加州资源 2026年季度报告

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-36478California Resources Corporation (Exact name of registrant as specified in its charter) Delaware46-5670947(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) 1 World Trade Center, Suite 1500Long Beach, California 90831(Address of principal executive offices) (Zip Code) (888) 848-4754(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which RegisteredCommon StockCRCNew York Stock Exchange 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 suchreports), and (2) has been subject to such filing requirements for the past 90 days.☑Yes☐No 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 periodthat the registrant was required to submit such files).☑Yes☐No 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," "smallerreporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act: Large Accelerated Filer☑Accelerated Filer☐Non-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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☑No 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 of March31, 2026 was 88,794,901. California Resources Corporation and Subsidiaries Table of Contents PagePart IItem 1Financial Statements4Condensed Consolidated Balance Sheets4Condensed Consolidated Statements of Operations5Condensed Consolidated Statements of Comprehensive (Loss) Income6Condensed Consolidated Statements of Stockholders' Equity7Condensed Consolidated Statements of Cash Flows8Notes to the Condensed Consolidated Financial Statements9Item 2Management’s Discussion and Analysis of Financial Condition and Results of Operations30General30Business Environment and Industry Outlook30Regulatory Updates31Statements of Operations Analysis32Results of Our Oil and Natural Gas Operations36Results of Our Carbon Management Segment39Liquidity and Capital Resources39Lawsuits, Claims, Commitments and Contingencies42Critical Accounting Estimates and Significant Accounting and Disclosure Changes42Forward-Looking Statements43Item 3Quantitative and Qualitative Disclosures About Market Risk44Item 4Controls and Procedures45 GLOSSARY AND SELECTED ABBREVIATIONS 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 definitive agreement and plan of merger entered into onFebruary 7, 2024 to obtain all the ownership interests in Aera in an all-stock transaction.•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 NGLsconverted to six thousand cubic feet of natural gas.•Berry- Berry Corporation (bry).•Berry Merger- The transactions contemplated by the definitive agreement and plan of merger entered into onSeptember 14, 2025 to combine with Berry in an all-stock transaction.•Boe- We convert natural gas volumes to crude oil equivalents using a ratio of six thousand cubic feet (Mcf) to onebarrel of crude oil equivalent based on energy content. This is a widely used conversion method in the oil andnatural gas industry.•Boe/d- Barrel of oil equivalent per day.•Brookfield- BGTF Sierra Aggregator LLC.•Btu- British thermal unit.•CalGEM- California Geologic Energy Management Division.•CAISO- California Independent System Operator.•Carbon TerraVault JV- A joint venture betw