v3.25.1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Financial Statements 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.
Condensed Consolidating Balance Sheets
As of March 31, 2025 and December 31, 2024

As of March 31, 2025
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total current assets
$259 $45 $495 $— $799 
Total property, plant and equipment, net
23 31 5,564 — 5,618 
Investments in consolidated subsidiaries5,108 (37)12,780 (17,851)— 
Deferred tax asset60 — — — 60 
Investment in unconsolidated subsidiaries
— 30 52 — 82 
Other assets114 56 98 — 268 
TOTAL ASSETS$5,564 $125 $18,989 $(17,851)$6,827 
Total current liabilities248 19 694 — 961 
Long-term debt888 — — — 888 
Asset retirement obligations— — 989 — 989 
Other long-term liabilities97 130 112 — 339 
Deferred tax liability
134 — — — 134 
Amounts due to (from) affiliates681 28 (709)— — 
Total equity3,516 (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
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(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 subsidiaries4,869 (32)15,050 (19,887)— 
Deferred tax asset73 — — — 73 
Investment in unconsolidated subsidiary— 27 59 — 86 
Other assets113 58 101 — 272 
TOTAL ASSETS$5,506 $130 $21,386 $(19,887)$7,135 
Total current liabilities224 14 742 — 980 
Long-term debt1,132 — — — 1,132 
Asset retirement obligations— — 995 — 995 
Other long-term liabilities114 138 125 — 377 
Amounts due to (from) affiliates385 — (385)— — 
Deferred tax liability
113 — — — 113 
Total equity3,538 (22)19,909 (19,887)3,538 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$5,506 $130 $21,386 $(19,887)$7,135 

Condensed Consolidating Statement of Operations
For the three months ended March 31, 2025 and 2024

Three months ended March 31, 2025
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(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
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(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)