10-Q Filing

CALIFORNIA RESOURCES CORP CIK: 1609253 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001609253-17-000065`
Period End Date	20170331
Filing Date	20170504
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	crc-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 42 Cash Flow Statement 54 Comprehensive Income 11

Balance Sheet 65 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.00M	USD	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`	$12.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$50.00M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$232.00M	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$212.00M	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
Inventories	`InventoryNet`	$57.00M	USD	Point-in-time
Inventories	`InventoryNet`	$58.00M	USD	Point-in-time
Other current assets, net	`OtherAssetsCurrent`	$90.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets, net	`OtherAssetsCurrent`	$123.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$409.00M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	42.59M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$425.00M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	42.54M	shares	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$20.96B	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$20.91B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.03B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.17B	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentNet`	$5.88B	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentNet`	$5.79B	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$44.00M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$35.00M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$6.24B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$6.35B	USD	Point-in-time
Current maturities of long-term debt	`DebtInstrumentCarryingAmountCurrent`	$100.00M	USD	Point-in-time
Current maturities of long-term debt	`DebtInstrumentCarryingAmountCurrent`	$100.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$238.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$219.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$350.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$407.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$726.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$688.00M	USD	Point-in-time
LONG-TERM DEBT - PRINCIPAL AMOUNT	`DebtInstrumentCarryingAmountNoncurrent`	$5.02B	USD	Point-in-time
LONG-TERM DEBT - PRINCIPAL AMOUNT	`DebtInstrumentCarryingAmountNoncurrent`	$5.17B	USD	Point-in-time
DEFERRED GAIN AND ISSUANCE COSTS, NET	`DeferredGainLossAndIssuanceCostsNet`	$382.00M	USD	Point-in-time
DEFERRED GAIN AND ISSUANCE COSTS, NET	`DeferredGainLossAndIssuanceCostsNet`	$397.00M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$620.00M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$593.00M	USD	Point-in-time
Preferred stock (20 million shares authorized at $0.01 par value) no shares outstanding at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock (20 million shares authorized at $0.01 par value) no shares outstanding at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock (200 million shares authorized at $0.01 par value) outstanding shares (March 31, 2017 - 42,592,983 and December 31, 2016 - 42,542,637)	`CommonStockValue`	-	USD	Point-in-time
Common stock (200 million shares authorized at $0.01 par value) outstanding shares (March 31, 2017 - 42,592,983 and December 31, 2016 - 42,542,637)	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.86B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.87B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.35B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.40B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-11.00M	USD	Point-in-time
Total equity attributable to common stock	`StockholdersEquity`	$-495.00M	USD	Point-in-time
Total equity attributable to common stock	`StockholdersEquity`	$-557.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$48.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-557.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-447.00M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$6.24B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$6.35B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Oil and gas net sales	`OilAndGasSalesRevenue`	$487.00M	USD	1 Quarter
Oil and gas net sales	`OilAndGasSalesRevenue`	$329.00M	USD	1 Quarter
Net derivative gains (losses)	`DerivativeGainLossOnDerivativeNet`	$-25.00M	USD	1 Quarter
Net derivative gains (losses)	`DerivativeGainLossOnDerivativeNet`	$73.00M	USD	1 Quarter
Other revenue	`OtherOperatingIncome`	$30.00M	USD	1 Quarter
Other revenue	`OtherOperatingIncome`	$18.00M	USD	1 Quarter
Total revenues and other	`Revenues`	$590.00M	USD	1 Quarter
Total revenues and other	`Revenues`	$322.00M	USD	1 Quarter
Production costs	`ProductionCosts`	$211.00M	USD	1 Quarter
Production costs	`ProductionCosts`	$184.00M	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$67.00M	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$67.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$147.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$140.00M	USD	1 Quarter
Taxes other than on income	`TaxesExcludingIncomeAndExciseTaxes`	$33.00M	USD	1 Quarter
Taxes other than on income	`TaxesExcludingIncomeAndExciseTaxes`	$39.00M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$6.00M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$5.00M	USD	1 Quarter
Other expenses, net	`OtherOperatingIncomeExpenseNet`	$-23.00M	USD	1 Quarter
Other expenses, net	`OtherOperatingIncomeExpenseNet`	$-22.00M	USD	1 Quarter
Total costs and other	`CostsAndOtherDeductions`	$479.00M	USD	1 Quarter
Total costs and other	`CostsAndOtherDeductions`	$465.00M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-143.00M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$111.00M	USD	1 Quarter
Interest and debt expense, net	`InterestAndDebtExpense`	$84.00M	USD	1 Quarter
Interest and debt expense, net	`InterestAndDebtExpense`	$74.00M	USD	1 Quarter
Net gains on early extinguishment of debt	`GainLossOnRepurchaseOfDebtInstrument`	$89.00M	USD	1 Quarter
Net gains on early extinguishment of debt	`GainLossOnRepurchaseOfDebtInstrument`	$4.00M	USD	1 Quarter
Gains on asset divestitures	`GainLossOnDispositionOfAssets1`	$21.00M	USD	1 Quarter
Gains on asset divestitures	`GainLossOnDispositionOfAssets1`	$21.00M	USD	Point-in-time
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-128.00M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$52.00M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-78.00M	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$-50.00M	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$52.00M	USD	1 Quarter
Net (income) loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.00M	USD	1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	`NetIncomeLoss`	$-50.00M	USD	1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	`NetIncomeLoss`	$53.00M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-1.30	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.23	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.30	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.22	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-50.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$52.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$147.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$140.00M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-78.00M	USD	1 Quarter
Net derivative (gains) losses	`DerivativeGainLossOnDerivativeNet`	$-25.00M	USD	1 Quarter
Net derivative (gains) losses	`DerivativeGainLossOnDerivativeNet`	$73.00M	USD	1 Quarter
Net (payments) proceeds on settled derivatives	`ReceiptPaymentOnDerivativeSettlementsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.00M	USD	1 Quarter
Net (payments) proceeds on settled derivatives	`ReceiptPaymentOnDerivativeSettlementsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$56.00M	USD	1 Quarter
Net gains on early extinguishment of debt	`GainLossOnRepurchaseOfDebtInstrument`	$89.00M	USD	1 Quarter
Net gains on early extinguishment of debt	`GainLossOnRepurchaseOfDebtInstrument`	$4.00M	USD	1 Quarter
Deferred gain and issuance costs amortization	`AmortizationOfDeferredGainsAndDebtIssuanceCost`	$12.00M	USD	1 Quarter
Deferred gain and issuance costs amortization	`AmortizationOfDeferredGainsAndDebtIssuanceCost`	$15.00M	USD	1 Quarter
Gains on asset divestitures	`GainLossOnDispositionOfAssets1`	$21.00M	USD	1 Quarter
Gains on asset divestitures	`GainLossOnDispositionOfAssets1`	$21.00M	USD	Point-in-time
Other non-cash losses in income, net	`OtherNoncashExpense`	$9.00M	USD	1 Quarter
Other non-cash losses in income, net	`OtherNoncashExpense`	$21.00M	USD	1 Quarter
Dry hole expenses	`ExplorationAbandonmentAndImpairmentExpense`	$1.00M	USD	1 Quarter
Changes in operating assets and liabilities, net	`IncreaseDecreaseInOperatingCapital`	$-42.00M	USD	1 Quarter
Changes in operating assets and liabilities, net	`IncreaseDecreaseInOperatingCapital`	$-98.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$115.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$133.00M	USD	1 Quarter
Capital investments	`PaymentsToAcquirePropertyPlantAndEquipment`	$50.00M	USD	1 Quarter
Capital investments	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.00M	USD	1 Quarter
Changes in capital investment accruals	`IncreaseDecreaseInCapitalInvestmentAccrual`	$-17.00M	USD	1 Quarter
Changes in capital investment accruals	`IncreaseDecreaseInCapitalInvestmentAccrual`	$7.00M	USD	1 Quarter
Asset divestitures	`ProceedsFromSaleOfProductiveAssets`	$33.00M	USD	1 Quarter
Acquisitions and other	`PurchaseOfAssetsNet`	$1.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-29.00M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$221.00M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$361.00M	USD	1 Quarter
Repayments of revolving credit facility	`RepaymentsOfLinesOfCredit`	$405.00M	USD	1 Quarter
Repayments of revolving credit facility	`RepaymentsOfLinesOfCredit`	$299.00M	USD	1 Quarter
Payments on first-lien first-out term loan	`RepaymentsOfSeniorDebt`	$41.00M	USD	1 Quarter
Payments on first-lien first-out term loan	`RepaymentsOfSeniorDebt`	$25.00M	USD	1 Quarter
Debt repurchases	`RepaymentsOfSubordinatedDebt`	$13.00M	USD	1 Quarter
Debt repurchases	`RepaymentsOfSubordinatedDebt`	$24.00M	USD	1 Quarter
Debt transaction costs	`PaymentsOfDebtRestructuringCosts`	$7.00M	USD	1 Quarter
Debt transaction costs	`PaymentsOfDebtRestructuringCosts`	$2.00M	USD	1 Quarter
Contribution from noncontrolling interest, net	`ProceedsFromMinorityShareholders`	$49.00M	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.00M	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-88.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-95.00M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$38.00M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-2.00M	USD	1 Quarter
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.00M	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`	$10.00M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.00M	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`	$12.00M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.00M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$50.00M	USD	Point-in-time

Comprehensive Income 11 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-50.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$52.00M	USD	1 Quarter
Net (income) loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.00M	USD	1 Quarter
Reclassification to income of realized losses on pension and postretirement	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax`	$-3.00M	USD	1 Quarter
Reclassification to income of realized losses on pension and postretirement	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax`	$-3.00M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.00M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.00M	USD	1 Quarter
Comprehensive income (loss) attributable to common stock	`ComprehensiveIncomeNetOfTax`	$56.00M	USD	1 Quarter
Comprehensive income (loss) attributable to common stock	`ComprehensiveIncomeNetOfTax`	$-47.00M	USD	1 Quarter
Pension and postretirement income, associated tax	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax`	-	USD	1 Quarter
Pension and postretirement income, associated tax	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax`	-	USD	1 Quarter

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