California Resources (CRC) 10-K 27 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Jan. 31, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	California Resources Corp
Entity Central Index Key	1609253
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$0
Entity Common Stock, Shares Outstanding		385,639,582
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated_and_Combined_Bala

Consolidated and Combined Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$14	$0
Trade receivables, net	308	30
Inventories	71	75
Other current assets	308	149
Total current assets	701	254
PROPERTY, PLANT AND EQUIPMENT	20,536	20,972
Accumulated depreciation, depletion and amortization	-8,851	-6,964
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET	11,685	14,008
OTHER ASSETS	111	35
TOTAL ASSETS	12,497	14,297
CURRENT LIABILITIES
Accounts payable	588	448
Accrued liabilities	318	241
Total current liabilities	906	689
LONG-TERM DEBT	6,360
DEFERRED INCOME TAXES	2,055	3,122
OTHER LONG-TERM LIABILITIES	565	497
COMMITMENTS AND CONTINGENCIES
EQUITY
Preferred stock - no shares outstanding at December 31, 2014 or 2013 (200 million shares authorized at $0.01 par value)
Common stock (2.0 billions shares authorized at $0.01 par value) Outstanding shares (2014 - 385,639,582 shares and 2013 - 0 shares)	4
Additional paid-in capital	4,748
Accumulated deficit	-2,117
Net parent company investment		10,013
Accumulated other comprehensive income (loss)	-24	-24
Total Equity / Net Investment	2,611	9,989
TOTAL LIABILITIES AND EQUITY	$12,497	$14,297

Consolidated_and_Combined_Bala1

Consolidated and Combined Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED AND COMBINED BALANCE SHEETS
Preferred stock, outstanding shares	0	0
Preferred stock, authorized shares	200,000,000
Preferred stock, par value (in dollars per share)	$0.01
Common stock, authorized shares	2,000,000,000
Common stock, par value (in dollars per share)	$0.01
Common stock shares issued	385,639,582	0

Consolidated_and_Combined_Stat

Consolidated and Combined Statements of Operations (USD $)	12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES
Oil and natural gas sales to related parties	$2,617	$4,054	$3,878
Oil and natural gas sales to third parties	1,406	85	89
Other revenue	150	145	106
TOTAL REVENUES	4,173	4,284	4,073
COSTS AND OTHER DEDUCTIONS
Production costs	1,023	960	1,219
Selling, general and administrative expenses	336	292	273
Depreciation, depletion and amortization	1,198	1,144	926
Asset impairments	3,402		29
Taxes other than on income	217	185	167
Exploration expense	139	116	148
Interest and debt expense, net	72
Other expenses	207	140	130
TOTAL COSTS AND OTHER DEDUCTIONS	6,594	2,837	2,892
INCOME / (LOSS) BEFORE INCOME TAXES	-2,421	1,447	1,181
Income tax (expense) / benefit	987	-578	-482
NET INCOME / (LOSS)	($1,434)	$869	$699
Net income / (loss) per share of common stock
Basic (in dollars per share)	($3.75)	$2.24	$1.80
Diluted (in dollars per share)	($3.75)	$2.24	$1.80

Consolidated_and_Combined_Stat1

Consolidated and Combined Statements of Comprehensive Income (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Consolidated and Combined Statements of Comprehensive Income
Net income / (loss)	($1,434)		$869		$699
Other comprehensive income (loss) items:
Unrealized (losses) gains on derivatives	-2	[1]	-2	[1]	3	[1]
Pension and postretirement (losses) gains	-1	[2]	27	[2]	2	[2]
Reclassification to income of realized losses (gains) on derivatives	3	[3]	-2	[3]
Other comprehensive income, net of tax			23		5
Comprehensive income / (loss)	($1,434)		$892		$704
[1]	Net of tax of $1, $1 and $(1) in 2014, 2013, and 2012, respectively.
[2]	Net of tax of $(1), $(16) and $(1) in 2014, 2013 and 2012, respectively. See Note 14, Retirement and Postretirement Benefit Plans, for additional information.
[3]	Net of tax of $(2), $1 and zero in 2014, 2013 and 2012, respectively.

Consolidated_and_Combined_Stat2

Consolidated and Combined Statements of Comprehensive Income (Parenthetical) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated and Combined Statements of Comprehensive Income
Unrealized (losses) gains on derivatives, tax	$1	$1	($1)
Pension and postretirement (losses) gains, tax	-1	-16	-1
Reclassification to income of realized losses (gains) on derivatives, tax	($2)	$1	$0

Consolidated_and_Combined_Stat3

Consolidated and Combined Statements of Equity (USD $)	Net Parent Company Investment		Common Stock	Additional Paid-in Capital	Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)	Total
In Millions, unless otherwise specified
Balance at Dec. 31, 2011	$8,676						($52)	$8,624
Increase (decrease) in Equity
Net income / (loss)	699							699
Other comprehensive income (loss), net of tax							5	5
Net contributions from or (distributions to) Occidental	532							532
Balance at Dec. 31, 2012	9,907						-47	9,860
Increase (decrease) in Equity
Net income / (loss)	869							869
Other comprehensive income (loss), net of tax							23	23
Net contributions from or (distributions to) Occidental	-763							-763
Balance at Dec. 31, 2013	10,013						-24	9,989
Increase (decrease) in Equity
Net income / (loss)	683	[1]			-2,117	[1]		-1,434
Net contributions from or (distributions to) Occidental	56							56	[2]
Dividend to Occidental	-6,000							-6,000
Issuance of common stock at spin-off	-4		4
Reclassification of net parent company investment to additional paid-in capital	-4,748			4,748
Balance at Dec. 31, 2014			$4	$4,748	($2,117)		($24)	$2,611
[1]	Net income of $683 million related to operations from January 1, 2014 through the spin-off date of November 30, 2014 and was included in Net Parent company Investment. The net loss of $2,117 million for the month ended December 31, 2014 reflected our accumulated deficit as of that date as a stand-alone company.
[2]	Net contributions from Occidental include non-cash contributions of approximately $400 million, predominantly trade receivables, partially offset by $335 million in cash distributions to Occidental.

Consolidated_and_Combined_Stat4

Consolidated and Combined Statements of Equity (Parenthetical) (USD $)	12 Months Ended		11 Months Ended	1 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014		Nov. 30, 2014	Dec. 31, 2014
Net income / (loss)	($1,434)
Distributions to Occidental	-335
Non-cash contribution from Occidental	400
Net Parent Company Investment
Net income / (loss)	683	[1]
Net Parent Company Investment | Prior To Spinoff
Net income / (loss)			683
Accumulated Deficit
Net income / (loss)	-2,117	[1]
Accumulated Deficit | After Spinoff
Net income / (loss)				($2,117)
[1]	Net income of $683 million related to operations from January 1, 2014 through the spin-off date of November 30, 2014 and was included in Net Parent company Investment. The net loss of $2,117 million for the month ended December 31, 2014 reflected our accumulated deficit as of that date as a stand-alone company.

Consolidated_and_Combined_Stat5

Consolidated and Combined Statements of Cash Flows (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOW FROM OPERATING ACTIVITIES
Net income / (loss)	($1,434)	$869	$699
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	1,198	1,144	926
Asset impairments	3,402		29
Deferred income tax expense / (benefit)	-1,152	260	603
Other noncash charges to income	113	29	40
Dry hole expenses	101	72	128
Changes in operating assets and liabilities. net
(Increase) decrease in trade receivables, net	146	-8	20
(Increase) decrease in inventories	2	8	-23
(Increase) decrease in other current assets	-133	2	-49
Increase (decrease) in accounts payable and other current liabilities	128	100	-150
Net cash provided by operating activities	2,371	2,476	2,223
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	-2,020	-1,669	-2,331
Acquisitions and other	-292	-44	-424
Net cash used by investing activities	-2,312	-1,713	-2,755
CASH FLOW FROM FINANCING ACTIVITIES
(Distributions to) contributions from Occidental, net	-335	-763	532
Dividends to Occidental	-6,000
Issuance of senior notes	5,000
Issuance of term loan	1,000
Proceeds from revolving credit facility	515
Repayments of revolving credit facility	-155
Debt issuance costs	-70
Net cash (used) provided by financing activities	-45	-763	532
Increase in cash and cash equivalents	14
Cash and cash equivalents - beginning of year	0
Cash and cash equivalents - end of year	$14	$0

THE_SPINOFF_AND_SUMMARY_OF_SIG

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	NOTE 1    THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	The Separation and Spin-off
	We are an independent oil and natural gas exploration and production company operating properties exclusively within the State of California. We were incorporated in Delaware as a wholly-owned subsidiary of Occidental Petroleum Corporation (“Occidental”) on April 23, 2014, and remained a wholly-owned subsidiary of Occidental until the spin-off on November 30, 2014 (the “Spin-off”).  Prior to the Spin-off, all material existing assets, operations and liabilities of the California business were consolidated under us.  On November 30, 2014, Occidental distributed shares of our common stock on a pro rata basis to Occidental stockholders and we became an independent, publicly traded company.  Occidental retained approximately 18.5% of our outstanding shares of common stock which it has stated it intends to divest within 18 months of the Spin-off.
	Except when the context otherwise requires or where otherwise indicated, (1) all references to ‘‘CRC,’’ the ‘‘Company,’’ ‘‘we,’’ ‘‘us’’ and ‘‘our’’ refer to California Resources Corporation and its subsidiaries or the California business, (2) all references to the ‘‘California business’’ refer to Occidental’s California oil and gas exploration and production operations and related assets, liabilities and obligations, which we have assumed in connection with the Spin-off, and (3) all references to ‘‘Occidental’’ refer to Occidental Petroleum Corporation, our former parent, and its subsidiaries.
	Basis of Presentation
	Up until the Spin-off, the accompanying consolidated and combined financial statements were derived from the consolidated financial statements and accounting records of Occidental.  These consolidated and combined financial statements reflect the historical results of operations, financial position and cash flows of the California business.  We account for our share of oil and gas exploration and production ventures, in which we have a direct working interest, by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on the balance sheets and statements of income and cash flows.
	The consolidated and combined statements of income for periods prior to the Spin-off include expense allocations for certain corporate functions and centrally-located activities historically performed by Occidental. These functions include executive oversight, accounting, treasury, tax, financial reporting, finance, internal audit, legal, risk management, information technology, government relations, public relations, investor relations, human resources, procurement, engineering, drilling, exploration, marketing, ethics and compliance, and certain other shared services.  These allocations are based primarily on specific identification of time or activities associated with us, employee headcount or our relative size compared to Occidental.  Our management believes the assumptions underlying the consolidated and combined financial statements, including the assumptions regarding allocating expenses from Occidental, are reasonable.  However, the financial statements may not include all of the actual expenses that would have been incurred, may include duplicative costs and may not reflect our consolidated and combined results of operations, financial position and cash flows had we operated as a stand-alone public company during the periods presented.  Actual costs that would have been incurred if we had been a stand-alone company prior to the Spin-off would depend on multiple factors, including organizational structure and strategic and operating decisions.  There may be some additional non-recurring costs of operating as a stand-alone company, which are not expected to be material.
	The assets and liabilities in the consolidated and combined financial statements are presented on a historical cost basis.  We have eliminated all of our significant intercompany transactions and accounts.  Prior to the Spin-off, we participated in Occidental’s centralized treasury management program and had not incurred any debt.  Additionally, excess cash generated by our business was distributed to Occidental, and likewise our cash needs were provided by Occidental, in the form of contributions.
	All financial information presented after the Spin-off represents the financial position, results of operations and cash flows of CRC, as follows:
		·		Our consolidated and combined statements of operations, comprehensive income and cash flows for the year ended December 31, 2014 consist of the stand-alone consolidated results of CRC following the Spin-off, and the consolidated and combined results of the California business from January 1, 2014, through the Spin-off.  Our statements of income, comprehensive income and cash flows for the years ended December 31, 2013 and 2012 consist entirely of the combined results of the California business.
		·		Our consolidated and combined balance sheet at December 31, 2014 consists of the consolidated balances of CRC, while at December 31, 2013, it consists of the combined balances of the California business.
		·		Our consolidated and combined statement of changes in equity for the year ended December 31, 2014 consists of both the California business prior to the Spin-off and the consolidated activity for CRC subsequent to the Spin-off.  Our consolidated statement of changes in equity for the years ended December 31, 2013 and 2012 consist entirely of the combined activity of the California business.
	Had we been a stand-alone company for the full year 2014, and had the same level of debt throughout the year as we did on December 31, 2014, of approximately $6.4 billion, we would have incurred $314 million pre-tax, or $186 million after-tax, of interest expense, on a pro-forma basis, for the year ended December 31, 2014, compared to the $72 million pre-tax interest expense reported in our statement of operations for the year then ended.
	Certain prior year amounts have been reclassified to conform to the 2014 presentation.
	Risks and Uncertainties
	The process of preparing financial statements in conformity with United States generally accepted accounting principles requires management to make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments and actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our financial statements.
	Revenue Recognition
	We recognize revenue from oil and natural gas production when title has passed from us to the transportation company or the customer, as applicable. We recognize our share of revenues net of any royalties and other third-party share.
	Net Parent Company Investment
	Prior to the Spin-off, our balance sheets included net parent company investment, which represented Occidental’s historical investment in us, our accumulated net income and the net effect of transactions with, and allocations from, Occidental.
	Inventories
	Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods include oil and natural gas products, which are valued at the lower of cost or market.
	Property, Plant and Equipment
	The carrying value of our property, plant and equipment (PP&E) represents the cost incurred to acquire or develop the asset, including any asset retirement obligations and capitalized interest, net of accumulated depreciation, depletion and amortization (DD&A) and any impairment charges. For assets acquired, PP&E cost is based on fair values at the acquisition date. Asset retirement obligations are capitalized and amortized over the lives of the related assets.
	We use the successful efforts method to account for oil and gas properties. Under this method, we capitalize costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells are initially capitalized pending a determination of whether we find proved reserves. If we find proved reserves, the costs of exploratory wells remain capitalized. Otherwise, we charge the costs of the related wells to expense. In some cases, we cannot determine whether we have found proved reserves at the completion of the exploration drilling, and must conduct additional testing and evaluation of the wells. We generally expense the costs of such exploratory wells if we do not determine we have found proved reserves within a 12-month period after drilling is complete.
	The following table summarizes the activity of capitalized exploratory well costs for the years ended December 31:
			2014			2013			2012
			(in millions)
	Balance - Beginning of Year		$	18		$	18		$	63
	Additions to capitalized exploratory well costs pending the determination of proved reserves		3			46			62
	Reclassification to property, plant and equipment based on the determination of proved reserves		(8		)	(31		)	(61		)
	Capitalized exploratory well costs charged to expense		(9		)	(15		)	(46		)
	Balance - End of Year		$	4		$	18		$	18
	We expense annual lease rentals, the costs of injection used in production and exploration geological, geophysical and seismic costs as incurred. Cost of maintenance and repairs are expensed as incurred, except that the costs of replacements that expand capacity or add proven oil and gas reserves are capitalized.
	We determine depreciation and depletion of oil and gas producing properties by the unit-of-production method. We amortize acquisition costs over total proved reserves, and capitalized development and successful exploration costs over proved developed reserves. Substantially all of our total depreciation, depletion and amortization expense relates to production costs.
	Proved oil and gas reserves and production volumes are used as the basis for recording depreciation and depletion of oil and gas properties. Proved reserves are those quantities of oil and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. We have no proved oil and gas reserves for which the determination of economic producibility is subject to the completion of major additional capital investments.
	Our gas plant and power plant assets are depreciated over the estimated useful lives of the assets, using the straight-line method, with expected initial useful lives of the assets ranging from two to 30 years. Other property and equipment is depreciated using the straight-line method based on expected initial lives of the individual assets or group of assets ranging from two to 20 years.
	We perform impairment tests with respect to proved properties when product prices decline other than temporarily, reserve estimates change significantly, other significant events occur or management’s plans change with respect to these properties in a manner that may impact our ability to realize the recorded asset amounts. Impairment tests incorporate a number of assumptions involving expectations of undiscounted future cash flows, which can change significantly over time. These assumptions include estimates of future product prices, which we base on forward price curves and, when applicable, contractual prices, estimates of oil and gas reserves and estimates of future expected operating and development costs. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value.  We recognize any impairment loss on proved properties by adjusting the carrying amount of the asset.
	A portion of the carrying value of our oil and gas properties is attributable to unproved properties. At December 31, 2014, the net capitalized costs attributable to unproved properties were approximately $300 million. The unproved amounts are not subject to DD&A until they are classified as proved properties. As exploration and development work progresses, if reserves on these properties are proved, capitalized costs attributable to the properties become subject to DD&A. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, contractual conditions or other factors, the capitalized costs of the related properties would be expensed.  The timing of any write-downs of these unproved properties, if warranted, depends upon management’s plans, the nature, timing and extent of future exploration and development activities and their results.  We recognize any impairment loss on unproved properties by providing a valuation allowance.
	At year end 2014, we performed impairment tests with respect to our proved and unproved properties as a result of significant declines in oil prices largely during the last half of 2014.  As a result, in the fourth quarter of 2014, we recorded pre-tax asset impairment charges of $3.4 billion on proved and unproved properties throughout our asset base.  The impairment charge was related to certain properties in the San Joaquin and Los Angeles basins and a portion of our assets in the Ventura basin, as well as our natural gas properties in the Sacramento basin.  Approximately $650 million of the charge was related to unproved properties.  The properties were impaired as a result of accounting rules that require us to evaluate our properties based on the year-end forward price curve, as well as projects we determined we would not pursue in the foreseeable future given the current environment.
	In 2012, management decided not to pursue development of certain of our natural gas properties which were impacted by persistently low natural gas prices. As a result, we recorded an impairment charge in 2012 of $29 million.
	Asset Retirement Obligations
	We recognize the fair value of asset retirement obligations in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts are based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, technological changes, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, we capitalize the cost by increasing the related PP&E balances. If the estimated future cost of the asset retirement obligation changes, we record an adjustment to both the asset retirement obligation and PP&E. Over time, the liability is increased and expense is recognized for accretion, and the capitalized cost is depreciated over the useful life of the asset.
	At certain of our facilities, we have identified asset retirement obligations that are related mainly to plant and field decommissioning, including plugging and abandonment of wells.  In certain cases, we do not know or cannot estimate when we may settle these obligations and, therefore, we cannot reasonably estimate the fair value of these liabilities.  We will recognize these asset retirement obligations in the periods in which sufficient information becomes available to reasonably estimate their fair values.  Additionally, for certain plants, we do not have a legal obligation to decommission them and accordingly we have not recorded a liability.
	The following table summarizes the activity of the asset retirement obligation, of which $397 million and $388 million is included in other long-term liabilities, with the remaining current portion in accrued liabilities at December 31, 2014 and 2013, respectively.
			For the years ended
			December 31,
			2014			2013
			(in millions)
	Beginning balance		$	415		$	387
	Liabilities incurred - capitalized to PP&E		19			25
	Liabilities settled and paid		(29		)	(9		)
	Accretion expense		22			21
	Acquisitions, disposition and other - changes in PP&E		26			(2		)
	Revisions to estimated cash flows - changes in PP&E		(34		)	(7		)
	Ending balance		$	419		$	415
	Derivative Instruments
	Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty.  Fair value gains and losses from derivative instruments are recognized in earnings in the current period and are reported on a net basis in the statements of operations.  We apply hedge accounting when transactions meet specified criteria for hedge treatment and management elects and documents such treatment.  For hedges, the gain or loss on the effective portion of the derivative is reported as a component of other comprehensive income (OCI) with an offsetting adjustment to the basis of the item being hedged. Realized gains or losses from hedges, and any ineffective portion, are recorded as a component of net sales in the statements of operations. Ineffectiveness is primarily created by a lack of correlation between the hedged item and the hedging instrument due to location, quality, grade or changes in the expected quantity of the hedged item.
	A hedge is regarded as highly effective such that it qualifies for hedge accounting if, at inception and throughout its life, we expect that changes in the fair value or cash flows of the hedged item will be offset by 80 to 125 percent of the changes in the fair value or cash flows, respectively, of the hedging instrument. In the case of hedging a forecast transaction, the transaction must be probable and must present an exposure to variations in cash flows that could ultimately affect reported net income or loss. We discontinue hedge accounting when we determine that a derivative has ceased to be highly effective as a hedge; when the hedged item matures or is sold or repaid; or when a forecast transaction is no longer deemed probable.
	Stock-based Incentive Plans
	We have stockholder approved stock-based incentive plans for certain employees and directors that are more fully described in Note 11.  A summary of our accounting policy for awards issued under our plans is as follows.
	The fair value of stock options granted to our employees is estimated on the date of grant using the Black-Scholes option pricing model.  The model uses various assumptions, based on management’s estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense recognized over the vesting period of the stock option award.  Of the required assumptions, the expected life of the stock option award and the expected volatility of our stock price have the most significant impact on the fair value calculation.  In the absence of adequate stock price history of CRC common stock, the volatility factor is based on the average volatilities of the stocks of a select group of peer companies, which are similar in nature to us.  The average expected life is calculated based on the simplified method.
	For cash- and stock-settled restricted stock units, compensation value is initially measured on the grant date using the quoted market price of CRC common stock.  Compensation expense for restricted stock units is recognized on a straight-line basis over the requisite service periods.  Compensation expense for the cash-settled portion of the awards is adjusted cumulatively for changes in the value of the underlying stock on a quarterly basis. All stock-price-related changes are recognized in periodic compensation expense.  The stock-settled portion of these awards is expensed using the initially measured compensation value.
Earnings Per Share
Our instruments containing rights to nonforfeitable dividends granted in stock-based awards are considered participating securities prior to vesting and, therefore, have been deducted from earnings in computing basic and diluted earnings per share under the two-class method.
Basic earnings per share was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, net of treasury shares, if any, and including vested but unissued shares and share units.  The computation of diluted earnings per share reflects the additional dilutive effect of stock options and unvested stock awards.
Retirement and Postretirement Benefit Plans
Prior to the Spin-off, a majority of our employees participated in postretirement benefit plans sponsored by Occidental, which included participants from other Occidental subsidiaries. These plans had an insignificant amount of assets and were substantially funded as benefits were paid. We recognized a liability in the accompanying balance sheets for the employees of the California operations. The related postretirement expenses were allocated to us from Occidental based on the employees of the California business.  Following the Spin-off, all of our employees participate in postretirement benefit plans sponsored by us.  These plans are substantially funded as benefits are paid.
For defined benefit pension and postretirement plans that are sponsored by us, we recognize the net overfunded or underfunded amounts in the financial statements using a December 31 measurement date.
We determine our defined benefit pension and postretirement benefit plan obligations based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. We estimate the rate of return on assets with regard to current market factors but within the context of historical returns.
Pension plan assets are measured at fair value. Common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds are valued using quoted market prices in active markets when available. When quoted market prices are not available, these investments are valued using pricing models with observable inputs from both active and non-active markets.  Common and collective trusts are valued at the fund units’ net asset value (NAV) provided by the issuer, which represents the quoted price in a non-active market. Short-term investment funds are valued at the fund units’ NAV provided by the issuer.
Actuarial gains and losses that have not yet been recognized through income are recorded in accumulated OCI within net investment, net of taxes, until they are amortized as a component of net periodic benefit cost.
Fair Value Measurements
We have categorized our assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1—using quoted prices in active markets for the assets or liabilities; Level 2—using observable inputs other than quoted prices for the assets or liabilities; and Level 3—using unobservable inputs.  Transfers between levels, if any, are recognized at the end of each reporting period.  We apply the market approach for certain recurring fair value measurements, maximize our use of observable inputs and minimize use of unobservable inputs.  We generally use an income approach to measure fair value when observable inputs are unavailable.  This approach utilizes management’s judgments regarding expectations of projected cash flows and discounts those cash flows using a risk-adjusted discount rate.
Commodity derivatives are carried at fair value.  We utilize the mid-point between bid and ask prices for valuing these instruments.  In addition to using market data in determining these fair values, we make assumptions about the risks inherent in the inputs to the valuation technique.  Our commodity derivatives comprise Over-the-Counter (OTC) bilateral financial commodity contracts, which are generally valued using industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contracted prices for the underlying instruments, as well as other relevant economic measures.  Substantially all of these inputs are observable data or are supported by observable prices at which transactions are executed in the marketplace.  We classify these measurements as Level 2.
The carrying amounts of on-balance-sheet financial instruments approximate fair value.
Other Current Assets
Other current assets at December 31, 2014 include amounts due from joint interest partners of approximately $120 million, greenhouse gas emission credits of $65 million and deferred tax assets of $61 million.  At December 31, 2013 other current assets included $97 million due from joint interest partners.
Accrued Liabilities
Accrued liabilities at December 31, 2014 include accrued compensation-related costs of approximately $80 million, interest payable of approximately $70 million, and greenhouse gas liabilities of approximately $65 million.  At December 31, 2013 accrued liabilities included $70 million of accrued compensation-related costs.
Supplemental Cash Flow Information
We have not made United States federal and state income tax payments directly to taxing jurisdictions.  Up until the Spin-off, our share of Occidental’s tax payments or refunds were paid or received, as applicable, by our parent and are reflected as part of the net parent company investment. Such amounts paid during the year ended December 31, 2014 and 2013 were approximately $165 million and $318 million, respectively, while the year ended December 31, 2012 resulted in a net refund of approximately $121 million. We also paid taxes other than on income, consisting mostly of property taxes, of approximately $183 million, $185 million and $171 million during the years ended December 31, 2014, 2013 and 2012, respectively.  Interest paid totaled approximately $3 million for the year ended December 31, 2014, and zero for each of the two years ended December 31, 2013 and 2012.
The 2014 capital investments reported on the statement of cash flows exclude changes to the consolidated balance sheets that did not affect cash primarily consisting of the increase in capital accruals during the year.  Total capital investments in 2014 were $2.089 billion, which included $2.020 billion of cash paid for capital investments as reported in the statement of cash flows and $69 million in increase in capital accruals.  For the years 2013 and 2012, the changes in the capital accrual amounts were not material.
In 2014, Occidental transferred to us certain assets, liabilities and accruals, of which the most significant consisted of outstanding trade receivables of approximately $400 million.
These non-cash transfers and the corresponding net contribution to us from Occidental were excluded from net cash provided by operating activities and cash flow from financing activities.
Major Customers
For the years ended December 31, 2014, 2013 and 2012, ConocoPhillips/Phillips 66 Company and Tesoro Refining & Marketing Company LLC each accounted for more than 10% of our net sales.  Collectively, they accounted for 45%, 42% and 46% in each of those years, respectively.
Income Taxes
Our taxable income was historically included in the consolidated U.S. federal income tax returns of Occidental and in a number of their consolidated state income tax returns. In the accompanying financial statements, our provision for income taxes is computed as if we were a stand-alone tax-paying entity.
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases. Deferred tax assets are recorded when it is more likely than not that they will be realized. The realization of deferred tax assets is assessed periodically based on several factors, including our expectation that we will generate sufficient future taxable income and reversals of taxable temporary differences.

ACCOUNTING_AND_DISCLOSURE_CHAN

ACCOUNTING AND DISCLOSURE CHANGES	12 Months Ended
	Dec. 31, 2014
ACCOUNTING AND DISCLOSURE CHANGES
ACCOUNTING AND DISCLOSURE CHANGES
	NOTE 2    ACCOUNTING AND DISCLOSURE CHANGES
	Recently Adopted Accounting and Disclosure Changes
	In August 2014, the Financial Accounting Standards Board (FASB) issued rules relating to management’s responsibility to evaluate and make disclosures, if applicable, regarding the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.  These rules are effective for annual periods ending after December 15, 2016.  They are not expected to have a material impact on our financial statements upon adoption and will require assessment on an ongoing basis.
	In June 2014, the FASB issued rules for employee share-based payment awards in which the terms of the awards provide that a performance target can be achieved after the requisite service period.  A performance target that affects vesting and that could be achieved after the requisite service period will be treated as a performance condition.  These rules are effective for annual periods beginning on or after December 15, 2015 and are not expected to have a material impact on our financial statements upon adoption but will require assessment on an ongoing basis.
	In May 2014, the FASB issued rules related to revenue recognition. Under the new rules, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The rules will also require more detailed disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The rules are effective for interim and annual periods beginning after December 15, 2016 and early application is not permitted. While we are evaluating any potential impact of these new rules, we currently believe the effect of the new rules will not have a material impact on our financial statements.
	In April 2014, the FASB issued rules changing the requirements for reporting discontinued operations such that only the disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. These rules are effective for the annual periods beginning on or after December 15, 2014. They are not expected to have a material impact on our financial statements upon adoption and will require assessment on an ongoing basis.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2014
ACQUISITIONS
ACQUISITIONS
	NOTE 3    ACQUISITIONS
	2014
	During the year ended December 31, 2014, we paid approximately $290 million to acquire certain producing and non-producing oil and gas properties, including oil and gas properties in the Ventura basin purchased for approximately $200 million in the fourth quarter of 2014.
	2013
	During the year ended December 31, 2013, we paid approximately $50 million to acquire certain oil and gas properties, including an acquisition in the San Joaquin basin, which obligates us to invest at least $250 million on exploration and development activities over a period of five years from the date of acquisition. We currently plan to invest more than this amount during that period.  Any deficiency in meeting this capital investment obligation would need to be paid in cash at the end of the five-year period.  Through December 31, 2014, we have already fulfilled about 20% of this obligation.
	2012
	During the year ended December 31, 2012, we paid approximately $380 million for oil and gas properties, including an acquisition for $275 million for certain producing and non-producing assets in the Sacramento basin and undeveloped acreage in the San Joaquin basin.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2014
INVENTORIES
INVENTORIES
	NOTE 4    INVENTORIES
	Inventories consisted of the following:
		Balance at December 31,
		2014		2013
		(in millions)
	Materials and supplies	$	66	$	73
	Finished goods	5		2
	Total	$	71	$	75

DEBT

DEBT	12 Months Ended
	Dec. 31, 2014
DEBT
DEBT
	NOTE 5    DEBT
	Debt consisted of the following:
		December 31,
		2014		2013
		(in millions)
	Revolving Credit Facility	$	360	$	—
	Term Loan Facility	1,000		—
	5% notes due 2020	1,000		—
	5 1/2% notes due 2021	1,750		—
	6% notes due 2024	2,250		—
	Total	$	6,360	$	—
	Credit Facilities
	On September 24, 2014, we entered into a credit agreement with a syndicate of lenders, providing for (i) a five-year senior term loan facility (the “Term Loan Facility”) and (ii) a five-year senior revolving loan facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Credit Facilities”).  All borrowings under these facilities are subject to certain customary conditions.  We amended the Credit Facilities effective as of February 25, 2015, and changed certain of our covenants through December 31, 2016 or such earlier time as we elect and demonstrate compliance with our original covenants for two successive quarters (the “Interim Covenant Period”).
	The aggregate initial commitments of the lenders under the Revolving Credit Facility are $2.0 billion and under the Term Loan Facility are $1.0 billion.  The Revolving Credit Facility includes a sub-limit of $400 million for the issuance of letters of credit.  We will be required to repay the Term Loan Facility in equal quarterly installments equal to 2.5% (10.00% per annum) of the principal amount of the Term Loan Facility beginning on March 31, 2016. As of December 31, 2014, we had $360 million outstanding under our Revolving Credit Facility with the ability to incur total net borrowings of up to $1.25 billion during the Interim Covenant Period under this facility.
	Borrowings under the Credit Facilities bear interest, at our election, at either a LIBOR rate or an alternate base rate (“ABR”) (equal to the greatest of (i) the administrative agent’s prime rate, (ii) the one-month LIBOR rate plus 1.00% and (iii) the federal funds effective rate plus 0.50%), in each case plus an applicable margin.  This applicable margin is based on our most recent leverage ratio and will vary from (a) in the case of LIBOR loans, 1.50% to 2.25% and (b) in the case of ABR loans, from 0.50% to 1.25%.  The unused portion of the Revolving Credit Facility is subject to commitment fees ranging from 0.30% to 0.50% per annum, based on our most recent leverage ratio.  We also pay customary fees and expenses under the Revolving Credit Facility.
	Interest payments under the Credit Facilities vary based on the borrowing options chosen. Interest on ABR loans is payable quarterly in arrears.  Interest on LIBOR loans is payable at the end of each LIBOR period.
	All obligations under the Credit Facilities are guaranteed jointly and severally by all of our wholly-owned material subsidiaries, and will be unsecured while we maintain our credit ratings at the minimum levels defined in the Credit Facilities.  During the Interim Covenant Period, we would be required to grant security to our lenders if our corporate family ratings experienced a two-notch decline from either of our rating agencies.  Outside the Interim Covenant Period we would be required to grant security in the event of a three-notch decline subject to certain exceptions described in our Credit Facilities.  The assets and liabilities of subsidiaries not guaranteeing the debt are de minimis.
	The Credit Facilities also require us to maintain the following financial covenants for the trailing twelve months ended as of the last day of each fiscal quarter: (a) a leverage ratio of no more than 4.50 to 1.00 except during the Interim Covenant Period when the ratio increases by varying amounts to a maximum of 8.25 to 1.00 by December 31, 2015 and (b) an interest expense ratio of no less than 2.50 to 1.00 except as of December 31, 2015 when the ratio must be no less than 2.25 to 1.00.  In addition, during the Interim Covenant Period, we must maintain an asset coverage ratio of no less than 1.05 to 1.00 measured as of the last day of each fiscal quarter.  Finally, during the Interim Covenant Period, we must apply cash on hand in excess of $250 million to repay certain amounts outstanding under the Revolving Credit Facility.  If we were to breach either of these covenants the banks would be permitted to accelerate the principal amount due under the facilities.  If payment were accelerated it would result in a default under the notes.
	Senior Notes
	On October 1, 2014, we issued $5.00 billion in aggregate principal amount of our senior notes, including $1.00 billion of 5% senior notes due January 15, 2020 (the 2020 notes), $1.75 billion of 5 1/2% senior notes due September 15, 2021 (the 2021 notes) and $2.25 billion of 6% senior notes due November 15, 2024 (the “2024 notes” and together with the 2020 notes and the 2021 notes, the ‘‘notes’’), in a private placement.  The notes were issued at par and initially are fully and unconditionally guaranteed on a senior unsecured basis by all of our material subsidiaries.  We used the net proceeds from the notes to make a $4.95 billion cash distribution to Occidental in October 2014.
	We will pay interest on the 2020 notes semi-annually in cash in arrears on January 15 and July 15 of each year, beginning on July 15, 2015.  We will pay interest on the 2021 notes semi-annually in cash in arrears on March 15 and September 15 of each year, beginning on March 15, 2015.  We will pay interest on the 2024 notes semi-annually in cash in arrears on May 15 and November 15 of each year, beginning on May 15, 2015.
	In connection with the private placement of the notes, we granted the initial purchasers certain registration rights under a registration rights agreement.
	The indenture governing the notes includes covenants that, among other things, limit our and our restricted subsidiaries’ ability to incur debt secured by liens.  These covenants also restrict our ability to merge or consolidate with, or transfer all or substantially all of our assets to, another entity.  These covenants are subject to a number of important qualifications and limitations that are set forth in the indenture.  The covenants are not, however, directly linked to measures of our financial performance.  In addition, if we experience a “change of control triggering event” (as defined in the indenture) with respect to a series of notes, we will be required, unless we have exercised our right to redeem the notes of such series, to offer to purchase the notes of such series at a purchase price equal to 101 percent of their principal amount, plus accrued and unpaid interest.
	Principal maturities of long-term debt outstanding at December 31, 2014 are as follows:
	(in millions)
	2015	$	—
	2016	100
	2017	100
	2018	100
	2019	1,060
	Thereafter	5,000
	Total	$	6,360
	We estimate the fair value of fixed-rate debt based on prices from known market transactions for our instruments.  The estimated fair value of our debt at December 31, 2014, the fixed rate portion of which was classified as Level 1, and the variable rate portion approximated fair value, was approximately $5.6 billion, compared to a carrying value of approximately $6.4 billion.  A one-eighth percent change in the variable interest rates on the borrowings under our Term Loan Facility and Revolving Credit Facility on December 31, 2014, would result in an approximately $1.7 million change in annual interest expense.  In 2014, we incurred $70 million in debt issuance costs related to the notes and the Credit Facility which we amortize using the effective interest rate method over the respective term of each instrument.
	As of December 31, 2014, we had letters of credit in the aggregate amount of approximately $25 million that were issued to support ordinary course marketing, regulatory and other matters.

LEASE_COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
	Dec. 31, 2014
LEASE COMMITMENTS
LEASE COMMITMENTS
	NOTE 6    LEASE COMMITMENTS
	We have entered into various operating lease agreements, mainly for office space, office equipment, and field equipment. We lease assets when leasing offers greater operating flexibility. Lease payments are generally expensed as part of production costs or selling, general and administrative expenses.  At December 31, 2014, future net minimum lease payments for noncancelable operating leases (excluding oil and natural gas and other mineral leases, utilities, taxes, insurance and maintenance expense) totaled:
		Amount
		(in millions)
	2015	$	13
	2016	14
	2017	14
	2018	14
	2019	12
	Thereafter	58
	Total minimum lease payments	$	125
	Rental expense for operating leases was $10 million in 2014, $11 million in 2013 and $12 million in 2012.

LAWSUITS_CLAIMS_COMMITMENTS_AN

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	NOTE 7    LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES
	We, or certain of our subsidiaries, are involved, in the normal course of business, in lawsuits, environmental and other claims and other contingencies that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. We accrue reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserve balances at December 31, 2014 and 2013 were not material to our balance sheets as of such dates.  We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of reserves accrued on our balance sheet would not be material to our consolidated financial position or results of operations.
	We have certain commitments under contracts, including purchase commitments for goods and services. At December 31, 2014, total purchase obligations were approximately $364 million, which included approximately $70 million, $47 million, $32 million, $186 million and $18 million that will be paid in 2015, 2016, 2017, 2018 and 2019, respectively.  Included in the purchase obligations are commitments for major fixed and determinable capital investments during 2015 and thereafter, which were approximately $264 million.
	We, our subsidiaries, or both, have indemnified various parties against specific liabilities those parties might incur in the future in connection with the Spin-off, purchases and other transactions that they have entered into with us.  These indemnities include indemnities made to Occidental against certain tax-related liabilities that may be incurred by Occidental relating to the Spin-off and liabilities related to operation of our business while it was still owned by Occidental.  As of December 31, 2014, we are not aware of circumstances that we believe would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2014
DERIVATIVES
DERIVATIVES	NOTE 8    DERIVATIVES
	In February 2015, we put into place additional hedging instruments to protect the pricing for almost two-thirds of our expected third quarter 2015 oil production.  For this program we chose a combination of Brent-based collars (between $55 and $72) for 30,000 barrels per day for July through September as well as put options at $50 per barrel Brent for 40,000 barrels per day in the same period.  In addition, we sold a $75 per barrel call for 30,000 barrels per day of oil production in March through June of 2015.  Going forward as an independent company, we will continue to be strategic and opportunistic in implementing any hedging program.  Our objective is to protect against the cyclical nature of commodity prices to provide a level of certainty around our margins and cash flows necessary to implement our investment program.
	In December 2014, we purchased put options, to hedge the risk associated with declining oil prices, for 100,000 barrels of crude oil production per day, effective on a monthly basis from January 1, 2015 through June 30, 2015.  The strike price of the put option is $50 tied to the Brent oil index.  Changes in the intrinsic value of the put option are deferred in other comprehensive income/(loss) as a cash flow hedge until the hedged transactions are recognized in the statement of operations.  Changes in the time value of the put option are marked to market through the statement of operations.  The put option was valued using Level 2 inputs in the fair value hierarchy and was valued at approximately $24 million in other current assets, as of December 31, 2014, which approximated the value of the instrument and the amount we paid the counterparty at the time the option was acquired.
	We entered into financial swap agreements in November 2012 for the sale of a portion of our natural gas production. These swap agreements hedged 50 MMcf of natural gas per day beginning in January 2013 through March 2014 and qualified as cash-flow hedges.  The weighted-average strike price of these swaps was $4.30. The gross and net fair values of these derivatives as of December 31, 2013 were not material and were considered Level 2.
	The after-tax gains and losses recognized in, and reclassified to income from, Accumulated Other Comprehensive Income (AOCI), for derivative instruments classified as cash-flow hedges for the years ended December 31, 2014, 2013 and 2012, and the ending AOCI balances for each period were not material.  We recognized gains and losses reclassified to income in net sales. The amount of the ineffective portion of cash-flow hedges was immaterial for the years ended December 31, 2014, 2013 and 2012.  Refer to Note 1 for our accounting policy on derivatives.
	There were no fair value hedges as of and during the years ended December 31, 2014, 2013 and 2012.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2014
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 9FAIR VALUE MEASUREMENTS
	Fair Values - Recurring
	The following table presents assets accounted for at fair value on a recurring basis as of December 31, 2014:
		December 31, 2014
	(in millions)	Level 1	Level 2	Level 3	Collateral	Total
	Commodity derivative instruments, other current assets	—	24	—	—	24
	Total	—	24	—	—	24
	Commodity derivative instruments in Level 2 are over-the-counter put options for the first 100,000 barrels of crude oil production per day, effective on a monthly basis from January 1, 2015 through June 30, 2015, and are measured at fair value by using industry-standard models using various inputs, including quoted forward prices.  We had no material assets or liabilities accounted for at fair value as of December 31, 2013.
	Fair Values - Nonrecurring
	At year end 2014, we performed impairment tests with respect to our proved and unproved properties as a result of significant declines in oil prices largely during the last half of 2014.  We determined the carrying amounts of certain assets were not recoverable from future cash flows and, therefore, were impaired.  As a result, in the fourth quarter of 2014, we recorded pre-tax asset impairment charges of $3.4 billion, of which $2.7 billion was for proved properties throughout our asset base to reduce these assets to their estimated fair values.  The impairment charge was related to certain properties in the San Joaquin and Los Angeles basins and a portion of our assets in the Ventura basin, as well as our natural gas properties in the Sacramento basin.
	The fair values of the proved properties held and used were determined as of the date of the assessment using discounted cash flow models based on management’s expectations for the future.  Inputs included estimates of future oil and natural gas production, prices based on recent commodity forward price curves as of the date of the estimate, estimated operating and development costs, and a risk-adjusted discount rate of 10%.
	Financial Instruments Fair Value
	The carrying amounts of cash and other on-balance sheet financial instruments, other than fixed-rate debt, approximate fair value.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
INCOME TAXES
INCOME TAXES
	NOTE 10    INCOME TAXES
	Income / (loss) before income taxes was ($2,421) million, $1,447 million and $1,181 million for the years ended December 31, 2014, 2013 and 2012, respectively.  The provision (benefit) for federal, state and local income taxes consists of the following:
	For the years ended December 31,	United States			State			Total
		Federal			and Local
		(in millions)
	2014
	Current	$	66		$	99		$	165
	Deferred	(840		)	(312		)	(1,152		)
		$	(774	)	$	(213	)	$	(987	)
	2013
	Current	$	227		$	91		$	318
	Deferred	222			38			260
		$	449		$	129		$	578
	2012
	Current	$	(140	)	$	19		$	(121	)
	Deferred	518			85			603
		$	378		$	104		$	482
	The following reconciliation of the United States federal statutory income tax rate to our effective tax rate is stated as a percentage of pre-tax income or loss:
		For the years ended
		December 31,
		2014		2013		2012
	United States federal statutory tax rate	35	%	35	%	35	%
	State income taxes, net of federal benefit	6		6		6
	Other	—		(1	)	—
	Effective tax rate	41	%	40	%	41	%
	The tax effects of temporary differences resulting in deferred income taxes at December 31, 2014 and 2013 were as follows:
		2014						2013
		Deferred Tax			Deferred Tax			Deferred Tax			Deferred Tax
		Assets			Liabilities			Assets			Liabilities
		(in millions)
	Property, plant and equipment differences	$	—		$	(2,437	)	$	—		$	(3,583	)
	Postretirement benefit accruals	39			—			14			—
	Deferred compensation and benefits	62			—			60			—
	Asset retirement obligations	184			—			182			—
	Federal benefit of state income taxes	68			—			208			—
	Net operating loss carryforwards	64			—			8			—
	All other	27			(1		)	14			(2		)
	Total deferred taxes	$	444		$	(2,438	)	$	486		$	(3,585	)
	The current portion of deferred tax assets was $61 million and $23 million as of December 31, 2014 and 2013, respectively, which was reported in other current assets. The noncurrent portion of total deferred tax assets was reported net against deferred tax liabilities.
	We evaluate our deferred tax assets to determine if a valuation allowance is required to reduce our deferred tax assets to an amount expected to be realized.  We expect to realize our deferred tax assets through future taxable income and reversals of taxable temporary differences.
	Due to the Spin-off on November 30, 2014, we will file short year U.S. federal and California income tax returns for the one month ended December 31, 2014.  Prior to the Spin-off date, we were included in the Occidental income tax returns for all applicable years.  There could be a settlement between us and Occidental under the tax sharing agreement related to income taxes for the periods prior to the Spin-off.  The income tax provision was calculated as if we filed separate tax returns for all periods presented prior to the Spin-off.  For the one-month period ended December 31, 2014, there is no current income tax provision and a $1.5 billion deferred income tax benefit for U.S. federal and California taxes.  As of December 31, 2014, an insignificant amount is due to Occidental under the tax sharing agreement.  There were no amounts due to Occidental as of December 31, 2013.
	We have no liabilities for unrecognized tax benefits as of December 31, 2014 and 2013. We believe there will not be material changes to our unrecognized tax benefits within the next 12 months.  We recognize interest and penalties, if any, related to uncertain tax positions in the income tax provision.  There were no amounts of interest and penalties related to uncertain tax positions during the years ended December 31, 2014, 2013 and 2012.
	As of December 31, 2014, we had $182 million of U.S. federal net operating losses and $207 million of California net operating losses. The net operating loss carryforwards resulted from operations during the one-month ended December 31, 2014 and from the acquisition of a subsidiary in a prior year.  The U.S. federal net operating losses begin expiring in 2017 and the California net operating losses begin expiring in 2015.  Utilization of $22 million of the U.S. federal and $112 million of the California net operating loss carryforward is subject to an annual limitation as a result of these acquisitions and no financial statement benefit has been recognized for this portion of the net operating loss carryforward.
	Our tax returns for the one-month period December 2014 will be subject to examination by U.S. federal and California tax authorities when filed.  Under the tax sharing agreement, Occidental controls tax examinations for the periods in which we were included in a consolidated or combined income tax return filed by Occidental.

STOCK_COMPENSATION

STOCK COMPENSATION	12 Months Ended
	Dec. 31, 2014
STOCK COMPENSATION
STOCK COMPENSATION
	NOTE 11    STOCK COMPENSATION
	General
	Prior to the Spin-off, our employees participated in Occidental’s stock-based incentive plans under which, if they were eligible, they received Occidental stock awards. Effective on the Spin-off date of November 30, 2014, our employees and non-employee directors began participating in our long-term incentive plan.
	Our incentive plan authorizes the Compensation Committee of our Board of Directors to grant up to a total of 25 million shares in the form of stock options, stock appreciation rights, stock awards, performance awards and cash awards, among others, to our employees, non-employee directors and other plan participants.
	In connection with the Spin-off, unvested share-based compensation awards granted to our employees under Occidental’s stock-based incentive plans and held by grantees as of November 30, 2014 were replaced with substitute awards based on CRC common shares.  These substitute awards were intended to generally preserve the value of the original Occidental award determined as of November 30, 2014. Original and remaining vesting periods of Occidental awards were unaffected by the substitution.  There were approximately 650 employees affected by the substitution of awards.  The substitution of awards did not cause us to recognize incremental compensation expense.   These substitute awards reduced the maximum number of shares of our common stock available for delivery under our incentive plan.
	We expense all share-based payments to employees and non-employee directors based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures.
	During 2014, non-employee directors were granted awards for approximately 74,600 shares of restricted stock, which fully vest one year from the date of grant.  Compensation expense for these awards that will be recognized during the vesting period was measured using the quoted market price of our common stock on the grant date.
	Compensation expense for stock-based awards for the month ended December 31, 2014 was approximately $1 million.   Prior to the Spin-off, Occidental allocated certain costs to us which included compensation costs for stock-based awards of Occidental stock.  If we were to estimate the equity compensation component of all costs allocated to us by Occidental using the same allocation method used by Occidental, stock compensation expense allocated to us was approximately $26 million, $33 million and $20 million for January 1, 2014 through November 30, 2014, total year 2013, and total year 2012, respectively.  Since these costs were allocated to us, it is not practical to calculate the tax benefit for those years.
	As of December 31, 2014, unrecognized compensation expense for all our unvested stock-based incentive awards, based on the year end value of our common stock, was $74 million.  This expense is expected to be recognized over a weighted-average period of 2.3 years.
	Restricted Stock Units
	Certain employees are awarded restricted stock units (RSUs), some of which have performance criteria, and are in the form of, or equivalent in value to, actual shares of CRC common stock.  Depending on their terms, restricted stock units are settled in cash or stock at the time of vesting.  These awards vest ratably over three years, or at the end of two or three years, following the date of grant, or upon satisfaction of any performance criteria, if later.  For a substantial majority of the restricted stock units, dividend equivalents are paid during the vesting period.
	There were no CRC restricted stock units granted for the years ended December 31, 2013 or 2012.  The following summarizes our restricted stock unit activity for the year ended December 31, 2014:
		Cash-Settled				Stock-Settled
		RSUs		Weighted-Average		RSUs		Weighted-Average
		(000’s)		Grant Date Fair		(000’s)		Grant-Date Fair
				Value				Value
	Unvested at December 31, 2013	—		$	—	—		$	—
	Granted	4,562		$	7.37	6,663		$	7.84
	Vested	—		$	—	—		$	—
	Forfeited	(14	)	$	7.37	—		$	—
	Unvested at December 31, 2014	4,548		$	7.37	6,663		$	7.84
	Of the total awards granted, approximately 4,562,000 cash-settled units and 5,950,000 stock-settled units were substitute awards. The remainder were new awards granted following the Spin-off.
	Stock Options
	Following the Spin-off, we granted stock options to certain employees under our long-term incentive plan.  The options permit purchase of our common stock at exercise prices no less than the fair market value of the stock on the date the options were granted.  The options have terms of seven years and vest ratably, with one-third vesting and becoming exercisable on each anniversary date following the date of grant.
	The fair value of each option is measured on the grant date using the Black-Scholes option valuation model and expensed on a straight-line basis over the vesting period.  The expected life of stock options is calculated based on the simplified method and represents the period of time that options granted are expected to be held prior to exercise. In the absence of adequate stock price history of CRC common stock, the volatility factor is based on the average volatilities of the stocks of a select group of peer companies, which are similar in nature to us.  The risk-free interest rate is the implied yield available on zero coupon (US Treasury Strip) T-notes at the grant date with a remaining term approximating the expected life.  The dividend yield is the expected annual dividend yield over the expected life, expressed as a percentage of the stock price on the grant date.  Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive stock-based incentive awards, and subsequent events may not be indicative of the reasonableness of the original estimates of fair value made by us.
	The following table summarizes our option activity during the year ended December 31, 2014:
		Options		Weighted-		Weighted-			Aggregate
		(000’s)		Average		Average Grant-			Intrinsic Value
				Exercise Price		Date Fair Value
	Beginning balance, December 31, 2013	—		$	—	$	—		$	—
	Granted	8,481		8.11		1.98			—
	Exercised	—		—		—			—
	Forfeited	—		—		—			—
	Expired or Canceled	—		—		—			—
	Ending balance, December 31, 2014	8,481		$	8.11	$	1.98		$	—
	There were no CRC options granted for the years ended December 31, 2013 and 2012.  There were no vested or exercisable options at December 31, 2014.
	The grant date assumptions used in the Black-Scholes valuation for CRC options granted during 2014 were as follows:
		2014
	Exercise price per share	$	8.11
	Expected life (in years)	4.5
	Expected volatility	35.4		%
	Risk-free interest rate	1.4		%
	Dividend yield	0.5		%
	Grant date fair value of stock option awards granted	$	1.98
	Employee Stock Purchase Plan
	Effective January 1, 2015, we have adopted the California Resources Corporation 2014 Employee Stock Purchase Plan (the “ESPP”).  The ESPP will provide our employees the ability to purchase shares of our common stock at a price equal to 85% of the closing price of a share of our common stock as of the first or last day of each offering period (a fiscal quarter), whichever amount is less.
	The maximum number of shares of our common stock which may be issued pursuant to the ESPP is subject to certain annual limits and has a cumulative limit of 5 million shares, subject to adjustment pursuant to the terms of the ESPP.  As of January 1, 2015, about 45% of our employees have elected to participate in the plan.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2014
EQUITY
EQUITY	NOTE 12    EQUITY
	The following is a summary of common stock issuances:
			Common Stock
			(in 000’s)
	Balance, December 31, 2013		—
	Issued		385,640
	Balance, December 31, 2014		385,640
	All stock issuances occurred in conjunction with the Spin-off.  Approximately 3,537,000 shares consisted of CRC employee stock-based incentive awards converted from Occidental awards and approximately 713,000 shares were for new CRC employee awards, all of which were unvested as of the Spin-off date.
	Preferred Stock
	In November 2014, our board of directors authorized 200 million shares of preferred stock with a par value of $0.01 per share. At December 31, 2014, we had no outstanding shares of preferred stock.
	ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS)
	Accumulated other comprehensive loss consisted of the following after-tax amounts:
			Balance at December 31,
			2014			2013
			(in millions)
	Unrealized losses (gains) on derivatives		$	—		$	(1	)
	Pension and post-retirement adjustments(a)		(24		)	(23		)
	Total		$	(24	)	$	(24	)
		(a)		See Note 14 for further information.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2014
EARNINGS PER SHARE
Earnings per share
	NOTE 13EARNINGS PER SHARE
	We compute earnings per share (EPS) using the two-class method required for participating securities.  Undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders.  Restricted stock awards are considered participating securities because holders of such shares have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares.
	The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and vested stock awards that have not yet been issued as common stock.  The denominator of diluted EPS is based on the basic shares outstanding, adjusted for the effect of outstanding option awards, to the extent they are dilutive.
	On December 1, 2014, the Spin-off date, 381.4 million shares of our common stock were distributed, of which approximately 18.5% was retained by Occidental.  For comparative purposes, and to provide a more meaningful calculation of weighted-average shares outstanding, we have assumed this amount to be outstanding as of the beginning of each period prior to the Spin-off presented in the calculation of weighted-average shares.  In addition, we have assumed the vested stock awards granted in  December 2014 were also outstanding for each of the periods presented prior to the Spin-off, resulting in a weighted-average basic share count of 381.8 million shares.  The effect of stock options granted in December 2014 was anti-dilutive.
	The following table presents the calculation of basic and diluted EPS for the years ended December 31:
		2014			2013			2012
		(in millions, except per-share amounts)
	Basic EPS calculation
	Net income / (loss)	$	(1,434	)	$	869		$	699
	Net income / (loss) allocated to participating securities	—			(14		)	(11		)
	Net income / (loss) available to common stockholders	$	(1,434	)	$	855		$	688
	Weighted-average common shares outstanding - basic	381.9			381.8			381.8
	Basic EPS	$	(3.75	)	$	2.24		$	1.8
	Diluted EPS calculation
	Net income / (loss)	$	(1,434	)	$	869		$	699
	Net income / (loss) allocated to participating securities	—			(14		)	(11		)
	Net income / (loss) available to common stockholders	$	(1,434	)	$	855		$	688
	Weighted average common shares outstanding - basic	381.9			381.8			381.8
	Dilutive effect of potentially dilutive securities	—			—			—
	Weighted-average common shares outstanding - diluted	381.9			381.8			381.8
	Diluted EPS	$	(3.75	)	$	2.24		$	1.8

RETIREMENT_AND_POSTRETIREMENT_

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	12 Months Ended
	Dec. 31, 2014
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
	NOTE 14    RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
	We have various benefit plans for our salaried, union and nonunion hourly employees.
	Defined Contribution Plans
	All of our employees were eligible to participate in one or more of the defined contribution retirement or savings plans that provide for periodic contributions by us, our subsidiaries or, prior to the Spin-off, by Occidental, based on plan-specific criteria, such as base pay, age, level and employee contributions. Certain salaried employees participated in a supplemental retirement plan that restored benefits lost due to governmental limitations on qualified retirement benefits.  The accrued liabilities for the supplemental retirement plan were $27 million and $17 million as of December 31, 2014 and 2013, respectively, and we expensed $29 million in 2014, $34 million in 2013 and $35 million in 2012 under the provisions of these defined contribution and supplemental retirement plans.
	Defined Benefit Plans
	Participation in defined benefit pension plans sponsored by us is limited.  Approximately 260 employees, including union and certain nonunion employees who joined us from acquired operations with grandfathered benefits, are currently accruing benefits under these plans.
	Pension costs for the defined benefit pension plans, determined by independent actuarial valuations, are generally funded by payments to trust funds, which are administered by independent trustees.
	Postretirement and Other Benefit Plans
	We provided postretirement medical and dental benefits and life insurance coverage for our employees and their eligible dependents through Occidental-sponsored plans prior to the Spin-off, and provide them through CRC-sponsored plans following the Spin-off.  The benefits were generally funded as they were paid during the year.  These benefit costs were approximately $22 million in 2014, $18 million in 2013 and $17 million in 2012.
	Obligations and Funded Status
	The following tables show the amounts recognized in our balance sheets related to pension and postretirement benefit plans, including our share of obligations for Occidental-sponsored plans as well as plans that we or our subsidiaries sponsor, and their funding status, obligations and plan asset fair values (in millions):
			Pension						Postretirement
			Benefits						Benefits
			As of December 31,
			2014			2013			2014			2013
	Amounts recognized in the balance sheet:
	Accrued liabilities		$	—		$	—		$	—		$	(1	)
	Other long-term liabilities		(21		)	(12		)	(68		)	(62		)
			$	(21	)	$	(12	)	$	(68	)	$	(63	)
	AOCI included the following after-tax balances:
	Net loss		$	22		$	19		$	2		$	4
			Pension						Postretirement
			Benefits						Benefits
			2014			2013			2014			2013
	Changes in the benefit obligation:
	Benefit obligation—beginning of year		$	103		$	108		$	63		$	74
	Service cost—benefits earned during the period		4			5			4			4
	Interest cost on projected benefit obligation		4			3			2			3
	Actuarial (gain) loss		6			(2		)	(1		)	(18		)
	Benefits paid		(9		)	(11		)	—			—
	Benefit obligation—end of year		$	108		$	103		$	68		$	63
	Changes in plan assets:
	Fair value of plan assets—beginning of year		$	91		$	74		$	—		$	—
	Actual return on plan assets		5			13			—			—
	Employer contributions		—			15			—			—
	Benefits paid		(9		)	(11		)	—			—
	Fair value of plan assets—end of year		$	87		$	91		$	—		$	—
	(Unfunded) status:		$	(21	)	$	(12	)	$	(68	)	$	(63	)
	The following table sets forth the accumulated and projected benefit obligations and fair values of assets of the defined benefit pension plans:
			Accumulated						Plan Assets
			Benefit						in Excess of
			Obligation						Accumulated
			in Excess of						Benefit
			Plan Assets						Obligation
			As of December 31,
			2014			2013			2014			2013
			(in millions)
	Projected Benefit Obligation		$	31		$	30		$	77		$	73
	Accumulated Benefit Obligation		$	26		$	25		$	62		$	58
	Fair Value of Plan Assets		$	19		$	23		$	68		$	68
	We do not expect any plan assets to be returned during 2014.
	COMPONENTS OF NET PERIODIC BENEFIT COST
	The following table sets forth the components of net periodic benefit costs:
			Pension									Postretirement
			Benefits									Benefits
			2014			2013			2012			2014			2013		2012
			(in millions)
	Net periodic benefit costs:
	Service cost—benefits earned during the period		$	4		$	5		$	4		$	4		$	5	$	4
	Interest cost on projected benefit obligation		4			3			4			2			3		3
	Expected return on plan assets		(6		)	(4		)	(4		)	—			—		—
	Recognized actuarial loss		2			4			4			1			2		2
	Settlement cost		2			2			6			—			—		—
Net periodic benefit cost		$	6		$	10		$	14		$	7		$	10	$	9
The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year are $2 million and zero, respectively.  We do not expect to have any estimated net loss or prior service cost for the defined benefit postretirement plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year.
The following table sets forth the weighted-average assumptions used to determine our benefit obligations and net periodic benefit cost:
		Pension				Postretirement
		Benefits				Benefits
		For the years ended
		December 31,
		2014		2013		2014		2013
Benefit Obligation Assumptions:
Discount rate		3.82	%	4.45	%	4.44	%	4.75	%
Rate of compensation increase		4.00	%	4.00	%	—		—
Net Periodic Benefit Cost Assumptions:
Discount rate		4.45	%	3.59	%	4.75	%	3.89	%
Assumed long term rate of return on assets		6.50	%	6.50	%	—		—
Rate of compensation increase		4.00	%	4.00	%	—		—
For pension plans and postretirement benefit plans that we or our subsidiaries sponsor, we based the discount rate on the Aon/Hewitt AA Above Median yield curve in 2014 and the Aon/Hewitt AA-AAA Universe yield curve in 2013.  The weighted-average rate of increase in future compensation levels is consistent with our past and anticipated future compensation increases for employees participating in retirement plans that determine benefits using compensation.  The assumed long-term rate of return on assets is estimated with regard to current market factors but within the context of historical returns for the asset mix that exists at year end.
Effective in 2014, we adopted the Society of Actuaries 20014 Mortality Tables Report and Mortality Improvement Scale, which updated the mortality assumptions that private defined benefit pension plans in the United States use in the actuarial valuations that determine a plan sponsor’s pension and postretirement obligations.  The updated mortality data reflects increasing life expectancies in the United States, and affected plans generally expect the value of the actuarial obligations to increase, depending on the specific demographic characteristics of the plan participants and the types of benefits. The changes in the mortality assumptions resulted in an increase of $2 million and $7 million in the pension and postretirement benefit obligation, respectively, at December 31, 2014.
The postretirement benefit obligation was determined by application of the terms of medical and dental benefits and life insurance coverage, including the effect of established maximums on covered costs, together with relevant actuarial assumptions and healthcare cost trend rates projected at an assumed U.S. Consumer Price Index (CPI) increase of 1.79% and 2.36% as of December 31, 2014 and 2013, respectively.  Under the terms of our postretirement plans, participants other than certain union employees pay for all medical cost increases in excess of increases in the CPI.  For those union employees, we projected that healthcare cost trend rates would decrease 0.25 percent per year from 7.75 percent in 2014 until they reach 5.0% in 2025, and remain at 5.0% thereafter.  A 1-percent increase or a 1-percent decrease in these assumed healthcare cost trend rates would result in an increase of $6 million or a reduction of $5 million, respectively, in the postretirement benefit obligation as of December 31, 2014.  The annual service and interest costs would not be materially affected by these changes.
The actuarial assumptions used could change in the near term as a result of changes in expected future trends and other factors that, depending on the nature of the changes, could cause increases or decreases in the plan assets and liabilities.
Fair Value of Pension Plan Assets
We employ a total return investment approach that uses a diversified blend of equity and fixed-income investments to optimize the long-term return of plan assets at a prudent level of risk.  The investments were monitored by Occidental’s Investment Committee in its role as fiduciary through November 30, 2014, and by our Investment Committee thereafter.    Equity investments were diversified across United States and non-United States stocks, as well as differing styles and market capitalizations.  Other asset classes, such as private equity and real estate, may have been used with the goals of enhancing long-term returns and improving portfolio diversification.  The target allocation of plan assets was 65% equity securities and 35% debt securities.  Investment performance was measured and monitored on an ongoing basis through quarterly investment portfolio and manager guideline compliance reviews, annual liability measurements and periodic studies.
The fair values of our pension plan assets by asset category are as follows (in millions):
		Fair Value Measurements at
		December 31, 2014 Using
		Level 1			Level 2			Level 3			Total
Asset Class:
Commingled funds:
Fixed income		$	—		$	20		$	—		$	20
U.S. equity		—			31			—			31
International equity		—			17			—			17
Mutual funds:
Bond funds		5			—			—			5
Blend funds		2			—			—			2
Value funds		2			—			—			2
Growth funds		3			—			—			3
Guaranteed deposit account		—			—			7			7
Total pension plan assets		$	12		$	68		$	7		$	87
		Fair Value Measurements at
		December 31, 2013 Using
		Level 1			Level 2			Level 3			Total
Asset Class:
Master trust investment account(a)		$	—		$	69		$	—		$	69
Mutual funds:
Bond funds		5			—			—			5
Blend funds		3			—			—			3
Value funds		3			—			—			3
Growth funds		3			—			—			3
Guaranteed deposit account		—			—			9			9
Total pension plan assets(b)		$	14		$	69		$	9		$	92
	(a)		Represents our investment in a master trust investment account established by Occidental. The trust investments include common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds.
	(b)		Amounts exclude net payables of approximately $1 million.
The activity during the years ended December 31, 2014 and 2013, for the assets using Level 3 fair value measurements was insignificant.  We expect to contribute $3 million to our defined benefit pension plans during 2015.
Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows:
For the years ended December 31,		Pension			Postretirement
		Benefits			Benefits
		(in millions)
2015		$	15		$	—
2016		$	9		$	1
2017		$	8		$	1
2018		$	10		$	2
2019		$	9		$	2
2020 - 2024		$	44		$	17

RELATEDPARTY_TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS
	NOTE 15    RELATED-PARTY TRANSACTIONS
	During 2014, 2013 and 2012, we entered into the following related-party transactions:
			2014		2013		2012
			(in millions)
	Sales(a)		$	2,706	$	4,174	$	3,970
	Allocated costs for services provided by affiliates		$	126	$	146	$	129
	Purchases		$	175	$	164	$	119
		(a)		Amounts include related-party sales from our Elk Hills power plant of $89 million, $120 million and $92 million during 2014, 2013 and 2012, respectively.  These sales are included in other revenue in the statements of operations.
	Through July 2014, substantially all of our products were sold through Occidental’s marketing subsidiaries at market prices and were settled at the time of sale to those entities.  Beginning August 2014, we started marketing our own products directly to third parties.  For the years ended December 31, 2014, 2013 and 2012, sales to Occidental subsidiaries accounted for approximately 65%, 97% and 97% of our net sales, respectively.
	The statements of operations include expense allocations for certain corporate functions and centrally-located activities performed by Occidental prior to the Spin-off.  These functions include executive oversight, accounting, treasury, tax, financial reporting, internal audit, legal, risk management, information technology, government relations, public relations, investor relations, human resources, procurement, engineering, drilling, exploration, finance, marketing, ethics and compliance, and certain other shared services.  Charges from Occidental for these services are generally reflected in selling, general and administrative expenses and also include employee-related costs such as salaries, bonuses and stock compensation costs.
	Purchases from related parties reflect products purchased at market prices from Occidental’s subsidiaries and  used in our operations.  These purchases are included in production costs.  There were no significant related-party receivable or payable balances at December 31, 2014, 2013 and 2012.

THE_SPINOFF_AND_SUMMARY_OF_SIG1

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
	Basis of Presentation
	Up until the Spin-off, the accompanying consolidated and combined financial statements were derived from the consolidated financial statements and accounting records of Occidental.  These consolidated and combined financial statements reflect the historical results of operations, financial position and cash flows of the California business.  We account for our share of oil and gas exploration and production ventures, in which we have a direct working interest, by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on the balance sheets and statements of income and cash flows.
	The consolidated and combined statements of income for periods prior to the Spin-off include expense allocations for certain corporate functions and centrally-located activities historically performed by Occidental. These functions include executive oversight, accounting, treasury, tax, financial reporting, finance, internal audit, legal, risk management, information technology, government relations, public relations, investor relations, human resources, procurement, engineering, drilling, exploration, marketing, ethics and compliance, and certain other shared services.  These allocations are based primarily on specific identification of time or activities associated with us, employee headcount or our relative size compared to Occidental.  Our management believes the assumptions underlying the consolidated and combined financial statements, including the assumptions regarding allocating expenses from Occidental, are reasonable.  However, the financial statements may not include all of the actual expenses that would have been incurred, may include duplicative costs and may not reflect our consolidated and combined results of operations, financial position and cash flows had we operated as a stand-alone public company during the periods presented.  Actual costs that would have been incurred if we had been a stand-alone company prior to the Spin-off would depend on multiple factors, including organizational structure and strategic and operating decisions.  There may be some additional non-recurring costs of operating as a stand-alone company, which are not expected to be material.
	The assets and liabilities in the consolidated and combined financial statements are presented on a historical cost basis.  We have eliminated all of our significant intercompany transactions and accounts.  Prior to the Spin-off, we participated in Occidental’s centralized treasury management program and had not incurred any debt.  Additionally, excess cash generated by our business was distributed to Occidental, and likewise our cash needs were provided by Occidental, in the form of contributions.
	All financial information presented after the Spin-off represents the financial position, results of operations and cash flows of CRC, as follows:
		·		Our consolidated and combined statements of operations, comprehensive income and cash flows for the year ended December 31, 2014 consist of the stand-alone consolidated results of CRC following the Spin-off, and the consolidated and combined results of the California business from January 1, 2014, through the Spin-off.  Our statements of income, comprehensive income and cash flows for the years ended December 31, 2013 and 2012 consist entirely of the combined results of the California business.
		·		Our consolidated and combined balance sheet at December 31, 2014 consists of the consolidated balances of CRC, while at December 31, 2013, it consists of the combined balances of the California business.
		·		Our consolidated and combined statement of changes in equity for the year ended December 31, 2014 consists of both the California business prior to the Spin-off and the consolidated activity for CRC subsequent to the Spin-off.  Our consolidated statement of changes in equity for the years ended December 31, 2013 and 2012 consist entirely of the combined activity of the California business.
	Had we been a stand-alone company for the full year 2014, and had the same level of debt throughout the year as we did on December 31, 2014, of approximately $6.4 billion, we would have incurred $314 million pre-tax, or $186 million after-tax, of interest expense, on a pro-forma basis, for the year ended December 31, 2014, compared to the $72 million pre-tax interest expense reported in our statement of operations for the year then ended.
	Certain prior year amounts have been reclassified to conform to the 2014 presentation.
Risks and Uncertainties	Risks and Uncertainties
	The process of preparing financial statements in conformity with United States generally accepted accounting principles requires management to make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments and actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our financial statements.
Revenue Recognition	Revenue Recognition
	We recognize revenue from oil and natural gas production when title has passed from us to the transportation company or the customer, as applicable. We recognize our share of revenues net of any royalties and other third-party share.
Net Parent Company Investment	Net Parent Company Investment
	Prior to the Spin-off, our balance sheets included net parent company investment, which represented Occidental’s historical investment in us, our accumulated net income and the net effect of transactions with, and allocations from, Occidental.
Inventories	Inventories
	Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods include oil and natural gas products, which are valued at the lower of cost or market.
Property, Plant and Equipment
	Property, Plant and Equipment
	The carrying value of our property, plant and equipment (PP&E) represents the cost incurred to acquire or develop the asset, including any asset retirement obligations and capitalized interest, net of accumulated depreciation, depletion and amortization (DD&A) and any impairment charges. For assets acquired, PP&E cost is based on fair values at the acquisition date. Asset retirement obligations are capitalized and amortized over the lives of the related assets.
	We use the successful efforts method to account for oil and gas properties. Under this method, we capitalize costs of acquiring properties, costs of drilling successful exploration wells and development costs. The costs of exploratory wells are initially capitalized pending a determination of whether we find proved reserves. If we find proved reserves, the costs of exploratory wells remain capitalized. Otherwise, we charge the costs of the related wells to expense. In some cases, we cannot determine whether we have found proved reserves at the completion of the exploration drilling, and must conduct additional testing and evaluation of the wells. We generally expense the costs of such exploratory wells if we do not determine we have found proved reserves within a 12-month period after drilling is complete.
	The following table summarizes the activity of capitalized exploratory well costs for the years ended December 31:
			2014			2013			2012
			(in millions)
	Balance - Beginning of Year		$	18		$	18		$	63
	Additions to capitalized exploratory well costs pending the determination of proved reserves		3			46			62
	Reclassification to property, plant and equipment based on the determination of proved reserves		(8		)	(31		)	(61		)
	Capitalized exploratory well costs charged to expense		(9		)	(15		)	(46		)
	Balance - End of Year		$	4		$	18		$	18
	We expense annual lease rentals, the costs of injection used in production and exploration geological, geophysical and seismic costs as incurred. Cost of maintenance and repairs are expensed as incurred, except that the costs of replacements that expand capacity or add proven oil and gas reserves are capitalized.
	We determine depreciation and depletion of oil and gas producing properties by the unit-of-production method. We amortize acquisition costs over total proved reserves, and capitalized development and successful exploration costs over proved developed reserves. Substantially all of our total depreciation, depletion and amortization expense relates to production costs.
	Proved oil and gas reserves and production volumes are used as the basis for recording depreciation and depletion of oil and gas properties. Proved reserves are those quantities of oil and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. We have no proved oil and gas reserves for which the determination of economic producibility is subject to the completion of major additional capital investments.
	Our gas plant and power plant assets are depreciated over the estimated useful lives of the assets, using the straight-line method, with expected initial useful lives of the assets ranging from two to 30 years. Other property and equipment is depreciated using the straight-line method based on expected initial lives of the individual assets or group of assets ranging from two to 20 years.
	We perform impairment tests with respect to proved properties when product prices decline other than temporarily, reserve estimates change significantly, other significant events occur or management’s plans change with respect to these properties in a manner that may impact our ability to realize the recorded asset amounts. Impairment tests incorporate a number of assumptions involving expectations of undiscounted future cash flows, which can change significantly over time. These assumptions include estimates of future product prices, which we base on forward price curves and, when applicable, contractual prices, estimates of oil and gas reserves and estimates of future expected operating and development costs. Any impairment loss would be calculated as the excess of the asset’s net book value over its estimated fair value.  We recognize any impairment loss on proved properties by adjusting the carrying amount of the asset.
	A portion of the carrying value of our oil and gas properties is attributable to unproved properties. At December 31, 2014, the net capitalized costs attributable to unproved properties were approximately $300 million. The unproved amounts are not subject to DD&A until they are classified as proved properties. As exploration and development work progresses, if reserves on these properties are proved, capitalized costs attributable to the properties become subject to DD&A. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, contractual conditions or other factors, the capitalized costs of the related properties would be expensed.  The timing of any write-downs of these unproved properties, if warranted, depends upon management’s plans, the nature, timing and extent of future exploration and development activities and their results.  We recognize any impairment loss on unproved properties by providing a valuation allowance.
	At year end 2014, we performed impairment tests with respect to our proved and unproved properties as a result of significant declines in oil prices largely during the last half of 2014.  As a result, in the fourth quarter of 2014, we recorded pre-tax asset impairment charges of $3.4 billion on proved and unproved properties throughout our asset base.  The impairment charge was related to certain properties in the San Joaquin and Los Angeles basins and a portion of our assets in the Ventura basin, as well as our natural gas properties in the Sacramento basin.  Approximately $650 million of the charge was related to unproved properties.  The properties were impaired as a result of accounting rules that require us to evaluate our properties based on the year-end forward price curve, as well as projects we determined we would not pursue in the foreseeable future given the current environment.
	In 2012, management decided not to pursue development of certain of our natural gas properties which were impacted by persistently low natural gas prices. As a result, we recorded an impairment charge in 2012 of $29 million.
Asset Retirement Obligations	Asset Retirement Obligations
	We recognize the fair value of asset retirement obligations in the period in which a determination is made that a legal obligation exists to dismantle an asset and reclaim or remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts are based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, technological changes, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, we capitalize the cost by increasing the related PP&E balances. If the estimated future cost of the asset retirement obligation changes, we record an adjustment to both the asset retirement obligation and PP&E. Over time, the liability is increased and expense is recognized for accretion, and the capitalized cost is depreciated over the useful life of the asset.
	At certain of our facilities, we have identified asset retirement obligations that are related mainly to plant and field decommissioning, including plugging and abandonment of wells.  In certain cases, we do not know or cannot estimate when we may settle these obligations and, therefore, we cannot reasonably estimate the fair value of these liabilities.  We will recognize these asset retirement obligations in the periods in which sufficient information becomes available to reasonably estimate their fair values.  Additionally, for certain plants, we do not have a legal obligation to decommission them and accordingly we have not recorded a liability.
	The following table summarizes the activity of the asset retirement obligation, of which $397 million and $388 million is included in other long-term liabilities, with the remaining current portion in accrued liabilities at December 31, 2014 and 2013, respectively.
			For the years ended
			December 31,
			2014			2013
			(in millions)
	Beginning balance		$	415		$	387
	Liabilities incurred - capitalized to PP&E		19			25
	Liabilities settled and paid		(29		)	(9		)
	Accretion expense		22			21
	Acquisitions, disposition and other - changes in PP&E		26			(2		)
	Revisions to estimated cash flows - changes in PP&E		(34		)	(7		)
	Ending balance		$	419		$	415
Derivative Instruments
	Derivative Instruments
	Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty.  Fair value gains and losses from derivative instruments are recognized in earnings in the current period and are reported on a net basis in the statements of operations.  We apply hedge accounting when transactions meet specified criteria for hedge treatment and management elects and documents such treatment.  For hedges, the gain or loss on the effective portion of the derivative is reported as a component of other comprehensive income (OCI) with an offsetting adjustment to the basis of the item being hedged. Realized gains or losses from hedges, and any ineffective portion, are recorded as a component of net sales in the statements of operations. Ineffectiveness is primarily created by a lack of correlation between the hedged item and the hedging instrument due to location, quality, grade or changes in the expected quantity of the hedged item.
	A hedge is regarded as highly effective such that it qualifies for hedge accounting if, at inception and throughout its life, we expect that changes in the fair value or cash flows of the hedged item will be offset by 80 to 125 percent of the changes in the fair value or cash flows, respectively, of the hedging instrument. In the case of hedging a forecast transaction, the transaction must be probable and must present an exposure to variations in cash flows that could ultimately affect reported net income or loss. We discontinue hedge accounting when we determine that a derivative has ceased to be highly effective as a hedge; when the hedged item matures or is sold or repaid; or when a forecast transaction is no longer deemed probable.
Stock-based Incentive Plans
	Stock-based Incentive Plans
	We have stockholder approved stock-based incentive plans for certain employees and directors that are more fully described in Note 11.  A summary of our accounting policy for awards issued under our plans is as follows.
	The fair value of stock options granted to our employees is estimated on the date of grant using the Black-Scholes option pricing model.  The model uses various assumptions, based on management’s estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense recognized over the vesting period of the stock option award.  Of the required assumptions, the expected life of the stock option award and the expected volatility of our stock price have the most significant impact on the fair value calculation.  In the absence of adequate stock price history of CRC common stock, the volatility factor is based on the average volatilities of the stocks of a select group of peer companies, which are similar in nature to us.  The average expected life is calculated based on the simplified method.
	For cash- and stock-settled restricted stock units, compensation value is initially measured on the grant date using the quoted market price of CRC common stock.  Compensation expense for restricted stock units is recognized on a straight-line basis over the requisite service periods.  Compensation expense for the cash-settled portion of the awards is adjusted cumulatively for changes in the value of the underlying stock on a quarterly basis. All stock-price-related changes are recognized in periodic compensation expense.  The stock-settled portion of these awards is expensed using the initially measured compensation value.
Earnings Per Share
	Earnings Per Share
	Our instruments containing rights to nonforfeitable dividends granted in stock-based awards are considered participating securities prior to vesting and, therefore, have been deducted from earnings in computing basic and diluted earnings per share under the two-class method.
	Basic earnings per share was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, net of treasury shares, if any, and including vested but unissued shares and share units.  The computation of diluted earnings per share reflects the additional dilutive effect of stock options and unvested stock awards.
Retirement and Postretirement Benefit Plans	Retirement and Postretirement Benefit Plans
	Prior to the Spin-off, a majority of our employees participated in postretirement benefit plans sponsored by Occidental, which included participants from other Occidental subsidiaries. These plans had an insignificant amount of assets and were substantially funded as benefits were paid. We recognized a liability in the accompanying balance sheets for the employees of the California operations. The related postretirement expenses were allocated to us from Occidental based on the employees of the California business.  Following the Spin-off, all of our employees participate in postretirement benefit plans sponsored by us.  These plans are substantially funded as benefits are paid.
	For defined benefit pension and postretirement plans that are sponsored by us, we recognize the net overfunded or underfunded amounts in the financial statements using a December 31 measurement date.
	We determine our defined benefit pension and postretirement benefit plan obligations based on various assumptions and discount rates. The discount rate assumptions used are meant to reflect the interest rate at which the obligations could effectively be settled on the measurement date. We estimate the rate of return on assets with regard to current market factors but within the context of historical returns.
	Pension plan assets are measured at fair value. Common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds are valued using quoted market prices in active markets when available. When quoted market prices are not available, these investments are valued using pricing models with observable inputs from both active and non-active markets.  Common and collective trusts are valued at the fund units’ net asset value (NAV) provided by the issuer, which represents the quoted price in a non-active market. Short-term investment funds are valued at the fund units’ NAV provided by the issuer.
	Actuarial gains and losses that have not yet been recognized through income are recorded in accumulated OCI within net investment, net of taxes, until they are amortized as a component of net periodic benefit cost.
Fair Value Measurements	Fair Value Measurements
	We have categorized our assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1—using quoted prices in active markets for the assets or liabilities; Level 2—using observable inputs other than quoted prices for the assets or liabilities; and Level 3—using unobservable inputs.  Transfers between levels, if any, are recognized at the end of each reporting period.  We apply the market approach for certain recurring fair value measurements, maximize our use of observable inputs and minimize use of unobservable inputs.  We generally use an income approach to measure fair value when observable inputs are unavailable.  This approach utilizes management’s judgments regarding expectations of projected cash flows and discounts those cash flows using a risk-adjusted discount rate.
	Commodity derivatives are carried at fair value.  We utilize the mid-point between bid and ask prices for valuing these instruments.  In addition to using market data in determining these fair values, we make assumptions about the risks inherent in the inputs to the valuation technique.  Our commodity derivatives comprise Over-the-Counter (OTC) bilateral financial commodity contracts, which are generally valued using industry-standard models that consider various inputs, including quoted forward prices for commodities, time value, volatility factors, credit risk and current market and contracted prices for the underlying instruments, as well as other relevant economic measures.  Substantially all of these inputs are observable data or are supported by observable prices at which transactions are executed in the marketplace.  We classify these measurements as Level 2.
	The carrying amounts of on-balance-sheet financial instruments approximate fair value.
Other current assets
	Other Current Assets
	Other current assets at December 31, 2014 include amounts due from joint interest partners of approximately $120 million, greenhouse gas emission credits of $65 million and deferred tax assets of $61 million.  At December 31, 2013 other current assets included $97 million due from joint interest partners.
Accrued liabilities	Accrued Liabilities
	Accrued liabilities at December 31, 2014 include accrued compensation-related costs of approximately $80 million, interest payable of approximately $70 million, and greenhouse gas liabilities of approximately $65 million.  At December 31, 2013 accrued liabilities included $70 million of accrued compensation-related costs.
Supplemental Cash Flow Information	Supplemental Cash Flow Information
	We have not made United States federal and state income tax payments directly to taxing jurisdictions.  Up until the Spin-off, our share of Occidental’s tax payments or refunds were paid or received, as applicable, by our parent and are reflected as part of the net parent company investment. Such amounts paid during the year ended December 31, 2014 and 2013 were approximately $165 million and $318 million, respectively, while the year ended December 31, 2012 resulted in a net refund of approximately $121 million. We also paid taxes other than on income, consisting mostly of property taxes, of approximately $183 million, $185 million and $171 million during the years ended December 31, 2014, 2013 and 2012, respectively.  Interest paid totaled approximately $3 million for the year ended December 31, 2014, and zero for each of the two years ended December 31, 2013 and 2012.
	The 2014 capital investments reported on the statement of cash flows exclude changes to the consolidated balance sheets that did not affect cash primarily consisting of the increase in capital accruals during the year.  Total capital investments in 2014 were $2.089 billion, which included $2.020 billion of cash paid for capital investments as reported in the statement of cash flows and $69 million in increase in capital accruals.  For the years 2013 and 2012, the changes in the capital accrual amounts were not material.
	In 2014, Occidental transferred to us certain assets, liabilities and accruals, of which the most significant consisted of outstanding trade receivables of approximately $400 million.
	These non-cash transfers and the corresponding net contribution to us from Occidental were excluded from net cash provided by operating activities and cash flow from financing activities.
Major Customers	Major Customers
	For the years ended December 31, 2014, 2013 and 2012, ConocoPhillips/Phillips 66 Company and Tesoro Refining & Marketing Company LLC each accounted for more than 10% of our net sales.  Collectively, they accounted for 45%, 42% and 46% in each of those years, respectively.
Income taxes	Income Taxes
	Our taxable income was historically included in the consolidated U.S. federal income tax returns of Occidental and in a number of their consolidated state income tax returns. In the accompanying financial statements, our provision for income taxes is computed as if we were a stand-alone tax-paying entity.
	Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases. Deferred tax assets are recorded when it is more likely than not that they will be realized. The realization of deferred tax assets is assessed periodically based on several factors, including our expectation that we will generate sufficient future taxable income and reversals of taxable temporary differences.

THE_SPINOFF_AND_SUMMARY_OF_SIG2

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2014
THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of the activity of capitalized exploratory well costs
		2014			2013			2012
		(in millions)
	Balance - Beginning of Year	$	18		$	18		$	63
	Additions to capitalized exploratory well costs pending the determination of proved reserves	3			46			62
	Reclassification to property, plant and equipment based on the determination of proved reserves	(8		)	(31		)	(61		)
	Capitalized exploratory well costs charged to expense	(9		)	(15		)	(46		)
	Balance - End of Year	$	4		$	18		$	18
Summary of the activity of the asset retirement obligation
		For the years ended
		December 31,
		2014			2013
		(in millions)
	Beginning balance	$	415		$	387
	Liabilities incurred - capitalized to PP&E	19			25
	Liabilities settled and paid	(29		)	(9		)
	Accretion expense	22			21
	Acquisitions, disposition and other - changes in PP&E	26			(2		)
	Revisions to estimated cash flows - changes in PP&E	(34		)	(7		)
	Ending balance	$	419		$	415

INVENTORIES_Tables

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2014
INVENTORIES
Inventories
		Balance at December 31,
		2014		2013
		(in millions)
	Materials and supplies	$	66	$	73
	Finished goods	5		2
	Total	$	71	$	75

DEBT_Tables

DEBT (Tables)	12 Months Ended
	Dec. 31, 2014
DEBT
Debt
		December 31,
		2014		2013
		(in millions)
	Revolving Credit Facility	$	360	$	—
	Term Loan Facility	1,000		—
	5% notes due 2020	1,000		—
	5 1/2% notes due 2021	1,750		—
	6% notes due 2024	2,250		—
	Total	$	6,360	$	—
Principal maturities of long-term debt outstanding
	Principal maturities of long-term debt outstanding at December 31, 2014 are as follows:
	(in millions)
	2015	$	—
	2016	100
	2017	100
	2018	100
	2019	1,060
	Thereafter	5,000
	Total	$	6,360

LEASE_COMMITMENTS_Tables

LEASE COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
LEASE COMMITMENTS
Future net minimum lease payments for noncancelable operating leases	At December 31, 2014, future net minimum lease payments for noncancelable operating leases (excluding oil and natural gas and other mineral leases, utilities, taxes, insurance and maintenance expense) totaled:
		Amount
		(in millions)
	2015	$	13
	2016	14
	2017	14
	2018	14
	2019	12
	Thereafter	58
	Total minimum lease payments	$	125

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
FAIR VALUE MEASUREMENTS
Assets accounted for at fair value on a recurring basis
		December 31, 2014
	(in millions)	Level 1	Level 2	Level 3	Collateral	Total
	Commodity derivative instruments, other current assets	—	24	—	—	24
	Total	—	24	—	—	24

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
INCOME TAXES
Provision (benefit) for federal, state and local income taxes
	For the years ended December 31,	United States			State			Total
		Federal			and Local
		(in millions)
	2014
	Current	$	66		$	99		$	165
	Deferred	(840		)	(312		)	(1,152		)
		$	(774	)	$	(213	)	$	(987	)
	2013
	Current	$	227		$	91		$	318
	Deferred	222			38			260
		$	449		$	129		$	578
	2012
	Current	$	(140	)	$	19		$	(121	)
	Deferred	518			85			603
		$	378		$	104		$	482
Reconciliation of the United States federal statutory income tax rate to our effective tax rate is stated as a percentage of pre-tax income or loss
		For the years ended
		December 31,
		2014		2013		2012
	United States federal statutory tax rate	35	%	35	%	35	%
	State income taxes, net of federal benefit	6		6		6
	Other	—		(1	)	—
	Effective tax rate	41	%	40	%	41	%
Tax effects of temporary differences resulting in deferred income taxes
		2014						2013
		Deferred Tax			Deferred Tax			Deferred Tax			Deferred Tax
		Assets			Liabilities			Assets			Liabilities
		(in millions)
	Property, plant and equipment differences	$	—		$	(2,437	)	$	—		$	(3,583	)
	Postretirement benefit accruals	39			—			14			—
	Deferred compensation and benefits	62			—			60			—
	Asset retirement obligations	184			—			182			—
	Federal benefit of state income taxes	68			—			208			—
	Net operating loss carryforwards	64			—			8			—
	All other	27			(1		)	14			(2		)
	Total deferred taxes	$	444		$	(2,438	)	$	486		$	(3,585	)

STOCK_COMPENSATION_Tables

STOCK COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2014
STOCK COMPENSATION
Summary of changes in unvested cash and stock-settled RSUs
		Cash-Settled				Stock-Settled
		RSUs		Weighted-Average		RSUs		Weighted-Average
		(000’s)		Grant Date Fair		(000’s)		Grant-Date Fair
				Value				Value
	Unvested at December 31, 2013	—		$	—	—		$	—
	Granted	4,562		$	7.37	6,663		$	7.84
	Vested	—		$	—	—		$	—
	Forfeited	(14	)	$	7.37	—		$	—
	Unvested at December 31, 2014	4,548		$	7.37	6,663		$	7.84
Summary of stock option activity
		Options		Weighted-		Weighted-			Aggregate
		(000’s)		Average		Average Grant-			Intrinsic Value
				Exercise Price		Date Fair Value
	Beginning balance, December 31, 2013	—		$	—	$	—		$	—
	Granted	8,481		8.11		1.98			—
	Exercised	—		—		—			—
	Forfeited	—		—		—			—
	Expired or Canceled	—		—		—			—
	Ending balance, December 31, 2014	8,481		$	8.11	$	1.98		$	—
Schedule of grant date assumptions used in the Black-Scholes valuation for stock options
		2014
	Exercise price per share	$	8.11
	Expected life (in years)	4.5
	Expected volatility	35.4		%
	Risk-free interest rate	1.4		%
	Dividend yield	0.5		%
	Grant date fair value of stock option awards granted	$	1.98

EQUITY_Tables

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2014
EQUITY
Summary of common stock issuances
			Common Stock
			(in 000’s)
	Balance, December 31, 2013		—
	Issued		385,640
	Balance, December 31, 2014		385,640
Components of accumulated other comprehensive income (loss)
			Balance at December 31,
			2014			2013
			(in millions)
	Unrealized losses (gains) on derivatives		$	—		$	(1	)
	Pension and post-retirement adjustments(a)		(24		)	(23		)
	Total		$	(24	)	$	(24	)
		(a)		See Note 14 for further information.

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2014
EARNINGS PER SHARE
Calculation of basic and diluted EPS
		2014			2013			2012
		(in millions, except per-share amounts)
	Basic EPS calculation
	Net income / (loss)	$	(1,434	)	$	869		$	699
	Net income / (loss) allocated to participating securities	—			(14		)	(11		)
	Net income / (loss) available to common stockholders	$	(1,434	)	$	855		$	688
	Weighted-average common shares outstanding - basic	381.9			381.8			381.8
	Basic EPS	$	(3.75	)	$	2.24		$	1.8
	Diluted EPS calculation
	Net income / (loss)	$	(1,434	)	$	869		$	699
	Net income / (loss) allocated to participating securities	—			(14		)	(11		)
	Net income / (loss) available to common stockholders	$	(1,434	)	$	855		$	688
	Weighted average common shares outstanding - basic	381.9			381.8			381.8
	Dilutive effect of potentially dilutive securities	—			—			—
	Weighted-average common shares outstanding - diluted	381.9			381.8			381.8
	Diluted EPS	$	(3.75	)	$	2.24		$	1.8

RETIREMENT_AND_POSTRETIREMENT_1

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2014
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
Components of amounts recognized in the consolidated balance sheets
	The following tables show the amounts recognized in our balance sheets related to pension and postretirement benefit plans, including our share of obligations for Occidental-sponsored plans as well as plans that we or our subsidiaries sponsor, and their funding status, obligations and plan asset fair values (in millions):
			Pension						Postretirement
			Benefits						Benefits
			As of December 31,
			2014			2013			2014			2013
	Amounts recognized in the balance sheet:
	Accrued liabilities		$	—		$	—		$	—		$	(1	)
	Other long-term liabilities		(21		)	(12		)	(68		)	(62		)
			$	(21	)	$	(12	)	$	(68	)	$	(63	)
After-tax balances included in AOCI
			Pension						Postretirement
			Benefits						Benefits
			As of December 31,
			2014			2013			2014			2013
	AOCI included the following after-tax balances:
	Net loss		$	22		$	19		$	2		$	4
Funding status of plans			Pension						Postretirement
			Benefits						Benefits
			2014			2013			2014			2013
	Changes in the benefit obligation:
	Benefit obligation—beginning of year		$	103		$	108		$	63		$	74
	Service cost—benefits earned during the period		4			5			4			4
	Interest cost on projected benefit obligation		4			3			2			3
	Actuarial (gain) loss		6			(2		)	(1		)	(18		)
	Benefits paid		(9		)	(11		)	—			—
	Benefit obligation—end of year		$	108		$	103		$	68		$	63
	Changes in plan assets:
	Fair value of plan assets—beginning of year		$	91		$	74		$	—		$	—
	Actual return on plan assets		5			13			—			—
	Employer contributions		—			15			—			—
	Benefits paid		(9		)	(11		)	—			—
	Fair value of plan assets—end of year		$	87		$	91		$	—		$	—
	(Unfunded) status:		$	(21	)	$	(12	)	$	(68	)	$	(63	)
Schedule of accumulated benefit obligation, projected benefit obligation and fair value of plan assets for defined benefit pension plans with an accumulated benefit obligation in excess of plan assets and plan assets in excess of the accumulated benefit obligation
			Accumulated						Plan Assets
			Benefit						in Excess of
			Obligation						Accumulated
			in Excess of						Benefit
			Plan Assets						Obligation
			As of December 31,
			2014			2013			2014			2013
			(in millions)
	Projected Benefit Obligation		$	31		$	30		$	77		$	73
	Accumulated Benefit Obligation		$	26		$	25		$	62		$	58
	Fair Value of Plan Assets		$	19		$	23		$	68		$	68
Components of the net periodic benefit cost
			Pension									Postretirement
			Benefits									Benefits
			2014			2013			2012			2014			2013		2012
			(in millions)
	Net periodic benefit costs:
	Service cost—benefits earned during the period		$	4		$	5		$	4		$	4		$	5	$	4
	Interest cost on projected benefit obligation		4			3			4			2			3		3
	Expected return on plan assets		(6		)	(4		)	(4		)	—			—		—
	Recognized actuarial loss		2			4			4			1			2		2
	Settlement cost		2			2			6			—			—		—
	Net periodic benefit cost		$	6		$	10		$	14		$	7		$	10	$	9
Weighted-average assumptions used to determine benefit obligation and net periodic benefit cost
			Pension				Postretirement
			Benefits				Benefits
			For the years ended
			December 31,
			2014		2013		2014		2013
	Benefit Obligation Assumptions:
	Discount rate		3.82	%	4.45	%	4.44	%	4.75	%
	Rate of compensation increase		4.00	%	4.00	%	—		—
	Net Periodic Benefit Cost Assumptions:
	Discount rate		4.45	%	3.59	%	4.75	%	3.89	%
	Assumed long term rate of return on assets		6.50	%	6.50	%	—		—
	Rate of compensation increase		4.00	%	4.00	%	—		—
Fair values of pension plan assets by asset category
	The fair values of our pension plan assets by asset category are as follows (in millions):
			Fair Value Measurements at
			December 31, 2014 Using
			Level 1			Level 2			Level 3			Total
	Asset Class:
	Commingled funds:
	Fixed income		$	—		$	20		$	—		$	20
	U.S. equity		—			31			—			31
	International equity		—			17			—			17
	Mutual funds:
	Bond funds		5			—			—			5
	Blend funds		2			—			—			2
	Value funds		2			—			—			2
	Growth funds		3			—			—			3
	Guaranteed deposit account		—			—			7			7
	Total pension plan assets		$	12		$	68		$	7		$	87
			Fair Value Measurements at
			December 31, 2013 Using
			Level 1			Level 2			Level 3			Total
	Asset Class:
	Master trust investment account(a)		$	—		$	69		$	—		$	69
	Mutual funds:
	Bond funds		5			—			—			5
	Blend funds		3			—			—			3
	Value funds		3			—			—			3
	Growth funds		3			—			—			3
	Guaranteed deposit account		—			—			9			9
	Total pension plan assets(b)		$	14		$	69		$	9		$	92
		(a)		Represents our investment in a master trust investment account established by Occidental. The trust investments include common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds.
		(b)		Amounts exclude net payables of approximately $1 million.
Estimated future benefit payments, which reflect expected future service, as appropriate
	For the years ended December 31,		Pension			Postretirement
			Benefits			Benefits
			(in millions)
	2015		$	15		$	—
	2016		$	9		$	1
	2017		$	8		$	1
	2018		$	10		$	2
	2019		$	9		$	2
	2020 - 2024		$	44		$	17

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2014
RELATED-PARTY TRANSACTIONS
Related-party transactions
			2014		2013		2012
			(in millions)
	Sales(a)		$	2,706	$	4,174	$	3,970
	Allocated costs for services provided by affiliates		$	126	$	146	$	129
	Purchases		$	175	$	164	$	119
		(a)		Amounts include related-party sales from our Elk Hills power plant of $89 million, $120 million and $92 million during 2014, 2013 and 2012, respectively.  These sales are included in other revenue in the statements of operations.

THE_SPINOFF_AND_SUMMARY_OF_SIG3

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Nov. 30, 2014
Basis of Presentation Abstract
Debt	6,360
Pre-tax interest expense	72
Pro-forma basis
Pre-tax interest expense	314
After-tax interest expense	186
Spinoff - CRC | Occidental Petroleum And Subsidiaries
Separation and Spin Off Transactions
Percentage of outstanding shares of common stock retained by Occidental		18.50%
Number of months from spin off date for divestment of common stock	18 months

THE_SPINOFF_AND_SUMMARY_OF_SIG4

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details2) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
PROPERTY, PLANT AND EQUIPMENT
Maximum time period after which costs of exploratory wells are charged to expense if determination of proved reserves has not been made	12 months	12 months	12 months
Net capitalized costs attributable to unproved properties	$300
Capitalized exploratory well costs for the years ended December 31:
Balance - Beginning of Year	18	18	63
Additions to capitalized exploratory well costs pending the determination of proved reserves	3	46	62
Reclassifications to property, plant and equipment based on the determination of proved reserves	-8	-31	-61
Capitalized exploratory well costs charged to expense	-9	-15	-46
Balance - End of Year	4	18	18
ASSET RETIREMENT OBLIGATIONS
Asset retirement obligation, included in other long-term liabilities	397	388
Asset Retirement Obligations Rollforward
Beginning balance	415	387
Liabilities incurred - capitalized to PP&E	19	25
Liabilities settled and paid	-29	-9
Accretion expense	22	21
Acquisitions, dispositions and other - changes in PP&E	26	-2
Revisions to estimated cash flows - changes in PP&E	-34	-7
Ending balance	419	415	387
Other current assets
Amounts due from joint interest partners	120	97
Greenhouse gas emission credits	65
Deferred tax asset	61
Accrued liabilities
Accrued compensation-related costs	80	70
Interest payable	70
Greenhouse gas liabilities	65
Supplemental Cash Flow Information
United States federal and state income taxes paid	165	318
United States federal and state income taxes refunded			-121
Production, property and other taxes paid	183	185	171
Interest Paid	3	0	0
Total capital investments	2,089
Cash paid for capital investments	2,020
Increase in capital accruals	69
Transfer of trade receivables	400
Major customers | Conoco Phillips / Phillips 66 and Tesoro Refining & Marketing Company LLC Combined Member
Major Customers
Concentration Risk, Percentage	45.00%	42.00%	46.00%
Minimum
DERIVATIVE INSTRUMENTS
Range used to determine if derivative instrument is effective	80.00%
Minimum | Major customers | Tesoro Refining & Marketing Company LLC Member
Major Customers
Concentration Risk, Percentage	10.00%	10.00%	10.00%
Maximum
DERIVATIVE INSTRUMENTS
Range used to determine if derivative instrument is effective	125.00%
Oil and Gas Properties
Asset Impairments
Asset impairment charges			29
Gas Plant And Power Plant Assets Member | Minimum
PROPERTY, PLANT AND EQUIPMENT
Expected useful lives	2 years
Gas Plant And Power Plant Assets Member | Maximum
PROPERTY, PLANT AND EQUIPMENT
Expected useful lives	30 years
Other Property and Equipment | Minimum
PROPERTY, PLANT AND EQUIPMENT
Expected useful lives	2 years
Other Property and Equipment | Maximum
PROPERTY, PLANT AND EQUIPMENT
Expected useful lives	20 years
Proved and unproved properties
Asset Impairments
Asset impairment charges	3,400
Unproved properties [member]
Asset Impairments
Asset impairment charges	$650

ACQUISITIONS_Details

ACQUISITIONS (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Oil and gas properties in the Ventura Basin
Acquisitions
Cash paid on acquisition	$200
Oil and gas properties in California
Acquisitions
Cash paid on acquisition		50
Oil and gas properties in San Joaquin Basin
Acquisitions
Minimum obligation to spend for exploration and development activities		250
Term of exploration and development activities		5 years
Percentage of minimum obligation spent to date	20.00%
Domestic Oil and Gas Properties
Acquisitions
Cash paid on acquisition			380
Producing and non-producing oil and gas properties
Acquisitions
Cash paid on acquisition	290
Producing And Non Producing Properties In Sacramento Basin And Undeveloped Acreage in San Joaquin Basin [Member]
Acquisitions
Cash paid on acquisition			$275

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
INVENTORIES
Materials and supplies	$66	$73
Finished goods	5	2
Total	$71	$75

DEBT_Details

DEBT (Details) (USD $)	0 Months Ended			3 Months Ended
	Oct. 01, 2014	Sep. 24, 2014	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2014	Oct. 31, 2014
		item
Debt
Debt					$6,360,000,000
Senior Notes
Debt
Aggregate principal amount						5,000,000,000
Net Proceeds from private placement	4,950,000,000
Amount borrowed						5,000,000,000
Cash distribution to Occidental in October 2014	4,950,000,000
Semi annual interest payment	semi-annually
Percentage of principal amount at which senior notes can be redeemed	101.00%
5.00% Senior notes due 2020
Debt
Debt	1,000,000,000				1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%
5.50% Senior notes due 2021
Debt
Debt	1,750,000,000				1,750,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.50%
6.00% Senior notes due 2024
Debt
Debt	2,250,000,000				2,250,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Credit Facility
Debt
Number of quarters considered for interim covenant period		2
Credit Facility | LIBOR
Debt
Variable rate basis		LIBOR
Credit Facility | Alternate Base Rate
Debt
Variable rate basis		one-month LIBOR
Interest rate added to variable rate basis(as a percent)		1.00%
Credit Facility | Prime Rate
Debt
Variable rate basis		agent's prime rate
Credit Facility | Federal fund rate
Debt
Variable rate basis		federal funds effective rate
Interest rate added to variable rate basis(as a percent)		0.50%
Credit Facility | Minimum
Debt
Credit agreement interest expense ratio		2.5	2.25
Credit agreement asset coverage ratio during interim covenant period		1.05
Credit Facility | Minimum | LIBOR
Debt
Interest rate added to variable rate basis(as a percent)		1.50%
Credit Facility | Minimum | Alternate Base Rate
Debt
Interest rate added to variable rate basis(as a percent)		0.50%
Credit Facility | Maximum
Debt
Credit agreement leverage ratio		4.5
Credit agreement leverage ratio during interim covenant period		8.25
Credit Facility | Maximum | LIBOR
Debt
Interest rate added to variable rate basis(as a percent)		2.25%
Credit Facility | Maximum | Alternate Base Rate
Debt
Interest rate added to variable rate basis(as a percent)		1.25%
Term loan facility
Debt
Debt					1,000,000,000
Senior term loan facility and senior revolving loan facility		5 years
Maximum borrowing capacity		1,000,000,000
Term loan facility | Alternate Base Rate
Debt
Variable rate basis		alternate base rate
Term loan facility | Scenario, Forecast
Debt
Percentage of principal amount repaid quarterly				2.5% of the principal amount
Percentage of principal amount repaid annually				10% of the principal amount
Revolving credit facility
Debt
Debt					360,000,000
Senior term loan facility and senior revolving loan facility		5 years
Maximum borrowing capacity		2,000,000,000
Amount outstanding under revolving credit facility					360,000,000
Revolving credit facility | Minimum
Debt
Commitment fees on unused portion of the Revolving Credit Facility		0.30%
Cash on hand to repay certain amounts outstanding debt		250,000,000
Revolving credit facility | Maximum
Debt
Amount available for additional borrowings					1,250,000,000
Commitment fees on unused portion of the Revolving Credit Facility		0.50%
Letter of Credit
Debt
Maximum borrowing capacity		400,000,000

DEBT_Details_2

DEBT (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014
Principal maturities of long-term debt
2015	$0
2016	100,000,000
2017	100,000,000
2018	100,000,000
2019	1,060,000,000
Thereafter	5,000,000,000
Aggregate future principal maturities	6,360,000,000
Other Fixed-Rate and Variable-Rate Debt Disclosures
Estimated fair values of long-term debt	5,600,000,000
Debt carrying value	6,400,000,000
Debt Issuance Cost	70,000,000
Aggregate letters of credit	25,000,000
Pro Forma
Other Variable-Rate Debt Disclosures
Percentage of change in the variable interest rates	0.13%
1/8 percent change in interest rates increases the annual interest expense	$1,700,000

LEASE_COMMITMENTS_Details

LEASE COMMITMENTS (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Future net minimum operating lease payments
2015	$13
2016	14
2017	14
2018	14
2019	12
Thereafter	58
Total minimum lease payments	125
Rental expense for operating leases	$10	$11	$12

LAWSUITS_CLAIMS_COMMITMENTS_AN1

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
Long Term Purchase and Contractual Obligation [Member]
Purchase obligations
Total purchase obligations	$364
Purchase obligations, due in fiscal year 2015	70
Purchase obligations, due in fiscal year 2016	47
Purchase obligations, due in fiscal year 2017	32
Purchase obligations, due in fiscal year 2018	186
Purchase obligations, due in fiscal year 2019	18
Capital Additions
Purchase obligations
Commitments for major fixed and determinable capital expenditures during 2015 and thereafter	$264

DERIVATIVES_Details

DERIVATIVES (Details) (USD $)	1 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Feb. 28, 2015	Nov. 30, 2012	Dec. 31, 2013	Dec. 31, 2012
	bbl	bbl	item	item	item
Derivatives
Crude oil production per day associated with the put option (in barrels per day)	100,000
Natural Gas - Swaps through March 2014 (in cubic feet)
Derivatives
Daily Volume			50,000,000
Weighted-average strike price (in dollars per cubic foot)			0.0043
Crude Oil - Put Option through June 2015 (in dollars)
Derivatives
Fair value of the put option	24
Strike price (in dollars per barrel)	50
Crude Oil Collars July Through September 2015 | Subsequent event
Derivatives
Crude oil production per day associated with the put option (in barrels per day)		30,000
Crude Oil Collars July Through September 2015 | Subsequent event | Minimum
Derivatives
Strike price (in dollars per barrel)		55
Crude Oil Collars July Through September 2015 | Subsequent event | Maximum
Derivatives
Strike price (in dollars per barrel)		72
Crude Oil Put Option July Through September 2015 | Subsequent event
Derivatives
Crude oil production per day associated with the put option (in barrels per day)		40,000
Strike price (in dollars per barrel)		50
Crude Oil Call Option March Through June 2015 | Subsequent event
Derivatives
Crude oil production per day associated with the call option (in barrels per day)		30,000
Strike price (in dollars per barrel)		75
Fair Value Hedges
Derivatives
Number of hedges	0			0	0

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	1 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2012
	bbl
Fair Value Measurements
Risk-adjusted discount rate		10.00%
Cash-Flow Hedges
Crude oil production per day associated with the put option (in barrels per day)	100,000
Asset Impairments
Pretax Asset Impairment		$3,402	$29
Proved and unproved properties [member]
Asset Impairments
Pretax Asset Impairment		3,400
Proved properties [member]
Asset Impairments
Pretax Asset Impairment		2,700
Recurring | Level 2
Fair Value Measurements
Commodity derivative instruments, other current assets	24	24
Recurring | Total Fair Value
Fair Value Measurements
Commodity derivative instruments, other current assets	24	$24

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	1 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income (loss) before income taxes
Income (loss) before income taxes		($2,421)	$1,447	$1,181
Provision (benefit) for federal, state and local income taxes
Current United States Federal tax expense (benefit)		66	227	-140
Current State and Local tax expense (benefit)		99	91	19
Current Total tax expense (benefit)	0	165	318	-121
Deferred United States Federal tax expense (benefit)		-840	222	518
Deferred State and Local tax expense (benefit)		-312	38	85
Deferred Total tax expense (benefit)	-1,500	-1,152	260	603
United States Federal Total tax expense (benefit)		-774	449	378
State and Local Total tax expense (benefit)		-213	129	104
Total tax expense (benefit)		-987	578	482
Reconciliation of the United States federal statutory income tax rate to our effective tax rate on income
United States federal statutory tax rate (as a percent)		35.00%	35.00%	35.00%
State income taxes, net of federal benefit (as a percent)		6.00%	6.00%	6.00%
Other (as a percent)			-1.00%
Effective tax rate (as a percent)		41.00%	40.00%	41.00%
Deferred Tax Assets and Liabilities
Deferred Tax Assets, postretirement benefit accruals	39	39	14
Deferred Tax Assets, deferred compensation and benefits	62	62	60
Deferred Tax Assets, asset retirement obligations	184	184	182
Deferred tax Assets, federal benefit of state income taxes	68	68	208
Deferred Tax Assets, net operating loss carryforwards	64	64	8
Deferred Tax Assets, all other	27	27	14
Deferred Tax Assets, total deferred taxes	444	444	486
Deferred Tax Liabilities, property, plant and equipment differences	-2,437	-2,437	-3,583
Deferred Tax Liabilities, all other	-1	-1	-2
Deferred Tax Liabilities, total deferred taxes	-2,438	-2,438	-3,585
Net Operating Loss Carryforwards
Deferred Tax Assets, net operating loss carryforwards	64	64	8
Deferred tax assets, current	61	61	23
Current income tax provision	0	165	318	-121
Deferred income tax benefit	-1,500	-1,152	260	603
Amounts due to Occidental under tax sharing agreement			0
Liabilities for unrecognized tax benefits	0	0	0
Interest and penalties related to uncertain tax positions		0	0	0
US federal
Deferred Tax Assets and Liabilities
Deferred Tax Assets, net operating loss carryforwards	182	182
Net Operating Loss Carryforwards
Deferred Tax Assets, net operating loss carryforwards	182	182
Limitation on utilization of net operating loss carryforward		22
State and Local Jurisdiction [Member]
Deferred Tax Assets and Liabilities
Deferred Tax Assets, net operating loss carryforwards	207	207
Net Operating Loss Carryforwards
Deferred Tax Assets, net operating loss carryforwards	207	207
Limitation on utilization of net operating loss carryforward		$112

STOCK_COMPENSATION_Details

STOCK COMPENSATION (Details) (USD $)	0 Months Ended		1 Months Ended	11 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 02, 2015	Nov. 30, 2014	Dec. 31, 2014	Nov. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
		item
Employee awards
Number of employees effected by substitution of awards		650
Restricted stock granted to non-employee directors			74,600		74,600
Compensation expense			$1	$26		$33	$20
Unrecognized compensation expense			$74		$74
Weighted-average period over which unrecognized compensation expense is expected to be recognized					2 years 3 months 18 days
Substitute Awards
Cash settled units					4,562,000
Stock settled units					5,950,000
Non-employee directors awards
Vesting period of stock awards for non-employee directors					1 year
Employee Stock Purchase Plan
Percent of employees electing to participate in employee stock purchase plan	45.00%
Stock Options
Employee awards
Award vesting period			3 years
Stock options
Percentage of awards vesting each year			0.33%
Award term			7 years
Grant-date assumptions used in the Block-Scholes valuation
Exercise price per share			$8.11
Expected life			4 years 6 months
Expected Volatility (as a percent)			35.40%
Risk-free interest rate (as a percent)			1.40%
Dividend yield (as a percent)			0.50%
Grant date fair value of stock option awards granted			$1.98
Stock Option transactions
Granted (in shares)			8,481,000			0	0
Ending balance (in shares)			8,481,000		8,481,000
Stock Option transactions
Granted weighted average exercise price per share			$8.11
Ending balance, weighted average exercise price (in dollars per share)			$8.11		$8.11
Grant date fair value of stock option awards granted			$1.98
RSUs | Minimum
Employee awards
Award vesting period					2 years
RSUs | Maximum
Employee awards
Aggregate number of shares authorized for issuance			25,000,000		25,000,000
Award vesting period					3 years
Cash-Settled RSUs
Roll-forward of stock awards other than options
Granted (in shares)			4,562,000
Forfeitures (in shares)			-14,000
Unvested, end of period (in shares)			4,548,000		4,548,000
Stock awards other than options weighted-average grant-date fair value (in dollars per share)
Granted, weighted-average grant-date fair value (in dollars per share)			$7.37
Forfeitures, weighted-average grant-date fair value (in dollars per share)			$7.37
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)			$7.37		$7.37
Stock-Settled RSUs
Roll-forward of stock awards other than options
Granted (in shares)			6,663,000
Unvested, end of period (in shares)			6,663,000		6,663,000
Stock awards other than options weighted-average grant-date fair value (in dollars per share)
Granted, weighted-average grant-date fair value (in dollars per share)			$7.84
Unvested, end of period, weighted-average grant-date fair value (in dollars per share)			$7.84		$7.84
Employee Stock Purchase Plan
Employee awards
Percentage of share purchase price of common stock under ESPP			85.00%
Employee Stock Purchase Plan | Maximum
Employee awards
Cummulative limit of shares to be issued under the ESPP plan			5,000,000

EQUITY_Details

EQUITY (Details) (USD $)	12 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Nov. 30, 2014	Dec. 31, 2013
Common stock issuances
Issued	385,640,000
Balance at the end of the year	385,640,000
Preferred Stock
Preferred stock, authorized shares	200,000,000
Preferred stock, par value (in dollars per share)	$0.01
Preferred stock, outstanding shares	0		0
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized losses (gains) on derivatives			($1)
Pension and post-retirement adjustments	-24		-23
Accumulated other comprehensive income (loss)	($24)		($24)
Employee Stock Based Compensation [Member] | Spinoff - CRC
Equity [Abstract]
Number of stock-based incentive awards converted from Occidental awards		3,537,000
Number of new employee awards		713,000

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	12 Months Ended			0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 30, 2014	Dec. 01, 2014
Basic EPS
Net income / (loss)	($1,434)	$869	$699
Net income / (loss) allocated to participating securities		-14	-11
Net income / (loss) net of participating securities	-1,434	855	688
Weighed average common shares outstanding - basic	381.9	381.8	381.8
Basic EPS (in dollars per share)	($3.75)	$2.24	$1.80
Diluted EPS
Net income / (loss)	-1,434	869	699
Net income / (loss) allocated to participating securities		-14	-11
Net income / (loss) net of participating securities	($1,434)	$855	$688
Weighed average common shares outstanding - basic	381.9	381.8	381.8
Dilutive effect of potentially dilutive securities	0
Total diluted weighted average common shares	381.9	381.8	381.8
Diluted EPS (in dollars per share)	($3.75)	$2.24	$1.80
Weighted-average basic shares					381.8
Occidental Petroleum And Subsidiaries | Spinoff - CRC
Diluted EPS
Common stock distributed to Occidental stockholders				381.4
Percentage of outstanding shares of common stock retained by Occidental				18.50%

RETIREMENT_AND_POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
DEFINED CONTRIBUTION PLANS
Accrued liabilities for the supplemental retirement plan	$27	$17
Expenses under provisions of defined contribution and supplemental retirement plans	29	34	35
Postretirement and Other Benefit Plans Disclosure
Total benefit costs including postretirement costs	22	18	17
Pension Benefit
Postretirement and Other Benefit Plans Disclosure
Number of employees accruing benefits under defined benefit plans	260
Amounts recognized in the consolidated balance sheets
Other long-term liabilities	-21	-12
Amounts recognized in the consolidated balance sheets, total	-21	-12
AOCI included the following after-tax balances
Net loss	22	19
Changes in the benefit obligation:
Benefit obligation - beginning of year	103	108
Service cost - benefits earned during the period	4	5	4
Interest cost on projected benefit obligation	4	3	4
Actuarial (gain) loss	6	-2
Benefits paid	-9	-11
Benefit obligation - end of year	108	103	108
Changes in plan assets:
Fair value of plan assets - beginning of year	91	74
Actual return on plan assets	5	13
Employer contributions		15
Benefits paid	-9	-11
Fair value of plan assets - end of year	87	91	74
(Unfunded) status:	-21	-12
Pension plans with accumulated benefit obligations in excess of plan assets
Pension plans with accumulated benefit obligations in excess of plan assets, projected benefit obligation	31	30
Pension plans with accumulated benefit obligations in excess of plan assets, accumulated benefit obligation	26	25
Pension plans with accumulated benefit obligations in excess of plan assets, fair value of plan assets	19	23
Pension plans with plan assets in excess of accumulated benefit obligations
Pension plans with plan assets in excess of accumulated benefit obligations, projected benefit obligation	77	73
Pension plans with plan assets in excess of accumulated benefit obligations, accumulated benefit obligation	62	58
Pension plans with plan assets in excess of accumulated benefit obligations, fair value of plan assets	68	68
Net periodic benefit costs:
Service cost - benefits earned during the period	4	5	4
Interest cost on projected benefit obligation	4	3	4
Expected return on plan assets	-6	-4	-4
Recognized actuarial loss	2	4	4
Settlement cost	2	2	6
Net periodic benefit cost	6	10	14
Amounts that will be amortized from accumulated other comprehensive income (Loss) in next fiscal year
Estimated net loss that will be amortized from AOCI into net periodic benefit cost over the next fiscal year	2
Estimated prior service cost that will be amortized from AOCI into net periodic benefit cost over the next fiscal year	0
Benefit Obligation Assumptions:
Discount rate (as a percent)	3.82%	4.45%
Rate of compensation increase (as a percent)	4.00%	4.00%
Net Periodic Benefit Cost Assumptions:
Discount rate (as a percent)	4.45%	3.59%
Assumed long tem rate of return on assets (as a percent)	6.50%	6.50%
Rate of compensation increase (as a percent)	4.00%	4.00%
Assumed health care cost trend rates
Increase due to changes in mortality assumptions	2
Postretirement Benefit
Amounts recognized in the consolidated balance sheets
Accrued liabilities		-1
Other long-term liabilities	-68	-62
Amounts recognized in the consolidated balance sheets, total	-68	-63
AOCI included the following after-tax balances
Net loss	2	4
Changes in the benefit obligation:
Benefit obligation - beginning of year	63	74
Service cost - benefits earned during the period	4	5	4
Interest cost on projected benefit obligation	2	3	3
Actuarial (gain) loss	-1	-18
Benefit obligation - end of year	68	63	74
Changes in plan assets:
(Unfunded) status:	-68	-63
Net periodic benefit costs:
Service cost - benefits earned during the period	4	5	4
Interest cost on projected benefit obligation	2	3	3
Recognized actuarial loss	1	2	2
Net periodic benefit cost	7	10	9
Amounts that will be amortized from accumulated other comprehensive income (Loss) in next fiscal year
Estimated net loss that will be amortized from AOCI into net periodic benefit cost over the next fiscal year	0
Estimated prior service cost that will be amortized from AOCI into net periodic benefit cost over the next fiscal year	0
Benefit Obligation Assumptions:
Discount rate (as a percent)	4.44%	4.75%
Net Periodic Benefit Cost Assumptions:
Discount rate (as a percent)	4.75%	3.89%
Assumed health care cost trend rates
Increase due to changes in mortality assumptions	7
U.S. Consumer Price Index (CPI) increase (as a percent)	1.79%	2.36%
Increase (decrease) in projected annual rates of health care cost trend rates (as a percent)	-0.25%
Percentage of projected annual rate during the period	7.75%
Threshold percentage to decrease projected annual rates	5.00%
Effect of 1-percent increase or a 1-percent decrease in these assumed health care cost trend rates
Effect of 1-percent increase in assumed health care cost trend rates on postretirement benefit obligation	6
Effect of 1-percent decrease in assumed health care cost trend rates on postretirement benefit obligation	($5)

RETIREMENT_AND_POSTRETIREMENT_3

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details 2) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Estimated future benefit payments
Expected contribution to defined benefit pension plans during 2015	$3
Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	87	91	74
Estimated future benefit payments
2015	15
2016	9
2017	8
2018	10
2019	9
2020 - 2024	44
Postretirement Benefit
Estimated future benefit payments
2016	1
2017	1
2018	2
2019	2
2020 - 2024	17
Pension Plan Assets - Gross | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	87	92
Common and preferred stocks
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	65.00%
Fixed Income | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	20
Master trust investment account | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets		69
US equity [member] | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	31
International equity [member] | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	17
Bond funds | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	5	5
Blend funds | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	2	3
Value Funds | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	2	3
Growth Funds | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	3	3
Guaranteed Deposit Account | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	7	9
Net Payables | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets		1
Debt securities
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	35.00%
Level 1 | Pension Plan Assets - Gross | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	12	14
Level 1 | Bond funds | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	5	5
Level 1 | Blend funds | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	2	3
Level 1 | Value Funds | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	2	3
Level 1 | Growth Funds | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	3	3
Level 2 | Pension Plan Assets - Gross | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	68	69
Level 2 | Fixed Income | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	20
Level 2 | Master trust investment account | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets		69
Level 2 | US equity [member] | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	31
Level 2 | International equity [member] | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	17
Level 3 | Pension Plan Assets - Gross | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	7	9
Level 3 | Guaranteed Deposit Account | Pension Benefit
Defined Benefit Plan Disclosure
Fair value of plan assets	$7	$9

RELATEDPARTY_TRANSACTIONS_Deta

RELATED-PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Occidental Petroleum And Subsidiaries
Sales	$2,706	$4,174	$3,970
Allocated costs for services provided by affiliates	126	146	129
Purchases	175	164	119
Sales to related party (as a percent)	65.00%	97.00%	97.00%
Elk Hills power plant
Sales	$89	$120	$92