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10-Q Filing

CALIFORNIA RESOURCES CORP CIK: 1609253 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001609253-20-000106
Period End Date 20200331
Filing Date 20200625
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance a2020q110-qdocument_htm.xml
Balance Sheet 68 line items
Line Item Tag Value Unit Period
Preferred stock, authorized shares (in shares) PreferredStockSharesAuthorized 20.00M shares Point-in-time
Preferred stock, authorized shares (in shares) PreferredStockSharesAuthorized 20.00M shares Point-in-time
Cash Cash $77.00M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash Cash $17.00M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, outstanding shares (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Trade receivables AccountsReceivableNetCurrent $135.00M USD Point-in-time
Trade receivables AccountsReceivableNetCurrent $277.00M USD Point-in-time
Preferred stock, outstanding shares (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Common stock, authorized shares (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock, authorized shares (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Inventories InventoryNet $67.00M USD Point-in-time
Inventories InventoryNet $60.00M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Other current assets, net OtherAssetsCurrent $84.00M USD Point-in-time
Other current assets, net OtherAssetsCurrent $130.00M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Total current assets AssetsCurrent $356.00M USD Point-in-time
Common stock, outstanding shares (in shares) CommonStockSharesOutstanding 49.18M shares Point-in-time
Total current assets AssetsCurrent $491.00M USD Point-in-time
Common stock, outstanding shares (in shares) CommonStockSharesOutstanding 49.45M shares Point-in-time
PROPERTY, PLANT AND EQUIPMENT PropertyPlantAndEquipmentGross $22.91B USD Point-in-time
PROPERTY, PLANT AND EQUIPMENT PropertyPlantAndEquipmentGross $22.89B USD Point-in-time
Accumulated depreciation, depletion and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $16.54B USD Point-in-time
Accumulated depreciation, depletion and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $18.37B USD Point-in-time
Total property, plant and equipment, net PropertyPlantAndEquipmentNet $6.35B USD Point-in-time
Total property, plant and equipment, net PropertyPlantAndEquipmentNet $4.54B USD Point-in-time
OTHER ASSETS OtherAssetsNoncurrent $80.00M USD Point-in-time
OTHER ASSETS OtherAssetsNoncurrent $115.00M USD Point-in-time
TOTAL ASSETS Assets $6.96B USD Point-in-time
TOTAL ASSETS Assets $4.97B USD Point-in-time
Current maturities of long-term debt DebtInstrumentCarryingAmountCurrent $100.00M USD Point-in-time
Current maturities of long-term debt DebtInstrumentCarryingAmountCurrent - USD Point-in-time
Accounts payable AccountsPayableCurrent $283.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $296.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $260.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $313.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $543.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $709.00M USD Point-in-time
LONG-TERM DEBT DebtInstrumentCarryingAmountNoncurrent $4.88B USD Point-in-time
LONG-TERM DEBT DebtInstrumentCarryingAmountNoncurrent $4.86B USD Point-in-time
DEFERRED GAIN AND ISSUANCE COSTS, NET DeferredGainLossAndIssuanceCostsNet $146.00M USD Point-in-time
DEFERRED GAIN AND ISSUANCE COSTS, NET DeferredGainLossAndIssuanceCostsNet $135.00M USD Point-in-time
OTHER LONG-TERM LIABILITIES OtherLiabilitiesNoncurrent $715.00M USD Point-in-time
OTHER LONG-TERM LIABILITIES OtherLiabilitiesNoncurrent $720.00M USD Point-in-time
Redeemable noncontrolling interests RedeemableNoncontrollingInterestEquityCarryingAmount $802.00M USD Point-in-time
Redeemable noncontrolling interests RedeemableNoncontrollingInterestEquityCarryingAmount $816.00M USD Point-in-time
Preferred stock (20 million shares authorized at $0.01 par value) no shares outstanding at March 31, 2020 and December 31, 2019 PreferredStockValue - USD Point-in-time
Preferred stock (20 million shares authorized at $0.01 par value) no shares outstanding at March 31, 2020 and December 31, 2019 PreferredStockValue - USD Point-in-time
Common stock (200 million shares authorized at $0.01 par value) outstanding shares (March 31, 2020 - 49,453,297 and December 31, 2019 - 49,175,843) CommonStockValue - USD Point-in-time
Common stock (200 million shares authorized at $0.01 par value) outstanding shares (March 31, 2020 - 49,453,297 and December 31, 2019 - 49,175,843) CommonStockValue - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $5.00B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $5.01B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-5.37B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-7.17B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-23.00M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-23.00M USD Point-in-time
Total equity attributable to common stock StockholdersEquity $-389.00M USD Point-in-time
Total equity attributable to common stock StockholdersEquity $-2.18B USD Point-in-time
Equity attributable to noncontrolling interests MinorityInterest $88.00M USD Point-in-time
Equity attributable to noncontrolling interests MinorityInterest $93.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-289.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.10B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-296.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-247.00M USD Point-in-time
TOTAL LIABILITIES AND EQUITY LiabilitiesAndStockholdersEquity $6.96B USD Point-in-time
TOTAL LIABILITIES AND EQUITY LiabilitiesAndStockholdersEquity $4.97B USD Point-in-time
Income Statement 50 line items
Line Item Tag Value Unit Period
Oil and natural gas sales RevenueFromContractWithCustomerExcludingAssessedTax $430.00M USD 1 Quarter
Oil and natural gas sales RevenueFromContractWithCustomerExcludingAssessedTax $601.00M USD 1 Quarter
Net derivative gain (loss) from commodity contracts GainLossOnDerivativeInstrumentsNetPretax $-89.00M USD 1 Quarter
Net derivative gain (loss) from commodity contracts GainLossOnDerivativeInstrumentsNetPretax $79.00M USD 1 Quarter
Other revenue OtherOperatingIncome $178.00M USD 1 Quarter
Other revenue OtherOperatingIncome $64.00M USD 1 Quarter
Total revenues Revenues $573.00M USD 1 Quarter
Total revenues Revenues $690.00M USD 1 Quarter
Production costs ProductionCosts $192.00M USD 1 Quarter
Production costs ProductionCosts $233.00M USD 1 Quarter
General and administrative expenses SellingGeneralAndAdministrativeExpense $60.00M USD 1 Quarter
General and administrative expenses SellingGeneralAndAdministrativeExpense $83.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $118.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $119.00M USD 1 Quarter
Asset impairments AssetImpairmentCharges $1.74B USD 1 Quarter
Asset impairments AssetImpairmentCharges - USD 1 Quarter
Taxes other than on income TaxesExcludingIncomeAndExciseTaxes $41.00M USD 1 Quarter
Taxes other than on income TaxesExcludingIncomeAndExciseTaxes $41.00M USD 1 Quarter
Exploration expense ExplorationExpense $5.00M USD 1 Quarter
Exploration expense ExplorationExpense $10.00M USD 1 Quarter
Other expenses, net OtherOperatingIncomeExpenseNet $-69.00M USD 1 Quarter
Other expenses, net OtherOperatingIncomeExpenseNet $-148.00M USD 1 Quarter
Total costs CostsAndOtherDeductions $2.22B USD 1 Quarter
Total costs CostsAndOtherDeductions $633.00M USD 1 Quarter
OPERATING (LOSS) INCOME OperatingIncomeLoss $-1.65B USD 1 Quarter
OPERATING (LOSS) INCOME OperatingIncomeLoss $57.00M USD 1 Quarter
Interest and debt expense, net InterestAndDebtExpenseNet $100.00M USD 1 Quarter
Interest and debt expense, net InterestAndDebtExpenseNet $87.00M USD 1 Quarter
Net gain on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt $6.00M USD 1 Quarter
Net gain on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt $5.00M USD 1 Quarter
Other non-operating expenses OtherNonoperatingExpense $14.00M USD 1 Quarter
Other non-operating expenses OtherNonoperatingExpense $7.00M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.75B USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-44.00M USD 1 Quarter
Income tax IncomeTaxExpenseBenefit - USD 1 Quarter
Income tax IncomeTaxExpenseBenefit - USD 1 Quarter
NET LOSS ProfitLoss $-44.00M USD 1 Quarter
NET LOSS ProfitLoss $-1.75B USD 1 Quarter
Net income attributable to noncontrolling interests NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable $28.00M USD 1 Quarter
Net income attributable to noncontrolling interests NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable $30.00M USD 1 Quarter
Equity NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable $21.00M USD 1 Quarter
Equity NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable $-5.00M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $23.00M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $51.00M USD 1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCK NetIncomeLoss $-1.80B USD 1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCK NetIncomeLoss $-67.00M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-1.38 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-36.43 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-36.43 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-1.38 USD 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-44.00M USD 1 Quarter
Net loss ProfitLoss $-1.75B USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $118.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $119.00M USD 1 Quarter
Asset impairments AssetImpairmentCharges $1.74B USD 1 Quarter
Asset impairments AssetImpairmentCharges - USD 1 Quarter
Net derivative (gain) loss from commodity contracts DerivativeGainLossOnDerivativeNet $-89.00M USD 1 Quarter
Net derivative (gain) loss from commodity contracts DerivativeGainLossOnDerivativeNet $79.00M USD 1 Quarter
Net proceeds from settled commodity derivatives ProceedsPaymentsOnDerivativeSettlementsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $-98.00M USD 1 Quarter
Net proceeds from settled commodity derivatives ProceedsPaymentsOnDerivativeSettlementsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $-14.00M USD 1 Quarter
Net gain on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt $6.00M USD 1 Quarter
Net gain on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt $5.00M USD 1 Quarter
Amortization of deferred gain AmortizationOfDeferredGainsAndDebtIssuanceCost $18.00M USD 1 Quarter
Amortization of deferred gain AmortizationOfDeferredGainsAndDebtIssuanceCost $17.00M USD 1 Quarter
Dry hole expenses ResultsOfOperationsDryHoleCosts $3.00M USD 1 Quarter
Dry hole expenses ResultsOfOperationsDryHoleCosts - USD 1 Quarter
Other non-cash charges to income, net OtherNoncashIncomeExpense $-26.00M USD 1 Quarter
Other non-cash charges to income, net OtherNoncashIncomeExpense $-8.00M USD 1 Quarter
Changes in operating assets and liabilities, net IncreaseDecreaseInOperatingCapital $-113.00M USD 1 Quarter
Changes in operating assets and liabilities, net IncreaseDecreaseInOperatingCapital $24.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $228.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $158.00M USD 1 Quarter
Capital investments PaymentsToAcquirePropertyPlantAndEquipment $131.00M USD 1 Quarter
Capital investments PaymentsToAcquirePropertyPlantAndEquipment $30.00M USD 1 Quarter
Changes in capital investment accruals IncreaseDecreaseInCapitalInvestmentAccrual $19.00M USD 1 Quarter
Changes in capital investment accruals IncreaseDecreaseInCapitalInvestmentAccrual $47.00M USD 1 Quarter
Asset divestitures ProceedsFromSaleOfProductiveAssets $41.00M USD 1 Quarter
Asset divestitures ProceedsFromSaleOfProductiveAssets - USD 1 Quarter
Acquisitions PurchaseOfAssetsNet - USD 1 Quarter
Acquisitions PurchaseOfAssetsNet $2.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $4.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $2.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-12.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-182.00M USD 1 Quarter
Proceeds from 2014 Revolving Credit Facility ProceedsFromLinesOfCredit $449.00M USD 1 Quarter
Proceeds from 2014 Revolving Credit Facility ProceedsFromLinesOfCredit $615.00M USD 1 Quarter
Repayments of 2014 Revolving Credit Facility RepaymentsOfLinesOfCredit $579.00M USD 1 Quarter
Repayments of 2014 Revolving Credit Facility RepaymentsOfLinesOfCredit $459.00M USD 1 Quarter
Debt repurchases RepaymentsOfSubordinatedDebt $14.00M USD 1 Quarter
Debt repurchases RepaymentsOfSubordinatedDebt $3.00M USD 1 Quarter
2020 Senior Notes payment RepaymentsOfSeniorDebt $100.00M USD 1 Quarter
2020 Senior Notes payment RepaymentsOfSeniorDebt - USD 1 Quarter
Contributions from noncontrolling interest holders, net ProceedsFromMinorityShareholders $2.00M USD 1 Quarter
Contributions from noncontrolling interest holders, net ProceedsFromMinorityShareholders $49.00M USD 1 Quarter
Distributions paid to noncontrolling interest holders PaymentsOfDividendsMinorityInterest $44.00M USD 1 Quarter
Distributions paid to noncontrolling interest holders PaymentsOfDividendsMinorityInterest $20.00M USD 1 Quarter
Shares canceled for taxes PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.00M USD 1 Quarter
Shares canceled for taxes PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.00M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-156.00M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $50.00M USD 1 Quarter
Increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $60.00M USD 1 Quarter
Increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $26.00M USD 1 Quarter
Cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $43.00M USD Point-in-time
Cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.00M USD Point-in-time
Cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.00M USD Point-in-time
Cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.00M USD Point-in-time
Cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $43.00M USD Point-in-time
Cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.00M USD Point-in-time
Cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.00M USD Point-in-time
Cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.00M USD Point-in-time
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-289.00M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.10B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-296.00M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-247.00M USD Point-in-time
Net (loss) income NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $-72.00M USD 1 Quarter
Net (loss) income NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $-1.77B USD 1 Quarter
Contribution from noncontrolling interest holders, net NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest $49.00M USD 1 Quarter
Distributions to noncontrolling interest holders NoncontrollingInterestDecreaseFromDistributionsToRedeemableNoncontrollingInterestHolders $26.00M USD 1 Quarter
Distributions to noncontrolling interest holders NoncontrollingInterestDecreaseFromDistributionsToRedeemableNoncontrollingInterestHolders $21.00M USD 1 Quarter
Share-based compensation, net AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.00M USD 1 Quarter
Share-based compensation, net AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.00M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-289.00M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.10B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-296.00M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-247.00M USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-44.00M USD 1 Quarter
Net loss ProfitLoss $-1.75B USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $23.00M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $51.00M USD 1 Quarter
Comprehensive loss attributable to common stock ComprehensiveIncomeNetOfTax $-1.80B USD 1 Quarter
Comprehensive loss attributable to common stock ComprehensiveIncomeNetOfTax $-67.00M USD 1 Quarter

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

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