day	45,001		43,376		36,444		29,399		28,036		34,382		1,697
Weighted-average price per barrel	$	70.63	$	69.86	$	68.98	$	68.03	$	67.25	$	64.63	$	65.00

At June 30, 2025, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.


	Q3 2025		Q4 2025		Q1 2026		Q2 2026		2H 2026		2027		2028

SoCal Border
MMBtu per day	25,750		22,408		20,350		13,250		10,329		—		—
Weighted-average price per MMBtu	$	3.48	$	3.53	$	5.18	$	4.82	$	4.84	$	—	$	—

NWPL Rockies
MMBtu per day	51,750		51,750		51,750		51,750		51,750		33,616		1,576
Weighted-average price per MMBtu	$	2.95	$	4.22	$	4.67	$	3.64	$	3.93	$	4.12	$	3.95

In the three and six months ended June 30, 2025 and 2024, we also had a limited number of derivative contracts related to our natural gas marketing activities that were intended to lock in locational price spreads. These derivative contracts were not significant to our results of operations or financial statements taken as a whole.

The outcomes of the derivative positions shown in the tables above 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 – with respect to swaps for crude oil, 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. With respect to swaps for purchased natural gas, we receive settlement payments for prices above the indicated weighted-average price per MMBtu and we make settlement payments for prices below the weighted-average price per MMBtu.

Fair Value of Derivatives

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


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions)				(in millions)
Non-cash commodity derivative gain (loss)	$	140	$	11	$	162	$	(48)
Net settlements and amortized premiums	17		(6)		1		(18)
Net gain (loss) from commodity derivatives	$	157	$	5	$	163	$	(66)

We report gains and losses on our commodity derivative contracts related to purchases of natural gas in operating expenses on our condensed consolidated statements of operations as shown in the table below:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions)				(in millions)
Non-cash gain on natural gas purchase derivatives	$	(4)	$	(3)	$	(22)	$	(4)
Settlements	7		4		19		6
Net loss (gain) on natural gas purchase derivatives	$	3	$	1	$	(3)	$	2

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 June 30, 2025 and December 31, 2024.


June 30, 2025
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

	(in millions)
Other current assets, net	$	110	$	(8)	$	102
Other noncurrent assets	61		(11)		50

Current liabilities	(15)		8		(7)
Noncurrent liabilities	(25)		11		(14)
	$	131	$	—	$	131


December 31, 2024
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

	(in millions)
Other current assets, net	$	26	$	(12)	$	14
Other noncurrent assets	32		(16)		16

Current liabilities	(62)		12		(50)
Noncurrent liabilities	(61)		16		(45)
	$	(65)	$	—	$	(65)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 36		$ 45	$ 19
Interest paid, net of amounts capitalized		$ (1)
Income taxes paid	39	4	39	26
Interest income	3	8	5	14
Supplemental disclosure of non-cash investing and financing activities
Contributions to the Carbon TerraVault JV	11	5	15	5
Issuance of shares for stock-based compensation awards	0	1	21	88
Dividends accrued for stock-based compensation awards	1	0	1	1
Excise tax on share repurchases	2	0	2	1
Withholding tax on the Stock Repurchase	$ 34	$ 0	$ 34	$ 0

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

We conduct our business primarily through two reportable segments: (1) oil and natural gas and (2) carbon management. We identified these segments based on the nature of their activities, the types of products sold and services to be provided. Our oil and natural gas segment explores for, develops, and produces oil and condensate, natural gas liquids and natural gas. Our carbon management segment, that we refer to as Carbon TerraVault, is primarily expected to build, install, operate and maintain CO2 capture equipment, transportation assets and storage facilities. Our oil and natural gas segment and carbon management segment operate exclusively in California.

Revenues related to sales of produced natural gas to our Elk Hills power plant are included in oil, natural gas and natural gas liquids sales in the table below. Direct labor-related costs are allocated to our reportable segments based on job function. General and administrative expenses are allocated to a segment if they directly support a segment's activities. We do not allocate income taxes to our segments. We use proportionate consolidation to account for our share of oil and natural gas producing activities.

The following tables provide segment profit or loss and reconciliations of segment profit or loss to total operating revenues and consolidated income before income taxes for the three and six months ended June 30, 2025 and 2024.


	Three months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	711	$	—	$	711	$	(9)	$	702



Other revenue	3		—		3		—		3

Segment operating revenues	$	714	$	—	$	714


Other revenues and income(a)									273




Total operating revenues									$	978

(a)Other revenues and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.


	Three months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	714	$	—	$	714	$	—	$	714
Less:
Operating costs:
Energy operating costs	85		—		85		(7)		78
Gas processing costs	5		—		5		—		5
Non-energy operating costs	212		—		212		—		212
General and administrative expenses	9		3		12		67		79
Depreciation, depletion and amortization	121		—		121		7		128

Taxes other than on income	41		—		41		6		47


Interest expense	—		2		2		23		25
Loss from investment in unconsolidated subsidiaries	—		1		1		(1)		—


Other segment expenses(a)	47		14		61		—		61
Segment profit or (loss)	$	194	$	(20)	$	174




Other profit or loss(b)							(59)		(59)
Unallocated amounts(c)							(104)		(104)








Income before income taxes									$	242

(a)Other segment expenses for our oil and natural gas segment includes transportation costs, accretion expense, and other operating expenses, net. Other segment expenses for our carbon management segment primarily includes operating lease costs.

(b)Other profit or loss includes the margin we earn from marketing activities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.

(c)Unallocated amounts include net gain from commodity derivatives, net loss on natural gas purchase derivatives, transportation costs, other operating expenses, net, interest income and unallocated other revenue.


	Three months ended June 30, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	416	$	—	$	416	$	(4)	$	412



Other revenue	2		—		2		—		2

Segment operating revenues	$	418	$	—	$	418


Other revenues and income(a)									100




Total operating revenues									$	514

(a)Other revenue and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.


	Three months ended June 30, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	418	$	—	$	418	$	—	$	418
Less:
Operating costs:
Energy operating costs	44		—		44		(3)		41
Gas processing costs	3		—		3		—		3
Non-energy operating costs	112		—		112		—		112
General and administrative expenses	9		3		12		51		63
Depreciation, depletion and amortization	47		—		47		6		53

Taxes other than on income	33		—		33		6		39


Interest expense	—		2		2		15		17
Loss from investment in unconsolidated subsidiary	—		4		4		—		4


Other segment expenses(a)	53		15		68		—		68
Segment profit or (loss)	$	117	$	(24)	$	93




Other profit or loss(b)							(26)		(26)
Unallocated amounts(c)							33		33








Income before income taxes									$	11

(a)Amounts for our oil and natural gas segment include transportation costs, accretion expense, asset impairment, and other operating expenses, net. Amounts for our carbon management segment primarily include operating lease costs.

(b)Other profit or loss includes margin from purchased commodities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.

(c)Unallocated amounts include net gain from commodity derivatives, transportation costs, interest and debt expense, other operating expenses, net, other non-operating loss, interest income, unallocated other revenue, and gain on asset divestitures.


	Six months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	1,539	$	—	$	1,539	$	(23)	$	1,516



Other revenue	5		—		5		—		5

Segment operating revenues	$	1,544	$	—	$	1,544


Other revenues and income(a)									369




Total operating revenues									$	1,890

(a)Other revenues and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.


	Six months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	1,544	$	—	$	1,544	$	—	$	1,544
Less:
Operating costs:
Energy operating costs	196		—		196		(15)		181
Gas processing costs	9		—		9		—		9
Non-energy operating costs	421		—		421		—		421
General and administrative expenses	21		6		27		124		151
Depreciation, depletion and amortization	247		—		247		12		259

Taxes other than on income	100		—		100		17		117


Interest expense	—		5		5		47		52
Loss from investment in unconsolidated subsidiaries	—		2		2		(1)		1


Other segment expenses(a)	90		32		122		—		122
Segment profit or (loss)	$	460	$	(45)	$	415




Other profit or loss(b)							(71)		(71)
Unallocated amounts(c)							(102)		(102)








Income before income taxes									$	404

(b)Other profit or loss includes the margin we earn from marketing activities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.

(c)Unallocated amounts include net gain from commodity derivatives, net gain on natural gas purchase derivatives, transportation costs, other operating expenses, net, other non-operating losses, loss on early extinguishment of debt, interest income and unallocated other revenue.


	Six months ended June 30, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	851	$	—	$	851	$	(10)	$	841



Other revenue	3		—		3		—		3

Segment operating revenues	$	854	$	—	$	854


Other revenues and income(a)									124




Total operating revenues									$	968

(a)Other revenue and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.


	Six months ended June 30, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	854	$	—	$	854	$	—	$	854
Less:
Operating costs:
Energy operating costs	100		—		100		(6)		94
Gas processing costs	7		—		7		—		7
Non-energy operating costs	231		—		231		—		231
General and administrative expenses	18		5		23		97		120
Depreciation, depletion and amortization	96		—		96		10		106

Taxes other than on income	65		—		65		12		77


Interest expense	—		3		3		27		30
Loss from investment in unconsolidated subsidiary	—		7		7		—		7


Other segment expenses(a)	88		23		111		—		111
Segment profit or (loss)	$	249	$	(38)	$	211




Other profit or loss(b)							(47)		(47)
Unallocated amounts(c)							126		126








Income before income taxes									$	(8)

(a)Amounts for our oil and natural gas segment include transportation costs, accretion expense, asset impairment and other operating expenses, net. Amounts for our carbon management segment primarily include operating lease costs.

(b)Other profit or loss includes margin from purchased commodities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.

(c)Unallocated amounts include net loss from commodity derivatives, transportation costs, interest and debt expense, other operating expenses, net, other non-operating loss, interest income, unallocated other revenue, and gain on asset divestitures.

The following table provides capital investment by segment and a reconciliation to our consolidated capital investment for the three and six months ended June 30, 2025 and 2024. We do not provide total assets by segment because this is not used by our Chief Operating Decision Maker. See Note 3 Investments and Related Party Transactions for information on our investment in the Carbon TerraVault JV, which is part of our carbon management segment.


	Oil and Natural Gas		Carbon Management		Corporate and Other		Total

	(in millions)
Three months ended June 30, 2025	$	51	$	5	$	—	$	56
Three months ended June 30, 2024	$	46	$	(2)	$	(10)	$	34


	Oil and Natural Gas		Carbon Management		Corporate and Other		Total

	(in millions)
Six months ended June 30, 2025	$	93	$	7	$	11	$	111
Six months ended June 30, 2024	$	82	$	2	$	4	$	88

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

INVESTMENTS AND RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS AND RELATED PARTY TRANSACTIONS

The following tables present changes to our investments in unconsolidated subsidiaries for the periods presented:


	Carbon TerraVault JV
	(in millions)
Investment, December 31, 2024	$	27



Loss from investment in unconsolidated subsidiary	(2)
Contributions	15
Investment, June 30, 2025	$	40


	Midway Sunset Cogeneration Company
	(in millions)





Investment, December 31, 2024	$	59
Adjustment to the preliminary purchase price allocation (see Note 2 Aera Merger)	(7)
Income from investment in unconsolidated subsidiary	1

Investment, June 30, 2025	$	53

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. The Carbon TerraVault JV holds rights to inject CO2 into the 26R reservoir in our Elk Hills field for permanent CO2 storage (26R reservoir).

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 $107 million at December 31, 2024 and $112 million at June 30, 2025, inclusive of interest. The amount payable to Brookfield under the put and call rights, if exercised, includes additional capital contributions made by Brookfield to develop the 26R storage reservoir, inclusive of interest. This payment would differ from the contingent liability currently recognized because the contingent liability reported in other long-term liabilities on our condensed consolidated balance sheet relates solely to the initial investment and does not include capital contributions made by Brookfield for ongoing development activities to the Carbon TerraVault JV.

The table below presents the summarized financial information related to our equity method investment in the Carbon TerraVault JV (and does 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.



	June 30,		December 31,
	2025		2024

	(in millions)

Receivable from affiliate(a)	$	31	$	46
Other long-term liabilities(b)	$	112	$	107

(a)At June 30, 2025, the amount of $31 million includes the remaining $28 million of Brookfield's first and second installments of their initial investment which is available to us and $3 million related to the Master Service Agreement (MSA) and vendor reimbursements. At December 31, 2024, the amount of $46 million includes $43 million remaining of Brookfield's initial contribution available to us and $3 million related to the MSA and vendor reimbursements.

(b)Other long-term liabilities include the contingent liability related to the Carbon TerraVault JV put and call rights.

We recognized a loss of $1 million and $2 million for the three and six months ended June 30, 2025, respectively, and a loss of $4 million and $7 million for the three and six months ended June 30, 2024, respectively, related to our investment in the Carbon TerraVault JV.

We are also performing well abandonment work at our Elk Hills field to prepare our 26R reservoir for injection of CO2. During the three and six months ended June 30, 2025, we performed abandonment work and sought reimbursement in the amounts of $6 million and $8 million, respectively, from the Carbon TerraVault JV. During the three and six months ended June 30, 2024, we performed abandonment work and sought reimbursement in the amounts of $5 million and $9 million, respectively, from the Carbon TerraVault JV. We recorded these reimbursements as a reduction to property, plant and equipment, net on our condensed consolidated balance sheets.

Midway Sunset Cogeneration Company

In July 2024, our merger with Aera led to our partial ownership of Midway Sunset Cogeneration Company, which owns, manages, and operates a cogeneration facility in Kern County, California. The Midway Sunset Cogeneration Company is owned 50% by us and 50% by San Joaquin Energy Company, a subsidiary of NRG Energy Inc. We recorded our investment in the Midway Sunset Cogeneration Company at $52 million as of July 1, 2024, which was $41 million in excess of the carrying value of the underlying assets held by the partnership. This difference is associated with property, plant and equipment and we expect this amount will reverse over the remaining useful life of the power plant. There are no significant transactions between us and Midway Sunset Cogeneration Company. Our 50% share of the net income related to our investment in Midway Sunset Cogeneration Company for the three and six months ended June 30, 2025 was $1 million.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend On August 5, 2025, 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 August 27, 2025 and is expected to be paid on September 12, 2025. Share Repurchase Program On July 30, 2025 the Board of Directors authorized an extension of our Share Repurchase Program through June 30, 2026. Refer to Note 10 Stockholders' Equity for more information on our Share Repurchase Program.

DIVESTITURES AND ASSETS HELD FOR SALE (Details) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2025 USD ($)	Mar. 31, 2024 USD ($) a	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)
Business Combination [Line Items]
Proceeds from asset divestitures			$ 1	$ 2	$ 1	$ 12
Gain on asset divestitures			$ 0	$ 1	$ 0	$ 7
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Fort Apache In Huntington Beach
Business Combination [Line Items]
Area of real estate property \| a		0.9
Proceeds from asset divestitures		$ 10
Gain on asset divestitures		$ 6
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Carbon Management Assets
Business Combination [Line Items]
Proceeds from asset divestitures	$ 1

- Definition

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

+ References

+ Details

AERA MERGER - Schedule of Merger Consideration and Preliminary Purchase Price Allocation (Details) - Aera Energy, LLC $ / shares in Units, $ in Millions	Jul. 01, 2024 USD ($) $ / shares shares
Business Combination, Goodwill, Reportable Segment Assignment [Line Items]
Common stock per share fair value (in dollars per share) \| $ / shares	$ 53.28
Fair value of share consideration	$ 1,141
Settlement of Aera debt	990
Purchase price settlement	(10)
Total purchase consideration	$ 2,121
Common Stock
Business Combination, Goodwill, Reportable Segment Assignment [Line Items]
Common stock issued in connection with acquisition (in shares) \| shares	21,422,972

EARNINGS PER SHARE - Narrative (Details)	6 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Jun. 30, 2024 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	6,000,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	4,200,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	800,000
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	1,000,000

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

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 172

$ 8

$ 287

$ (2)

Other comprehensive loss

Actuarial gain associated with pension and postretirement plans

^[1]

(1)

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

^[1]

(1)

(2)

Comprehensive income (loss)

$ 171

$ 8

$ 284

$ (4)

[1]	(a) Tax effects of the actuarial gain associated with pension and postretirement plans and amortization of prior service cost credit were insignificant for the three and six months ended June 30, 2025 and 2024.

- 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.

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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Shares Repurchased

The following is a summary of our share repurchases, 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 June 30, 2024	703,839	$	35	$	49.71
Three months ended June 30, 2025	5,516,050	$	253	$	45.73

Six months ended June 30, 2024	1,769,603	$	93	$	51.85
Six months ended June 30, 2025	7,787,969	$	354	$	45.23

Note: The total value of shares purchased includes accrued excise taxes, which are generally paid in the year following the share repurchase. Commissions paid on share repurchases were not significant in all periods presented.

Schedule of Dividends Declared

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


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

2025
Three months ended March 31, 2025	$	35	$	0.3875




Three months ended June 30, 2025	35		$	0.3875
Six months ended June 30, 2025	$	70
2024
Three months ended March 31, 2024	$	21	$	0.31
Three months ended June 30, 2024	22		$	0.31
Six months ended June 30, 2024	$	43

AERA MERGER - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Aera Energy, LLC - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Assets Acquired
Cash	$ 137	$ 137
Measurement period adjustments, cash	0
Accounts receivable	176	176
Measurement period adjustments, accounts receivable	0
Inventories	29	30
Measurement period adjustments, inventories	(1)
Other current assets	62	49
Measurement period adjustments, other current assets	13
Investment in unconsolidated subsidiary	52	59
Measurement period adjustments, investment in unconsolidated subsidiary	(7)
Property, plant and equipment	3,080	3,048
Measurement period adjustments, property, plant and equipment	32
Pension and other postretirement benefits	73	73
Measurement period adjustments, pension and other postretirement benefits	0
Other noncurrent assets	70	57
Measurement period adjustments, other noncurrent assets	13
Total Assets Acquired	3,679	3,629
Measurement period adjustments, total assets acquired	50
Liabilities Assumed
Accounts payable	(158)	(158)
Measurement period adjustments, accounts payable	0
Accrued liabilities	(161)	(157)
Measurement period adjustments, accrued liabilities	(4)
Asset retirement obligations	(627)	(646)
Measurement period adjustments, asset retirement obligations	19
Fair value of derivative contracts	(351)	(351)
Measurement period adjustments, fair value of derivative contracts	0
Pension and other postretirement benefits	(35)	(35)
Measurement period adjustments, pension and other postretirement benefits	0
Deferred tax liability	(171)	(101)
Measurement period adjustments, deferred tax liability	(70)
Other long-term liabilities	(55)	(37)
Measurement period adjustments, other long-term liabilities	(18)
Total Liabilities Assumed	(1,558)	(1,485)
Measurement period adjustments, liabilities assumed	(73)
Net Assets Acquired	2,121	$ 2,144
Measurement period adjustments, net assets acquired	$ (23)

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended	24 Months Ended
	Oct. 31, 2020 platform	Jun. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($) well
Other Commitments [Line Items]
Number of offshore platforms with decommissioning obligations defaulted \| platform	2
Offshore platforms with decommissioning obligations defaulted period since interest sold	30 years
Other operating expenses		$ 2	$ 2
Cost incurred, abandonment cost		$ 25	$ 25	$ 25
Payments under dispute				$ 25
Oxy
Other Commitments [Line Items]
Offshore platforms with decommissioning obligations defaulted percentage	37.50%
California Geologic Energy Management Division
Other Commitments [Line Items]
Number of oil and gas wells abandoned \| well				120

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Compensation-related liabilities	$ 39	$ 50
Postretirement and pension benefit plans	55	59
Operating lease liability	60	76
Fair value of commodity derivative contracts	14	45
Contingent liability (Note 3 Investments and Related Party Transactions)	112	107
Other	55	40
Other long-term liabilities	$ 335	$ 377

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2025
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. On July 1, 2024, pursuant to the Agreement and Plan of Merger, dated as of February 7, 2024 (the Merger Agreement), we obtained all of the ownership interests in Aera Energy LLC (Aera) (Aera Merger). Our consolidated results of operations include the results of Aera beginning July 1, 2024, the closing date of the Aera Merger. The Aera Merger significantly impacted the comparability of our financial results for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024. See Note 2 Aera Merger for transaction details. 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. 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, 2024 (2024 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.

INCOME TAXES - Narrative (Details)	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details)	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, annual, percent	29.00%	27.00%	29.00%	75.00%

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2025

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 six months ended June 30, 2025 and 2024. 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 six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	172	$	8	$	287	$	(2)





Denominator for Basic EPS
Weighted-average shares	89.0		68.1		89.8		68.6

Potential common shares, if dilutive:
Warrants	—		1.2		—		—
Restricted stock units	0.3		0.4		0.3		—
Performance stock units	0.1		0.3		0.2		—

Denominator for Diluted EPS
Weighted-average shares	89.4		70.0		90.3		68.6

EPS
Basic	$	1.93	$	0.12	$	3.20	$	(0.03)
Diluted	$	1.92	$	0.11	$	3.18	$	(0.03)

The potentially dilutive weighted-average common shares of 6 million which were excluded from the denominator of diluted EPS for the six months ended June 30, 2024 included (i) 4.2 million for shares issuable upon exercise of warrants, (ii) 800,000 for shares issuable upon settlement of RSUs and (iii) 1 million shares issuable upon settlement of PSUs.

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
REVENUES
Oil, natural gas and natural gas liquids sales	$ 702	$ 412	$ 1,516	$ 841
Net gain (loss) from commodity derivatives	157	5	163	(66)
Total operating revenues	978	514	1,890	968
OPERATING EXPENSES
Operating costs	295	156	611	332
General and administrative expenses	79	63	151	120
Depreciation, depletion and amortization	128	53	259	106
Asset impairment	0	13	0	13
Taxes other than on income	47	39	117	77
Accretion expense	28	13	57	25
Net loss (gain) on natural gas purchase derivatives	3	1	(3)	2
Measurement period adjustments, net	0	0	1	0
Other operating expenses, net	65	65	98	110
Total operating expenses	711	477	1,437	941
Gain on asset divestitures	0	1	0	7
OPERATING INCOME	267	38	453	34
NON-OPERATING (EXPENSES) INCOME
Interest and debt expense, net	(25)	(17)	(52)	(30)
Loss on early extinguishment of debt	0	0	(1)	0
Loss from investment in unconsolidated subsidiaries	0	(4)	(1)	(7)
Other non-operating (expense) income, net	0	(6)	5	(5)
INCOME (LOSS) BEFORE INCOME TAXES	242	11	404	(8)
Income tax (provision) benefit	(70)	(3)	(117)	6
NET INCOME (LOSS)	$ 172	$ 8	$ 287	$ (2)
Net income (loss) per share
Basic (in dollars per share)	$ 1.93	$ 0.12	$ 3.20	$ (0.03)
Diluted (in dollars per share)	$ 1.92	$ 0.11	$ 3.18	$ (0.03)
Weighted-average common shares outstanding
Basic (in shares)	89.0	68.1	89.8	68.6
Diluted (in shares)	89.4	70.0	90.3	68.6
Revenue from marketing of purchased commodities
REVENUES
Other revenue	$ 56	$ 51	$ 120	$ 125
OPERATING EXPENSES
Costs of sales	41	43	91	97
Electricity revenue
REVENUES
Other revenue	58	36	80	51
Other revenue
REVENUES
Other revenue	5	10	11	17
Electricity generation expenses
OPERATING EXPENSES
Costs of sales	5	14	15	22
Transportation costs
OPERATING EXPENSES
Costs of sales	$ 20	$ 17	$ 40	$ 37

SUPPLEMENTAL ACCOUNT BALANCES (Tables)

6 Months Ended

Jun. 30, 2025

SUPPLEMENTAL INFORMATION [Abstract]

Schedule of Disaggregated Revenue

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



	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions)				(in millions)
Oil	$	644	$	353	$	1,380	$	701
Natural gas	19		14		47		46
Natural gas liquids	39		45		89		94
Oil, natural gas and natural gas liquids sales	$	702	$	412	$	1,516	$	841

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



	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024


	(in millions)				(in millions)
Oil	$	24	$	28	$	46	$	48
Natural gas	32		23		68		71
Natural gas liquids	—		—		6		6
Revenue from marketing of purchased commodities	$	56	$	51	$	120	$	125

Schedule of Inventories

Inventories, by category, are as follows:


	June 30,		December 31,
	2025		2024

	(in millions)
Materials and supplies	$	90	$	86
Finished goods	3		4
Inventories	$	93	$	90

Schedule of Other Current Assets, Net

Other current assets, net include the following:


	June 30,		December 31,
	2025		2024

	(in millions)
Net amounts due from joint interest partners(a)	$	42	$	41

Fair value of commodity derivative contracts	102		14
Prepaid expenses	25		28
Greenhouse gas allowances	9		27

Income tax receivable	22		50

Other	27		16
Other current assets, net	$	227	$	176

(a)The amounts due from joint interest partners include insignificant amounts of allowances for credit losses for each period presented.

Schedule of Other Noncurrent Assets

Other noncurrent assets include the following:



	June 30,		December 31,
	2025		2024

	(in millions)
Operating lease right-of-use assets	$	93	$	105
Deferred financing costs - Revolving Credit Facility	22		23
Emission reduction credits	11		11

Fair value of commodity derivative contracts	50		16
Funded pension	67		67
Postretirement plan	13		13
Other	42		37
Other noncurrent assets	$	298	$	272

Schedule of Accrued Liabilities

Accrued liabilities include the following:


	June 30,		December 31,
	2025		2024

	(in millions)
Compensation-related liabilities	$	88	$	177

Taxes other than on income	86		100
Asset retirement obligations - current portion	134		134

Operating lease liability	22		15
Fair value of derivative contracts	7		50
Premiums due on commodity derivative contracts	17		14


Withholding tax on IKAV stock repurchase (Note 10 Stockholders' Equity)	34		—
Advanced payments	17		25


Payable to the former owners of Aera	9		29
Other	63		67
Accrued liabilities	$	477	$	611

Schedule of Other Long-term Liabilities

Other long-term liabilities include the following:



	June 30,		December 31,
	2025		2024

	(in millions)
Compensation-related liabilities	$	39	$	50
Postretirement and pension benefit plans	55		59
Operating lease liability	60		76
Fair value of commodity derivative contracts	14		45

Contingent liability (Note 3 Investments and Related Party Transactions)	112		107
Other	55		40
Other long-term liabilities	$	335	$	377

INCOME TAXES

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
	(in millions)						(in millions)
Income (loss) before income taxes	$	242		$	11		$	404		$	(8)

Current income tax provision	64			—			76			—
Deferred income tax provision (benefit)	6			3			41			(6)
Income tax provision (benefit)	$	70		$	3		$	117		$	(6)

Effective tax rate	29		%	27		%	29		%	75		%

Our income tax provision or benefit for interim periods is determined by applying an estimated annual effective tax rate to income (loss) before income taxes with the result adjusted for discrete items, if any, in the relevant period. Our annual effective tax rate of 29% and 27% for the three months ended June 30, 2025 and 2024, respectively, differed from the U.S. statutory rate of 21% primarily due to state taxes. Our annual effective tax rate of 29% for the six months ended June 30, 2025 differed from the U.S. statutory rate of 21% primarily due to state taxes.

Our annual effective tax rate of 75% differed from the U.S. statutory rate of 21% for the six months ended June 30, 2024 primarily due to the settlement of stock-based compensation awards in the first quarter of 2024 at a share price which exceeded the grant date value used to recognize compensation expense for financial accounting. The difference resulted in a tax benefit and had the effect of increasing our effective tax rate for the six months ended June 30, 2024.

On July 4, 2025, An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14th and commonly referred to as the One Big Beautiful Bill Act was signed into law. This law contains several legislative changes including the reinstatement of full expensing for qualified assets placed in service after January 19, 2025. This law also reinstated the expensing of all domestic research and development costs, including favorable transition rules, and increases the limitation on the amount of annual business interest expense which can be deducted each year.

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

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 231
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

Share Repurchase Program

Our Board of Directors authorized a Share Repurchase Program to acquire up to $1.35 billion of our common stock through December 31, 2025. The total value of shares that may yet be purchased under the Share Repurchase Program totaled $205 million as of June 30, 2025. Refer to Note 16 Subsequent Events for more information on a recent extension to our Share Repurchase Program. 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.

Pursuant to our Share Repurchase Program, we repurchased 5,516,050 shares of common stock during the three months ended June 30, 2025, including 4,950,000 shares from IKAV Impact S.a.r.l. (IKAV) at a price of $46.00 per share in a privately negotiated transaction. For the three months ended June 30, 2025, the aggregate purchase price consideration, inclusive of excise tax, for our shares was $253 million, including $228 million for the repurchase of the shares held by IKAV. We funded our share repurchases with available cash.

Simultaneously with the consummation of the stock repurchase from IKAV, the lock-up restrictions applicable to sales of common stock by IKAV and its affiliates IKAV Energy, Inc. and Simlog Inc. pursuant to a Registration Rights Agreement, dated July 1, 2024, with the sellers party thereto ceased to be effective. This transaction did not impact any other terms of the Aera Merger.

The following is a summary of our share repurchases, 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 June 30, 2024	703,839	$	35	$	49.71
Three months ended June 30, 2025	5,516,050	$	253	$	45.73

Six months ended June 30, 2024	1,769,603	$	93	$	51.85
Six months ended June 30, 2025	7,787,969	$	354	$	45.23

Dividends

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


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

2025
Three months ended March 31, 2025	$	35	$	0.3875




Three months ended June 30, 2025	35		$	0.3875
Six months ended June 30, 2025	$	70
2024
Three months ended March 31, 2024	$	21	$	0.31
Three months ended June 30, 2024	22		$	0.31
Six months ended June 30, 2024	$	43

In addition to dividends on our common stock shown in the table above, we paid $1 million of dividend equivalents on equity-settled stock-based compensation awards in the six months ended June 30, 2025. We paid $4 million of dividend equivalents in the six months ended June 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 16 Subsequent Events for information on future cash dividends.

- Definition

The entire disclosure for equity.

+ References

+ Details

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2025

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 income tax provision (benefit) and effective tax rate:


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
	(in millions)						(in millions)
Income (loss) before income taxes	$	242		$	11		$	404		$	(8)

Current income tax provision	64			—			76			—
Deferred income tax provision (benefit)	6			3			41			(6)
Income tax provision (benefit)	$	70		$	3		$	117		$	(6)

Effective tax rate	29		%	27		%	29		%	75		%

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2025
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. On July 1, 2024, pursuant to the Agreement and Plan of Merger, dated as of February 7, 2024 (the Merger Agreement), we obtained all of the ownership interests in Aera Energy LLC (Aera) (Aera Merger). Our consolidated results of operations include the results of Aera beginning July 1, 2024, the closing date of the Aera Merger. The Aera Merger significantly impacted the comparability of our financial results for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024. See Note 2 Aera Merger for transaction details. 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. 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, 2024 (2024 Annual Report). The carrying amounts of cash, cash equivalents and on-balance sheet financial instruments, other than debt, approximate fair value.

DERIVATIVES - Schedule of Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
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	(8)	(12)
Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Netting	(11)	(16)
Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Netting	8	12
Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Netting	11	16
Gross Amounts at Fair Value \| Commodity Contracts
Fair Value of Derivatives
Total derivatives	131	(65)
Gross Amounts at Fair Value \| Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Gross Amounts at Fair Value	110	26
Gross Amounts at Fair Value \| Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Gross Amounts at Fair Value	61	32
Gross Amounts at Fair Value \| Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(15)	(62)
Gross Amounts at Fair Value \| Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Gross Amounts at Fair Value	(25)	(61)
Net Fair Value \| Commodity Contracts
Fair Value of Derivatives
Total derivatives	131	(65)
Net Fair Value \| Commodity Contracts \| Other current assets, net
Fair Value of Derivatives
Net Fair Value	102	14
Net Fair Value \| Commodity Contracts \| Other noncurrent assets
Fair Value of Derivatives
Net Fair Value	50	16
Net Fair Value \| Commodity Contracts \| Current liabilities
Fair Value of Derivatives
Net Fair Value	(7)	(50)
Net Fair Value \| Commodity Contracts \| Noncurrent liabilities
Fair Value of Derivatives
Net Fair Value	$ (14)	$ (45)

INVESTMENTS AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Jul. 01, 2024	Aug. 31, 2022
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities	$ 335		$ 335		$ 377
Loss from investment in unconsolidated subsidiaries	0	$ 4	1	$ 7
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Interest in joint venture							51.00%
Loss from investment in unconsolidated subsidiaries	1	4	2	7
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Other long-term liabilities	112		112		$ 107
Carbon TerraVault JV \| Brookfield
Schedule of Equity Method Investments [Line Items]
Interest in joint venture							49.00%
Elk Hills
Schedule of Equity Method Investments [Line Items]
Reimbursement for abandonment work	6	$ 5	8	$ 9
Midway Sunset Cogeneration Company
Schedule of Equity Method Investments [Line Items]
Interest in joint venture						50.00%
Loss from investment in unconsolidated subsidiaries	$ (1)		$ (1)
Equity method investments, fair value						$ 52
Equity method investment, difference between carrying amount and underlying equity						$ 41
Midway Sunset Cogeneration Company \| San Joaquin Energy Company
Schedule of Equity Method Investments [Line Items]
Interest in joint venture						50.00%

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Financial Statements

The following condensed consolidating balance sheets as of June 30, 2025 and December 31, 2024 and the condensed consolidating statements of operations for the three and six months ended June 30, 2025 and 2024, 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 June 30, 2025 and December 31, 2024


	As of June 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	102	$	32	$	594	$	—	$	728
Total property, plant and equipment, net	20		37		5,503		—		5,560
Investments in consolidated subsidiaries	5,521		(41)		16,356		(21,836)		—
Deferred tax asset	33		—				—		33
Investment in unconsolidated subsidiaries	—		40		53		—		93
Other assets	112		51		135		—		298
TOTAL ASSETS	$	5,788	$	119	$	22,641	$	(21,836)	$	6,712

Total current liabilities	272		19		637		—		928
Long-term debt	888		—		—		—		888
Asset retirement obligations	—		—		969		—		969
Other long-term liabilities	101		131		103		—		335
Deferred tax liability	185		—		—		—		185
Amounts due to (from) affiliates	935		44		(979)		—		—
Total equity	3,407		(75)		21,911		(21,836)		3,407
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,788	$	119	$	22,641	$	(21,836)	$	6,712


	As of December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	437	$	46	$	541	$	—	$	1,024
Total property, plant and equipment, net	14		31		5,635		—		5,680
Investments in consolidated subsidiaries	4,869		(32)		15,050		(19,887)		—
Deferred tax asset	73		—		—		—		73
Investment in unconsolidated subsidiary	—		27		59		—		86
Other assets	113		58		101		—		272
TOTAL ASSETS	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Total current liabilities	224		14		742		—		980
Long-term debt	1,132		—		—		—		1,132
Asset retirement obligations	—		—		995		—		995
Other long-term liabilities	114		138		125		—		377
Amounts due to (from) affiliates	385		—		(385)		—		—
Deferred tax liability	113		—		—		—		113
Total equity	3,538		(22)		19,909		(19,887)		3,538
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Condensed Consolidating Statement of Operations

For the three and six months ended June 30, 2025 and 2024


	Three months ended June 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	2	$	—	$	992	$	(16)	$	978
Total costs and other	109		16		602		(16)		711

Non-operating (loss) income	(26)		(3)		4		—		(25)
(LOSS) INCOME BEFORE INCOME TAXES	(133)		(19)		394		—		242
Income tax provision	(70)		—		—		—		(70)
NET (LOSS) INCOME	$	(203)	$	(19)	$	394	$	—	$	172


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

	(in millions)
Total operating revenues	$	7	$	—	$	513	$	(6)	$	514
Total costs and other	77		18		388		(6)		477
Gain on asset divestitures	—		—		1		—		1
Non-operating (loss) income	(21)		(7)		1		—		(27)
(LOSS) INCOME BEFORE INCOME TAXES	(91)		(25)		127		—		11
Income tax provision	(3)		—		—		—		(3)
NET (LOSS) INCOME	$	(94)	$	(25)	$	127	$	—	$	8


	Six months ended June 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	5	$	—	$	1,925	$	(40)	$	1,890
Total costs and other	175		34		1,268		(40)		1,437

Non-operating (loss) income	(48)		(7)		6		—		(49)
(LOSS) INCOME BEFORE INCOME TAXES	(218)		(41)		663		—		404
Income tax provision	(117)		—		—		—		(117)
NET (LOSS) INCOME	$	(335)	$	(41)	$	663	$	—	$	287


	Six months ended June 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	13	$	—	$	971	$	(16)	$	968
Total costs and other	136		28		793		(16)		941
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(34)		(11)		3		—		(42)
(LOSS) INCOME BEFORE INCOME TAXES	(157)		(39)		188		—		(8)
Income tax benefit	6		—		—		—		6
NET (LOSS) INCOME	$	(151)	$	(39)	$	188	$	—	$	(2)

DERIVATIVES - Schedule of Gain (Loss) On Natural Gas Purchase Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash gain on natural gas purchase derivatives	$ (4)	$ (3)	$ (22)	$ (4)
Settlements	7	4	19	6
Net loss (gain) on natural gas purchase derivatives	$ 3	$ 1	$ (3)	$ 2

AERA MERGER (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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)	21,422,972
Common stock per share fair value on July 1, 2024	$	53.28
Fair value of share consideration	1,141
Settlement of Aera debt	990
Purchase price settlement	(10)
Total purchase consideration	$	2,121

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table represents the final purchase price allocation to 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 as of December 31, 2024		Adjustments		Purchase Price Allocation as of June 30, 2025
	(in millions)
Assets Acquired
Cash	$	137	$	—	$	137
Accounts receivable	176		—		176
Inventories	30		(1)		29
Other current assets	49		13		62
Investment in unconsolidated subsidiary	59		(7)		52
Property, plant and equipment	3,048		32		3,080
Pension and other postretirement benefits	73		—		73
Other noncurrent assets	57		13		70
Total Assets Acquired	3,629		50		3,679

Liabilities Assumed
Accounts payable	(158)		—		(158)
Accrued liabilities	(157)		(4)		(161)
Asset retirement obligations	(646)		19		(627)
Fair value of derivative contracts	(351)		—		(351)
Pension and other postretirement benefits	(35)		—		(35)
Deferred tax liability	(101)		(70)		(171)

Other long-term liabilities	(37)		(18)		(55)
Total Liabilities Assumed	(1,485)		(73)		(1,558)
Net Assets Acquired	$	2,144	$	(23)	$	2,121

Schedule of Business Acquisition, Pro Forma Information

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



	Three months ended June 30,		Six months ended June 30,
	2024		2024

	(in millions)
Total operating revenue	$	1,045	$	1,658
Net income (loss)(a)	$	168	$	(118)

Net income (loss) per share
Basic	$	1.88	$	(1.31)
Diluted	$	1.84	$	(1.31)

(a)The six months ended June 30, 2024 reflects a net loss of $118 million primarily resulting from a significant net loss on commodity derivatives related to hedge positions held by Aera.

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

DERIVATIVES - Schedule of Commodity Price Risk (Details) - Not Designated as Hedging Instrument	6 Months Ended
	Jun. 30, 2025 MMBTU $ / barrel $ / MMBTU bbl
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
MMBtu per day (in millions of BTU) \| MMBTU	25,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.48
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
MMBtu per day (in millions of BTU) \| MMBTU	22,408
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.53
Sold Calls - Crude Oil Q1 2026
Derivatives
Barrels per day (in barrels) \| bbl	35,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	83.86
MMBtu per day (in millions of BTU) \| MMBTU	20,350
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	5.18
Sold Calls - Crude Oil Q2 2026
Derivatives
Barrels per day (in barrels) \| bbl	35,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	83.86
MMBtu per day (in millions of BTU) \| MMBTU	13,250
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.82
Sold Calls - Crude Oil 2H 2026
Derivatives
Barrels per day (in barrels) \| bbl	35,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	83.86
MMBtu per day (in millions of BTU) \| MMBTU	10,329
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.84
Sold Calls - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	0
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	0
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	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
MMBtu per day (in millions of BTU) \| MMBTU	0
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	0
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 Q1 2026
Derivatives
Barrels per day (in barrels) \| bbl	35,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.14
Purchased Puts - Crude Oil Q2 2026
Derivatives
Barrels per day (in barrels) \| bbl	35,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.14
Purchased Puts - Crude Oil 2H 2026
Derivatives
Barrels per day (in barrels) \| bbl	35,000
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	61.14
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 Q3 2025
Derivatives
Barrels per day (in barrels) \| bbl	45,001
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	70.63
Swaps - Crude Oil Q4 2025
Derivatives
Barrels per day (in barrels) \| bbl	43,376
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	69.86
Swaps - Crude Oil Q1 2026
Derivatives
Barrels per day (in barrels) \| bbl	36,444
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	68.98
Swaps - Crude Oil Q2 2026
Derivatives
Barrels per day (in barrels) \| bbl	29,399
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	68.03
Swaps - Crude Oil 2H 2026
Derivatives
Barrels per day (in barrels) \| bbl	28,036
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	67.25
Swaps - Crude Oil 2027
Derivatives
Barrels per day (in barrels) \| bbl	34,382
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	64.63
Swaps - Crude Oil 2028
Derivatives
Barrels per day (in barrels) \| bbl	1,697
Weighted-average price per barrel (in dollars per barrel) \| $ / barrel	65.00
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 Q1 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.67
NWPL Rockies - Natural Gas Q2 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.64
NWPL Rockies - Natural Gas 2H 2026
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	51,750
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.93
NWPL Rockies - Natural Gas 2027
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	33,616
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	4.12
NWPL Rockies - Natural Gas 2028
Derivatives
MMBtu per day (in millions of BTU) \| MMBTU	1,576
Weighted-average price per MMBtu (in dollars per million of BTU) \| $ / MMBTU	3.95

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Open Derivative Contracts

We held the following Brent-based contracts as of June 30, 2025:


	Q3 2025		Q4 2025		Q1 2026		Q2 2026		2H 2026		2027		2028
Sold Calls
Barrels per day	30,000		29,000		35,000		35,000		35,000		—		—
Weighted-average price per barrel	$	87.08	$	87.13	$	83.86	$	83.86	$	83.86	$	—	$	—

Purchased Puts
Barrels per day	30,000		29,000		35,000		35,000		35,000		—		—
Weighted-average price per barrel	$	61.67	$	61.72	$	61.14	$	61.14	$	61.14	$	—	$	—

Swaps
Barrels per day	45,001		43,376		36,444		29,399		28,036		34,382		1,697
Weighted-average price per barrel	$	70.63	$	69.86	$	68.98	$	68.03	$	67.25	$	64.63	$	65.00

At June 30, 2025, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.


	Q3 2025		Q4 2025		Q1 2026		Q2 2026		2H 2026		2027		2028

SoCal Border
MMBtu per day	25,750		22,408		20,350		13,250		10,329		—		—
Weighted-average price per MMBtu	$	3.48	$	3.53	$	5.18	$	4.82	$	4.84	$	—	$	—

NWPL Rockies
MMBtu per day	51,750		51,750		51,750		51,750		51,750		33,616		1,576
Weighted-average price per MMBtu	$	2.95	$	4.22	$	4.67	$	3.64	$	3.93	$	4.12	$	3.95

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


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions)				(in millions)
Non-cash commodity derivative gain (loss)	$	140	$	11	$	162	$	(48)
Net settlements and amortized premiums	17		(6)		1		(18)
Net gain (loss) from commodity derivatives	$	157	$	5	$	163	$	(66)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions)				(in millions)
Non-cash gain on natural gas purchase derivatives	$	(4)	$	(3)	$	(22)	$	(4)
Settlements	7		4		19		6
Net loss (gain) on natural gas purchase derivatives	$	3	$	1	$	(3)	$	2

Schedule of Fair Value of Derivatives

The following tables present the fair values of our outstanding commodity derivatives as of June 30, 2025 and December 31, 2024.


June 30, 2025
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

	(in millions)
Other current assets, net	$	110	$	(8)	$	102
Other noncurrent assets	61		(11)		50

Current liabilities	(15)		8		(7)
Noncurrent liabilities	(25)		11		(14)
	$	131	$	—	$	131


December 31, 2024
Classification	Gross Amounts at Fair Value		Netting		Net Fair Value

	(in millions)
Other current assets, net	$	26	$	(12)	$	14
Other noncurrent assets	32		(16)		16

Current liabilities	(62)		12		(50)
Noncurrent liabilities	(61)		16		(45)
	$	(65)	$	—	$	(65)

EARNINGS PER SHARE - Schedule of Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Numerator for Basic and Diluted EPS
Net income (loss)	$ 172	$ 8	$ 287	$ (2)
Denominator for Basic EPS
Weighted-average shares, basic (in shares)	89.0	68.1	89.8	68.6
Denominator for Diluted EPS
Weighted-average shares, diluted (in shares)	89.4	70.0	90.3	68.6
EPS
Basic (in dollars per share)	$ 1.93	$ 0.12	$ 3.20	$ (0.03)
Diluted (in dollars per share)	$ 1.92	$ 0.11	$ 3.18	$ (0.03)
Warrants
Potential common shares, if dilutive:
Warrants/Restricted/Performance stock units (in shares)	0.0	1.2	0.0	0.0
Restricted stock units
Potential common shares, if dilutive:
Warrants/Restricted/Performance stock units (in shares)	0.3	0.4	0.3	0.0
Performance stock units
Potential common shares, if dilutive:
Warrants/Restricted/Performance stock units (in shares)	0.1	0.3	0.2	0.0

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

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 six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	172	$	8	$	287	$	(2)





Denominator for Basic EPS
Weighted-average shares	89.0		68.1		89.8		68.6

Potential common shares, if dilutive:
Warrants	—		1.2		—		—
Restricted stock units	0.3		0.4		0.3		—
Performance stock units	0.1		0.3		0.2		—

Denominator for Diluted EPS
Weighted-average shares	89.4		70.0		90.3		68.6

EPS
Basic	$	1.93	$	0.12	$	3.20	$	(0.03)
Diluted	$	1.92	$	0.11	$	3.18	$	(0.03)

INVESTMENTS AND RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investment Unconsolidated Subsidiary

The following tables present changes to our investments in unconsolidated subsidiaries for the periods presented:


	Carbon TerraVault JV
	(in millions)
Investment, December 31, 2024	$	27



Loss from investment in unconsolidated subsidiary	(2)
Contributions	15
Investment, June 30, 2025	$	40


	Midway Sunset Cogeneration Company
	(in millions)





Investment, December 31, 2024	$	59
Adjustment to the preliminary purchase price allocation (see Note 2 Aera Merger)	(7)
Income from investment in unconsolidated subsidiary	1

Investment, June 30, 2025	$	53



	June 30,		December 31,
	2025		2024

	(in millions)

Receivable from affiliate(a)	$	31	$	46
Other long-term liabilities(b)	$	112	$	107

(b)Other long-term liabilities include the contingent liability related to the Carbon TerraVault JV put and call rights.

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

6 Months Ended

Jun. 30, 2025

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 the indenture governing our 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 June 30, 2025 and December 31, 2024 and the condensed consolidating statements of operations for the three and six months ended June 30, 2025 and 2024, 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 June 30, 2025 and December 31, 2024


	As of June 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	102	$	32	$	594	$	—	$	728
Total property, plant and equipment, net	20		37		5,503		—		5,560
Investments in consolidated subsidiaries	5,521		(41)		16,356		(21,836)		—
Deferred tax asset	33		—				—		33
Investment in unconsolidated subsidiaries	—		40		53		—		93
Other assets	112		51		135		—		298
TOTAL ASSETS	$	5,788	$	119	$	22,641	$	(21,836)	$	6,712

Total current liabilities	272		19		637		—		928
Long-term debt	888		—		—		—		888
Asset retirement obligations	—		—		969		—		969
Other long-term liabilities	101		131		103		—		335
Deferred tax liability	185		—		—		—		185
Amounts due to (from) affiliates	935		44		(979)		—		—
Total equity	3,407		(75)		21,911		(21,836)		3,407
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,788	$	119	$	22,641	$	(21,836)	$	6,712


	As of December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	437	$	46	$	541	$	—	$	1,024
Total property, plant and equipment, net	14		31		5,635		—		5,680
Investments in consolidated subsidiaries	4,869		(32)		15,050		(19,887)		—
Deferred tax asset	73		—		—		—		73
Investment in unconsolidated subsidiary	—		27		59		—		86
Other assets	113		58		101		—		272
TOTAL ASSETS	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Total current liabilities	224		14		742		—		980
Long-term debt	1,132		—		—		—		1,132
Asset retirement obligations	—		—		995		—		995
Other long-term liabilities	114		138		125		—		377
Amounts due to (from) affiliates	385		—		(385)		—		—
Deferred tax liability	113		—		—		—		113
Total equity	3,538		(22)		19,909		(19,887)		3,538
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Condensed Consolidating Statement of Operations

For the three and six months ended June 30, 2025 and 2024


	Three months ended June 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	2	$	—	$	992	$	(16)	$	978
Total costs and other	109		16		602		(16)		711

Non-operating (loss) income	(26)		(3)		4		—		(25)
(LOSS) INCOME BEFORE INCOME TAXES	(133)		(19)		394		—		242
Income tax provision	(70)		—		—		—		(70)
NET (LOSS) INCOME	$	(203)	$	(19)	$	394	$	—	$	172


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

	(in millions)
Total operating revenues	$	7	$	—	$	513	$	(6)	$	514
Total costs and other	77		18		388		(6)		477
Gain on asset divestitures	—		—		1		—		1
Non-operating (loss) income	(21)		(7)		1		—		(27)
(LOSS) INCOME BEFORE INCOME TAXES	(91)		(25)		127		—		11
Income tax provision	(3)		—		—		—		(3)
NET (LOSS) INCOME	$	(94)	$	(25)	$	127	$	—	$	8


	Six months ended June 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	5	$	—	$	1,925	$	(40)	$	1,890
Total costs and other	175		34		1,268		(40)		1,437

Non-operating (loss) income	(48)		(7)		6		—		(49)
(LOSS) INCOME BEFORE INCOME TAXES	(218)		(41)		663		—		404
Income tax provision	(117)		—		—		—		(117)
NET (LOSS) INCOME	$	(335)	$	(41)	$	663	$	—	$	287


	Six months ended June 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	13	$	—	$	971	$	(16)	$	968
Total costs and other	136		28		793		(16)		941
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(34)		(11)		3		—		(42)
(LOSS) INCOME BEFORE INCOME TAXES	(157)		(39)		188		—		(8)
Income tax benefit	6		—		—		—		6
NET (LOSS) INCOME	$	(151)	$	(39)	$	188	$	—	$	(2)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
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)	(2)				(2)
Share-based compensation	14			14
Repurchases of common stock	(93)		(93)
Cash dividend	(43)				(43)
Shares cancelled for taxes	(42)			(42)
Other comprehensive income, net of tax	(2)					(2)
Other	1			1
Ending balance at Jun. 30, 2024	2,052	1	(697)	1,302	1,374	72
Beginning balance at Mar. 31, 2024	2,093	1	(662)	1,295	1,387	72
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8				8
Share-based compensation	7			7
Repurchases of common stock	(35)		(35)
Cash dividend	(21)				(21)
Shares cancelled for taxes	(1)			(1)
Other	1			1
Ending balance at Jun. 30, 2024	2,052	1	(697)	1,302	1,374	72
Beginning balance at Dec. 31, 2024	3,538	1	(796)	2,578	1,680	75
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	287				287
Share-based compensation	14			14
Repurchases of common stock	(354)		(126)	(228)
Issuance of common stock	6			6
Cash dividend	(71)				(71)
Shares cancelled for taxes	(11)			(11)
Other comprehensive income, net of tax	(3)					(3)
Other	1				1
Ending balance at Jun. 30, 2025	3,407	1	(922)	2,359	1,897	72
Beginning balance at Mar. 31, 2025	3,516	1	(897)	2,580	1,759	73
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	172				172
Share-based compensation	8			8
Repurchases of common stock	(253)		(25)	(228)
Cash dividend	(35)				(35)
Other comprehensive income, net of tax	(1)					(1)
Other	0			(1)	1
Ending balance at Jun. 30, 2025	$ 3,407	$ 1	$ (922)	$ 2,359	$ 1,897	$ 72

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Materials and supplies	$ 90	$ 86
Finished goods	3	4
Inventories	$ 93	$ 90

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, authorized shares (in shares)	20,000,000,000,000	20,000,000,000,000
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)	200,000,000,000,000	200,000,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares (in shares)	105,031,217	109,613,585
Common stock, outstanding shares (in shares)	83,679,985	91,100,322
Treasury stock (in shares)	21,351,232	18,513,263

PENSION AND POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

The following table sets forth the components of the net periodic benefit costs for our defined benefit pension and postretirement benefit plans for the three and six months ended June 30, 2025 and 2024:



	Three months ended June 30,				Three months ended June 30,
	2025				2024
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Service cost - benefits earned during the period	$	—	$	—	$	—	$	1
Interest cost on projected benefit obligation	3		2		1		1
Expected return on plan assets	(5)		(1)		(1)		—


Settlement loss	1		—		—		—

Amortization of net actuarial loss	—		—		—		(1)
Amortization of prior service cost credit	—		(1)		—		(1)
Net periodic benefit costs	$	(1)	$	—	$	—	$	—



	Six months ended June 30,				Six months ended June 30,
	2025				2024
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Service cost - benefits earned during the period	$	—	$	1	$	—	$	1
Interest cost on projected benefit obligation	7		3		1		1
Expected return on plan assets	(11)		(2)		(1)		—


Settlement loss	1		—		—		—

Amortization of net actuarial loss	—		(1)		—		(1)
Amortization of prior service cost credit	—		(2)		—		(2)
Net periodic benefit costs	$	(3)	$	(1)	$	—	$	(1)

Contributions to our pension benefit plans were insignificant during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, we contributed $2 million to our pension benefit plans. We do not expect to need to make any contributions to our qualified pension plans to satisfy minimum funding requirements during the remainder of 2025. We expect to contribute an insignificant amount to fund our pension benefit distributions during the remainder of 2025.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

DIVESTITURES AND ASSETS HELD FOR SALE	6 Months Ended
DIVESTITURES AND ASSETS HELD FOR SALE	Jun. 30, 2025
Acquisitions And Divestitures [Abstract]
DIVESTITURES AND ASSETS HELD FOR SALE	DIVESTITURES AND ASSETS HELD FOR SALE Fort Apache in Huntington Beach In March 2024, we sold our 0.9-acre Fort Apache real estate property in Huntington Beach, California for $10 million and recognized a $6 million gain. Carbon Management Assets In 2022, we acquired properties for carbon management activities with the intent to divest a portion of these assets. The assets are carried at fair value and classified as held for sale as of June 30, 2025 on our condensed consolidated balance sheet. In May 2025, we sold a portion of these properties for $1 million. We did not recognize a gain or loss on this transaction.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 72	$ 372
Trade receivables	297	330
Inventories	93	90
Assets held for sale	8	10
Receivable from affiliate	31	46
Other current assets, net	227	176
Total current assets	728	1,024
PROPERTY, PLANT AND EQUIPMENT	6,874	6,738
Accumulated depreciation, depletion and amortization	(1,314)	(1,058)
Total property, plant and equipment, net	5,560	5,680
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY	93	86
DEFERRED INCOME TAXES	33	73
OTHER NONCURRENT ASSETS	298	272
TOTAL ASSETS	6,712	7,135
CURRENT LIABILITIES
Current portion of long-term debt	122	0
Accounts payable	329	369
Accrued liabilities	477	611
Total current liabilities	928	980
NONCURRENT LIABILITIES
Long-term debt, net	888	1,132
Asset retirement obligations	969	995
Deferred tax liabilities	185	113
Other long-term liabilities	335	377
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at June 30, 2025 and December 31, 2024	0	0
Common stock (200,000,000 shares authorized at $0.01 par value) (105,031,217 and 109,613,585 shares issued; 83,679,985 and 91,100,322 shares outstanding at June 30, 2025 and December 31, 2024)	1	1
Treasury stock (21,351,232 shares held at cost at June 30, 2025 and 18,513,263 shares held at cost at December 31, 2024)	(922)	(796)
Additional paid-in capital	2,359	2,578
Retained earnings	1,897	1,680
Accumulated other comprehensive income	72	75
Total stockholders' equity	3,407	3,538
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 6,712	$ 7,135

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Operating lease right-of-use assets	$ 93	$ 105
Deferred financing costs - Revolving Credit Facility	22	23
Emission reduction credits	11	11
Fair value of commodity derivative contracts	50	16
Funded pension	67	67
Postretirement plan	13	13
Other	42	37
Other noncurrent assets	$ 298	$ 272

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

DERIVATIVES - Schedule of Gain (Loss) On Commodity Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash commodity derivative gain (loss)	$ 140	$ 11	$ 162	$ (48)
Net settlements and amortized premiums	17	(6)	1	(18)
Net gain (loss) from commodity derivatives	$ 157	$ 5	$ 163	$ (66)

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Aug. 05, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)		$ 0.3875	$ 0.3875	$ 0.31	$ 0.31
Subsequent Event
Subsequent Event [Line Items]
Dividends declared, common stock (in dollars per share)	$ 0.3875

DEBT - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
DEBT - Narrative (Details) - USD ($)	Feb. 28, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2024	Apr. 30, 2025
Senior Notes (Unsecured) \| 2026 Senior Notes
Debt instrument
Repurchase face amount	$ 123,000,000
Debt instrument, interest rate, stated percentage	7.125%	7.125%
Debt instrument, redemption price, percentage of principal amount redeemed	100.00%
Write off of deferred debt issuance cost	$ 1,000,000
Debt instrument, amount repurchased during period		$ 0	$ 0	$ 0
Revolving Credit Facility \| Line of Credit
Debt instrument
Line of credit facility, maximum borrowing capacity		1,150,000,000
Line of credit facility, remaining borrowing capacity		983,000,000
Borrowing base					$ 1,500,000,000
Letters of Credit \| Line of Credit
Debt instrument
Line of credit facility, maximum borrowing capacity		300,000,000
Letters of credit issued		$ 167,000,000

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	6 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES We are party to various legal and/or regulatory proceedings from time to time arising in the ordinary course of business. 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 June 30, 2025 and December 31, 2024 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. Due to the preliminary stage of the process, no cost estimates to abandon the offshore platforms have been determined. For the three and six months ended June 30, 2025, other operating expenses, net on our condensed consolidated statement of operations includes $2 million for our ongoing share of maintenance costs during the pendency of the challenge to the BSEE order. In 2023 and 2024, the California Geologic Energy Management Division (CalGEM) plugged and abandoned approximately 120 "orphaned" oil and gas wells located in Cat Canyon, Santa Barbara County, at an aggregate cost of $25 million. These wells had previously been operated by us prior to being sold to their current operators. CalGEM is seeking to recover these costs from us due to our prior operatorship of the wells, and we are disputing these claims. In connection with this dispute, we were required to remit $25 million to CalGEM under protest pending the outcome of this matter. For the three and six months ended June 30, 2025, other operating expenses, net on our condensed consolidated statement of operations includes $25 million related to this matter.

AERA MERGER

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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 shares of common stock to the former Aera owners. 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.

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 former owners of Aera owned 24% of CRC. For more information on the 2029 Senior Notes, refer to Note 4 Debt. See Note 10 Stockholders' Equity for details on a repurchase of shares during the second quarter of 2025 from one of the former Aera owners.

We have measured assets and liabilities at acquisition date fair value on a nonrecurring basis.

The following table summarizes the consideration transferred:


	Merger Consideration
	(in millions, except share and per share data)
Shares of common stock (dividend adjusted)	21,422,972
Common stock per share fair value on July 1, 2024	$	53.28
Fair value of share consideration	1,141
Settlement of Aera debt	990
Purchase price settlement	(10)
Total purchase consideration	$	2,121


	Preliminary Purchase Price Allocation as of December 31, 2024		Adjustments		Purchase Price Allocation as of June 30, 2025
	(in millions)
Assets Acquired
Cash	$	137	$	—	$	137
Accounts receivable	176		—		176
Inventories	30		(1)		29
Other current assets	49		13		62
Investment in unconsolidated subsidiary	59		(7)		52
Property, plant and equipment	3,048		32		3,080
Pension and other postretirement benefits	73		—		73
Other noncurrent assets	57		13		70
Total Assets Acquired	3,629		50		3,679

Liabilities Assumed
Accounts payable	(158)		—		(158)
Accrued liabilities	(157)		(4)		(161)
Asset retirement obligations	(646)		19		(627)
Fair value of derivative contracts	(351)		—		(351)
Pension and other postretirement benefits	(35)		—		(35)
Deferred tax liability	(101)		(70)		(171)

Other long-term liabilities	(37)		(18)		(55)
Total Liabilities Assumed	(1,485)		(73)		(1,558)
Net Assets Acquired	$	2,144	$	(23)	$	2,121

Supplemental Pro Forma Information (unaudited)



	Three months ended June 30,		Six months ended June 30,
	2024		2024

	(in millions)
Total operating revenue	$	1,045	$	1,658
Net income (loss)(a)	$	168	$	(118)

Net income (loss) per share
Basic	$	1.88	$	(1.31)
Diluted	$	1.84	$	(1.31)

(a)The six months ended June 30, 2024 reflects a net loss of $118 million primarily resulting from a significant net loss on commodity derivatives related to hedge positions held by Aera.

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, 2024, nor is it necessarily indicative of future operating results of the combined entity. The pro forma financial information for the three and six months ended June 30, 2024 is a result of combining our three and six months statements of operations with Aera's pre-merger results from January 1, 2024 and the pro forma adjustments include estimates and assumptions based on currently available information. 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. 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. We also included pro forma adjustments for certain compensation-related costs and transaction costs we incurred related to the Aera Merger. 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 financial results reflected in the table above.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Schedule of Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	$ 978	$ 514	$ 1,890	$ 968
Total costs and other	711	477	1,437	941
Gain on asset divestitures	0	1	0	7
Non-operating (loss) income	(25)	(27)	(49)	(42)
INCOME (LOSS) BEFORE INCOME TAXES	242	11	404	(8)
Income tax provision (benefit)	(70)	(3)	(117)	6
NET INCOME (LOSS)	172	8	287	(2)
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	(16)	(6)	(40)	(16)
Total costs and other	(16)	(6)	(40)	(16)
Gain on asset divestitures		0		0
Non-operating (loss) income	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	0	0	0	0
Income tax provision (benefit)	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	2	7	5	13
Total costs and other	109	77	175	136
Gain on asset divestitures		0		0
Non-operating (loss) income	(26)	(21)	(48)	(34)
INCOME (LOSS) BEFORE INCOME TAXES	(133)	(91)	(218)	(157)
Income tax provision (benefit)	(70)	(3)	(117)	6
NET INCOME (LOSS)	(203)	(94)	(335)	(151)
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	0	0	0	0
Total costs and other	16	18	34	28
Gain on asset divestitures		0		0
Non-operating (loss) income	(3)	(7)	(7)	(11)
INCOME (LOSS) BEFORE INCOME TAXES	(19)	(25)	(41)	(39)
Income tax provision (benefit)	0	0	0	0
NET INCOME (LOSS)	(19)	(25)	(41)	(39)
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total operating revenues	992	513	1,925	971
Total costs and other	602	388	1,268	793
Gain on asset divestitures		1		7
Non-operating (loss) income	4	1	6	3
INCOME (LOSS) BEFORE INCOME TAXES	394	127	663	188
Income tax provision (benefit)	0	0	0	0
NET INCOME (LOSS)	$ 394	$ 127	$ 663	$ 188

SUPPLEMENTAL CASH FLOW INFORMATION

6 Months Ended

Jun. 30, 2025

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 June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions)				(in millions)
Supplemental cash flow information
Interest paid, net of amounts capitalized	$	36	$	(1)	$	45	$	19
Income taxes paid	$	39	$	4	$	39	$	26
Interest income	$	3	$	8	$	5	$	14

Supplemental disclosure of non-cash investing and financing activities
Contributions to the Carbon TerraVault JV	$	11	$	5	$	15	$	5
Issuance of shares for stock-based compensation awards	$	—	$	1	$	21	$	88
Dividends accrued for stock-based compensation awards	$	1	$	—	$	1	$	1
Excise tax on share repurchases	$	2	$	—	$	2	$	1
Withholding tax on the Stock Repurchase	$	34	$	—	$	34	$	—

INVESTMENTS AND RELATED PARTY TRANSACTIONS - Schedule of Equity Method Investment Unconsolidated Subsidiary (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	$ 31	$ 46
Other long-term liabilities	335	377
Carbon TerraVault JV
Schedule of Equity Method Investments [Line Items]
Equity method investments, distributed to satisfy future capital calls	28	43
Carbon TerraVault JV \| Related Party
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	31	46
Other long-term liabilities	112	107
Carbon TerraVault JV \| Related Party \| Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Receivable from affiliate	$ 3	$ 3

- 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

DEBT - Schedule of Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Debt instrument
Fair Value of Long-Term Debt	$ 1,048	$ 1,158
2026 Senior Notes
Debt instrument
Fixed rate debt	123	245
2029 Senior Notes
Debt instrument
Fixed rate debt	$ 925	$ 913

- Definition

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

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+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

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+ Details

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Compensation-related liabilities	$ 88	$ 177
Taxes other than on income	86	100
Asset retirement obligations - current portion	134	134
Operating lease liability	22	15
Fair value of derivative contracts	7	50
Premiums due on commodity derivative contracts	17	14
Withholding tax on IKAV stock repurchase (Note 10 Stockholders' Equity)	34	0
Advanced payments	17	25
Payable to the former owners of Aera	9	29
Other	63	67
Accrued liabilities	$ 477	$ 611

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ 172	$ 8	$ 287	$ (2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	128	53	259	106
Asset impairments	0	13	0	13
Deferred income tax provision (benefit)	6	3	41	(6)
Net (gain) loss from commodity derivatives	(154)	(4)	(166)	68
Net payments on settled commodity derivatives	10	(10)	(18)	(24)
Net loss on early extinguishment of debt	0	0	1	0
Gain on asset divestitures	0	(1)	0	(7)
Other non-cash charges to income, net	59	46	69	52
Net changes in operating assets and liabilities	(56)	(11)	(122)	(16)
Net cash provided by operating activities	165	97	351	184
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(56)	(34)	(111)	(88)
Changes in accrued capital investments	6	6	(15)	2
Proceeds from asset divestitures	1	2	1	12
Acquisitions	0	(6)	0	(6)
Other, net	(2)	(1)	(5)	(2)
Net cash used in investing activities	(51)	(33)	(130)	(82)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	0	30	0	30
Proceeds from 2029 Senior Notes, net	0	590	0	590
Repurchases of common stock	(217)	(35)	(318)	(93)
Common stock dividends	(35)	(22)	(70)	(43)
Dividend equivalents on equity-settled awards	0	0	(1)	(4)
Issuance of common stock	(4)	2	2	3
Bridge loan commitments	0	0	0	(5)
Debt amendment costs	0	0	0	(3)
Shares cancelled for taxes	0	(1)	(11)	(42)
Debt redemption	0	0	(123)	0
Net cash (used in) provided by financing activities	(256)	564	(521)	433
Increase (decrease) in cash and cash equivalents	(142)	628	(300)	535
Cash and cash equivalents—beginning of period	214	403	372	496
Cash and cash equivalents—end of period	$ 72	$ 1,031	$ 72	$ 1,031

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated


	Three months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	711	$	—	$	711	$	(9)	$	702



Other revenue	3		—		3		—		3

Segment operating revenues	$	714	$	—	$	714


Other revenues and income(a)									273




Total operating revenues									$	978

(a)Other revenues and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.


	Three months ended June 30, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	416	$	—	$	416	$	(4)	$	412



Other revenue	2		—		2		—		2

Segment operating revenues	$	418	$	—	$	418


Other revenues and income(a)									100




Total operating revenues									$	514

(a)Other revenue and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.


	Six months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and natural gas liquids sales	$	1,539	$	—	$	1,539	$	(23)	$	1,516



Other revenue	5		—		5		—		5

Segment operating revenues	$	1,544	$	—	$	1,544


Other revenues and income(a)									369




Total operating revenues									$	1,890

(a)Other revenues and income includes net gain from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.


	Six months ended June 30, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Elimination		Total

	(in millions)
Oil, natural gas and NGL sales to external customers	$	851	$	—	$	851	$	(10)	$	841



Other revenue	3		—		3		—		3

Segment operating revenues	$	854	$	—	$	854


Other revenues and income(a)									124




Total operating revenues									$	968

(a)Other revenue and income includes net loss from commodity derivatives, revenue from marketing of purchased commodities, electricity revenue, interest income and unallocated other revenue.

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Three months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	714	$	—	$	714	$	—	$	714
Less:
Operating costs:
Energy operating costs	85		—		85		(7)		78
Gas processing costs	5		—		5		—		5
Non-energy operating costs	212		—		212		—		212
General and administrative expenses	9		3		12		67		79
Depreciation, depletion and amortization	121		—		121		7		128

Taxes other than on income	41		—		41		6		47


Interest expense	—		2		2		23		25
Loss from investment in unconsolidated subsidiaries	—		1		1		(1)		—


Other segment expenses(a)	47		14		61		—		61
Segment profit or (loss)	$	194	$	(20)	$	174




Other profit or loss(b)							(59)		(59)
Unallocated amounts(c)							(104)		(104)








Income before income taxes									$	242

(b)Other profit or loss includes the margin we earn from marketing activities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.


	Three months ended June 30, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	418	$	—	$	418	$	—	$	418
Less:
Operating costs:
Energy operating costs	44		—		44		(3)		41
Gas processing costs	3		—		3		—		3
Non-energy operating costs	112		—		112		—		112
General and administrative expenses	9		3		12		51		63
Depreciation, depletion and amortization	47		—		47		6		53

Taxes other than on income	33		—		33		6		39


Interest expense	—		2		2		15		17
Loss from investment in unconsolidated subsidiary	—		4		4		—		4


Other segment expenses(a)	53		15		68		—		68
Segment profit or (loss)	$	117	$	(24)	$	93




Other profit or loss(b)							(26)		(26)
Unallocated amounts(c)							33		33








Income before income taxes									$	11

(b)Other profit or loss includes margin from purchased commodities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.


	Six months ended June 30, 2025
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	1,544	$	—	$	1,544	$	—	$	1,544
Less:
Operating costs:
Energy operating costs	196		—		196		(15)		181
Gas processing costs	9		—		9		—		9
Non-energy operating costs	421		—		421		—		421
General and administrative expenses	21		6		27		124		151
Depreciation, depletion and amortization	247		—		247		12		259

Taxes other than on income	100		—		100		17		117


Interest expense	—		5		5		47		52
Loss from investment in unconsolidated subsidiaries	—		2		2		(1)		1


Other segment expenses(a)	90		32		122		—		122
Segment profit or (loss)	$	460	$	(45)	$	415




Other profit or loss(b)							(71)		(71)
Unallocated amounts(c)							(102)		(102)








Income before income taxes									$	404

(b)Other profit or loss includes the margin we earn from marketing activities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.


	Six months ended June 30, 2024
	Oil and Natural Gas		Carbon Management		Total Reportable Segments		Reconciliation (Income)/Expense		Total

	(in millions)
Segment operating revenues	$	854	$	—	$	854	$	—	$	854
Less:
Operating costs:
Energy operating costs	100		—		100		(6)		94
Gas processing costs	7		—		7		—		7
Non-energy operating costs	231		—		231		—		231
General and administrative expenses	18		5		23		97		120
Depreciation, depletion and amortization	96		—		96		10		106

Taxes other than on income	65		—		65		12		77


Interest expense	—		3		3		27		30
Loss from investment in unconsolidated subsidiary	—		7		7		—		7


Other segment expenses(a)	88		23		111		—		111
Segment profit or (loss)	$	249	$	(38)	$	211




Other profit or loss(b)							(47)		(47)
Unallocated amounts(c)							126		126








Income before income taxes									$	(8)

(b)Other profit or loss includes margin from purchased commodities and the margin we earn on sales of electricity from our Elk Hills power plant to customers.

Schedule of Reconciliation of Capital Investments from Segments to Consolidated


	Oil and Natural Gas		Carbon Management		Corporate and Other		Total

	(in millions)
Three months ended June 30, 2025	$	51	$	5	$	—	$	56
Three months ended June 30, 2024	$	46	$	(2)	$	(10)	$	34


	Oil and Natural Gas		Carbon Management		Corporate and Other		Total

	(in millions)
Six months ended June 30, 2025	$	93	$	7	$	11	$	111
Six months ended June 30, 2024	$	82	$	2	$	4	$	88

STOCKHOLDERS' EQUITY - Schedule of Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Equity [Abstract]
Total Number of Shares Purchased (in shares)	5,516,050	703,839	7,787,969	1,769,603
Total Value of Shares Purchased	$ 253	$ 35	$ 354	$ 93
Average Price Paid per Share (in dollar per share)	$ 45.73	$ 49.71	$ 45.23	$ 51.85

SEGMENT INFORMATION - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Segment operating revenues	$ 978	$ 514	$ 1,890	$ 968
Operating costs:
Energy operating costs	78	41	181	94
Gas processing costs	5	3	9	7
Non-energy operating costs	212	112	421	231
General and administrative expenses	79	63	151	120
Depreciation, depletion and amortization	128	53	259	106
Taxes other than on income	47	39	117	77
Interest expense	25	17	52	30
Loss from investment in unconsolidated subsidiaries	0	4	1	7
Other segment expenses	61	68	122	111
Segment profit or (loss)	267	38	453	34
Other profit or loss	(59)	(26)	(71)	(47)
Unallocated amounts	(104)	33	(102)	126
Income before income taxes	242	11	404	(8)
Operating Segments
Segment Reporting Information [Line Items]
Segment operating revenues	714	418	1,544	854
Operating Segments \| Total Reportable Segments
Segment Reporting Information [Line Items]
Segment operating revenues	714	418	1,544	854
Operating costs:
Energy operating costs	85	44	196	100
Gas processing costs	5	3	9	7
Non-energy operating costs	212	112	421	231
General and administrative expenses	12	12	27	23
Depreciation, depletion and amortization	121	47	247	96
Taxes other than on income	41	33	100	65
Interest expense	2	2	5	3
Loss from investment in unconsolidated subsidiaries	1	4	2	7
Other segment expenses	61	68	122	111
Segment profit or (loss)	174	93	415	211
Operating Segments \| Oil and Natural Gas
Segment Reporting Information [Line Items]
Segment operating revenues	714	418	1,544	854
Operating costs:
Energy operating costs	85	44	196	100
Gas processing costs	5	3	9	7
Non-energy operating costs	212	112	421	231
General and administrative expenses	9	9	21	18
Depreciation, depletion and amortization	121	47	247	96
Taxes other than on income	41	33	100	65
Interest expense	0	0	0	0
Loss from investment in unconsolidated subsidiaries	0	0	0	0
Other segment expenses	47	53	90	88
Segment profit or (loss)	194	117	460	249
Operating Segments \| Carbon Management
Segment Reporting Information [Line Items]
Segment operating revenues	0	0	0	0
Operating costs:
Energy operating costs	0	0	0	0
Gas processing costs	0	0	0	0
Non-energy operating costs	0	0	0	0
General and administrative expenses	3	3	6	5
Depreciation, depletion and amortization	0	0	0	0
Taxes other than on income	0	0	0	0
Interest expense	2	2	5	3
Loss from investment in unconsolidated subsidiaries	1	4	2	7
Other segment expenses	14	15	32	23
Segment profit or (loss)	(20)	(24)	(45)	(38)
Reconciliation (Income)/Expense
Operating costs:
Energy operating costs	(7)	(3)	(15)	(6)
Gas processing costs	0	0	0	0
Non-energy operating costs	0	0	0	0
General and administrative expenses	67	51	124	97
Depreciation, depletion and amortization	7	6	12	10
Taxes other than on income	6	6	17	12
Interest expense	23	15	47	27
Loss from investment in unconsolidated subsidiaries	(1)	0	(1)	0
Other segment expenses	0	0	0	0
Other profit or loss	(59)	(26)	(71)	(47)
Unallocated amounts	$ (104)	$ 33	$ (102)	$ 126

SUPPLEMENTAL ACCOUNT BALANCES

6 Months Ended

Jun. 30, 2025

SUPPLEMENTAL INFORMATION [Abstract]

SUPPLEMENTAL ACCOUNT BALANCES

Restricted cash — Cash and cash equivalents includes restricted cash of $16 million and $18 million at June 30, 2025 and December 31, 2024, respectively. Restricted cash 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.

Revenues — We derive most of our revenue from sales of oil, natural gas and natural gas liquids, with the remaining revenue primarily generated from sales of electricity and revenue from resource adequacy contracts in addition to revenue from marketing activities related to storage and managing excess pipeline capacity. The following table provides disaggregated revenue for sales of produced oil, natural gas and natural gas liquids to customers:



	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions)				(in millions)
Oil	$	644	$	353	$	1,380	$	701
Natural gas	19		14		47		46
Natural gas liquids	39		45		89		94
Oil, natural gas and natural gas liquids sales	$	702	$	412	$	1,516	$	841

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 June 30,				Six months ended June 30,
	2025		2024		2025		2024


	(in millions)				(in millions)
Oil	$	24	$	28	$	46	$	48
Natural gas	32		23		68		71
Natural gas liquids	—		—		6		6
Revenue from marketing of purchased commodities	$	56	$	51	$	120	$	125

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


	June 30,		December 31,
	2025		2024

	(in millions)
Materials and supplies	$	90	$	86
Finished goods	3		4
Inventories	$	93	$	90

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


	June 30,		December 31,
	2025		2024

	(in millions)
Net amounts due from joint interest partners(a)	$	42	$	41

Fair value of commodity derivative contracts	102		14
Prepaid expenses	25		28
Greenhouse gas allowances	9		27

Income tax receivable	22		50

Other	27		16
Other current assets, net	$	227	$	176

(a)The amounts due from joint interest partners include insignificant amounts of allowances for credit losses for each period presented.

Other noncurrent assets — Other noncurrent assets include the following:



	June 30,		December 31,
	2025		2024

	(in millions)
Operating lease right-of-use assets	$	93	$	105
Deferred financing costs - Revolving Credit Facility	22		23
Emission reduction credits	11		11

Fair value of commodity derivative contracts	50		16
Funded pension	67		67
Postretirement plan	13		13
Other	42		37
Other noncurrent assets	$	298	$	272

Accrued liabilities — Accrued liabilities include the following:


	June 30,		December 31,
	2025		2024

	(in millions)
Compensation-related liabilities	$	88	$	177

Taxes other than on income	86		100
Asset retirement obligations - current portion	134		134

Operating lease liability	22		15
Fair value of derivative contracts	7		50
Premiums due on commodity derivative contracts	17		14


Withholding tax on IKAV stock repurchase (Note 10 Stockholders' Equity)	34		—
Advanced payments	17		25


Payable to the former owners of Aera	9		29
Other	63		67
Accrued liabilities	$	477	$	611

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



	June 30,		December 31,
	2025		2024

	(in millions)
Compensation-related liabilities	$	39	$	50
Postretirement and pension benefit plans	55		59
Operating lease liability	60		76
Fair value of commodity derivative contracts	14		45

Contingent liability (Note 3 Investments and Related Party Transactions)	112		107
Other	55		40
Other long-term liabilities	$	335	$	377

SEGMENT INFORMATION - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	$ 702	$ 412	$ 1,516	$ 841
Segment operating revenues	978	514	1,890	968
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment operating revenues	714	418	1,544	854
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	(9)	(4)	(23)	(10)
Operating Segments Excluding Intersegment Elimination
Segment Reporting, Revenue Reconciling Item [Line Items]
Other revenues and income	273	100	369	124
Total Reportable Segments \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	711	416	1,539	851
Other revenue	3	2	5	3
Segment operating revenues	714	418	1,544	854
Oil and Natural Gas \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	711	416	1,539	851
Other revenue	3	2	5	3
Segment operating revenues	714	418	1,544	854
Carbon Management \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Oil, natural gas and natural gas liquids sales	0	0	0	0
Other revenue	0	0	0	0
Segment operating revenues	$ 0	$ 0	$ 0	$ 0

AERA MERGER - Narrative (Details) $ in Millions		3 Months Ended
AERA MERGER - Narrative (Details) $ in Millions	Jul. 01, 2024 USD ($)	Jun. 30, 2025 owner
California Resources Corporation \| Existing CRC Stockholders
Business Combination, Goodwill, Reportable Segment Assignment [Line Items]
Business acquisition, percentage of ownership after transaction	76.00%
California Resources Corporation \| Aera Energy, LLC
Business Combination, Goodwill, Reportable Segment Assignment [Line Items]
Business acquisition, percentage of ownership after transaction	24.00%
2029 Senior Notes \| Senior Notes (Unsecured)
Business Combination, Goodwill, Reportable Segment Assignment [Line Items]
Debt instrument, interest rate, stated percentage		8.25%
Aera Energy, LLC
Business Combination, Goodwill, Reportable Segment Assignment [Line Items]
Settlement of Aera debt \| $	$ 990
Number of owners \| owner		1

STOCKHOLDERS' EQUITY - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Equity [Abstract]
Total Dividend	$ 35	$ 35	$ 22	$ 21	$ 70	$ 43
Rate per share (in dollars per share)	$ 0.3875	$ 0.3875	$ 0.31	$ 0.31

SUPPLEMENTAL ACCOUNT BALANCES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Restricted cash	$ 16	$ 18

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions)				(in millions)
Supplemental cash flow information
Interest paid, net of amounts capitalized	$	36	$	(1)	$	45	$	19
Income taxes paid	$	39	$	4	$	39	$	26
Interest income	$	3	$	8	$	5	$	14

Supplemental disclosure of non-cash investing and financing activities
Contributions to the Carbon TerraVault JV	$	11	$	5	$	15	$	5
Issuance of shares for stock-based compensation awards	$	—	$	1	$	21	$	88
Dividends accrued for stock-based compensation awards	$	1	$	—	$	1	$	1
Excise tax on share repurchases	$	2	$	—	$	2	$	1
Withholding tax on the Stock Repurchase	$	34	$	—	$	34	$	—

SUPPLEMENTAL ACCOUNT BALANCES - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
SUPPLEMENTAL INFORMATION [Abstract]
Net amounts due from joint interest partners	$ 42	$ 41
Fair value of commodity derivative contracts	102	14
Prepaid expenses	25	28
Greenhouse gas allowances	9	27
Income tax receivable	22	50
Other	27	16
Other current assets, net	$ 227	$ 176

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Schedule of Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	$ 728		$ 1,024
Total property, plant and equipment, net	5,560		5,680
Investments in consolidated subsidiaries	0		0
Deferred tax asset	33		73
Investment in unconsolidated subsidiaries	93		86
Other assets	298		272
TOTAL ASSETS	6,712		7,135
Total current liabilities	928		980
Long-term debt	888		1,132
Asset retirement obligations	969		995
Other long-term liabilities	335		377
Deferred tax liability	185		113
Amounts due to (from) affiliates	0		0
Total equity	3,407	$ 3,516	3,538	$ 2,052	$ 2,093	$ 2,219
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	6,712		7,135
Eliminations
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	0		0
Total property, plant and equipment, net	0		0
Investments in consolidated subsidiaries	(21,836)		(19,887)
Deferred tax asset	0		0
Investment in unconsolidated subsidiaries	0		0
Other assets	0		0
TOTAL ASSETS	(21,836)		(19,887)
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		0
Amounts due to (from) affiliates	0		0
Total equity	(21,836)		(19,887)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(21,836)		(19,887)
Parent \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	102		437
Total property, plant and equipment, net	20		14
Investments in consolidated subsidiaries	5,521		4,869
Deferred tax asset	33		73
Investment in unconsolidated subsidiaries	0		0
Other assets	112		113
TOTAL ASSETS	5,788		5,506
Total current liabilities	272		224
Long-term debt	888		1,132
Asset retirement obligations	0		0
Other long-term liabilities	101		114
Deferred tax liability	185		113
Amounts due to (from) affiliates	935		385
Total equity	3,407		3,538
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	5,788		5,506
Combined Unrestricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	32		46
Total property, plant and equipment, net	37		31
Investments in consolidated subsidiaries	(41)		(32)
Deferred tax asset	0		0
Investment in unconsolidated subsidiaries	40		27
Other assets	51		58
TOTAL ASSETS	119		130
Total current liabilities	19		14
Long-term debt	0		0
Asset retirement obligations	0		0
Other long-term liabilities	131		138
Deferred tax liability	0		0
Amounts due to (from) affiliates	44		0
Total equity	(75)		(22)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	119		130
Combined Restricted Subsidiaries \| Reportable Legal Entities
ScheduleOfCondensedFinancialStatements [Line Items]
Total current assets	594		541
Total property, plant and equipment, net	5,503		5,635
Investments in consolidated subsidiaries	16,356		15,050
Deferred tax asset			0
Investment in unconsolidated subsidiaries	53		59
Other assets	135		101
TOTAL ASSETS	22,641		21,386
Total current liabilities	637		742
Long-term debt	0		0
Asset retirement obligations	969		995
Other long-term liabilities	103		125
Deferred tax liability	0		0
Amounts due to (from) affiliates	(979)		(385)
Total equity	21,911		19,909
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 22,641		$ 21,386

INCOME TAXES - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 242	$ 11	$ 404	$ (8)
Current income tax provision	64	0	76	0
Deferred income tax provision (benefit)	6	3	41	(6)
Income tax provision (benefit)	$ 70	$ 3	$ 117	$ (6)
Effective tax rate	29.00%	27.00%	29.00%	75.00%

- 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.

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- Definition

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+ Details

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Costs



	Three months ended June 30,				Three months ended June 30,
	2025				2024
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Service cost - benefits earned during the period	$	—	$	—	$	—	$	1
Interest cost on projected benefit obligation	3		2		1		1
Expected return on plan assets	(5)		(1)		(1)		—


Settlement loss	1		—		—		—

Amortization of net actuarial loss	—		—		—		(1)
Amortization of prior service cost credit	—		(1)		—		(1)
Net periodic benefit costs	$	(1)	$	—	$	—	$	—



	Six months ended June 30,				Six months ended June 30,
	2025				2024
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit

	(in millions)				(in millions)
Service cost - benefits earned during the period	$	—	$	1	$	—	$	1
Interest cost on projected benefit obligation	7		3		1		1
Expected return on plan assets	(11)		(2)		(1)		—


Settlement loss	1		—		—		—

Amortization of net actuarial loss	—		(1)		—		(1)
Amortization of prior service cost credit	—		(2)		—		(2)
Net periodic benefit costs	$	(3)	$	(1)	$	—	$	(1)

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions		6 Months Ended
	Apr. 26, 2023	Jun. 30, 2025	Feb. 28, 2025	Dec. 31, 2024
Debt
Principal amount		$ 1,022		$ 1,145
Unamortized debt discount and issuance costs		(14)		(16)
Unamortized premium		2		3
Total debt, net		1,010		1,132
Less: Current maturities		122		0
Long-term debt, net		888		1,132
Senior Notes (Unsecured) \| 2026 Senior Notes
Debt
Principal amount		$ 122		245
Interest rate		7.125%	7.125%
Senior Notes (Unsecured) \| 2029 Senior Notes
Debt
Principal amount		$ 900		900
Interest rate		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%	2.50%
Revolving Credit Facility \| Line of Credit \| SOFR \| Maximum
Debt
Interest rate added to variable rate basis	3.50%	3.50%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Minimum
Debt
Interest rate added to variable rate basis	1.50%	1.50%
Revolving Credit Facility \| Line of Credit \| ABR Applicable Margin \| Maximum
Debt
Interest rate added to variable rate basis	2.50%	2.50%
Revolving Credit Facility \| Line of Credit \| 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%