加州资源 2025年季度报告

For the quarterly period endedMarch31, 2025OR OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ___________ to ___________ Commission file number001-36478 (State or other jurisdiction of incorporation or organization) 1 World Trade Center,Suite 1500 (888)848-4754(Registrant’s telephone number, including area code) pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter)during the preceding 12 months (or for such shorter periodthat the registrant was required to submit such files).☑Yes☐No reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:Large Accelerated Filer☑Accelerated Filer☐Non-Accelerated Filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Yes☐No The number of shares of common stock outstanding as ofMarch31, 2025was89,175,034. Financial StatementsCondensed Consolidated Balance Sheets Divestitures and Assets Held for SaleLawsuits, Claims, Commitments and Contingencies Critical Accounting Estimates and Significant Accounting and Disclosure Changes Quantitative and Qualitative Disclosures About Market RiskControls and ProceduresLegal ProceedingsRisk FactorsUnregistered Sales of Equity Securities and Use of ProceedsOther DisclosuresExhibits The following are abbreviations and definitions of certain terms used within this Form 10-Q:•AB- Assembly Bill.•ABR- Alternate base rate.•Aera- Aera Energy LLC.•Aera Merger- The transactions contemplated by the Merger Agreement.•ASC- Accounting Standards Codification.•ARO- Asset retirement obligation.•Bbl- Barrel. •MBbl- One thousand barrels of crude oil, condensate or NGLs.•MBbl/d- One thousand barrels per day.•MBoe/d- One thousand barrels of oil equivalent per day. •Mcf- One thousand cubic feet of natural gas equivalent, with liquids converted to an equivalent volume of naturalgas using the ratio of one barrel of oil to six thousand cubic feet of natural gas.•Merger Agreement- Definitive agreement and plan of merger related to the transactions to obtain all of the •MHp- One thousand horsepower.•MMBbl- One million barrels of crude oil, condensate or NGLs.•MMBoe- One million barrels of oil equivalent. •MMcf/d- One million cubic feet of natural gas per day.•MMT- Million metric tons.•MMTPA- Million metric tons per annum. •SEC- United States Securities and Exchange Commission. natural gas reserves, less future development and operating costs, discounted at 10% per annum and using SECPrices. Standardized measure is prescribed by the SEC as an industry standard asset value measure to comparereserves with consistent pricing, costs and discount assumptions.•TRIR- Total Recordable Incident Rate calculated as recordable incidents per 200,000 hours for all workers For the three months ended March31, 2025 and 2024(in millions) Net cash used in financing activities Decrease in cash and cash equivalentsCash and cash equivalents—beginning of period Cash and cash equivalents—end of period$214$The accompanying notes are an integral part of these condensed consolidated financial statements. 8 March31, 2025BASIS OF PRESENTATIONWe are an independent energy and carbon management company committed to energy transition. We are committedto environmental stewardship while safely providing local, responsibly sourced energy. We are also focused on significantly impacted the comparability of our financial results for the three months ended March 31, 2025 as comparedto the three months ended March 31, 2024. SeeNote 2 Aera Mergerfor transaction details. In the opinion of our management, the accompanying unaudited condensed consolidated financial statements containall adjustments necessary to fairly present our financial position, results of operations, comprehensive income, equity andcash flows for all periods presented. We have eliminated all significant intercompany transactions and accounts. Weaccount for our share of oil and natural gas producing activities in which we have a direct working interest by reporting our thenadjusted for our proportionate share of income or loss in addition to contributions and distributions.We have prepared this report inaccordancewithgenerallyaccepted accounting principles (GAAP) in the United misleading. The preparation of financial statements in conformity with GAAP requires management to select appropriateaccounting policies and make informed estimates and judgments regarding certain types of financial statement balancesand disclosures. Actual results could differ. Management believes that these estimates and judgments provide areasonable basis for the fair presentation of our condensed consolidated financial statements. These condensedconsolidated financial statements should be read in conjunction with the consolidated financial statements and notesthereto in our Ann