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 September 30, 2026 and December 31, 2025 and the condensed consolidating statements of operations for the three and nine months ended September 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 September 30, 2026
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	125	$	31	$	664	$	—	$	820
Total property, plant and equipment, net	42		395		5,538		—		5,975
Investments in consolidated subsidiaries	4,869		(60)		2,594		(7,403)		—
Deferred tax asset	134		—		—		—		134
Investment in unconsolidated subsidiaries	—		55		43		—		98
Other assets	37		34		217		—		288
TOTAL ASSETS	$	5,207	$	455	$	9,056	$	(7,403)	$	7,315

Total current liabilities	184		9		1,429		—		1,622
Long-term debt	1,281		—		—		—		1,281
Fair value of derivative contracts	—		—		140		—		140
Asset retirement obligations	—		—		888		—		888
Other long-term liabilities	104		135		114		—		353
Deferred tax liability	6		—		—		—		6
Amounts due to (from) affiliates	607		57		(664)		—		—
Total equity	3,025		254		7,149		(7,403)		3,025
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,207	$	455	$	9,056	$	(7,403)	$	7,315


	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 September 30, 2026
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	—	$	51	$	413	$	(43)	$	421
Total costs and other	93		41		717		(23)		828

Non-operating (loss) income	(22)		(4)		5		—		(21)
(LOSS) INCOME BEFORE INCOME TAXES	(115)		6		(299)		(20)		(428)
Income tax benefit	113		—		—		—		113
NET (LOSS) INCOME	$	(2)	$	6	$	(299)	$	(20)	$	(315)


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

	(in millions)
Total operating revenues	$	1	$	—	$	875	$	(21)	$	855
Total costs and other	90		13		672		(19)		756
Loss on asset divestitures	—		—		(1)		—		(1)
Non-operating (loss) income	(22)		(4)		3		—		(23)
(LOSS) INCOME BEFORE INCOME TAXES	(111)		(17)		205		(2)		75
Income tax provision	(11)		—		—		—		(11)
NET (LOSS) INCOME	$	(122)	$	(17)	$	205	$	(2)	$	64


	Nine months ended September 30, 2026
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	3	$	77	$	1,878	$	(121)	$	1,837
Total costs and other	307		127		2,126		(116)		2,444

Non-operating (loss) income	(124)		(12)		13		—		(123)
(LOSS) INCOME BEFORE INCOME TAXES	(428)		(62)		(235)		(5)		(730)
Income tax benefit	218		—		—		—		218
NET (LOSS) INCOME	$	(210)	$	(62)	$	(235)	$	(5)	$	(512)


	Nine months ended September 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	6	$	—	$	2,800	$	(61)	$	2,745
Total costs and other	265		47		1,940		(59)		2,193
Loss on asset divestitures	—		—		(1)		—		(1)
Non-operating (loss) income	(70)		(11)		9		—		(72)
(LOSS) INCOME BEFORE INCOME TAXES	(329)		(58)		868		(2)		479
Income tax provision	(128)		—		—		—		(128)
NET (LOSS) INCOME	$	(457)	$	(58)	$	868	$	(2)	$	351