CONDENSED CONSOLIDATING FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

We have designated certain of our subsidiaries as Unrestricted Subsidiaries under the indenture governing our 2026 Senior Notes (2026 Senior Notes Indenture) and the indenture governing our 2029 Senior Notes (2029 Senior Notes Indenture). Unrestricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) are subject to fewer restrictions under the indentures. We are required under the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture to present the financial condition and results of operations of CRC and its Restricted Subsidiaries (as defined in the 2026 Senior Notes Indenture and 2029 Senior Notes Indenture) separate from the financial condition and results of operations of its Unrestricted Subsidiaries. The following condensed consolidating balance sheets as of September 30, 2025 and December 31, 2024 and the condensed consolidating statements of operations for the three and nine months ended September 30, 2025 and 2024, as applicable, reflect the condensed consolidating financial information of CRC (Parent), our combined Unrestricted Subsidiaries, our combined Restricted Subsidiaries and the elimination entries necessary to arrive at the information for the Company on a consolidated basis. The financial information may not necessarily be indicative of the financial condition and results of operations had the Unrestricted Subsidiaries operated as independent entities.

Condensed Consolidating Balance Sheets

As of September 30, 2025 and December 31, 2024


	As of September 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	260	$	27	$	525	$	—	$	812
Total property, plant and equipment, net	23		52		5,455		—		5,530
Investments in consolidated subsidiaries	5,706		(46)		17,013		(22,673)		—
Deferred tax asset	27		—		—		—		27
Investment in unconsolidated subsidiaries	—		49		53		—		102
Other assets	117		45		118		—		280
TOTAL ASSETS	$	6,133	$	127	$	23,164	$	(22,673)	$	6,751

Total current liabilities	269		19		629		—		917
Long-term debt	889		—		—		—		889
Asset retirement obligations	—		—		965		—		965
Other long-term liabilities	106		133		86		—		325
Deferred tax liability	212		—		—		—		212
Amounts due to (from) affiliates	1,214		72		(1,286)		—		—
Total equity	3,443		(97)		22,770		(22,673)		3,443
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	6,133	$	127	$	23,164	$	(22,673)	$	6,751


	As of December 31, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total current assets	$	437	$	46	$	541	$	—	$	1,024
Total property, plant and equipment, net	14		31		5,635		—		5,680
Investments in consolidated subsidiaries	4,869		(32)		15,050		(19,887)		—
Deferred tax asset	73		—		—		—		73
Investment in unconsolidated subsidiary	—		27		59		—		86
Other assets	113		58		101		—		272
TOTAL ASSETS	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Total current liabilities	224		14		742		—		980
Long-term debt	1,132		—		—		—		1,132
Asset retirement obligations	—		—		995		—		995
Other long-term liabilities	114		138		125		—		377
Amounts due to (from) affiliates	385		—		(385)		—		—
Deferred tax liability	113		—		—		—		113
Total equity	3,538		(22)		19,909		(19,887)		3,538
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,506	$	130	$	21,386	$	(19,887)	$	7,135

Condensed Consolidating Statement of Operations

For the three and nine months ended September 30, 2025 and 2024


	Three months ended September 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	1	$	—	$	875	$	(21)	$	855
Total costs and other	90		13		672		(19)		756
Loss on asset divestitures	—		—		(1)		—		(1)
Non-operating (loss) income	(22)		(4)		3		—		(23)
(LOSS) INCOME BEFORE INCOME TAXES	(111)		(17)		205		(2)		75
Income tax provision	(11)		—		—		—		(11)
NET (LOSS) INCOME	$	(122)	$	(17)	$	205	$	(2)	$	64


	Three months ended September 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	2	$	—	$	1,437	$	(86)	$	1,353
Total costs and other	86		16		818		(85)		835

Non-operating (loss) income	(32)		(5)		2		—		(35)
(LOSS) INCOME BEFORE INCOME TAXES	(116)		(21)		621		(1)		483
Income tax provision	(138)		—		—		—		(138)
NET (LOSS) INCOME	$	(254)	$	(21)	$	621	$	(1)	$	345


	Nine months ended September 30, 2025
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	6	$	—	$	2,800	$	(61)	$	2,745
Total costs and other	265		47		1,940		(59)		2,193
Loss on asset divestitures	—		—		(1)		—		(1)
Non-operating (loss) income	(70)		(11)		9		—		(72)
(LOSS) INCOME BEFORE INCOME TAXES	(329)		(58)		868		(2)		479
Income tax provision	(128)		—		—		—		(128)
NET (LOSS) INCOME	$	(457)	$	(58)	$	868	$	(2)	$	351


	Nine months ended September 30, 2024
	Parent		Combined Unrestricted Subsidiaries		Combined Restricted Subsidiaries		Eliminations		Consolidated

	(in millions)
Total operating revenues	$	15	$	—	$	2,407	$	(101)	$	2,321
Total costs and other	222		44		1,611		(101)		1,776
Gain on asset divestitures	—		—		7		—		7
Non-operating (loss) income	(66)		(16)		5		—		(77)
(LOSS) INCOME BEFORE INCOME TAXES	(273)		(60)		808		—		475
Income tax provision	(132)		—		—		—		(132)
NET (LOSS) INCOME	$	(405)	$	(60)	$	808	$	—	$	343