View Filing Data

PROPERTY, PLANT AND EQUIPMENT

403

491

22,914

22,889

Accumulated depreciation, depletion and amortization

(18,465)

(16,537)

4,449

6,352

OTHER ASSETS

115

Current portion of long-term debt

4,930

6,958

CURRENT LIABILITIES

5,083

100

Current portion of deferred gain and issuance costs, net

125

Accounts payable

196

296

Accrued liabilities

355

313

5,759

709

DEFERRED GAIN AND ISSUANCE COSTS, NET

4,877

146

OTHER LONG-TERM LIABILITIES

719

720

MEZZANINE EQUITY

Redeemable noncontrolling interests

828

802

EQUITY

Preferred stock (20 million shares authorized at $0.01 par value) no shares outstanding at June 30, 2020 and December 31, 2019

Common stock (200 million shares authorized at $0.01 par value) outstanding shares (June 30, 2020 - 49,453,297 and December 31, 2019 - 49,175,843)

Additional paid-in capital

5,008

5,004

Accumulated deficit

(7,437)

(5,370)

Accumulated other comprehensive loss

(23)

Total equity attributable to common stock

(2,452)

(389)

Equity attributable to noncontrolling interests

^[1]

(2,376)

(296)

Statement of Comprehensive Income [Abstract]

$ 4,930

$ 6,958

[1]	The above tables exclude amounts related to redeemable noncontrolling interests reported in mezzanine equity. See Note 6 Joint Ventures for more information.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, authorized shares (in shares)	20,000,000	20,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, outstanding shares (in shares)	0	0
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, outstanding shares (in shares)	49,453,297	49,175,843

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES
Oil and natural gas sales	$ 245,000,000	$ 578,000,000	$ 675,000,000	$ 1,179,000,000
Net derivative (loss) gain from commodity contracts	(4,000,000)	21,000,000	75,000,000	(68,000,000)
Other revenue	35,000,000	54,000,000	99,000,000	232,000,000
Total revenues	276,000,000	653,000,000	849,000,000	1,343,000,000
COSTS
Production costs	127,000,000	230,000,000	319,000,000	463,000,000
General and administrative expenses	69,000,000	79,000,000	129,000,000	162,000,000
Depreciation, depletion and amortization	88,000,000	121,000,000	207,000,000	239,000,000
Asset impairments	0	0	1,736,000,000	0
Taxes other than on income	38,000,000	36,000,000	79,000,000	77,000,000
Exploration expense	2,000,000	10,000,000	7,000,000	20,000,000
Other expenses, net	67,000,000	55,000,000	136,000,000	203,000,000
Total costs	391,000,000	531,000,000	2,613,000,000	1,164,000,000
OPERATING (LOSS) INCOME	(115,000,000)	122,000,000	(1,764,000,000)	179,000,000
NON-OPERATING (LOSS) INCOME
Interest and debt expense, net	(85,000,000)	(98,000,000)	(172,000,000)	(198,000,000)
Net gain on early extinguishment of debt	0	20,000,000	5,000,000	26,000,000
Other non-operating expenses	(47,000,000)	(3,000,000)	(61,000,000)	(10,000,000)
(LOSS) INCOME BEFORE INCOME TAXES	(247,000,000)	41,000,000	(1,992,000,000)	(3,000,000)
Income tax	0	0	0	0
NET (LOSS) INCOME	(247,000,000)	41,000,000	(1,992,000,000)	(3,000,000)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Mezzanine equity	(30,000,000)	(29,000,000)	(60,000,000)	(57,000,000)
Equity	6,000,000	0	(15,000,000)	5,000,000
Net income attributable to noncontrolling interests	(24,000,000)	(29,000,000)	(75,000,000)	(52,000,000)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$ (271,000,000)	$ 12,000,000	$ (2,067,000,000)	$ (55,000,000)
Net (loss) income attributable to common stock per share
Basic (in dollars per share)	$ (5.47)	$ 0.25	$ (41.84)	$ (1.13)
Diluted (in dollars per share)	$ (5.47)	$ 0.24	$ (41.84)	$ (1.13)

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

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Net (loss) income

$ (247)

$ 41

$ (1,992)

$ (3)

Net income attributable to noncontrolling interests

(24)

(29)

(75)

(52)

Other comprehensive income:

Reclassification of realized losses on pension and postretirement benefits to income

^[1]

Comprehensive (loss) income attributable to common stock

$ (271)

$ 13

$ (2,067)

$ (54)

[1]	No associated tax for the three and six months ended June 30, 2020 and 2019. See Note 10 Pension and Postretirement Benefit Plans for additional information.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3000-108585

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

Beginning balance at Dec. 31, 2018

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statements of Equity - USD ($)
$ in Millions

Total

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Equity Attributable to Common Stock

Equity Attributable to Noncontrolling Interests

$ (247)

$ 4,987

$ (5,342)

$ (6)

$ (361)

$ 114

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Contributions from noncontrolling interest holders, net

(60)

(55)

(5)

Other comprehensive income

(29)

Ending balance at Jun. 30, 2019

(279)

4,994

(5,397)

(5)

(408)

129

Beginning balance at Mar. 31, 2019

(289)

4,989

(5,409)

(6)

(426)

137

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Contributions from noncontrolling interest holders, net

Other comprehensive income

(8)

Issuance of common stock

Ending balance at Jun. 30, 2019

(279)

4,994

(5,397)

(5)

(408)

129

Beginning balance at Dec. 31, 2019

^[1]

(296)

5,004

(5,370)

(23)

(389)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Contributions from noncontrolling interest holders, net

^[1]

(2,052)

(2,067)

^[1]

(32)

Ending balance at Jun. 30, 2020

^[1]

(2,376)

5,008

(7,437)

(23)

(2,452)

Beginning balance at Mar. 31, 2020

^[1]

(2,095)

5,006

(7,166)

(23)

(2,183)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

^[1]

(277)

(271)

(6)

^[1]

(6)

Ending balance at Jun. 30, 2020

^[1]

^[1]

$ (2,376)

$ 5,008

$ (7,437)

$ (23)

$ (2,452)

$ 76

[1]	The above tables exclude amounts related to redeemable noncontrolling interests reported in mezzanine equity. See Note 6 Joint Ventures for more information.

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21914-107793

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21711-107793

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (1,992,000,000)	$ (3,000,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	207,000,000	239,000,000
Asset impairments	1,736,000,000	0
Net derivative (gain) loss from commodity contracts	(75,000,000)	68,000,000
Net proceeds from settled commodity derivatives	103,000,000	28,000,000
Net gain on early extinguishment of debt	(5,000,000)	(26,000,000)
Amortization of deferred gain	(33,000,000)	(36,000,000)
Dry hole expenses	0	7,000,000
Other non-cash charges to income, net	22,000,000	47,000,000
Changes in operating assets and liabilities, net	130,000,000	(52,000,000)
Net cash provided by operating activities	93,000,000	272,000,000
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(33,000,000)	(271,000,000)
Changes in capital investment accruals	(28,000,000)	(57,000,000)
Asset divestitures	41,000,000	165,000,000
Acquisitions	0	(2,000,000)
Other	(7,000,000)	(5,000,000)
Net cash used in investing activities	(27,000,000)	(170,000,000)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from 2014 Revolving Credit Facility	795,000,000	1,274,000,000
Repayments of 2014 Revolving Credit Facility	(582,000,000)	(1,289,000,000)
Debt repurchases	(3,000,000)	(59,000,000)
2020 Senior Notes payment	(100,000,000)	0
Contributions from noncontrolling interest holders, net	2,000,000	49,000,000
Distributions paid to noncontrolling interest holders	(68,000,000)	(65,000,000)
Issuance of common stock	0	1,000,000
Shares canceled for taxes	(1,000,000)	(3,000,000)
Net cash provided by (used in) financing activities	43,000,000	(92,000,000)
Increase in cash	109,000,000	10,000,000
Cash—beginning of period	17,000,000	17,000,000
Cash—end of period	$ 126,000,000	$ 27,000,000

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION We are an independent oil and natural gas exploration and production company operating properties exclusively within California. We were incorporated in Delaware and became a publicly traded company on December 1, 2014. 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. Voluntary Petitions for Relief Under Chapter 11 of the Bankruptcy Code On July 15, 2020, we filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (Bankruptcy Code) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (Bankruptcy Court). The Chapter 11 cases filed by us (Chapter 11 Cases) are being jointly administered under the caption In re California Resources Corporation, et al., Case No. 20-33568 (DRJ). On July 24, 2020, we filed a Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code with the Bankruptcy Court. We continue to operate our business as “debtors-in-possession” (DIP) under the jurisdiction of the Bankruptcy Court and in accordance with the Bankruptcy Code. To ensure our ability to continue operating in the ordinary course of business and to minimize the effect of the Chapter 11 Cases on our employees, vendors and customers, we filed motions for customary “first day” relief with the Bankruptcy Court. On July 17, 2020, the Bankruptcy Court entered interim or final orders that included authorizing payments of pre-petition liabilities with respect to certain employee compensation and benefits, taxes, royalties, certain essential vendor payments and insurance and surety obligations. On July 21, 2020, the Bankruptcy Court approved on a final basis an order designed to assist us in preserving certain tax attributes. This order established the procedures that certain stockholders and potential stockholders will be required to comply with regarding transfers of, or declarations of worthlessness with respect to, our common stock as well as certain notice obligations. On July 22, 2020, the Bankruptcy Court approved on an interim basis a motion authorizing us to enter into DIP financing. The commencement of the Chapter 11 Cases constitutes an event of default that accelerated our obligations under the following agreements: (i) Credit Agreement, dated as of September 24, 2014, among JPMorgan Chase Bank, N.A., as administrative agent, and the lenders that are party thereto (2014 Revolving Credit Facility), (ii) Credit Agreement, dated as of August 12, 2016, among The Bank of New York Mellon Trust Company, N.A., as collateral and administrative agent, and the lenders that are party thereto (2016 Credit Agreement), (iii) Credit Agreement, dated as of November 17, 2017, among The Bank of America Mellon Trust Company, N.A., as administrative agent, and the lenders that are party thereto (2017 Credit Agreement), and (iv) the indentures governing our 8% Senior Secured Second Lien Notes due 2022 (Second Lien Notes), 5.5% Senior Notes due 2021 (2021 Notes) and 6% Senior Notes due 2024 (2024 Notes). Additionally, other events of default, including cross-defaults, are present under these debt agreements. Under the Bankruptcy Code, the creditors under these debt agreements are stayed from taking any action against us, including exercising remedies as a result of any event of default. See Note 5 Debt for additional details about our debt. Restructuring Support Agreement On July 15, 2020, we entered into a Restructuring Support Agreement which was subsequently amended on July 24, 2020 (RSA). This RSA contemplates a restructuring plan that establishes a reorganized company with a new capital structure. The transactions contemplated by the RSA plan include (i) entering into a senior secured superpriority DIP credit facility (Senior DIP Facility) in an aggregate principal amount of up to approximately $483 million, (ii) entering into a junior secured superpriority DIP term loan facility in an aggregate amount of $650 million, (iii) the implementation of financing upon emergence from bankruptcy, (iv) the issuance of new common stock, and (v) a $450 million equity rights offering, backstopped by certain parties to the RSA. The following creditors have entered into the RSA: (i) lenders holding approximately 85% of the outstanding principal amount of loans under the 2017 Credit Agreement, (ii) creditors holding approximately 68% of the aggregate claims arising under the 2016 Credit Agreement, the Second Lien Notes, the 2021 Notes and the 2024 Notes, and (iii) one or more funds, investment vehicles and/or accounts managed or advised by Ares Management LLC (Ares) or its affiliates, including ECR Corporate Holdings L.P. (ECR). The transactions contemplated by the RSA, if approved, will result in current holders of our common stock receiving no distribution on account of their claims or interests. No assurance can be given that the Bankruptcy Court will approve the terms proposed under the RSA. Debtor-in-Possession Credit Agreements On July 23, 2020, we entered into (1) a Senior Secured Superpriority DIP Credit Agreement with JP Morgan, as administrative agent, and certain other lenders (Senior DIP Credit Agreement) and (2) a Junior Secured Superpriority DIP Credit Agreement with Alter Domus, as administrative agent, and certain lenders (Junior DIP Credit Agreement). For more information on our debtor-in-possession credit agreements, see Note 5 Debt. Ares JV Settlement Agreement On July 15, 2020, prior to the commencement of the Chapter 11 Cases, we and certain affiliates of Ares, including ECR, entered into a settlement and assumption agreement (Settlement Agreement). On July 17, 2020, the Bankruptcy Court entered an order approving the Settlement Agreement on an interim basis pending a final hearing. Upon entry of a final order by the Bankruptcy Court, we will be granted the right to acquire all of the equity interests of the Ares JV owned by ECR in exchange for secured notes, cash and common stock upon emergence from bankruptcy. We have also agreed to certain covenants and amendments to the Ares JV limited liability company agreement. The Settlement Agreement may be terminated in certain limited circumstances. For more information on the Ares JV, see Note 6 Joint Ventures. Ability to Continue as a Going Concern Our spin–off from Occidental Petroleum Corporation (Occidental) on November 30, 2014 burdened us with significant debt which was used to pay a $6.0 billion cash dividend to Occidental. Together with the activity level and payables that we assumed from Occidental and due to Occidental's retention of the vast majority of our receivables, our debt peaked at approximately $6.8 billion in May 2015. Since then, we have engaged in a series of assets sales, joint ventures, debt exchanges, tenders and repurchases and other financing transactions to reduce our overall debt and improve our balance sheet. As of June 30, 2020, we had reduced our outstanding debt to approximately $5.1 billion, a substantial portion of which would have matured in 2021. We currently expect that our cash flows, cash on hand and financing available through our DIP credit agreements should provide sufficient liquidity during the pendency of the Chapter 11 Cases. However, for the duration of the Chapter 11 Cases, our operations and our ability to develop and execute our business plan are subject to a high degree of risks and uncertainty associated with the Chapter 11 proceedings. The outcome of the Chapter 11 Cases is also subject to a high degree of uncertainty and is dependent upon factors that are outside of our control, including actions of the Bankruptcy Court, our creditors, and Ares. There can be no assurance that we will confirm and consummate the plan under the RSA or complete another plan of reorganization with respect to the Chapter 11 proceedings. There is substantial doubt that we can continue as a going concern if we are not able to complete the plan of reorganization contemplated by the RSA or another plan of reorganization as part of the Chapter 11 Cases. For the duration of the Chapter 11 Cases, our operations and ability to develop and execute our business plan are subject to the risks and uncertainties associated with the Chapter 11 Cases. See Part II, Item 1A – Risk Factors, below for further discussion of these risks and risks related to our ability to continue as a going concern. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of our going concern uncertainty or the Chapter 11 Cases. Further, the Chapter 11 Cases could result in a change in the basis of our accounting, which may have a material effect on the carrying value of certain assets and liabilities. In the opinion of our management, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position as of June 30, 2020 and December 31, 2019 and the statements of operations, comprehensive income (loss), equity and cash flows for the three and six months ended June 30, 2020 and 2019, as applicable. We have eliminated all significant intercompany transactions and accounts. We account for our share of oil and natural gas exploration and development ventures, 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 balance sheets, statements of operations, equity and cash flows.We have prepared this report in accordance with generally accepted accounting principles 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 not misleading. This Form 10-Q should be read in conjunction with the condensed consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2019.

ACCOUNTING AND DISCLOSURE CHANGES	6 Months Ended
ACCOUNTING AND DISCLOSURE CHANGES	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
ACCOUNTING AND DISCLOSURE CHANGES	ACCOUNTING AND DISCLOSURE CHANGES Recently Adopted Accounting and Disclosure Changes We adopted the Financial Accounting Standards Board's new rules on current expected credit losses on January 1, 2020, using a modified retrospective approach to the first period in which the guidance is effective. The new rules change the measurement of credit losses for financial assets and certain other instruments, including trade and other receivables with a right to receive cash, and require the use of a new forward-looking expected loss model that will result in the earlier recognition of an allowance for losses. The adoption of these new rules did not have a significant impact to our condensed consolidated financial statements. These rules apply to our trade receivables and joint interest billings to third-party customers. Credit exposure for each customer is monitored for outstanding balances and current activity. We actively manage our credit risk by selecting counterparties that we believe to be financially sound and continue to monitor their financial health. Concentration of credit risk is regularly reviewed to ensure that counterparty credit risk is adequately diversified. We believe exposure to counterparty credit-related losses at June 30, 2020 was not material and losses associated with counterparty credit risk have been insignificant for all periods presented.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=112272810&loc=SL108384541-122693

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=112272810&loc=d3e31137-122693

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

Equity Method Investments and Joint Ventures [Abstract]

OTHER INFORMATION

6 Months Ended

Jun. 30, 2020

OTHER INFORMATION

OTHER INFORMATION

Restricted cash — Cash at June 30, 2020 included $21 million which was restricted under agreements to fund operating expenses at one of our joint ventures and hold for distributions to a joint venture (JV) partner. Cash at December 31, 2019 included $3 million, which was restricted for distributions to a JV partner.

Other current assets, net — Other current assets, net as of June 30, 2020 and December 31, 2019 consisted of the following:


	June 30,		December 31,
	2020		2019
	(in millions)
Net amounts due from joint interest partners^(a)	$	50	$	70
Derivative assets^(b)	7		39
Prepaid expenses	27		19
Other	—		2
Other current assets, net	$	84	$	130

(a)Both June 30, 2020 and December 31, 2019 balances included $19 million in an allowance for credit losses against the receivables from our joint interest partners.

(b)Derivative assets at June 30, 2020 included only commodity contracts held by the Benefit Street Partners joint venture (BSP JV). Derivative assets at December 31, 2019 included commodity contracts for our hedge positions and those held by the BSP JV.

Accrued liabilities — Accrued liabilities as of June 30, 2020 and December 31, 2019 consisted of the following:


	June 30,		December 31,
	2020		2019
	(in millions)
Accrued employee-related costs^(a)	$	48	$	116
Accrued taxes other than on income^(b)	94		57
Accrued interest^(c)	154		13
Lease liability	15		28
Asset retirement obligations	28		28
Other^(d)	16		71
Accrued liabilities	$	355	$	313

(a)As of June 30, 2020, accrued employee-related costs declined $68 million primarily due to bonus, long term incentive and severance payments made to employees and former employees.

(b)Accrued taxes other than income increased $37 million as of June 30, 2020 primarily due to missed property tax payments in April 2020 as a result of the economic impact of Coronavirus Disease 2019 (COVID-19).

(c)Accrued interest increased $141 million as of June 30, 2020 primarily due to missed interest payments as described in Note 5 Debt.

(d)Other accrued liabilities declined $55 million as of June 30, 2020 primarily due to the timing of payments with joint interest partners and settlement payments.

Other long-term liabilities — Other long-term liabilities included asset retirement obligations of $499 million and $489 million at June 30, 2020 and December 31, 2019, respectively. The remainder of the balance for each year consisted primarily of postretirement and pension benefit obligations, liabilities related to deferred compensation arrangements and lease liabilities.

Supplemental Cash Flow Information

We did not make U.S. federal and state income tax payments during the six months ended June 30, 2020 and 2019. Interest paid, net of capitalized amounts, totaled $51 million and $219 million for the six months ended June 30, 2020 and 2019, respectively.

Fair Value of Financial Instruments

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

INVENTORIES

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES

Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods predominantly comprise oil and natural gas liquids (NGLs), which are valued at the lower of cost and net realizable value. Inventories as of June 30, 2020 and December 31, 2019 consisted of the following:


	June 30,		December 31,
	2020		2019
	(in millions)
Materials and supplies	$	59	$	64
Finished goods	2		3
Total	$	61	$	67

DEBT

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

DEBT

We have classified all our long-term debt as current due to events of default that occurred prior to June 30, 2020 and the commencement of the Chapter 11 Cases on July 15, 2020 as described below.

As of June 30, 2020 and December 31, 2019, our debt consisted of the following credit agreements, Second Lien Notes and Senior Notes:


	Outstanding Principal					Interest Rate		Security
	June 30, 2020		December 31, 2019
Credit Agreements	($ in millions)
2014 Revolving Credit Facility	$	731	$	518	LIBOR plus 3.25%-4.00% ABR plus 2.25%-3.00%		Shared First-Priority Lien
2017 Credit Agreement	1,300		1,300		LIBOR plus 4.75% ABR plus 3.75%		Shared First-Priority Lien
2016 Credit Agreement	1,000		1,000		LIBOR plus 10.375% ABR plus 9.375%		First-Priority Lien
Second Lien Notes
Second Lien Notes	1,808		1,815		8%		Second-Priority Lien
Senior Notes
5% Senior Notes due 2020	—		100		5%		Unsecured
5.5% Senior Notes due 2021	100		100		5.5%		Unsecured
6% Senior Notes due 2024	144		144		6%		Unsecured
Total Debt	$	5,083	$	4,977
Less: Current Portion of Long-Term Debt	(5,083)		(100)
Total Long-Term Debt	$	—	$	4,877

Note: For a detailed description of our credit agreements, Second Lien Notes and Senior Notes, please see our most recent Form 10-K for the year ended December 31, 2019.

The commencement of a voluntary proceeding in bankruptcy constituted an immediate event of default under the 2014 Revolving Credit Facility, 2016 Credit Agreement, 2017 Credit Agreement, and the indentures governing the Second Lien Notes, 2021 Notes and 2024 Notes, resulting in the automatic and immediate acceleration of all of our outstanding debt. Any efforts to enforce payment obligations related to the acceleration of our debt were automatically stayed immediately upon the filing of the Chapter 11 Cases, and the creditors’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. See Note 1 Basis of Presentation for more information on the Chapter 11 Cases.

Debtor-in-Possession Credit Agreements

On July 23, 2020, we entered into the Senior DIP Credit Agreement, which provides for the senior DIP facility in an aggregate principal amount of up to $483 million (Senior DIP Facility). The Senior DIP Facility includes a $250 million revolving facility which will be primarily used by us to (i) fund working capital needs and capital expenditures and additional letters of credit during the pendency of the Chapter 11 Cases and (ii) pay certain costs, fees and expenses related to the Chapter 11 Cases and the Senior DIP Facility. Until the Bankruptcy Court enters a final order with respect to our DIP credit agreements, only $85 million of revolving borrowings are available. If the Bankruptcy Court enters a final order approving the Senior DIP Facility in its current form following a hearing on August 14, 2020, we expect the full remaining amount of the $250 million revolving facility to become available. The Senior DIP Facility also includes (a) a $150 million letter of credit facility which was used to deem letters of credit outstanding under the 2014 Revolving Credit Facility as issued under the Senior DIP Facility, and (b) $83 million of term loan borrowings which were used to repay a portion of the 2014 Revolving Credit Facility.

On July 23, 2020, we entered into the Junior DIP Credit Agreement, which provides for a junior DIP facility in an aggregate principal amount of $650 million (Junior DIP Facility). The proceeds of the Junior DIP Facility were used to (i) refinance in full all remaining obligations under the 2014 Revolving Credit Facility and (ii) pay certain costs, fees and expenses related to the Chapter 11 Cases and the Junior DIP Facility.

The Senior DIP Credit Agreement and Junior DIP Credit Agreement both contain representations, warranties, and covenants that are customary for DIP facilities of their type, including certain milestones applicable to the Chapter 11 Cases, compliance with an agreed budget, hedging on not less than 25% of our share of expected crude oil production for a specified period, and other customary limitations on additional indebtedness, liens, asset dispositions, investments, restricted payments and other negative covenants, in each case subject to exceptions. Additionally, the Senior DIP Credit Agreement and Junior DIP Credit Agreement require us to maintain (i) minimum liquidity over a rolling four-week period of not less than $50 million, and (ii) minimum liquidity at all times of not less than $35 million. The Senior DIP Credit Agreement and Junior DIP Credit Agreement also contain customary events of default for facilities of their type, including failure to achieve the milestones and the occurrence of certain events in the Chapter 11 Cases. If an event of default occurs or is continuing, the applicable administrative agent may accelerate repayment of the indebtedness outstanding under the Senior DIP Facility or the Junior DIP Facility.

Borrowings under the Senior DIP Facility bear interest at a rate of LIBOR plus 4.5% for LIBOR loans and ABR plus 3.5% for alternative base rate loans. We also agreed to pay an upfront fee equal to 1.0% on the commitment amount of the Senior DIP Facility and quarterly commitment fees of 0.5% on the undrawn portion of the Senior DIP Facility.

Borrowings under the Junior DIP Facility bear interest at a rate of LIBOR plus 9.0% for LIBOR loans and ABR plus 8.0% for alternate base rate loans. We also agreed to pay an upfront fee equal to 1.0% of the commitment amount funded on the closing date and a fronting fee to a fronting lender.

Certain of our subsidiaries, including each of the debtors in the Chapter 11 Cases, have guaranteed all obligations under the Senior DIP Credit Agreement and Junior DIP Credit Agreement. To secure the obligations under the Senior DIP Credit Agreement and Junior DIP Credit Agreement, we have granted liens on substantially all of our assets, whether now owned or hereafter acquired.

The Senior DIP Facility and the Junior DIP Facility both mature on January 15, 2021.

Net Deferred Gain and Issuance Costs

As of June 30, 2020 and December 31, 2019, net deferred gain and issuance costs consisted of the following:


	June 30, 2020^(a)		December 31, 2019
	(in millions)
Deferred gain	$	176	$	211
Issuance costs and original issue discounts	(51)		(65)
Net deferred gain and issuance costs	$	125	$	146

(a)Due to uncertainties at June 30, 2020 regarding default and the commencement of the Chapter 11 Cases on July 15, 2020, we have classified all our outstanding debt and associated deferred gain, unamortized debt issue costs and discounts as a current liability as of June 30, 2020. Refer to Note 1 Basis of Presentation for more information on the Chapter 11 Cases.

Missed Interest Payments and Forbearance

On May 15, 2020, we did not make an interest payment of approximately $4 million on our 2024 Notes. The indenture governing the 2024 Notes provides for a 30-day grace period and the payment was made on June 12, 2020.

On May 29, 2020, we did not pay approximately $51 million in the aggregate of interest due under our 2017 Credit Agreement and 2016 Credit Agreement. Our failure to make those interest payments constituted events of default under the 2017 Credit Agreement, 2016 Credit Agreement and, as a result of cross default, under the 2014 Revolving Credit Facility.

On June 2, 2020, we entered into forbearance agreements (Forbearance Agreements) with (i) certain lenders of a majority of the outstanding principal amount of the loans under the 2014 Revolving Credit Facility, (ii) certain lenders of a majority of the outstanding principal amount of the loans under the 2016 Credit Agreement, and (iii) certain lenders of a majority of the outstanding principal amount of the loans under the 2017 Credit Agreement. Pursuant to the Forbearance Agreements, the lenders who are parties to the Forbearance Agreements agreed to forbear from exercising any remedies under the 2014 Revolving Credit Facility, 2016 Credit Agreement and 2017 Credit Agreement with respect to our failure to make the aforementioned interest payments, initially through June 14, 2020 and subsequently through July 15, 2020.

On June 15, 2020, we did not make an interest payment of approximately $72 million on our Second Lien Notes. The indenture governing the Second Lien Notes (Second Lien Notes Indenture) provides for a 30-day grace period, which expired on July 15, 2020. A failure to pay the interest within the 30-day grace period would constitute an event of default under the Second Lien Notes Indenture and cross defaults under our other debt instruments and agreements. We did not make the July 15, 2020 interest payment and commenced bankruptcy proceedings.

2014 Revolving Credit Facility

As of June 30, 2020, we had no ability to borrow under our 2014 Revolving Credit Facility due to the Forbearance Agreements described above. As of June 30, 2020 and December 31, 2019, we had letters of credit outstanding of $152 million and $165 million, respectively. These letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters.

Note Repurchases

In the six months ended June 30, 2020, we repurchased $7 million in face value of our Second Lien Notes for $3 million in cash resulting in a pre-tax gain of $5 million, including the effect of unamortized deferred gain and issuance costs. In the six months ended June 30, 2019, we repurchased approximately $76 million in face value of our Second Lien Notes for $59 million in cash resulting in a pre-tax gain of $26 million, including the effect of unamortized deferred gain and issuance costs.

Fair Value

At June 30, 2020, we estimate the fair value of our debt, which is classified as Level 1, based on prices from known market transactions or quoted market prices for our instruments. At December 31, 2019, the fair value of the variable rate portion of our debt was based on other observable (Level 2) inputs. The estimated fair value of our debt at June 30, 2020 and December 31, 2019, including the fair value of the variable-rate portion, was $1.2 billion and $3.8 billion, respectively, compared to a carrying value of $5.1 billion and $5.0 billion, respectively.

JOINT VENTURES

6 Months Ended

Jun. 30, 2020

JOINT VENTURES

Noncontrolling Interests

The following table presents the changes in noncontrolling interests for our consolidated JVs, which are reported in equity and mezzanine equity on the condensed consolidated balance sheets for the six months ended June 30, 2020 and 2019:


	Equity Attributable to Noncontrolling Interest										Mezzanine Equity - Redeemable Noncontrolling Interests
	Ares JV		BSP JV		Total		Ares JV		Elk Hills Carbon JV		Total
	(in millions)
Balance, December 31, 2019	$	—	$	93	$	93	$	802	$	—	$	802
Net income (loss) attributable to noncontrolling interests	3		12		15		61		(1)		60
Contributions from noncontrolling interest holders, net	—		—		—		—		2		2

Distributions to noncontrolling interest holders	(3)		(29)		(32)		(36)		—		(36)
Balance, June 30, 2020	$	—	$	76	$	76	$	827	$	1	$	828

Balance, December 31, 2018	$	15	$	99	$	114	$	756	$	—	$	756
Net (loss) income attributable to noncontrolling interests	(6)		1		(5)		57		—		57
Contributions from noncontrolling interest holders, net	—		49		49		—		—		—

Distributions to noncontrolling interest holders	(4)		(25)		(29)		(36)		—		(36)
Balance, June 30, 2019	$	5	$	124	$	129	$	777	$	—	$	777

Ares JV

In February 2018, our wholly owned subsidiary California Resources Elk Hills, LLC (CREH) entered into a midstream JV with ECR, a portfolio company of Ares. The Ares JV holds the Elk Hills power plant (a 550-megawatt natural gas fired power plant) and a 200 MMcf/d cryogenic gas processing plant. We hold 50% of the Class A common interest and 95.25% of the Class C common interest in the Ares JV. ECR holds 50% of the Class A common interest, 100% of the Class B preferred interest and 4.75% of the Class C common interest. The Ares JV is required to distribute each month its excess cash flow over its working capital requirements first to the Class B holders and then to the Class C common interests, on a pro-rata basis. As contemplated by the terms of the JV, CREH purchases electricity, steam and gas processing services from the Ares JV (subject to certain limitations, including certain geographical limitations) in exchange for monthly capacity payments pursuant to the terms of a Commercial Agreement, the proceeds of which will be used by the Ares JV to make distributions as contemplated by the Second Amended and Restated Limited Liability Company Agreement of Elk Hills Power, LLC. CREH also serves as the operator of the Ares JV and provides operational and support services in exchange for a monthly fee pursuant to a Master Services Agreement.

We can cause the Ares JV to redeem ECR's Class A and Class B interests, in whole, but not in part, at any time by paying $750 million for the Class B interest and $60 million for the Class A interest, plus any previously accrued but unpaid preferred distributions and a make-whole payment if the redemption happens prior to five years from inception. We have the option to extend the redemption period for up to an additional two and one-half years, in which case the interests can be redeemed for $750 million for the Class B interest and $80 million for the Class A interest, plus any previously accrued but unpaid preferred distributions and a make-whole payment if the redemption happens prior to seven and one-half years from inception.

ECR can sell its Class A and Class B interest or cause a sale of the Ares JV assets in certain circumstances, which include but are not limited to the following: (i) we do not cause the Ares JV to exercise its option to redeem the Class A and Class B interest held by ECR by the end of the seven and one-half year redemption period, (ii) we fail to make payment for purchases of power or gas processing services followed by the failure to make a preferred distribution payment within 60 days, (iii) we default on indebtedness in excess of $100 million and such indebtedness is declared due and payable or (iv) we commence bankruptcy proceedings.

See Note 1 Basis of Presentation regarding our Chapter 11 Cases and the Settlement Agreement entered into relating to the Ares JV.

Our condensed consolidated statements of operations reflect the operations of the Ares JV, with ECR's share of net income (loss) reported in net income attributable to noncontrolling interests. ECR's redeemable noncontrolling interests are reported in mezzanine equity due to an embedded optional redemption feature.

Benefit Street Partners (BSP) JV

Our condensed consolidated results reflect the operations of our development JV with BSP, with BSP's preferred interest reported in equity on our condensed consolidated balance sheets and BSP’s share of net income (loss) reported in net income attributable to noncontrolling interests in our condensed consolidated statements of operations.

Elk Hills Carbon JV

In January 2020, we entered into an agreement with OGCI Climate Investments Elk Hills Carbon Inc. (OGCI) to determine the technical and economic feasibility of retrofitting the Elk Hills power plant with a post-combustion, carbon-capture system, which includes a Front-End Engineering Design scope and study. The project received financial assistance from the U.S. Department of Energy and project participants include us, Electric Power Research Institute, and Fluor Corporation. We formed Elk Hills Carbon LLC (Elk Hills Carbon JV) with OGCI to assist with the initial funding obligation. OGCI contributed approximately $2 million to the Elk Hills Carbon JV in February 2020.

Our condensed consolidated statements of operations reflect the operations of the Elk Hills Carbon JV, with OGCI's share of net income (loss) reported in net income attributable to noncontrolling interests. OGCI's redeemable noncontrolling interests are reported in mezzanine equity due to an optional redemption feature.

Other

In July 2019, we entered into a development joint venture with Alpine Energy Capital, LLC (Alpine) to develop portions of our Elk Hills field (Alpine JV). Alpine made an initial commitment to invest $320 million over a period of up to three years in accordance with a 275-well development plan. On March 27, 2020, Alpine elected to suspend its funding obligations pursuant to a contractual right that is triggered if the average NYMEX 12-month forward strip price for Brent crude oil falls below $45 per barrel over a 30-trading day period. The suspension is automatically lifted and Alpine is obligated to renew funding at such time as the average price exceeds that threshold over any 30-trading day period. If prices remain below the threshold for over 100 consecutive trading days, the development phase may be terminated by us, subject to agreement by Alpine.

For more information on our other joint ventures that are unconsolidated joint ventures, including the Alpine JV, the JV with Macquarie Infrastructure and Real Assets Inc. (MIRA JV), and the JV with Royale Energy, Inc. (Royale JV), please see our most recent Form 10-K for the year ended December 31, 2019.

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	6 Months Ended
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIESWe, or certain of our subsidiaries, are involved, in the normal course of business, in lawsuits, environmental and other claims and other contingencies that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. We accrue reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserve balances at June 30, 2020 and December 31, 2019 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 accrued would not be material to our condensed consolidated financial statements taken as a whole.Subject to certain exceptions under the Bankruptcy Code, the filing of the Chapter 11 Cases automatically stayed, among other things, the continuation of most judicial or administrative proceedings or the filing of other actions against or on behalf of us or our property to recover on, collect or secure a claim arising prior to July 15, 2020 or to exercise control over property of our bankruptcy estates, unless and until the Bankruptcy Court modifies or lifts the automatic stay as to any such action, or judicial or administrative proceeding. Notwithstanding the general application of the automatic stay described above, governmental authorities may determine to continue actions brought under regulatory powers.

DERIVATIVES

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

We use a variety of derivative instruments in implementing our hedging program to protect our cash flow, operating margin and capital program from the cyclical nature of commodity prices and interest-rate movements. These derivatives are intended to help us maintain adequate liquidity and improve our ability to comply with the covenants of our credit facilities in case of price deterioration.

We did not have any derivative instruments designated as accounting hedges as of and during the three and six months ended June 30, 2020 and 2019. Unless otherwise indicated, we use the term "hedge" to describe derivative instruments that are designed to achieve our hedging program goals, even though they are not accounted for as accounting hedges.

The Senior DIP Credit Agreement requires us to enter into hedging arrangements covering at least 25% of our share of expected crude oil production for the next twelve months. On July 17, 2020, the Bankruptcy Court authorized us to engage in hedging activities. On July 24, 2020, we entered into various derivative instruments through July 2021 to satisfy this requirement.

Commodity-price risk — In March 2020, we monetized all of our crude oil hedges in place for April 2020 forward with our counterparties, except for certain hedges held by our BSP JV, for approximately $63 million. We recognized the proceeds received in net derivative gain (loss) from commodity contracts on our condensed consolidated statements of operations in the first quarter of 2020. We did not enter into any new hedges during the second quarter of 2020.

The BSP JV holds crude oil derivatives and natural gas swaps for insignificant volumes through 2021 that are included in our consolidated results. The hedges entered into by the BSP JV could affect the timing of the redemption of BSP's preferred interest.

The following table presents the fair values on a recurring basis (at gross and net) of our outstanding commodity derivatives as of June 30, 2020 and December 31, 2019:


June 30, 2020
Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
Assets:	(in millions)
Other current assets, net	$	7	$	—	$	7
Other assets	—		—		—

Liabilities:
Accrued liabilities	—		—		—

Total derivatives	$	7	$	—	$	7


December 31, 2019
Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
Assets:	(in millions)
Other current assets, net	$	49	$	(10)	$	39
Other assets	1		—		1

Liabilities:
Accrued liabilities	(15)		10		(5)

Total derivatives	$	35	$	—	$	35

Interest-rate risk — We hold derivative contracts that limit our interest-rate exposure with respect to $1.3 billion of our variable-rate indebtedness. These interest-rate contracts reset monthly and require the counterparties to pay any excess interest owed on such amount in the event the one-month LIBOR exceeds 2.75% for any monthly period prior to May 2021. For the quarters ended June 30, 2020 and 2019, we reported no change in fair value on these contracts in other non-operating expenses on our consolidated statements of operations.

Fair value of derivatives — Our derivative contracts are measured at fair value using industry-standard models with various inputs, including quoted forward prices, and are classified as Level 2 in the required fair value hierarchy for the periods presented. We recognize fair value changes on derivative instruments in each reporting period. The changes in fair value result from the relationship between our existing positions, volatility, time to expiration, contract prices or interest rates and the associated forward curves.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

We compute basic and diluted earnings per share (EPS) using the two-class method required for participating securities. Certain of our restricted and performance stock awards are considered participating securities because they have non-forfeitable dividend rights at the same rate as our common stock.

Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to common stock in determining net income available to common stockholders. In loss periods, no allocation is made to participating securities because participating securities do not share in losses. For basic EPS, the weighted-average number of common shares outstanding excludes outstanding shares related to unvested restricted stock awards. For diluted EPS, the basic shares outstanding are adjusted by adding all potentially dilutive securities.

The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2020 and 2019:


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
Basic EPS calculation	(in millions, except per-share amounts)
Net (loss) income	$	(247)	$	41	$	(1,992)	$	(3)
Net income attributable to noncontrolling interests	(24)		(29)		(75)		(52)
Net loss (income) attributable to common stock	(271)		12		(2,067)		(55)


Weighted-average common shares outstanding — basic	49.5		48.9		49.4		48.8
Basic EPS	$	(5.47)	$	0.25	$	(41.84)	$	(1.13)

Diluted EPS calculation
Net (loss) income	$	(247)	$	41	$	(1,992)	$	(3)
Net income attributable to noncontrolling interests	(24)		(29)		(75)		(52)
Net loss (income) attributable to common stock	(271)		12		(2,067)		(55)


Weighted-average common shares outstanding — basic	49.5		48.9		49.4		48.8
Dilutive effect of potentially dilutive securities	—		0.3		—		—
Weighted-average common shares outstanding — diluted	49.5		49.2		49.4		48.8
Diluted EPS	$	(5.47)	$	0.24	$	(41.84)	$	(1.13)
Weighted-average anti-dilutive shares	5.2		1.9		4.9		2.6

PENSION AND POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2020

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, 2020 and 2019:


	Three months ended June 30,
	2020						2019
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
	(in millions)
Service cost	$	1	$	1	$	—	$	1
Interest cost	—		1		—		2
Expected return on plan assets	—		—		—		(1)
Recognized actuarial loss	—		—		—		1
Settlement loss	—		—		1		—
Total	$	1	$	2	$	1	$	3


	Six months ended June 30,
	2020						2019
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
	(in millions)
Service cost	$	1	$	2	$	—	$	2
Interest cost	1		2		1		3
Expected return on plan assets	—		—		(1)		(1)
Recognized actuarial loss	—		—		1		1
Settlement loss	—		—		1		—
Total	$	2	$	4	$	2	$	5

We did not make any significant contributions to our defined benefit pension plans for the three and six months ended June 30, 2020. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law on March 27, 2020 and allows for the deferral of contributions to a single employer pension plan otherwise due during 2020 to January 1, 2021. We deferred contributions to our defined benefit pension plans of approximately $5 million for the first six months of 2020 until December 2020. We made contributions of $1 million for the three months and six months ended June 30, 2019. The 2019 settlement losses, which were reclassified from accumulated other comprehensive income, were associated with early retirements.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2020

REVENUE RECOGNITION

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

The following table provides disaggregated revenue for the three and six months ended June 30, 2020 and 2019:


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(in millions)
Oil and natural gas sales:
Oil	$	193	$	496	$	549	$	976
Natural gas	26		43		64		105
NGLs	26		39		62		98
	245		578		675		1,179
Other revenue:
Electricity	19		16		32		50
Marketing, trading and other	16		38		67		182

	35		54		99		232
Net derivative gain (loss) from commodity contracts	(4)		21		75		(68)
Total revenues	$	276	$	653	$	849	$	1,343

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

LEASES

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

Balance sheet information related to our operating and finance leases as of June 30, 2020 and December 31, 2019 was as follows:



	Balance Sheet Location	June 30, 2020		December 31, 2019
		(in millions)		(in millions)
Right-of-Use Assets
Operating lease, net	Other assets	$	45	$	59
Finance lease, net	PP&E	1		2
Total right-of-use assets		$	46	$	61

Lease Liabilities
Current
Operating lease	Accrued liabilities	$	14	$	27
Finance lease	Accrued liabilities	1		1
Long-term
Operating lease	Other long-term liabilities	33		37
Finance lease	Other long-term liabilities	—		1
Total lease liabilities		$	48	$	66

Our operating lease assets and liabilities decreased from year end 2019 primarily due to releasing five of our leased drilling rigs in the first quarter of 2020 in response to the economic environment. Our remaining two leased drilling rigs have been cold stacked and were included with our proved properties in our impairment assessment as discussed in Note 14 Asset Impairments. These right-of-use assets were not impaired.

LEASES

Balance sheet information related to our operating and finance leases as of June 30, 2020 and December 31, 2019 was as follows:



	Balance Sheet Location	June 30, 2020		December 31, 2019
		(in millions)		(in millions)
Right-of-Use Assets
Operating lease, net	Other assets	$	45	$	59
Finance lease, net	PP&E	1		2
Total right-of-use assets		$	46	$	61

Lease Liabilities
Current
Operating lease	Accrued liabilities	$	14	$	27
Finance lease	Accrued liabilities	1		1
Long-term
Operating lease	Other long-term liabilities	33		37
Finance lease	Other long-term liabilities	—		1
Total lease liabilities		$	48	$	66

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We estimate our annual effective income tax rate to record our quarterly provision in the jurisdictions in which we operate. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur. We maintained a full valuation allowance against our net deferred tax assets after considering cumulative losses, including oil and natural gas asset impairments. For the six months ended June 30, 2020 and 2019, we did not provide any current or deferred tax provision or benefit. The difference between our statutory tax rate and our effective tax rate of zero for the periods presented includes changes to maintain our full valuation allowance against our net deferred tax assets given our recent and anticipated future earnings trends. We believe that there is a reasonable possibility that some or all of this allowance could be released in the foreseeable future. However, the amount of the net deferred tax assets considered realizable depends on the level of profitability that we can achieve. The CARES Act increased the limitation on the deductibility of business interest expense from 30% to 50% of adjusted taxable income in 2019 and 2020 along with other provisions intended to provide relief to corporate taxpayers. There was no impact on our income tax provision due to our full valuation allowance. On July 28, 2020 the Internal Revenue Service (IRS) issued final and new proposed regulations related to the limitation on the deduction for business interest. We are in the process of evaluating the final and new proposed regulations, which may change the composition of our deferred tax assets, specifically the amount reported for net operating loss and business interest expense carryforwards. Due to our full valuation allowance position, these regulations are not expected to have a material impact to our financial statements.

Condensed Financial Information Disclosure [Abstract]

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

+ References + Details

ASSET IMPAIRMENTS

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

ASSET IMPAIRMENTS

We did not impair any of our long-lived assets during the three-month period ended June 30, 2020, but recorded a $1.7 billion impairment during the three-month period ended March 31, 2020. Our impairments of long-lived assets were triggered by the sharp drop in commodity prices due to decreased demand for oil and natural gas products as a result of the Coronavirus Disease 2019 (COVID-19) pandemic coupled with the over-supply resulting from a price war between members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia and other allied producing countries. The following table presents a summary of our asset impairments:


	Six months ended
	June 30, 2020
	(in millions)
Proved oil and natural gas properties	$	1,487
Unproved properties	228
Unrecovered capital costs	11
Inventory	7
Other	3
Total	$	1,736

Proved oil and natural gas properties — The fair values of our proved oil and natural gas properties were determined as of the date of the assessment using discounted cash flow models incorporating a number of fair value inputs which are categorized as Level 3 on the fair value hierarchy. These inputs were based on management's expectations for the future considering the current environment and included index prices based on forward curves until the market became illiquid and internally generated price forecasts thereafter, pricing adjustments for differentials, estimates of future oil and natural gas production, estimated future operating costs and capital development plans based on the embedded price assumptions. We used a market-based weighted average cost of capital to discount the future net cash flows. The impairment charge primarily related to a steamflood property located in the San Joaquin basin.

Unproved properties — We determined our ability to develop our unproved properties was constrained for the foreseeable future. Accordingly, we do not intend to develop these assets and impaired all of our unproved properties in the first quarter of 2020, which primarily consist of leases held by production in the San Joaquin basin. Unrecovered capital costs — Net amounts due from joint interest partners, which are included in other current assets on our condensed consolidated balance sheet, include amounts for capital and operating costs incurred by us that are recoverable solely from our partners' share of future production from associated fields. The dramatic commodity price decline during the first quarter of 2020 resulted in changes to our cash flow forecasts and we impaired the carrying value of these assets.

COMPENSATION PLANS	6 Months Ended
COMPENSATION PLANS	Jun. 30, 2020
Retirement Benefits [Abstract]
COMPENSATION PLANS	COMPENSATION PLANS Changes to the 2020 Compensation Programs In connection with the unprecedented circumstances affecting the industry and market volatility resulting from the recent industry downturn, we reviewed our incentive programs for the entire workforce to determine whether those programs appropriately align compensation opportunities with our 2020 goals and ensure the stability of our workforce. Following this review, effective May 19, 2020, our Board of Directors approved changes in the variable compensation programs for all participating employees. The previously established target amounts of 2020 variable compensation programs did not change; however, all amounts that vest will be settled in cash and the replacement awards are no longer stock-based compensation. As a condition to receiving any award, participants waived participation in our 2020 annual incentive program and forfeited all stock-based compensation awards previously granted in 2020. There were no changes to stock-based compensation awards granted prior to February 2020. Changes to the variable compensation programs will have the effect of accelerating the associated payments into 2020 from future periods. However, the total amount of compensation to be paid under the variable compensation programs at target for 2020 remains largely the same as the amounts that would have been paid at target prior to the changes. Employee Stock Purchase Plan On May 26, 2020, our Board of Directors approved the termination of the California Resources Corporation 2014 Employee Stock Purchase Plan. No additional shares were issued under the plan after March 31, 2020.

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

6 Months Ended

Jun. 30, 2020

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Our Credit Facilities, Second Lien Notes and Senior Notes are guaranteed both fully and unconditionally and jointly and severally by our material wholly owned subsidiaries (Guarantor Subsidiaries). Certain of our subsidiaries do not guarantee our Credit Facilities, Second Lien Notes and Senior Notes (Non-Guarantor Subsidiaries) either because they hold assets that are less than 1% of our total consolidated assets or because they are not considered a "subsidiary" under the applicable financing agreement. The following condensed consolidating balance sheets as of June 30, 2020 and December 31, 2019 and the condensed consolidating statements of operations and statements of cash flows for the three and six months ended June 30, 2020 and 2019, as applicable, reflect the condensed consolidating financial information of our parent company, CRC (Parent), our combined Guarantor Subsidiaries, our combined Non-Guarantor 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 results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities.


Condensed Consolidating Balance Sheets
As of June 30, 2020 and December 31, 2019
(in millions)

	June 30, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total current assets	$	22	$	341	$	68	$	(28)	$	403
Investments in consolidated subsidiaries	3,156		(53)		—		(3,103)		—
Total property, plant and equipment, net	24		3,972		453		—		4,449
Other assets	1		64		13		—		78
TOTAL ASSETS	$	3,203	$	4,324	$	534	$	(3,131)	$	4,930

Total current liabilities	5,409		371		7		(28)		5,759


Other long-term liabilities	159		557		3		—		719
Amounts due to (from) affiliates	87		(88)		1		—		—
Mezzanine equity	—		—		828		—		828
Total equity	(2,452)		3,484		(305)		(3,103)		(2,376)
TOTAL LIABILITIES AND EQUITY	$	3,203	$	4,324	$	534	$	(3,131)	$	4,930


	December 31, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total current assets	$	8	$	436	$	60	$	(13)	$	491
Investments in consolidated subsidiaries	5,956		223		—		(6,179)		—
Total property, plant and equipment, net	35		5,846		471		—		6,352
Other assets	1		82		32		—		115
TOTAL ASSETS	$	6,000	$	6,587	$	563	$	(6,192)	$	6,958

Total current liabilities	248		469		5		(13)		709
Long-term debt	4,877		—		—		—		4,877
Deferred gain and issuance costs, net	146		—		—		—		146
Other long-term liabilities	167		549		4		—		720
Amounts due to (from) affiliates	951		(953)		2		—		—
Mezzanine equity	—		—		802		—		802
Total equity	(389)		6,522		(250)		(6,179)		(296)
TOTAL LIABILITIES AND EQUITY	$	6,000	$	6,587	$	563	$	(6,192)	$	6,958


Condensed Consolidating Statements of Operations
For the three and six months ended June 30, 2020 and 2019
(in millions)

	Three months ended June 30, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total revenues	$	—	$	253	$	94	$	(71)	$	276
Total costs	55		357		50		(71)		391
Non-operating (loss) income	(135)		3		—		—		(132)
NET (LOSS) INCOME	(190)		(101)		44		—		(247)
Net income attributable to noncontrolling interests	—		—		(24)		—		(24)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(190)	$	(101)	$	20	$	—	$	(271)


	Three months ended June 30, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total revenues	$	—	$	610	$	113	$	(70)	$	653
Total costs	52		490		59		(70)		531
Non-operating (loss) income	(83)		2		—		—		(81)
NET (LOSS) INCOME	(135)		122		54		—		41
Net income attributable to noncontrolling interest	—		—		(29)		—		(29)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(135)	$	122	$	25	$	—	$	12


	Six months ended June 30, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total revenues	$	—	$	779	$	210	$	(140)	$	849
Total costs	102		2,546		105		(140)		2,613
Non-operating (loss) income	(230)		2		—		—		(228)
NET (LOSS) INCOME	(332)		(1,765)		105		—		(1,992)
Net income attributable to noncontrolling interest	—		—		(75)		—		(75)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(332)	$	(1,765)	$	30	$	—	$	(2,067)


	Six months ended June 30, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total revenues	$	—	$	1,255	$	235	$	(147)	$	1,343
Total costs	106		1,074		131		(147)		1,164
Non-operating (loss) income	(187)		5		—		—		(182)
NET (LOSS) INCOME	(293)		186		104		—		(3)
Net income attributable to noncontrolling interest	—		—		(52)		—		(52)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(293)	$	186	$	52	$	—	$	(55)


Condensed Consolidating Statements of Cash Flows
For the six months ended June 30, 2020 and 2019
(in millions)

	Six months ended June 30, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(338)	$	277	$	154	$	—	$	93
Net cash provided by (used in) investing activities	1		(28)		—		—		(27)
Net cash provided by (used in) financing activities	340		(153)		(144)		—		43
Increase in cash	3		96		10		—		109
Cash—beginning of period	—		6		11		—		17
Cash—end of period	$	3	$	102	$	21	$	—	$	126


	Six months ended June 30, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(348)	$	303	$	317	$	—	$	272
Net cash used in investing activities	(5)		(154)		(11)		—		(170)
Net cash provided by (used in) financing activities	353		(149)		(296)		—		(92)
Increase in cash	—		—		10		—		10
Cash—beginning of period	—		7		10		—		17
Cash—end of period	$	—	$	7	$	20	$	—	$	27

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of our going concern uncertainty or the Chapter 11 Cases. Further, the Chapter 11 Cases could result in a change in the basis of our accounting, which may have a material effect on the carrying value of certain assets and liabilities. In the opinion of our management, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position as of June 30, 2020 and December 31, 2019 and the statements of operations, comprehensive income (loss), equity and cash flows for the three and six months ended June 30, 2020 and 2019, as applicable. We have eliminated all significant intercompany transactions and accounts. We account for our share of oil and natural gas exploration and development ventures, 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 balance sheets, statements of operations, equity and cash flows.We have prepared this report in accordance with generally accepted accounting principles 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 not misleading. This Form 10-Q should be read in conjunction with the condensed consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2019.

OTHER INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

OTHER INFORMATION

Schedule of other current assets, net

Other current assets, net as of June 30, 2020 and December 31, 2019 consisted of the following:


	June 30,		December 31,
	2020		2019
	(in millions)
Net amounts due from joint interest partners^(a)	$	50	$	70
Derivative assets^(b)	7		39
Prepaid expenses	27		19
Other	—		2
Other current assets, net	$	84	$	130

(a)Both June 30, 2020 and December 31, 2019 balances included $19 million in an allowance for credit losses against the receivables from our joint interest partners.

Schedule of accrued liabilities

Accrued liabilities as of June 30, 2020 and December 31, 2019 consisted of the following:


	June 30,		December 31,
	2020		2019
	(in millions)
Accrued employee-related costs^(a)	$	48	$	116
Accrued taxes other than on income^(b)	94		57
Accrued interest^(c)	154		13
Lease liability	15		28
Asset retirement obligations	28		28
Other^(d)	16		71
Accrued liabilities	$	355	$	313

(a)As of June 30, 2020, accrued employee-related costs declined $68 million primarily due to bonus, long term incentive and severance payments made to employees and former employees.

(c)Accrued interest increased $141 million as of June 30, 2020 primarily due to missed interest payments as described in Note 5 Debt.

(d)Other accrued liabilities declined $55 million as of June 30, 2020 primarily due to the timing of payments with joint interest partners and settlement payments.

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories as of June 30, 2020 and December 31, 2019 consisted of the following:


	June 30,		December 31,
	2020		2019
	(in millions)
Materials and supplies	$	59	$	64
Finished goods	2		3
Total	$	61	$	67

DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

As of June 30, 2020 and December 31, 2019, our debt consisted of the following credit agreements, Second Lien Notes and Senior Notes:


	Outstanding Principal					Interest Rate		Security
	June 30, 2020		December 31, 2019
Credit Agreements	($ in millions)
2014 Revolving Credit Facility	$	731	$	518	LIBOR plus 3.25%-4.00% ABR plus 2.25%-3.00%		Shared First-Priority Lien
2017 Credit Agreement	1,300		1,300		LIBOR plus 4.75% ABR plus 3.75%		Shared First-Priority Lien
2016 Credit Agreement	1,000		1,000		LIBOR plus 10.375% ABR plus 9.375%		First-Priority Lien
Second Lien Notes
Second Lien Notes	1,808		1,815		8%		Second-Priority Lien
Senior Notes
5% Senior Notes due 2020	—		100		5%		Unsecured
5.5% Senior Notes due 2021	100		100		5.5%		Unsecured
6% Senior Notes due 2024	144		144		6%		Unsecured
Total Debt	$	5,083	$	4,977
Less: Current Portion of Long-Term Debt	(5,083)		(100)
Total Long-Term Debt	$	—	$	4,877

Note: For a detailed description of our credit agreements, Second Lien Notes and Senior Notes, please see our most recent Form 10-K for the year ended December 31, 2019.

Schedule of net deferred gain and issuance costs

As of June 30, 2020 and December 31, 2019, net deferred gain and issuance costs consisted of the following:


	June 30, 2020^(a)		December 31, 2019
	(in millions)
Deferred gain	$	176	$	211
Issuance costs and original issue discounts	(51)		(65)
Net deferred gain and issuance costs	$	125	$	146

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

Equity Method Investments and Joint Ventures [Abstract]

JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of changes in noncontrolling interests


	Equity Attributable to Noncontrolling Interest										Mezzanine Equity - Redeemable Noncontrolling Interests
	Ares JV		BSP JV		Total		Ares JV		Elk Hills Carbon JV		Total
	(in millions)
Balance, December 31, 2019	$	—	$	93	$	93	$	802	$	—	$	802
Net income (loss) attributable to noncontrolling interests	3		12		15		61		(1)		60
Contributions from noncontrolling interest holders, net	—		—		—		—		2		2

Distributions to noncontrolling interest holders	(3)		(29)		(32)		(36)		—		(36)
Balance, June 30, 2020	$	—	$	76	$	76	$	827	$	1	$	828

Balance, December 31, 2018	$	15	$	99	$	114	$	756	$	—	$	756
Net (loss) income attributable to noncontrolling interests	(6)		1		(5)		57		—		57
Contributions from noncontrolling interest holders, net	—		49		49		—		—		—

Distributions to noncontrolling interest holders	(4)		(25)		(29)		(36)		—		(36)
Balance, June 30, 2019	$	5	$	124	$	129	$	777	$	—	$	777

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The following table presents the fair values on a recurring basis (at gross and net) of our outstanding commodity derivatives as of June 30, 2020 and December 31, 2019:


June 30, 2020
Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
Assets:	(in millions)
Other current assets, net	$	7	$	—	$	7
Other assets	—		—		—

Liabilities:
Accrued liabilities	—		—		—

Total derivatives	$	7	$	—	$	7


December 31, 2019
Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
Assets:	(in millions)
Other current assets, net	$	49	$	(10)	$	39
Other assets	1		—		1

Liabilities:
Accrued liabilities	(15)		10		(5)

Total derivatives	$	35	$	—	$	35

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and 2019:


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
Basic EPS calculation	(in millions, except per-share amounts)
Net (loss) income	$	(247)	$	41	$	(1,992)	$	(3)
Net income attributable to noncontrolling interests	(24)		(29)		(75)		(52)
Net loss (income) attributable to common stock	(271)		12		(2,067)		(55)


Weighted-average common shares outstanding — basic	49.5		48.9		49.4		48.8
Basic EPS	$	(5.47)	$	0.25	$	(41.84)	$	(1.13)

Diluted EPS calculation
Net (loss) income	$	(247)	$	41	$	(1,992)	$	(3)
Net income attributable to noncontrolling interests	(24)		(29)		(75)		(52)
Net loss (income) attributable to common stock	(271)		12		(2,067)		(55)


Weighted-average common shares outstanding — basic	49.5		48.9		49.4		48.8
Dilutive effect of potentially dilutive securities	—		0.3		—		—
Weighted-average common shares outstanding — diluted	49.5		49.2		49.4		48.8
Diluted EPS	$	(5.47)	$	0.24	$	(41.84)	$	(1.13)
Weighted-average anti-dilutive shares	5.2		1.9		4.9		2.6

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Schedule of components of the net periodic benefit costs


	Three months ended June 30,
	2020						2019
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
	(in millions)
Service cost	$	1	$	1	$	—	$	1
Interest cost	—		1		—		2
Expected return on plan assets	—		—		—		(1)
Recognized actuarial loss	—		—		—		1
Settlement loss	—		—		1		—
Total	$	1	$	2	$	1	$	3


	Six months ended June 30,
	2020						2019
	Pension Benefit		Postretirement Benefit		Pension Benefit		Postretirement Benefit
	(in millions)
Service cost	$	1	$	2	$	—	$	2
Interest cost	1		2		1		3
Expected return on plan assets	—		—		(1)		(1)
Recognized actuarial loss	—		—		1		1
Settlement loss	—		—		1		—
Total	$	2	$	4	$	2	$	5

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenue

The following table provides disaggregated revenue for the three and six months ended June 30, 2020 and 2019:


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(in millions)
Oil and natural gas sales:
Oil	$	193	$	496	$	549	$	976
Natural gas	26		43		64		105
NGLs	26		39		62		98
	245		578		675		1,179
Other revenue:
Electricity	19		16		32		50
Marketing, trading and other	16		38		67		182

	35		54		99		232
Net derivative gain (loss) from commodity contracts	(4)		21		75		(68)
Total revenues	$	276	$	653	$	849	$	1,343

LEASES (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of supplemental balance sheet information related to operating leases

Balance sheet information related to our operating and finance leases as of June 30, 2020 and December 31, 2019 was as follows:



	Balance Sheet Location	June 30, 2020		December 31, 2019
		(in millions)		(in millions)
Right-of-Use Assets
Operating lease, net	Other assets	$	45	$	59
Finance lease, net	PP&E	1		2
Total right-of-use assets		$	46	$	61

Lease Liabilities
Current
Operating lease	Accrued liabilities	$	14	$	27
Finance lease	Accrued liabilities	1		1
Long-term
Operating lease	Other long-term liabilities	33		37
Finance lease	Other long-term liabilities	—		1
Total lease liabilities		$	48	$	66

ASSET IMPAIRMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of asset impairments

The following table presents a summary of our asset impairments:


	Six months ended
	June 30, 2020
	(in millions)
Proved oil and natural gas properties	$	1,487
Unproved properties	228
Unrecovered capital costs	11
Inventory	7
Other	3
Total	$	1,736

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed balance sheet

The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities.


Condensed Consolidating Balance Sheets
As of June 30, 2020 and December 31, 2019
(in millions)

	June 30, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total current assets	$	22	$	341	$	68	$	(28)	$	403
Investments in consolidated subsidiaries	3,156		(53)		—		(3,103)		—
Total property, plant and equipment, net	24		3,972		453		—		4,449
Other assets	1		64		13		—		78
TOTAL ASSETS	$	3,203	$	4,324	$	534	$	(3,131)	$	4,930

Total current liabilities	5,409		371		7		(28)		5,759


Other long-term liabilities	159		557		3		—		719
Amounts due to (from) affiliates	87		(88)		1		—		—
Mezzanine equity	—		—		828		—		828
Total equity	(2,452)		3,484		(305)		(3,103)		(2,376)
TOTAL LIABILITIES AND EQUITY	$	3,203	$	4,324	$	534	$	(3,131)	$	4,930


	December 31, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total current assets	$	8	$	436	$	60	$	(13)	$	491
Investments in consolidated subsidiaries	5,956		223		—		(6,179)		—
Total property, plant and equipment, net	35		5,846		471		—		6,352
Other assets	1		82		32		—		115
TOTAL ASSETS	$	6,000	$	6,587	$	563	$	(6,192)	$	6,958

Total current liabilities	248		469		5		(13)		709
Long-term debt	4,877		—		—		—		4,877
Deferred gain and issuance costs, net	146		—		—		—		146
Other long-term liabilities	167		549		4		—		720
Amounts due to (from) affiliates	951		(953)		2		—		—
Mezzanine equity	—		—		802		—		802
Total equity	(389)		6,522		(250)		(6,179)		(296)
TOTAL LIABILITIES AND EQUITY	$	6,000	$	6,587	$	563	$	(6,192)	$	6,958

Schedule of condensed income statement


Condensed Consolidating Statements of Operations
For the three and six months ended June 30, 2020 and 2019
(in millions)

	Three months ended June 30, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total revenues	$	—	$	253	$	94	$	(71)	$	276
Total costs	55		357		50		(71)		391
Non-operating (loss) income	(135)		3		—		—		(132)
NET (LOSS) INCOME	(190)		(101)		44		—		(247)
Net income attributable to noncontrolling interests	—		—		(24)		—		(24)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(190)	$	(101)	$	20	$	—	$	(271)


	Three months ended June 30, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total revenues	$	—	$	610	$	113	$	(70)	$	653
Total costs	52		490		59		(70)		531
Non-operating (loss) income	(83)		2		—		—		(81)
NET (LOSS) INCOME	(135)		122		54		—		41
Net income attributable to noncontrolling interest	—		—		(29)		—		(29)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(135)	$	122	$	25	$	—	$	12


	Six months ended June 30, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total revenues	$	—	$	779	$	210	$	(140)	$	849
Total costs	102		2,546		105		(140)		2,613
Non-operating (loss) income	(230)		2		—		—		(228)
NET (LOSS) INCOME	(332)		(1,765)		105		—		(1,992)
Net income attributable to noncontrolling interest	—		—		(75)		—		(75)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(332)	$	(1,765)	$	30	$	—	$	(2,067)


	Six months ended June 30, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Total revenues	$	—	$	1,255	$	235	$	(147)	$	1,343
Total costs	106		1,074		131		(147)		1,164
Non-operating (loss) income	(187)		5		—		—		(182)
NET (LOSS) INCOME	(293)		186		104		—		(3)
Net income attributable to noncontrolling interest	—		—		(52)		—		(52)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$	(293)	$	186	$	52	$	—	$	(55)

Schedule of condensed cash flow statement


Condensed Consolidating Statements of Cash Flows
For the six months ended June 30, 2020 and 2019
(in millions)

	Six months ended June 30, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(338)	$	277	$	154	$	—	$	93
Net cash provided by (used in) investing activities	1		(28)		—		—		(27)
Net cash provided by (used in) financing activities	340		(153)		(144)		—		43
Increase in cash	3		96		10		—		109
Cash—beginning of period	—		6		11		—		17
Cash—end of period	$	3	$	102	$	21	$	—	$	126


	Six months ended June 30, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(348)	$	303	$	317	$	—	$	272
Net cash used in investing activities	(5)		(154)		(11)		—		(170)
Net cash provided by (used in) financing activities	353		(149)		(296)		—		(92)
Increase in cash	—		—		10		—		10
Cash—beginning of period	—		7		10		—		17
Cash—end of period	$	—	$	7	$	20	$	—	$	27

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions		1 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Jul. 15, 2020	Dec. 31, 2014	Jun. 30, 2020	Dec. 31, 2019	May 31, 2015
Debt instrument
Dividends paid		$ 6,000
Debt carrying value			$ 5,100	$ 5,000	$ 6,800
Subsequent Event
Debt instrument
Debtor reorganization items, equity offering amount	$ 450
Outstanding principal held by lenders, percent	85.00%
Aggregate claims held by creditors, percent	68.00%
Second Lien Notes (Second Priority Lien)
Debt instrument
Debt instrument, interest rate, stated percentage			8.00%
Senior Notes (Unsecured)
Debt instrument
Potential reduction in debt			$ 5,100
Senior Notes (Unsecured) \| 5.5% Notes Due 2021
Debt instrument
Debt instrument, interest rate, stated percentage			5.50%
Senior Notes (Unsecured) \| 6% Senior Notes due 2024
Debt instrument
Debt instrument, interest rate, stated percentage			6.00%
Senior Debtor In Possession \| Subsequent Event
Debt instrument
Debtor reorganization Items Debtor In possession facility, principal amount	$ 483
Term Loan \| Subsequent Event
Debt instrument
Debtor reorganization Items Debtor In possession facility, principal amount	$ 650

OTHER INFORMATION (Details) - USD ($)	6 Months Ended
OTHER INFORMATION (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Other Information [Line Items]
Cash restricted for capital investments and distributions to a joint venture (JV) partner	$ 21,000,000		$ 3,000,000
Other Current Assets
Net amounts due from joint interest partners	50,000,000		70,000,000
Derivative assets	7,000,000		39,000,000
Prepaid expenses	27,000,000		19,000,000
Other	0		2,000,000
Other current assets, net	84,000,000		130,000,000
Allowance for credit loss	19,000,000		19,000,000
Accrued Liabilities
Accrued employee-related costs	48,000,000		116,000,000
Accrued taxes other than on income	94,000,000		57,000,000
Accrued interest	154,000,000		13,000,000
Lease liability	15,000,000		28,000,000
Asset retirement obligations	28,000,000		28,000,000
Other	16,000,000		71,000,000
Accrued liabilities	355,000,000		313,000,000
Decrease in accrued employee-related costs	68,000,000
Increase in accrued taxes other than income	37,000,000
Accrued interest	141,000,000
Decrease in other accrued liabilities	55,000,000
Taxes paid	0	$ 0
Interest paid, net of capitalized amounts	51,000,000	$ 219,000,000
Total derivatives
Accrued Liabilities
Non-current asset retirement obligation	$ 499,000,000		$ 489,000,000

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Materials and supplies	$ 59	$ 64
Finished goods	2	3
Total	$ 61	$ 67

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt
Total Debt	$ 5,083	$ 4,977
Less: Current Portion of Long-Term Debt	(5,083)	(100)
Total Long-Term Debt	0	4,877
2014 Revolving Credit Facility (Shared First Priority Lien)
Debt
Total Debt	$ 731	518
2014 Revolving Credit Facility (Shared First Priority Lien) \| Applicable margin on LIBOR loans \| Minimum
Debt
Interest rate added to variable rate basis	3.25%
2014 Revolving Credit Facility (Shared First Priority Lien) \| Applicable margin on LIBOR loans \| Maximum
Debt
Interest rate added to variable rate basis	4.00%
2014 Revolving Credit Facility (Shared First Priority Lien) \| Applicable margin on Alternate Base Rate loans \| Minimum
Debt
Interest rate added to variable rate basis	2.25%
2014 Revolving Credit Facility (Shared First Priority Lien) \| Applicable margin on Alternate Base Rate loans \| Maximum
Debt
Interest rate added to variable rate basis	3.00%
2017 Credit Agreement (Shared First Priority Lien)
Debt
Total Debt	$ 1,300	1,300
2017 Credit Agreement (Shared First Priority Lien) \| Applicable margin on LIBOR loans
Debt
Interest rate added to variable rate basis	4.75%
2017 Credit Agreement (Shared First Priority Lien) \| Applicable margin on Alternate Base Rate loans
Debt
Interest rate added to variable rate basis	3.75%
2016 Credit Agreement (Shared First Priority Lien)
Debt
Total Debt	$ 1,000	1,000
2016 Credit Agreement (Shared First Priority Lien) \| Applicable margin on LIBOR loans
Debt
Interest rate added to variable rate basis	10.375%
2016 Credit Agreement (Shared First Priority Lien) \| Applicable margin on Alternate Base Rate loans
Debt
Interest rate added to variable rate basis	9.375%
Second Lien Notes (Second Priority Lien)
Debt
Total Debt	$ 1,808	1,815
Debt instrument, interest rate, stated percentage	8.00%
Senior Notes (Unsecured) \| 5% Senior Notes due 2020
Debt
Total Debt	$ 0	100
Debt instrument, interest rate, stated percentage	5.00%
Senior Notes (Unsecured) \| 5.5% Senior Notes due 2021
Debt
Total Debt	$ 100	100
Debt instrument, interest rate, stated percentage	5.50%
Senior Notes (Unsecured) \| 6% Senior Notes due 2024
Debt
Total Debt	$ 144	$ 144
Debt instrument, interest rate, stated percentage	6.00%

DEBT - Debtor-in-Possession Credit Agreement (Details) - USD ($) $ in Millions	Jul. 23, 2020	Jun. 30, 2020
Debt instrument
Percentage of debt hedged by price risk derivatives		25.00%
Line of credit minimum liquidity over rolling amount		$ 50
Line of credit minimum liquidity over amount		$ 35
Debtor-in-Possession Revolving Facility
Debt instrument
Upfront fees on commitment		1.00%
Commitment fees		0.50%
Debtor-in-Possession Revolving Facility \| LIBOR
Debt instrument
Outstanding interest rate on borrowings		4.50%
Debtor-in-Possession Revolving Facility \| Alternative Base Rate
Debt instrument
Outstanding interest rate on borrowings		3.50%
Junior Debtor-in-Possession Facility
Debt instrument
Upfront fees on commitment		1.00%
Junior Debtor-in-Possession Facility \| LIBOR
Debt instrument
Outstanding interest rate on borrowings		9.00%
Junior Debtor-in-Possession Facility \| Alternative Base Rate
Debt instrument
Outstanding interest rate on borrowings		8.00%
Subsequent Event
Debt instrument
Debtor-in-possession financing, amount arranged	$ 483
Debtor in possession financing, borrowings outstanding	83
Letters of credit outstanding	150
Subsequent Event \| Debtor-in-Possession Revolving Facility
Debt instrument
Debtor in possession financing, borrowings outstanding	250
Line of credit facility remaining borrowing capacity	85
Subsequent Event \| Junior Debtor-in-Possession Facility
Debt instrument
Debtor-in-possession financing, amount arranged	$ 650

DEBT - Net Deferred Gain and Issuance Costs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Deferred gain	$ 176	$ 211
Issuance costs and original issue discounts	(51)	(65)
Net deferred gain and issuance costs	$ 125	$ 146

DEBT - Missed Interest Payments and Forbearance (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 15, 2020	May 29, 2020	May 15, 2020
Debt instrument
Grace period	30 days
Senior Notes (Unsecured) \| 6% Senior Notes due 2024
Debt instrument
Interest not paid				$ 4.0
Shared First Priority Lien
Debt instrument
Interest not paid			$ 51.0
Second Lien Notes (Second Priority Lien)
Debt instrument
Interest not paid		$ 72.0

DEBT - 2014 Revolving Credit Facility (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
2014 Revolving Credit Facility \| Letters of Credit
Debt
Aggregate letters of credit issued	$ 152	$ 165

DEBT - Note Repurchases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
DEBT - Note Repurchases (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Repurchases of debt
Pre-tax gain on extinguishment of debt, net of a reduction in deferred issuance costs	$ 0	$ 20	$ 5	$ 26
Second Lien Notes (Second Priority Lien)
Repurchases of debt
Debt instrument, repurchased face amount			7	76
Repurchase value of the principal amounts			3	59
Pre-tax gain on extinguishment of debt, net of a reduction in deferred issuance costs			$ 5	$ 26

DEBT - Fair Value (Details) - USD ($) $ in Billions	Jun. 30, 2020	Dec. 31, 2019	May 31, 2015
Debt Disclosure [Abstract]
Estimated fair value of long-term debt	$ 1.2	$ 3.8
Debt carrying value	$ 5.1	$ 5.0	$ 6.8

JOINT VENTURES - Changes in Noncontrolling Interests (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Net income (loss) attributable to noncontrolling interests

$ (2,095)

^[1]

$ (289)

$ (296)

^[1]

$ (247)

(15)

Contributions from noncontrolling interest holders, net

Equity Attributable to Noncontrolling Interest

(2,376)

^[1]

(279)

(2,376)

^[1]

(279)

Net income (loss) attributable to noncontrolling interests

^[1]

137

^[1]

114

(5)

Contributions from noncontrolling interest holders, net

(32)

(29)

Equity Attributable to Noncontrolling Interest | Ares JV

^[1]

129

^[1]

129

Net income (loss) attributable to noncontrolling interests

(6)

Contributions from noncontrolling interest holders, net

(3)

(4)

Equity Attributable to Noncontrolling Interest | BSP JV

Net income (loss) attributable to noncontrolling interests

Contributions from noncontrolling interest holders, net

(29)

(25)

$ 76

$ 124

$ 76

$ 124

[1]	The above tables exclude amounts related to redeemable noncontrolling interests reported in mezzanine equity. See Note 6 Joint Ventures for more information.

Mezzanine Equity - Redeemable Noncontrolling Interests

JOINT VENTURES - Mezzanine Equity (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Net income (loss) attributable to noncontrolling interests

$ 802

$ (30)

$ (29)

(60)

$ (57)

(6)

^[1]

(8)

(32)

^[1]

(29)

Mezzanine Equity - Redeemable Noncontrolling Interests

828

Mezzanine Equity - Redeemable Noncontrolling Interests

Net income (loss) attributable to noncontrolling interests

802

756

Contributions from noncontrolling interest holders, net

(36)

Mezzanine Equity - Redeemable Noncontrolling Interests | Ares JV

828

777

828

777

Mezzanine Equity - Redeemable Noncontrolling Interests

Net income (loss) attributable to noncontrolling interests

802

756

Contributions from noncontrolling interest holders, net

(36)

Mezzanine Equity - Redeemable Noncontrolling Interests | Elk Hills Carbon JV

827

777

827

777

Mezzanine Equity - Redeemable Noncontrolling Interests

Net income (loss) attributable to noncontrolling interests

(1)

Contributions from noncontrolling interest holders, net

$ 1

$ 0

$ 1

$ 0

[1]	The above tables exclude amounts related to redeemable noncontrolling interests reported in mezzanine equity. See Note 6 Joint Ventures for more information.

JOINT VENTURES - Ares (Details) $ in Millions	6 Months Ended
JOINT VENTURES - Ares (Details) $ in Millions	Jun. 30, 2020 USD ($)
ECR \| Debt Instrument, Redemption, Period One
Business Acquisition [Line Items]
Maximum redemption period	5 years
ECR \| Debt Instrument, Redemption, Period One \| Common Class A
Business Acquisition [Line Items]
Value of interests	$ 60
ECR \| Debt Instrument, Redemption, Period One \| Series B Preferred Stock
Business Acquisition [Line Items]
Value of interests	$ 750
ECR \| Debt Instrument, Redemption, Period Two
Business Acquisition [Line Items]
Redemption period, extended	2 years 6 months
ECR \| Debt Instrument, Redemption, Period Two \| Common Class A
Business Acquisition [Line Items]
Value of interests	$ 80
ECR \| Debt Instrument, Redemption, Period Two \| Series B Preferred Stock
Business Acquisition [Line Items]
Value of interests	$ 750
ECR \| Debt Instrument, Redemption, Period Three
Business Acquisition [Line Items]
Maximum redemption period	7 years 6 months
Indebtedness in excess	$ 100
Ares JV \| Common Class A
Business Acquisition [Line Items]
Percentage of common interest held by CRC	50.00%
Ares JV \| Common Class C
Business Acquisition [Line Items]
Percentage of common interest held by CRC	95.25%
Ares JV \| ECR \| Common Class A
Business Acquisition [Line Items]
Percentage of common interest held by ECR	50.00%
Ares JV \| ECR \| Common Class C
Business Acquisition [Line Items]
Percentage of common interest held by ECR	4.75%
Ares JV \| ECR \| Series B Preferred Stock
Business Acquisition [Line Items]
Percentage of common interest held by ECR	100.00%

JOINT VENTURES - Elk Hills Carbon (Details) $ in Millions	1 Months Ended
JOINT VENTURES - Elk Hills Carbon (Details) $ in Millions	Jan. 31, 2020 USD ($)
OGCI \| Elk Hills Carbon JV
Business Acquisition [Line Items]
Partnership contribution	$ 2

JOINT VENTURES - Other (Details) $ in Millions	1 Months Ended
JOINT VENTURES - Other (Details) $ in Millions	Jul. 31, 2019 USD ($) well consecutive_day $ / barrel
Business Acquisition [Line Items]
Oil and natural gas, price per barrel \| $ / barrel	45
Number of trading days	30
Threshold through consecutive days	100
Alpine JV
Business Acquisition [Line Items]
Initial investment commitment in joint venture \| $	$ 320
Initial investment commitment in joint venture, period	3 years
Number of wells to be drilled \| well	275

DERIVATIVES - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
DERIVATIVES - Narrative (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivatives
Net derivative gain (loss) from commodity contracts		$ (4,000,000)	$ 21,000,000	$ 75,000,000	$ (68,000,000)
Crude Oil Hedge Positions
Derivatives
Net derivative gain (loss) from commodity contracts	$ 63,000,000
Interest-rate Contract
Derivatives
Derivative, amount of hedged item		1,300,000,000		$ 1,300,000,000
Gain (loss) from interest-rate risk		$ 0	$ 0
Interest-rate Contract \| One month LIBOR
Derivatives
Interest rate to be in place to receive payment		2.75%		2.75%

DERIVATIVES - Fair Value (Details) - Commodity Contracts - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value of Derivatives
Total derivatives	$ 0	$ 0
Other current assets, net
Fair Value of Derivatives
Gross Amounts Offset in the Balance Sheet	0	(10)
Other assets
Fair Value of Derivatives
Gross Amounts Offset in the Balance Sheet	0	0
Accrued liabilities
Fair Value of Derivatives
Gross Amounts Offset in the Balance Sheet	0	10
Gross Amounts Recognized at Fair Value
Fair Value of Derivatives
Total derivatives	7	35
Gross Amounts Recognized at Fair Value \| Other current assets, net
Fair Value of Derivatives
Gross Amounts Recognized at Fair Value	7	49
Gross Amounts Recognized at Fair Value \| Other assets
Fair Value of Derivatives
Gross Amounts Recognized at Fair Value	0	1
Gross Amounts Recognized at Fair Value \| Accrued liabilities
Fair Value of Derivatives
Gross Amounts Recognized at Fair Value	0	(15)
Net Fair Value Presented in the Balance Sheet
Fair Value of Derivatives
Total derivatives	7	35
Net Fair Value Presented in the Balance Sheet \| Other current assets, net
Fair Value of Derivatives
Net Fair Value Presented in the Balance Sheet	7	39
Net Fair Value Presented in the Balance Sheet \| Other assets
Fair Value of Derivatives
Net Fair Value Presented in the Balance Sheet	0	1
Net Fair Value Presented in the Balance Sheet \| Accrued liabilities
Fair Value of Derivatives
Net Fair Value Presented in the Balance Sheet	$ 0	$ (5)

EARNINGS PER SHARE - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic EPS calculation
Net (loss) income	$ (247)	$ 41	$ (1,992)	$ (3)
Net income attributable to noncontrolling interests	(24)	(29)	(75)	(52)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$ (271)	$ 12	$ (2,067)	$ (55)
Weighted-average common shares outstanding — basic (in shares)	49.5	48.9	49.4	48.8
Basic (in dollars per share)	$ (5.47)	$ 0.25	$ (41.84)	$ (1.13)
Diluted EPS calculation
Net (loss) income	$ (247)	$ 41	$ (1,992)	$ (3)
Net income attributable to noncontrolling interests	(24)	(29)	(75)	(52)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK	$ (271)	$ 12	$ (2,067)	$ (55)
Weighted-average common shares outstanding — basic (in shares)	49.5	48.9	49.4	48.8
Dilutive effect of potentially dilutive securities (in shares)	0.0	0.3	0.0	0.0
Weighted-average common shares outstanding — diluted (in shares)	49.5	49.2	49.4	48.8
Diluted (in dollars per share)	$ (5.47)	$ 0.24	$ (41.84)	$ (1.13)
Weighted-average anti-dilutive shares	5.2	1.9	4.9	2.6

PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net periodic benefit costs:
Employer contributions to pension plan	$ 0	$ 1,000,000	$ 0	$ 1,000,000
Contributions deferred till December 2020	5,000,000		5,000,000
Pension Benefit
Net periodic benefit costs:
Service cost	1,000,000	0	1,000,000	0
Interest cost	0	0	1,000,000	1,000,000
Expected return on plan assets	0	0	0	(1,000,000)
Recognized actuarial loss	0	0	0	1,000,000
Settlement loss	0	1,000,000	0	1,000,000
Total	1,000,000	1,000,000	2,000,000	2,000,000
Postretirement Benefit
Net periodic benefit costs:
Service cost	1,000,000	1,000,000	2,000,000	2,000,000
Interest cost	1,000,000	2,000,000	2,000,000	3,000,000
Expected return on plan assets	0	(1,000,000)	0	(1,000,000)
Recognized actuarial loss	0	1,000,000	0	1,000,000
Settlement loss	0	0	0	0
Total	$ 2,000,000	$ 3,000,000	$ 4,000,000	$ 5,000,000

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of revenue
Oil and natural gas sales	$ 245	$ 578	$ 675	$ 1,179
Other revenue	35	54	99	232
Net derivative (loss) gain from commodity contracts	(4)	21	75	(68)
Total revenues	276	653	849	1,343
Oil
Disaggregation of revenue
Oil and natural gas sales	193	496	549	976
Natural gas
Disaggregation of revenue
Oil and natural gas sales	26	43	64	105
NGLs
Disaggregation of revenue
Oil and natural gas sales	26	39	62	98
Electricity
Disaggregation of revenue
Other revenue:	19	16	32	50
Marketing, trading and other
Disaggregation of revenue
Other revenue:	$ 16	$ 38	$ 67	$ 182

LEASES - Supplement balance sheet information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 drilling_rig	Jun. 30, 2020 USD ($) drilling_rig	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Operating lease, net		$ 45	$ 59
Finance lease, net		1	2
Total right-of-use assets		46	61
Operating lease		14	27
Finance lease		1	1
Operating lease		33	37
Finance lease		0	1
Total lease liabilities		$ 48	$ 66
Number of drilling rigs released \| drilling_rig	5
Number of drilling rigs remaining \| drilling_rig		2

INCOME TAXES (Details)	6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%

ASSET IMPAIRMENTS - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
ASSET IMPAIRMENTS - Narrative (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Asset impairments	$ 0	$ 1,700,000,000	$ 0	$ 1,736,000,000	$ 0

ASSET IMPAIRMENTS (Details) - USD ($)	3 Months Ended			6 Months Ended
ASSET IMPAIRMENTS (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Proved oil and natural gas properties				$ 1,487,000,000
Unproved properties				228,000,000
Unrecovered capital costs				11,000,000
Inventory Write-down				7,000,000
Other				3,000,000
Total	$ 0	$ 1,700,000,000	$ 0	$ 1,736,000,000	$ 0

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Condensed Consolidating Balance Sheets (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2020

Mar. 31, 2020

^[1]

Dec. 31, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

$ 403

$ 491

4,449

6,352

115

4,930

6,958

5,759

709

4,877

146

719

720

828

802

(2,376)

^[1]

$ (2,095)

(296)

^[1]

$ (279)

$ (289)

$ (247)

4,930

6,958

Eliminations

(28)

(13)

(3,103)

(6,179)

(3,131)

(6,192)

(28)

(13)

(3,103)

(6,179)

Parent | Reportable Legal Entities

(3,131)

(6,192)

3,156

5,956

3,203

6,000

5,409

248

4,877

146

159

167

951

(2,452)

(389)

Combined Guarantor Subsidiaries | Reportable Legal Entities

3,203

6,000

341

436

(53)

223

3,972

5,846

4,324

6,587

371

469

557

549

(88)

(953)

3,484

6,522

Combined Non-Guarantor Subsidiaries | Reportable Legal Entities

4,324

6,587

453

471

534

563

828

802

(305)

(250)