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10-Q Filing

CALIFORNIA RESOURCES CORP CIK: 1609253 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001609253-22-000028
Period End Date 20220331
Filing Date 20220505
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance crc-20220331_htm.xml
Balance Sheet 76 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
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash Cash $305.00M USD Point-in-time
Cash Cash $328.00M 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 $301.00M USD Point-in-time
Trade receivables AccountsReceivableNetCurrent $245.00M 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
Inventories InventoryNet $60.00M USD Point-in-time
Inventories InventoryNet $56.00M USD Point-in-time
Common stock, authorized shares (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $3.00M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $22.00M 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
Other current assets OtherAssetsCurrent $146.00M USD Point-in-time
Common stock, issued shares (in shares) CommonStockSharesIssued 83.39M shares Point-in-time
Other current assets OtherAssetsCurrent $121.00M USD Point-in-time
Common stock, issued shares (in shares) CommonStockSharesIssued 83.39M shares Point-in-time
Common stock, outstanding shares (in shares) CommonStockSharesOutstanding 79.30M shares Point-in-time
Total current assets AssetsCurrent $753.00M USD Point-in-time
Common stock, outstanding shares (in shares) CommonStockSharesOutstanding 77.63M shares Point-in-time
Total current assets AssetsCurrent $834.00M USD Point-in-time
Treasury stock (in shares) TreasuryStockShares 5.76M shares Point-in-time
PROPERTY, PLANT AND EQUIPMENT PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization $2.94B USD Point-in-time
Treasury stock (in shares) TreasuryStockShares 4.09M shares Point-in-time
PROPERTY, PLANT AND EQUIPMENT PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization $2.85B USD Point-in-time
Accumulated depreciation, depletion and amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization $246.00M USD Point-in-time
Accumulated depreciation, depletion and amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization $293.00M USD Point-in-time
Total property, plant and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $2.64B USD Point-in-time
Total property, plant and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $2.60B USD Point-in-time
DEFERRED TAX ASSET DeferredIncomeTaxAssetsNet $396.00M USD Point-in-time
DEFERRED TAX ASSET DeferredIncomeTaxAssetsNet $429.00M USD Point-in-time
OTHER NONCURRENT ASSETS OtherAssetsNoncurrent $98.00M USD Point-in-time
OTHER NONCURRENT ASSETS OtherAssetsNoncurrent $126.00M USD Point-in-time
TOTAL ASSETS Assets $3.85B USD Point-in-time
TOTAL ASSETS Assets $4.03B USD Point-in-time
Accounts payable AccountsPayableCurrent $287.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $266.00M USD Point-in-time
Liabilities associated with assets held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent $2.00M USD Point-in-time
Liabilities associated with assets held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent $21.00M USD Point-in-time
Fair value of derivative contracts DerivativeLiabilitiesCurrent $270.00M USD Point-in-time
Fair value of derivative contracts DerivativeLiabilitiesCurrent $554.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $362.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $297.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.21B USD Point-in-time
Total current liabilities LiabilitiesCurrent $854.00M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $590.00M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $589.00M USD Point-in-time
Fair value of derivative contracts DerivativeLiabilitiesNoncurrent $132.00M USD Point-in-time
Fair value of derivative contracts DerivativeLiabilitiesNoncurrent $200.00M USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $426.00M USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $438.00M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $178.00M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $145.00M USD Point-in-time
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at March 31, 2022 and December 31, 2021 PreferredStockValue - USD Point-in-time
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at March 31, 2022 and December 31, 2021 PreferredStockValue - USD Point-in-time
Common stock (200,000,000 shares authorized at $0.01 par value) (83,389,254 and 83,389,210 shares issued; 77,630,810 and 79,299,222 shares outstanding at March 31, 2022 and December 31, 2021) CommonStockValue $1.00M USD Point-in-time
Common stock (200,000,000 shares authorized at $0.01 par value) (83,389,254 and 83,389,210 shares issued; 77,630,810 and 79,299,222 shares outstanding at March 31, 2022 and December 31, 2021) CommonStockValue $1.00M USD Point-in-time
Treasury stock (5,758,444 shares held at cost at March 31, 2022 and 4,089,988 shares held at cost at December 31, 2021) TreasuryStockValue $148.00M USD Point-in-time
Treasury stock (5,758,444 shares held at cost at March 31, 2022 and 4,089,988 shares held at cost at December 31, 2021) TreasuryStockValue $219.00M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.29B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.29B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $475.00M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $286.00M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $72.00M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $72.00M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.18B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.69B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.43B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.08B USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $3.85B USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $4.03B USD Point-in-time
Income Statement 54 line items
Line Item Tag Value Unit Period
Oil, natural gas and NGL sales RevenueFromContractWithCustomerExcludingAssessedTax $432.00M USD 1 Quarter
Oil, natural gas and NGL sales RevenueFromContractWithCustomerExcludingAssessedTax $628.00M USD 1 Quarter
Net loss from commodity derivatives GainLossOnDerivativeInstrumentsNetPretax $-562.00M USD 1 Quarter
Net loss from commodity derivatives GainLossOnDerivativeInstrumentsNetPretax $-213.00M USD 1 Quarter
Total operating revenues Revenues $363.00M USD 1 Quarter
Total operating revenues Revenues $153.00M USD 1 Quarter
Operating costs ProductionCosts $164.00M USD 1 Quarter
Operating costs ProductionCosts $182.00M USD 1 Quarter
General and administrative expenses SellingGeneralAndAdministrativeExpense $48.00M USD 1 Quarter
General and administrative expenses SellingGeneralAndAdministrativeExpense $48.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $52.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $49.00M USD 1 Quarter
Asset impairments AssetImpairmentCharges $3.00M USD 1 Quarter
Asset impairments AssetImpairmentCharges - USD 1 Quarter
Taxes other than on income TaxesExcludingIncomeAndExciseTaxes $34.00M USD 1 Quarter
Taxes other than on income TaxesExcludingIncomeAndExciseTaxes $40.00M USD 1 Quarter
Exploration expense ExplorationExpense $2.00M USD 1 Quarter
Exploration expense ExplorationExpense $1.00M USD 1 Quarter
Accretion expense AccretionExpense $11.00M USD 1 Quarter
Accretion expense AccretionExpense $13.00M USD 1 Quarter
Other operating expenses, net OtherOperatingIncomeExpenseNet $-14.00M USD 1 Quarter
Other operating expenses, net OtherOperatingIncomeExpenseNet $-17.00M USD 1 Quarter
Total operating expenses OperatingExpenses $396.00M USD 1 Quarter
Total operating expenses OperatingExpenses $436.00M USD 1 Quarter
Net gain on asset divestitures GainLossOnDispositionOfAssets1 $54.00M USD 1 Quarter
Net gain on asset divestitures GainLossOnDispositionOfAssets1 - USD 1 Quarter
OPERATING LOSS OperatingIncomeLoss $-73.00M USD 1 Quarter
OPERATING LOSS OperatingIncomeLoss $-189.00M USD 1 Quarter
Reorganization items, net DebtorReorganizationItemsOtherExpenseIncome - USD 1 Quarter
Reorganization items, net DebtorReorganizationItemsOtherExpenseIncome $2.00M USD 1 Quarter
Interest and debt expense, net InterestAndDebtExpenseNet $13.00M USD 1 Quarter
Interest and debt expense, net InterestAndDebtExpenseNet $13.00M USD 1 Quarter
Net loss on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-2.00M USD 1 Quarter
Net loss on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Other non-operating expenses, net OtherNonoperatingExpense $1.00M USD 1 Quarter
Other non-operating expenses, net OtherNonoperatingExpense $1.00M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-89.00M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-201.00M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $-26.00M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit - USD 1 Quarter
NET LOSS ProfitLoss $-175.00M USD 1 Quarter
NET LOSS ProfitLoss $-89.00M USD 1 Quarter
Less: net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Less: net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.00M USD 1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCK NetIncomeLoss $-175.00M USD 1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCK NetIncomeLoss $-94.00M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-2.23 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-1.13 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-1.13 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-2.23 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 78.50M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 83.30M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 83.30M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 78.50M shares 1 Quarter
Cash Flow Statement 54 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-175.00M USD 1 Quarter
Net loss ProfitLoss $-89.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $52.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $49.00M USD 1 Quarter
Deferred income tax benefit DeferredIncomeTaxExpenseBenefit - USD 1 Quarter
Deferred income tax benefit DeferredIncomeTaxExpenseBenefit $-33.00M USD 1 Quarter
Asset impairments AssetImpairmentCharges $3.00M USD 1 Quarter
Asset impairments AssetImpairmentCharges - USD 1 Quarter
Net loss from commodity derivatives DerivativeGainLossOnDerivativeNet $-213.00M USD 1 Quarter
Net loss from commodity derivatives DerivativeGainLossOnDerivativeNet $-562.00M USD 1 Quarter
Net payments on settled commodity derivatives ProceedsPaymentsOnDerivativeSettlementsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $39.00M USD 1 Quarter
Net payments on settled commodity derivatives ProceedsPaymentsOnDerivativeSettlementsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $181.00M USD 1 Quarter
Net loss on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-2.00M USD 1 Quarter
Net loss on early extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Net gain on asset divestitures GainLossOnDispositionOfAssetsNonCash $2.00M USD 1 Quarter
Net gain on asset divestitures GainLossOnDispositionOfAssetsNonCash $54.00M USD 1 Quarter
Other non-cash charges to income, net OtherNoncashIncomeExpense $-8.00M USD 1 Quarter
Other non-cash charges to income, net OtherNoncashIncomeExpense $-7.00M USD 1 Quarter
Changes in operating assets and liabilities, net IncreaseDecreaseInOperatingCapital - USD 1 Quarter
Changes in operating assets and liabilities, net IncreaseDecreaseInOperatingCapital $16.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $160.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $147.00M USD 1 Quarter
Capital investments PaymentsToAcquirePropertyPlantAndEquipment $99.00M USD 1 Quarter
Capital investments PaymentsToAcquirePropertyPlantAndEquipment $27.00M USD 1 Quarter
Changes in accrued capital investments IncreaseDecreaseInCapitalInvestmentAccrual $-5.00M USD 1 Quarter
Changes in accrued capital investments IncreaseDecreaseInCapitalInvestmentAccrual $-3.00M USD 1 Quarter
Proceeds from asset divestitures ProceedsFromSaleOfProductiveAssets $60.00M USD 1 Quarter
Proceeds from asset divestitures ProceedsFromSaleOfProductiveAssets $2.00M USD 1 Quarter
Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired $17.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-53.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-20.00M USD 1 Quarter
Proceeds from Senior Notes ProceedsFromIssuanceOfSeniorLongTermDebt $600.00M USD 1 Quarter
Proceeds from Senior Notes ProceedsFromIssuanceOfSeniorLongTermDebt - USD 1 Quarter
Debt issuance costs PaymentsOfDebtExtinguishmentCosts $12.00M USD 1 Quarter
Debt issuance costs PaymentsOfDebtExtinguishmentCosts - USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $71.00M USD 1 Quarter
Common stock dividends PaymentsOfDividendsCommonStock $13.00M USD 1 Quarter
Common stock dividends PaymentsOfDividendsCommonStock - USD 1 Quarter
Distributions paid to a noncontrolling interest holder PaymentsOfDividendsMinorityInterest $14.00M USD 1 Quarter
Distributions paid to a noncontrolling interest holder PaymentsOfDividendsMinorityInterest - USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-84.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-25.00M USD 1 Quarter
Increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $102.00M USD 1 Quarter
Increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $23.00M USD 1 Quarter
Cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $328.00M USD Point-in-time
Cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $305.00M USD Point-in-time
Cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $130.00M USD Point-in-time
Cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $28.00M USD Point-in-time
Cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $328.00M USD Point-in-time
Cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $305.00M USD Point-in-time
Cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $130.00M USD Point-in-time
Cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $28.00M USD Point-in-time
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Dividends declared, common stock (in dollars per share) CommonStockDividendsPerShareDeclared $0.17 USD Point-in-time
Dividends declared, common stock (in dollars per share) CommonStockDividendsPerShareDeclared $0.17 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.18B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.69B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.43B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.08B USD Point-in-time
Net (loss) income NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $-175.00M USD 1 Quarter
Net (loss) income NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $-89.00M USD 1 Quarter
Distributions paid to a noncontrolling interest holder NoncontrollingInterestDecreaseFromDistributionsToRedeemableNoncontrollingInterestHolders $14.00M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $5.00M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.00M USD 1 Quarter
Repurchases of common stock TreasuryStockValueAcquiredCostMethod $71.00M USD 1 Quarter
Repurchases of common stock TreasuryStockValueAcquiredCostMethod $219.00M USD 5 Qtrs
Cash dividends ($0.17 per share) DividendsCommonStockCash $14.00M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.18B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.69B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.43B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.08B USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-175.00M USD 1 Quarter
Net loss ProfitLoss $-89.00M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.00M USD 1 Quarter
Comprehensive loss attributable to common stock ComprehensiveIncomeNetOfTax $-94.00M USD 1 Quarter
Comprehensive loss attributable to common stock ComprehensiveIncomeNetOfTax $-175.00M USD 1 Quarter

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

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