We have designated certain of our subsidiaries as Unrestricted Subsidiaries under the 2034 Senior Notes Indenture and the 2035 Senior Notes Indenture. Unrestricted Subsidiaries (as defined in the 2034 Senior Notes Indenture and the 2035 Senior Notes Indenture) are subject to fewer restrictions under the indentures. We are required under the 2034 Senior Notes Indenture and the 2035 Senior Notes Indenture to present the financial condition and results of operations of CRC and its Restricted Subsidiaries (as defined in the 2034 Senior Notes Indenture and the 2035 Senior Notes Indenture) separate from the financial condition and results of operations of its Unrestricted Subsidiaries. The following condensed consolidating balance sheets as of June 30, 2026 and December 31, 2025 and the condensed consolidating statements of operations for the three and six months ended June 30, 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 2026, we adjusted the Unrestricted Subsidiaries under the 2034 Senior Notes Indenture. The Unrestricted Subsidiaries and Restricted Subsidiaries for prior periods have not been conformed to the current presentation.


	As of June 30, 2026
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	145	$	26	$	526	$	—	$	697
Total property, plant and equipment, net	27		403		5,493		—		5,923
Investments in consolidated subsidiaries	5,127		(55)		13,854		(18,926)		—
Deferred tax asset	100		—		—		—		100
Investment in unconsolidated subsidiaries	—		55		43		—		98
Other assets	20		48		217		—		285
TOTAL ASSETS	$	5,419	$	477	$	20,133	$	(18,926)	$	7,103

Total current liabilities	187		9		859		—		1,055
Long-term debt	1,281		—		—		—		1,281
Fair value of derivative contracts	—		—		70		—		70
Asset retirement obligations	—		—		923		—		923
Other long-term liabilities	105		132		62		—		299
Deferred tax liability	73		—		—		—		73
Amounts due to (from) affiliates	371		48		(419)		—		—
Total equity	3,402		288		18,638		(18,926)		3,402
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,419	$	477	$	20,133	$	(18,926)	$	7,103


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

	(in millions)
Total current assets	$	203	$	20	$	715	$	—	$	938
Total property, plant and equipment, net	27		21		5,857		—		5,905
Investments in consolidated subsidiaries	6,579		(51)		18,099		(24,627)		—
Deferred tax asset	76		—		—		—		76
Investment in unconsolidated subsidiary	—		57		54		—		111
Other assets	22		31		320		—		373
TOTAL ASSETS	$	6,907	$	78	$	25,045	$	(24,627)	$	7,403

Total current liabilities	180		6		864		—		1,050
Long-term debt	1,283		—		—		—		1,283
Fair value of derivative contracts	—		—		17		—		17
Asset retirement obligations	—		—		913		—		913
Other long-term liabilities	110		130		72		—		312
Amounts due to (from) affiliates	1,508		61		(1,569)		—		—
Deferred tax liability	154		—		—		—		154
Total equity	3,674		(120)		24,747		(24,627)		3,674
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	6,909	$	77	$	25,044	$	(24,627)	$	7,403


	Three months ended June 30, 2026
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	—	$	10	$	1,325	$	(38)	$	1,297
Total costs and other	94		38		689		(35)		786

Non-operating (loss) income	(53)		(3)		3		—		(53)
(LOSS) INCOME BEFORE INCOME TAXES	(147)		(31)		639		(3)		458
Income tax benefit	56		—		—		—		56
NET (LOSS) INCOME	$	(91)	$	(31)	$	639	$	(3)	$	514


	Three months ended June 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(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


	Six months ended June 30, 2026
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	3	$	27	$	1,463	$	(77)	$	1,416
Total costs and other	212		75		1,402		(73)		1,616

Non-operating (loss) income	(102)		(6)		6		—		(102)
(LOSS) INCOME BEFORE INCOME TAXES	(311)		(54)		67		(4)		(302)
Income tax benefit	105		—		—		—		105
NET (LOSS) INCOME	$	(206)	$	(54)	$	67	$	(4)	$	(197)


	Six months ended June 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(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