We have designated certain of our subsidiaries as Unrestricted Subsidiaries under the indenture governing our 2026 Senior Notes (2026 Senior Notes Indenture) and the indenture governing our 2029 Senior Notes (2029 Senior Notes Indenture). Unrestricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) are subject to fewer restrictions under the indentures. We are required under the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture to present the financial condition and results of operations of CRC and its Restricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) separate from the financial condition and results of operations of its Unrestricted Subsidiaries. The following condensed consolidating balance sheets as of March 31, 2025 and December 31, 2024 and the condensed consolidating statements of operations for the three months ended March 31, 2025 and 2024, as applicable, reflect the condensed consolidating financial information of CRC (Parent), our combined Unrestricted Subsidiaries, our combined Restricted Subsidiaries and the elimination entries necessary to arrive at the information for the Company on a consolidated basis. The financial information may not necessarily be indicative of the financial condition and results of operations had the Unrestricted Subsidiaries operated as independent entities.


	As of March 31, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	259	$	45	$	495	$	—	$	799
Total property, plant and equipment, net	23		31		5,564		—		5,618
Investments in consolidated subsidiaries	5,108		(37)		12,780		(17,851)		—
Deferred tax asset	60		—		—		—		60
Investment in unconsolidated subsidiaries	—		30		52		—		82
Other assets	114		56		98		—		268
TOTAL ASSETS	$	5,564	$	125	$	18,989	$	(17,851)	$	6,827

Total current liabilities	248		19		694		—		961
Long-term debt	888		—		—		—		888
Asset retirement obligations	—		—		989		—		989
Other long-term liabilities	97		130		112		—		339
Deferred tax liability	134		—		—		—		134
Amounts due to (from) affiliates	681		28		(709)		—		—
Total equity	3,516		(52)		17,903		(17,851)		3,516
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,564	$	125	$	18,989	$	(17,851)	$	6,827


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

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

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


	Three months ended March 31, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	3	$	—	$	934	$	(25)	$	912
Total costs and other	66		20		665		(25)		726

Non-operating (loss) income	(23)		(3)		2		—		(24)
(LOSS) INCOME BEFORE INCOME TAXES	(86)		(23)		271		—		162
Income tax provision	(47)		—		—		—		(47)
NET (LOSS) INCOME	$	(133)	$	(23)	$	271	$	—	$	115


	Three months ended March 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	6	$	—	$	457	$	(9)	$	454
Total costs and other	60		10		403		(9)		464
Gain on asset divestitures	—		—		6		—		6
Non-operating (loss) income	(12)		(4)		1		—		(15)
(LOSS) INCOME BEFORE INCOME TAXES	(66)		(14)		61		—		(19)
Income tax benefit	9		—		—		—		9
NET (LOSS) INCOME	$	(57)	$	(14)	$	61	$	—	$	(10)