10-Q Filing

CALIFORNIA RESOURCES CORP CIK: 1609253 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001609253-16-000305`
Period End Date	20160630
Filing Date	20160804
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	crc-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 69 Cash Flow Statement 52 Comprehensive Income 8

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.00M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$200.00M	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$195.00M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Inventories	`InventoryNet`	$62.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$58.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$127.00M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	41.10M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	38.82M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$227.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$497.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$386.00M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$21.00B	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$20.89B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$14.81B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$14.68B	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentNet`	$6.07B	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentNet`	$6.31B	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$244.00M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$17.00M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$7.05B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$6.48B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$100.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$99.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$187.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$257.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$222.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$306.00M	USD	Point-in-time
Current income taxes	`TaxesPayableCurrent`	$26.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$592.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$605.00M	USD	Point-in-time
LONG-TERM DEBT - PRINCIPAL AMOUNT	`LongTermDebtNoncurrent`	$6.04B	USD	Point-in-time
LONG-TERM DEBT - PRINCIPAL AMOUNT	`LongTermDebtNoncurrent`	$5.84B	USD	Point-in-time
DEFERRED GAIN AND ISSUANCE COSTS, NET	`DeferredGainLossAndIssuanceCostsNet`	$491.00M	USD	Point-in-time
DEFERRED GAIN AND ISSUANCE COSTS, NET	`DeferredGainLossAndIssuanceCostsNet`	$456.00M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$45.00M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$830.00M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$585.00M	USD	Point-in-time
Preferred stock (20 million shares authorized at $0.01 par value) no shares outstanding at June 30, 2016 and December 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock (20 million shares authorized at $0.01 par value) no shares outstanding at June 30, 2016 and December 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Common stock (200 million shares authorized at $0.01 par value) outstanding shares (June 30, 2016 - 41,100,276 and December 31, 2015 - 38,818,048)	`CommonStockValue`	-	USD	Point-in-time
Common stock (200 million shares authorized at $0.01 par value) outstanding shares (June 30, 2016 - 41,100,276 and December 31, 2015 - 38,818,048)	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.84B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.78B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.68B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.87B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$-1.04B	USD	Point-in-time
Total equity	`StockholdersEquity`	$-916.00M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$6.48B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$7.05B	USD	Point-in-time

Income Statement 69 line items

Line Item	Tag	Value	Unit	Period
Oil and natural gas net sales	`OilAndGasSalesRevenue`	$1.17B	USD	2 Qtrs
Oil and natural gas net sales	`OilAndGasSalesRevenue`	$733.00M	USD	2 Qtrs
Oil and natural gas net sales	`OilAndGasSalesRevenue`	$621.00M	USD	1 Quarter
Oil and natural gas net sales	`OilAndGasSalesRevenue`	$404.00M	USD	1 Quarter
Net derivative losses	`DerivativeGainLossOnDerivativeNet`	$-118.00M	USD	1 Quarter
Net derivative losses	`DerivativeGainLossOnDerivativeNet`	$-143.00M	USD	2 Qtrs
Net derivative losses	`DerivativeGainLossOnDerivativeNet`	$-17.00M	USD	1 Quarter
Net derivative losses	`DerivativeGainLossOnDerivativeNet`	$-18.00M	USD	2 Qtrs
Other revenue	`OtherOperatingIncome`	$49.00M	USD	2 Qtrs
Other revenue	`OtherOperatingIncome`	$31.00M	USD	1 Quarter
Other revenue	`OtherOperatingIncome`	$30.00M	USD	1 Quarter
Other revenue	`OtherOperatingIncome`	$62.00M	USD	2 Qtrs
Total revenues and other	`Revenues`	$639.00M	USD	2 Qtrs
Total revenues and other	`Revenues`	$1.21B	USD	2 Qtrs
Total revenues and other	`Revenues`	$634.00M	USD	1 Quarter
Total revenues and other	`Revenues`	$317.00M	USD	1 Quarter
Production costs	`ProductionCosts`	$242.00M	USD	1 Quarter
Production costs	`ProductionCosts`	$484.00M	USD	2 Qtrs
Production costs	`ProductionCosts`	$188.00M	USD	1 Quarter
Production costs	`ProductionCosts`	$372.00M	USD	2 Qtrs
General and administrative expenses	`OperatingExpenses`	$61.00M	USD	1 Quarter
General and administrative expenses	`OperatingExpenses`	$161.00M	USD	2 Qtrs
General and administrative expenses	`OperatingExpenses`	$85.00M	USD	1 Quarter
General and administrative expenses	`OperatingExpenses`	$128.00M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$504.00M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$138.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$251.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$285.00M	USD	2 Qtrs
Taxes other than on income	`TaxesExcludingIncomeAndExciseTaxes`	$81.00M	USD	2 Qtrs
Taxes other than on income	`TaxesExcludingIncomeAndExciseTaxes`	$108.00M	USD	2 Qtrs
Taxes other than on income	`TaxesExcludingIncomeAndExciseTaxes`	$42.00M	USD	1 Quarter
Taxes other than on income	`TaxesExcludingIncomeAndExciseTaxes`	$53.00M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$5.00M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$24.00M	USD	2 Qtrs
Exploration expense	`ExplorationExpense`	$7.00M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$10.00M	USD	2 Qtrs
Interest and debt expense, net	`InterestAndDebtExpense`	$162.00M	USD	2 Qtrs
Interest and debt expense, net	`InterestAndDebtExpense`	$74.00M	USD	1 Quarter
Interest and debt expense, net	`InterestAndDebtExpense`	$83.00M	USD	1 Quarter
Interest and debt expense, net	`InterestAndDebtExpense`	$148.00M	USD	2 Qtrs
Other (income) expenses, net	`OtherOperatingIncomeExpenseNet`	$117.00M	USD	2 Qtrs
Other (income) expenses, net	`OtherOperatingIncomeExpenseNet`	$51.00M	USD	1 Quarter
Other (income) expenses, net	`OtherOperatingIncomeExpenseNet`	$-27.00M	USD	1 Quarter
Other (income) expenses, net	`OtherOperatingIncomeExpenseNet`	$-51.00M	USD	2 Qtrs
Total costs and other	`CostsAndOtherDeductions`	$457.00M	USD	1 Quarter
Total costs and other	`CostsAndOtherDeductions`	$1.49B	USD	2 Qtrs
Total costs and other	`CostsAndOtherDeductions`	$907.00M	USD	2 Qtrs
Total costs and other	`CostsAndOtherDeductions`	$748.00M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-268.00M	USD	2 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-114.00M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-283.00M	USD	2 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-140.00M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-46.00M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-115.00M	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-78.00M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-190.00M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-168.00M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-140.00M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-68.00M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-4.40	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-1.78	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-3.51	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-4.85	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.78	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-4.85	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-4.40	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-3.51	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.01	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.02	USD	2 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-190.00M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-168.00M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-140.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-68.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$504.00M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$138.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$251.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$285.00M	USD	2 Qtrs
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-78.00M	USD	2 Qtrs
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-115.00M	USD	2 Qtrs
Net derivative losses	`DerivativeGainLossOnDerivativeNet`	$-118.00M	USD	1 Quarter
Net derivative losses	`DerivativeGainLossOnDerivativeNet`	$-143.00M	USD	2 Qtrs
Net derivative losses	`DerivativeGainLossOnDerivativeNet`	$-17.00M	USD	1 Quarter
Net derivative losses	`DerivativeGainLossOnDerivativeNet`	$-18.00M	USD	2 Qtrs
Proceeds from settled derivatives	`ReceiptPaymentOnDerivativeSettlementsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$2.00M	USD	2 Qtrs
Proceeds from settled derivatives	`ReceiptPaymentOnDerivativeSettlementsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$75.00M	USD	2 Qtrs
Other non-cash (gains) losses in income, net	`OtherNoncashIncomeExpense`	$-54.00M	USD	2 Qtrs
Other non-cash (gains) losses in income, net	`OtherNoncashIncomeExpense`	$150.00M	USD	2 Qtrs
Dry hole expenses	`ExplorationAbandonmentAndImpairmentExpense`	$7.00M	USD	2 Qtrs
Changes in operating assets and liabilities, net	`IncreaseDecreaseInOperatingCapital`	$70.00M	USD	2 Qtrs
Changes in operating assets and liabilities, net	`IncreaseDecreaseInOperatingCapital`	$41.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$232.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.00M	USD	2 Qtrs
Capital investments	`PaymentsToAcquirePropertyPlantAndEquipment`	$228.00M	USD	2 Qtrs
Capital investments	`PaymentsToAcquirePropertyPlantAndEquipment`	$26.00M	USD	2 Qtrs
Changes in capital investment accruals	`IncreaseDecreaseInCapitalInvestmentAccrual`	$11.00M	USD	2 Qtrs
Changes in capital investment accruals	`IncreaseDecreaseInCapitalInvestmentAccrual`	$203.00M	USD	2 Qtrs
Asset divestitures	`ProceedsFromSaleOfProductiveAssets`	$19.00M	USD	2 Qtrs
Acquisitions and other	`PurchaseOfAssetsNet`	$9.00M	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-440.00M	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.00M	USD	2 Qtrs
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$743.00M	USD	2 Qtrs
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$1.16B	USD	2 Qtrs
Repayments of revolving credit facility	`RepaymentsOfLinesOfCredit`	$934.00M	USD	2 Qtrs
Repayments of revolving credit facility	`RepaymentsOfLinesOfCredit`	$701.00M	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$61.00M	USD	2 Qtrs
Debt repurchase and amendment costs	`PaymentOfDebtRepurchaseAndAmendmentCosts`	$20.00M	USD	2 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.00M	USD	2 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$5.00M	USD	2 Qtrs
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$4.00M	USD	2 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-36.00M	USD	2 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$231.00M	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.00M	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$23.00M	USD	2 Qtrs
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.00M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.00M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.00M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.00M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Pension and postretirement losses, tax	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax`	-	USD	2 Qtrs
Pension and postretirement losses, tax	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax`	-	USD	1 Quarter
Pension and postretirement losses, tax	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax`	$2.00M	USD	1 Quarter
Pension and postretirement losses, tax	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax`	$2.00M	USD	2 Qtrs
Reclassification to income of realized losses on pensions and postretirement, tax	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax`	$-3.00M	USD	2 Qtrs
Reclassification to income of realized losses on pensions and postretirement, tax	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax`	-	USD	2 Qtrs
Reclassification to income of realized losses on pensions and postretirement, tax	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax`	-	USD	1 Quarter
Reclassification to income of realized losses on pensions and postretirement, tax	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax`	$-3.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.