v3.25.2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Financial Statements The following condensed consolidating balance sheets as of June 30, 2025 and December 31, 2024 and the condensed consolidating statements of operations for the three and six months ended June 30, 2025 and 2024, as applicable, reflect the condensed consolidating financial information of CRC (Parent), our combined Unrestricted Subsidiaries, our combined Restricted Subsidiaries and the elimination entries necessary to arrive at the information for the Company on a consolidated basis. The financial information may not necessarily be indicative of the financial condition and results of operations had the Unrestricted Subsidiaries operated as independent entities.
Condensed Consolidating Balance Sheets
As of June 30, 2025 and December 31, 2024

As of June 30, 2025
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total current assets
$102 $32 $594 $— $728 
Total property, plant and equipment, net
20 37 5,503 — 5,560 
Investments in consolidated subsidiaries5,521 (41)16,356 (21,836)— 
Deferred tax asset33 — — 33 
Investment in unconsolidated subsidiaries
— 40 53 — 93 
Other assets112 51 135 — 298 
TOTAL ASSETS$5,788 $119 $22,641 $(21,836)$6,712 
Total current liabilities272 19 637 — 928 
Long-term debt888 — — — 888 
Asset retirement obligations— — 969 — 969 
Other long-term liabilities101 131 103 — 335 
Deferred tax liability
185 — — — 185 
Amounts due to (from) affiliates935 44 (979)— — 
Total equity3,407 (75)21,911 (21,836)3,407 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$5,788 $119 $22,641 $(21,836)$6,712 
As of December 31, 2024
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 and six months ended June 30, 2025 and 2024

Three months ended June 30, 2025
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total operating revenues
$2 $— $992 $(16)$978 
Total costs and other
109 16 602 (16)711 
Non-operating (loss) income
(26)(3)4 — (25)
(LOSS) INCOME BEFORE INCOME TAXES
(133)(19)394 — 242 
Income tax provision
(70)— — — (70)
NET (LOSS) INCOME
$(203)$(19)$394 $— $172 
Three months ended June 30, 2024
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total operating revenues
$7 $— $513 $(6)$514 
Total costs and other
77 18 388 (6)477 
Gain on asset divestitures— — 1 — 1 
Non-operating (loss) income(21)(7)1 — (27)
(LOSS) INCOME BEFORE INCOME TAXES(91)(25)127 — 11 
Income tax provision
(3)— — — (3)
NET (LOSS) INCOME$(94)$(25)$127 $— $8 

Six months ended June 30, 2025
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total operating revenues
$5 $— $1,925 $(40)$1,890 
Total costs and other
175 34 1,268 (40)1,437 
Non-operating (loss) income
(48)(7)6 — (49)
(LOSS) INCOME BEFORE INCOME TAXES
(218)(41)663 — 404 
Income tax provision
(117)— — — (117)
NET (LOSS) INCOME
$(335)$(41)$663 $— $287 

Six months ended June 30, 2024
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total operating revenues
$13 $— $971 $(16)$968 
Total costs and other
136 28 793 (16)941 
Gain on asset divestitures— — 7 — 7 
Non-operating (loss) income(34)(11)3 — (42)
(LOSS) INCOME BEFORE INCOME TAXES(157)(39)188 — (8)
Income tax benefit
6 — — — 6 
NET (LOSS) INCOME$(151)$(39)$188 $— $(2)