$CRC

California Resources Corp

CIK:0001609253|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Oil, natural gas and natural gas liquids sales	$ 1,056	$ 702	$ 1,961	$ 1,516
Net gain (loss) from commodity sales derivatives	205	157	(643)	163
Total operating revenues	1,297	978	1,416	1,890
OPERATING EXPENSES
Operating costs	347	295	712	611
General and administrative expenses	97	79	203	151
Depreciation, depletion and amortization	131	128	264	259
Taxes other than on income	66	47	133	117
Accretion expense	27	28	54	57
Net loss (gain) from natural gas purchase derivatives	5	3	29	(3)
Measurement period adjustments, net	(2)	0	(2)	1
Other operating expenses, net	60	65	114	98
Total operating expenses	786	711	1,616	1,437
OPERATING INCOME (LOSS)	511	267	(200)	453
NON-OPERATING (EXPENSES) INCOME
Interest and debt expense, net	(28)	(25)	(57)	(52)
Loss on early extinguishment of debt	(28)	0	(49)	(1)
Equity loss from unconsolidated subsidiaries	(2)	0	(4)	(1)
Other non-operating income, net	5	0	8	5
INCOME (LOSS) BEFORE INCOME TAXES	458	242	(302)	404
Income tax benefit (provision)	56	(70)	105	(117)
NET INCOME (LOSS)	$ 514	$ 172	$ (197)	$ 287
Net income (loss) per share
Basic (in dollars per share)	$ 5.79	$ 1.93	$ (2.22)	$ 3.20
Diluted (in dollars per share)	$ 5.76	$ 1.92	$ (2.22)	$ 3.18
Weighted-average common shares outstanding
Basic (in shares)	88.8	89.0	88.7	89.8
Diluted (in shares)	89.3	89.4	88.7	90.3
Revenue from marketing of purchased commodities
REVENUES
Other revenue	$ 26	$ 56	$ 67	$ 120
OPERATING EXPENSES
Costs of sales	15	41	38	91
Electricity revenue
REVENUES
Other revenue	6	58	17	80
Other revenue
REVENUES
Other revenue	4	5	14	11
Electricity generation expenses
OPERATING EXPENSES
Costs of sales	10	5	15	15
Transportation costs
OPERATING EXPENSES
Costs of sales	$ 30	$ 20	$ 56	$ 40

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ 514	$ 172	$ (197)	$ 287
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	131	128	264	259
Deferred income tax (benefit) provision	(55)	6	(105)	41
Net (gain) loss from commodity derivatives	(200)	(154)	672	(166)
Net settlements from commodity derivatives	(190)	10	(258)	(18)
Net loss on early extinguishment of debt	28	0	49	1
Other non-cash charges to income, net	72	59	122	69
Net changes in operating assets and liabilities	(37)	(56)	(185)	(122)
Net cash provided by operating activities	263	165	362	351
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	(149)	(56)	(280)	(111)
Changes in accrued capital investments	(2)	6	(12)	(15)
Proceeds from asset divestitures	0	1	0	1
Acquisitions	0	0	(2)	0
Distribution from unconsolidated subsidiary	0	0	10	0
Other, net	(2)	(2)	(5)	(5)
Net cash used in investing activities	(153)	(51)	(289)	(130)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	500	0	745	0
Repayments of Revolving Credit Facility	(525)	0	(745)	0
Repurchases of common stock	0	(217)	(10)	(318)
Common stock dividends	(36)	(35)	(72)	(70)
Dividend equivalents on equity-settled awards	0	0	(2)	(1)
Issuance of common stock	0	(4)	0	2
Shares cancelled for taxes	(1)	0	(13)	(11)
Debt issuance costs	(2)	0	(2)	0
Net cash used in financing activities	(94)	(256)	(149)	(521)
Increase (decrease) in cash and cash equivalents	16	(142)	(76)	(300)
Cash and cash equivalents—beginning of period	40	214	132	372
Cash and cash equivalents—end of period	56	72	56	72
2034 Senior Notes
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Senior Notes, net	0	0	347	0
2035 Senior Notes
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Senior Notes, net	543	0	543	0
2026 Senior Notes
CASH FLOW FROM FINANCING ACTIVITIES
Redemption of Senior Notes	0	0	0	(123)
2029 Senior Notes
CASH FLOW FROM FINANCING ACTIVITIES
Redemption of Senior Notes	$ (573)	$ 0	$ (940)	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 56	$ 132
Trade receivables	342	333
Inventory	111	106
Receivable from affiliate	9	14
Other current assets, net	179	353
Total current assets	697	938
PROPERTY, PLANT AND EQUIPMENT	7,807	7,523
Accumulated depreciation, depletion and amortization	(1,884)	(1,618)
Total property, plant and equipment, net	5,923	5,905
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES	98	111
DEFERRED TAX ASSETS	100	76
OTHER NONCURRENT ASSETS	285	373
TOTAL ASSETS	7,103	7,403
CURRENT LIABILITIES
Accounts payable	389	452
Fair value of commodity derivative contracts	147	42
Accrued liabilities	519	556
Total current liabilities	1,055	1,050
NONCURRENT LIABILITIES
Long-term debt, net	1,281	1,283
Fair value of derivative contracts	70	17
Asset retirement obligations	923	913
Deferred tax liabilities	73	154
Other long-term liabilities	299	312
STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock (200,000,000 shares authorized at $0.01 par value) (110,930,138 and 110,645,691 shares issued; 88,819,893 and 88,754,165 shares outstanding at June 30, 2026 and December 31, 2025)	1	1
Treasury stock (22,110,245 shares held at cost at June 30, 2026 and 21,891,526 shares held at cost at December 31, 2025)	(954)	(944)
Additional paid-in capital	2,636	2,625
Retained earnings	1,634	1,905
Accumulated other comprehensive income	85	87
Total stockholders' equity	3,402	3,674
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 7,103	$ 7,403