v3.26.1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Financial Statements The following condensed consolidating balance sheets as of March 31, 2026 and December 31, 2025 and the condensed consolidating statements of operations for the three months ended March 31, 2026 and 2025, 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. In the three months ended March 31, 2026, we adjusted the Unrestricted Subsidiaries under the 2029 Senior Notes Indenture and the 2034 Senior Notes Indenture. The Unrestricted Subsidiaries and Restricted Subsidiaries for prior periods have not been conformed to the current presentation.
Condensed Consolidating Balance Sheets
As of March 31, 2026 and December 31, 2025

As of March 31, 2026
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total current assets
$120 $25 $643 $— $788 
Total property, plant and equipment, net
27 408 5,469 — 5,904 
Investments in consolidated subsidiaries4,519 322 12,724 (17,565)— 
Deferred tax asset81 — — — 81 
Investment in unconsolidated subsidiaries
— 59 43 — 102 
Other assets22 51 201 — 274 
TOTAL ASSETS$4,769 $865 $19,080 $(17,565)$7,149 
Total current liabilities173 10 1,258 — 1,441 
Long-term debt1,310 — — — 1,310 
Fair value of derivative contracts
— — 169 — 169 
Asset retirement obligations— — 906 — 906 
Other long-term liabilities106 129 62 — 297 
Deferred tax liability
108 — — — 108 
Amounts due to (from) affiliates154 29 (183)— — 
Total equity2,918 697 16,868 (17,565)2,918 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$4,769 $865 $19,080 $(17,565)$7,149 
As of December 31, 2025
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total current assets
$203 $20 $715 $— $938 
Total property, plant and equipment, net
27 21 5,857 — 5,905 
Investments in consolidated subsidiaries6,579 (51)18,099 (24,627)— 
Deferred tax asset76 — — — 76 
Investment in unconsolidated subsidiary— 57 54 — 111 
Other assets22 31 320 — 373 
TOTAL ASSETS$6,907 $78 $25,045 $(24,627)$7,403 
Total current liabilities180 6 864 — 1,050 
Long-term debt1,283 — — — 1,283 
Fair value of derivative contracts
— — 17 — 17 
Asset retirement obligations— — 913 — 913 
Other long-term liabilities110 130 72 — 312 
Amounts due to (from) affiliates1,508 61 (1,569)— — 
Deferred tax liability
154 — — — 154 
Total equity3,674 (120)24,747 (24,627)3,674 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$6,909 $77 $25,044 $(24,627)$7,403 

Condensed Consolidating Statement of Operations
For the three months ended March 31, 2026 and 2025

Three months ended March 31, 2026
ParentCombined Unrestricted SubsidiariesCombined Restricted SubsidiariesEliminationsConsolidated
(in millions)
Total operating revenues
$1 $17 $140 $(39)$119 
Total costs and other
119 37 712 (38)830 
Non-operating (loss) income
(48)(3)2 — (49)
LOSS BEFORE INCOME TAXES
(166)(23)(570)(1)(760)
Income tax benefit
49 — — — 49 
NET LOSS
$(117)$(23)$(570)$(1)$(711)
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