加州资源 2025年季度报告

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) For the quarterly period endedMarch31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) Commission file number001-36478California Resources Corporation (Exact name of registrant as specified in its charter) Delaware(State or other jurisdiction ofincorporation or organization) 46-5670947 (I.R.S. EmployerIdentification No.) 1 World Trade Center,Suite 1500Long Beach,California90831 (888)848-4754(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T(§232.405 of this chapter)during the preceding 12 months (or for such shorter period Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller Large Accelerated Filer☑Accelerated FilerSmaller Reporting Company☐Emerging Growth Company 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.☐ Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d)of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Indicate the number of shares outstanding for each of the issuer's classes of common stock, as of the latest practicable date.The number of shares of common stock outstanding as ofMarch31, 2025was89,175,034. GLOSSARY AND SELECTED ABBREVIATIONS The following are abbreviations and definitions of certain terms used within this Form 10-Q: •ASC- Accounting Standards Codification.•ARO- Asset retirement obligation.•Bbl- Barrel.•Bbl/d- Barrels per day.•Bcf- Billion cubic feet.•Bcfe- Billion cubic feet of natural gas equivalent using the ratio of one barrel of oil, condensate, or NGLs converted to six thousand cubic feet of natural gas. •Boe- We convert natural gas volumes to crude oil equivalents using a ratio of six thousand cubic feet (Mcf) toone barrel of crude oil equivalent based on energy content. This is a widely used conversion method in the oil andnatural gas industry. •OCTG- Oil country tubular goods.•Oil spill prevention rate- Calculated as total Boe less net barrels lost divided by total Boe.•OPEC- Organization of the Petroleum Exporting Countries.•OPEC+- OPEC together with Russia and certain other producing countries.•PHMSA- Pipeline and Hazardous Materials Safety Administration.•Proved developed reserves- Reserves that can be expected to be recovered through existing wells withexisting equipment and operating methods. •Proved reserves- The estimated quantities of natural gas, NGLs, and oil that geological and engineering datademonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs •Proved undeveloped reserves- Proved reserves that are expected to be recovered from new wells on undrilledacreage that are reasonably certain of production when drilled or from existing wells where a relatively major •PV-10- Non-GAAP financial measure and represents the year-end present value of estimated future cash flows from proved oil and natural gas reserves, less future development and operating costs, discounted at 10% perannum and using SEC Prices. PV-10 facilitates the comparisons to other companies as it is not dependent on thetax-paying status of the entity. Refer toPart I, Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations,Responsible Net Zero Goalfor more information. •Scope 1 emissions- Our direct emissions.•Scope 2 emissions- Indirect emissions from energy that we use (e.g., electricity, heat, steam, cooling) that isproduced by others. •Scope 3 emissions- Indirect emissions from upstream and downstream processing and use of our products.•SDWA- Safe Drinking Water Act.•SEC- United States Securities and Exchange Commission.•SEC Prices- The unweighted arithmetic average of the first day-of-the-month price for each month within theyear used to determine estimated volumes and cash flows for our proved reserves. •SOFR- Secured overnight financing rate as administered by the Federal Reserve Bank of New York. •Standardized measure- The year-end present value of after-tax estimated future cash f