California Resources (CRC) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015
Document and Entity Information
Entity Registrant Name	California Resources Corp
Entity Central Index Key	1609253
Document Type	10-Q
Document Period End Date	31-Mar-15
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 Common Stock, Shares Outstanding	386,004,534
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Consolidated_Condensed_Balance

Consolidated Condensed Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$28	$14
Trade receivables, net	241	308
Inventories	71	71
Other current assets	314	308
Total current assets	654	701
PROPERTY, PLANT AND EQUIPMENT	20,665	20,536
Accumulated depreciation, depletion and amortization	-9,099	-8,851
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET	11,566	11,685
OTHER ASSETS	44	43
TOTAL ASSETS	12,264	12,429
CURRENT LIABILITIES
Current maturities of long-term debt	25
Accounts payable	373	588
Accrued liabilities	337	334
Total current liabilities	735	922
LONG-TERM DEBT, NET	6,479	6,292
DEFERRED INCOME TAXES	1,986	2,055
OTHER LONG-TERM LIABILITIES	548	549
EQUITY
Preferred stock (200 million shares authorized at $0.01 par value) no shares outstanding at March 31, 2015 and December 31, 2014
Common stock (2.0 billion shares authorized at $0.01 par value) outstanding shares (March 31, 2015 - 386,004,534 and December 31, 2014 - 385,639,582)	4	4
Additional paid-in capital	4,757	4,748
Accumulated deficit	-2,221	-2,117
Accumulated other comprehensive income / (loss)	-24	-24
Total equity	2,516	2,611
TOTAL LIABILITIES AND EQUITY	$12,264	$12,429

Consolidated_Condensed_Balance1

Consolidated Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Consolidated Condensed Balance Sheets
Preferred stock, outstanding shares	0	0
Preferred stock, authorized shares	200,000,000	200,000,000
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized shares	2,000,000,000	2,000,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common Stock, Shares, Outstanding	386,004,534	385,639,582

Consolidated_Condensed_Stateme

Consolidated Condensed Statements of Operations (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
REVENUES
Oil and natural gas net sales to third parties	$549	$20
Oil and natural gas net sales to related parties		1,060
Other revenue	28	41
TOTAL REVENUES	577	1,121
COSTS AND OTHER DEDUCTIONS
Production costs	242	256
General and administrative expenses	76	77
Depreciation, depletion and amortization	253	289
Taxes other than on income	55	52
Exploration expense	17	31
Interest and debt expense, net	79
Other expenses	24	42
TOTAL COSTS AND OTHER DEDUCTIONS	746	747
INCOME / (LOSS) BEFORE INCOME TAXES	-169	374
Income tax (expense) / benefit	69	-151
NET INCOME / (LOSS)	($100)	$223
Net income / (loss) per share of common stock
Basic (in dollars per share)	($0.26)	$0.57
Diluted (in dollars per share)	($0.26)	$0.57
Dividends per common share	$0.01

Consolidated_Condensed_Stateme1

Consolidated Condensed Statements of Comprehensive Income (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Condensed Statements of Comprehensive Income
Net income / (loss)	($100)	$223
Other comprehensive income / (loss) items:
Unrealized losses on derivatives		-2	[1]
Pension and postretirement gains		1	[2]
Reclassification to income of realized losses on derivatives		3	[3]
Other comprehensive income, net of tax		2
Comprehensive income/(loss)	($100)	$225
[1]	Net of tax of zero and $1 million for the three months ended March 31, 2015 and 2014, respectively.
[2]	There were no taxes in 2015 and 2014. See Note 10, Retirement and Postretirement Benefit Plans, for additional information.
[3]	Net of tax of zero and $(2) million for the three months ended March 31, 2015 and 2014, respectively.

Consolidated_Condensed_Stateme2

Consolidated Condensed Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Condensed Statements of Comprehensive Income
Unrealized losses on derivatives, tax	$0	$1
Pension and postretirement gains, tax	0	0
Reclassification to income of realized losses on derivatives, tax	$0	($2)

Consolidated_Condensed_Stateme3

Consolidated Condensed Statements of Cash Flows (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOW FROM OPERATING ACTIVITIES
Net income / (loss)	($100)	$223
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	253	289
Deferred income tax expenses/(benefit)	-69	119
Other noncash charges to income	26	14
Dry hole expenses	6	24
Changes in operating assets and liabilities, net	-1	71
Net cash provided by operating activities	115	740
CASH FLOW FROM INVESTING ACTIVITIES
Capital investments	-133	-475
Changes in capital investment accruals	-173	-24
Acquisitions and other	-7	-2
Net cash used by investing activities	-313	-501
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from revolving credit facility	757
Repayments of revolving credit facility	-547
Proceeds from issuance of common stock	2
Distributions to Occidental, net		-239
Net cash provided / (used) by financing activities	212	-239
Increase in cash and cash equivalents	14
Cash and cash equivalents - beginning of period	14
Cash and cash equivalents - end of period	$28

THE_SPINOFF_AND_SUMMARY_OF_SIG

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	NOTE 1THE 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 November 30, 2014.  Prior to November 30, 2014, 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 (the Spin-off).  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
	Until the Spin-off, the accompanying financial statements were derived from the consolidated financial statements and accounting records of Occidental and were presented on a combined basis for the pre-Spin-off periods.  These 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 statements of income for periods prior to the Spin-off included 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 were 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 financial statements, including the assumptions regarding allocating expenses from Occidental, are reasonable.  However, the financial statements for the pre-Spin-off periods may not include all of the actual expenses that would have been incurred, may include duplicative costs and may not reflect our 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 have depended on multiple factors, including organizational structure and strategic and operating decisions.
	The assets and liabilities in the pre-Spin-off 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.  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 our financial position, results of operations and cash flows, as follows:
		·	Our consolidated statements of operations, comprehensive income and cash flows for the three months ended March 31, 2015 consist of our stand-alone consolidated results following the Spin-off, and the three months ended March 31, 2014 consist of the combined results of the California business.
		·	Our consolidated balance sheets at March 31, 2015 and December 31, 2014 consist of our consolidated balances.
	In the opinion of our management, the accompanying financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position as of March 31, 2015, and the statements of operations, comprehensive income, and cash flows for the three months ended March 31, 2015 and 2014, as applicable.  The income / (loss) and cash flows for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the income / (loss) or cash flows you should expect for the full year.
	Certain prior year amounts have been reclassified to conform to the 2015 presentation.
	We have prepared this report pursuant to the rules and regulations of the United States Securities and Exchange Commission applicable to interim financial information, which permit omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements.  We believe our disclosures are adequate to make the information not misleading.   You should read this Form 10-Q in conjunction with the consolidated and combined financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2014.

ACCOUNTING_AND_DISCLOSURE_CHAN

ACCOUNTING AND DISCLOSURE CHANGES	3 Months Ended
	Mar. 31, 2015
ACCOUNTING AND DISCLOSURE CHANGES
ACCOUNTING AND DISCLOSURE CHANGES
	NOTE 2ACCOUNTING AND DISCLOSURE CHANGES
	In April 2015, the Financial Accounting Standards Board (FASB) issued rules to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts.  These rules are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years, with early adoption of the rules permitted for financial statements which have not been previously issued.  We early adopted the new rule by retrospectively reclassifying unamortized debt issuance costs of $68 million at December 31, 2014.  The amount was previously reflected in other assets.

OTHER_INFORMATION

OTHER INFORMATION	3 Months Ended
	Mar. 31, 2015
OTHER INFORMATION
OTHER INFORMATION
	NOTE 3OTHER INFORMATION
	Other current assets include amounts due from joint interest partners of approximately $130 million and $120 million, greenhouse gas emission credits of $67 million and $65 million, and deferred tax assets of $61 million each, at March 31, 2015 and December 31, 2014, respectively.
	Accrued liabilities include accrued compensation-related costs of approximately $60 million and $95 million, interest payable of $97 million and $70 million and greenhouse gas liabilities of $75 million and $65 million, at March 31, 2015 and December 31, 2014, respectively.  Other long-term liabilities include asset retirement obligations of $394 million and $397 million at March 31, 2015 and December 31, 2014, respectively.
	Other revenue and other expenses mainly comprise sales and the associated costs, respectively, of the portion of electricity generated by our power plant that is sold to third parties.
	Supplemental Cash Flow Information
	Prior to the Spin-off we did not make any United States federal and state income tax payments directly to taxing jurisdictions.  During that period, our share of Occidental’s tax payments or refunds were paid or received, as applicable, by our former parent.  We did not make any United States federal or state income tax payments during the three-month period ended March 31, 2015.  Interest paid totaled approximately $54 million and zero for the three months ended March 31, 2015 and 2014, respectively.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2015
INVENTORIES
INVENTORIES	NOTE 4INVENTORIES
	Inventories as of March 31, 2015 and December 31, 2014, consisted of the following:
		2015		2014
		(in millions)
	Materials and supplies	$	67	$	66
	Finished goods	4		5
	Total	$	71	$	71

DEBT

DEBT	3 Months Ended
	Mar. 31, 2015
DEBT
DEBT	NOTE 5DEBT
	Debt consisted of the following:
		March 31, 2015			December 31, 2014
		(in millions)
	Revolving Credit Facility	$	570		$	360
	Term Loan Facility	1,000			1,000
	5% notes due 2020	1,000			1,000
	5 1/2% notes due 2021	1,750			1,750
	6% notes due 2024	2,250			2,250
	Total debt	6,570			6,360
	Less: Current maturities of long-term debt	(25		)	—
	Less: Deferred financing costs	(66		)	(68		)
	Total long-term debt, net	$	6,479		$	6,292
	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 commitments of the lenders are $2.0 billion — effectively reduced to $1.25 billion during the Interim Covenant Period — and $1.0 billion under the Revolving Credit Facility and Term Loan Facility, respectively.  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 March 31, 2015, we had $570 million outstanding under our Revolving Credit Facility with the ability to incur additional borrowings of up to $708 million under this facility after taking into account our cash balance.
	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, 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 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.  As of March 31, 2015, our corporate family rating from Moody’s Investors Service was Ba2.  During the remaining Interim Covenant Period, we would be required to grant security to our lenders if our corporate family ratings experienced a one-notch decline from Moody’s Investors Service or a two-notch decline from Standard & Poor’s Ratings Services.  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 to 4.75 to 1.00 as of June 30, 2015, 6.25 to 1.00 as of September 30, 2015 and 8.25 to 1.00 as of December 31, 2015 and then decreases to 8.00 to 1.00 as of March 31, 2016, 7.25 to 1.00 as of June 30, 2016, 6.75 to 1.00 as of September 30, 2016, 6.25 to 1.00 as of December 31, 2016 and 4.50 to 1.00 thereafter 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 any 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 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.  In April 2015, we completed the exchange of tendered unregistered notes for registered notes.
	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 coupled with a credit rating decline, we will be required to offer to purchase the notes at a purchase price equal to 101 percent of their principal amount, plus accrued and unpaid interest or to have exercised our redemption right.
	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 March 31, 2015 and December 31, 2014, the fixed rate portion of which was classified as Level 1, and the variable rate portion of which approximated fair value, was approximately $6.0 billion and $5.6 billion, respectively, compared to a net carrying value of approximately $6.5 billion and $6.3 billion.  A one-eighth percent change in the variable interest rates on the borrowings under our Term Loan Facility and Revolving Credit Facility on March 31, 2015, would result in an approximately $2 million change in annual interest expense.
	As of March 31, 2015 and December 31, 2014, we had letters of credit in the aggregate amount of approximately $27 million and $25 million that were issued to support ordinary course marketing and other matters.

LAWSUITS_CLAIMS_COMMITMENTS_AN

LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES
	NOTE 6LAWSUITS, 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 March 31, 2015 and December 31, 2014 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, 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 the operation of our business while it was still owned by Occidental.  As of March 31, 2015, 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	3 Months Ended
	Mar. 31, 2015
DERIVATIVES
DERIVATIVES
	NOTE 7DERIVATIVES
	General
	From time to time, we use a variety of derivative instruments to establish, as of the date of production, the price we receive, to improve the effective realized prices for oil and gas, and to protect our capital program in case of price deterioration.  Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty.  We apply hedge accounting when transactions meet specified criteria for cash-flow hedge treatment and management elects and documents such treatment.  Otherwise, any fair value gains or losses, over the remaining term of the hedge instrument, are recognized in earnings in the current period.  We recognized approximately $3 million of net derivative losses in net sales for the three months ended March 31, 2015.
	In April 2015, we extended our existing hedging program to protect our capital plan by hedging 30,000 barrels per day of our expected fourth quarter 2015 oil production.  For this tranche, we purchased Brent-based puts with a $60 per barrel floor and sold calls with a weighted average ceiling of $73.
	In February 2015, we put into place derivatives 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 (with a $55 per barrel floor and $72 ceiling) 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, in part to pay for the cost of the options, we sold a $75 per barrel Brent-based call for 30,000 barrels per day of oil production for March through June of 2015.  The initial value of these derivatives was not material.
	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 options is $50 per barrel 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.  The initial intrinsic value and subsequent changes were not material.
	The time value of the December 2014 put options as well as the 2015 instruments are marked to market and changes are recognized in the statement of operations.
	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 cash flows and margins necessary to implement our capital investment program.
	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 per Mcf.
	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 three-month periods ended March 31, 2015 and 2014, and the ending AOCI balances at those dates were not material.
	There were no fair value hedges as of and during the three-month periods ended March 31, 2015 and 2014.
	Fair Value of Derivatives
	Our commodity derivatives are measured at fair value using industry-standard models with various inputs, including quoted forward prices.  The value of our 2014 put options was approximately $24 million on a gross and net basis, which approximated the time value of the instruments as of December 31, 2014.
	The following table presents the gross and net fair values of our outstanding derivatives as of March 31, 2015 (in millions):
		Asset Derivatives			Liability Derivatives
	March 31, 2015	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	Commodity contracts	Other current assets	$	30	Accrued Liabilities	$	(4	)
	Total gross and net fair value		$	30		$	(4	)

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
	NOTE 8FAIR 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 identical assets or liabilities; Level 2 - using observable inputs, such as quoted prices for similar assets and liabilities; and Level 3 - using unobservable inputs. Transfers between levels, if any, are reported at the end of each reporting period.
	Fair Values - Recurring
	The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 (in millions):
		March 31, 2015
		Level 1		Level 2		Level 3		Collateral		Total
	Assets:
	Commodity derivative instruments, other current assets	$	—	$	30	$	—	$	—	$	30
	Liabilities:
	Commodity derivative instruments, accrued liabilities	$	—	$	4	$	—	$	—	$	4
		December 31, 2014
		Level 1		Level 2		Level 3		Collateral		Total
	Assets:
	Commodity derivative instruments, other current assets	$	—	$	24	$	—	$	—	$	24
	Fair Values - Nonrecurring
	During the three months ended March 31, 2015 and 2014, we did not have any assets or liabilities measured at fair value on a non-recurring basis.
	Financial Instruments Fair Value
	The carrying amounts of cash and other on-balance sheet financial instruments, other than fixed-rate debt, approximate fair value.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2015
EARNINGS PER SHARE
Earnings per share
	NOTE 9EARNINGS 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 the Spin-off date, we issued 381.4 million shares of our common stock.  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 for the periods presented.  At the end of the first quarter of 2015 we issued approximately 370,000 shares of common stock in connection with our employee stock purchase plan which began in January 2015.  The effect of the employee stock purchase plan was anti-dilutive for the three months ended March 31, 2015.
	The following table presents the calculation of basic and diluted EPS for the three-month periods ended March 31:
		2015			2014
		(in millions, except per-share amounts)
	Basic EPS calculation
	Net income / (loss)	$	(100	)	$	223
	Net income / (loss) allocated to participating securities	—			(4		)
	Net income / (loss) available to common stockholders	$	(100	)	$	219
	Weighted-average common shares outstanding - basic	382.1			381.8
	Basic EPS	$	(0.26	)	$	0.57
	Diluted EPS calculation
	Net income / (loss)	$	(100	)	$	223
	Net income / (loss) allocated to participating securities	—			(4		)
	Net income / (loss) available to common stockholders	$	(100	)	$	219
	Weighted average common shares outstanding - basic	382.1			381.8
	Dilutive effect of potentially dilutive securities	—			—
	Weighted-average common shares outstanding - diluted	382.1			381.8
	Diluted EPS	$	(0.26	)	$	0.57

RETIREMENT_AND_POSTRETIREMENT_

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2015
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
	NOTE 10RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
	The following table sets forth the components of the net periodic benefit costs for our defined benefit pension and postretirement benefit plans:
		Three months ended March 31,
		2015					2014
		Pension			Postretirement		Pension			Postretirement
		Benefit			Benefit		Benefit			Benefit
		(in millions)
	Service cost	$	1		$	1	$	1		$	1
	Interest cost	1			1		1			1
	Expected return on plan assets	(1		)	—		(1		)	—
	Total	$	1		$	2	$	1		$	2
	We did not make any contributions to our defined benefit pension plans in either of the three-month periods ended March 31, 2015 and 2014.

RELATEDPARTY_TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2015
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 11RELATED-PARTY TRANSACTIONS
	Through July 2014, substantially all of our products were sold to 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 three months ended March 31, 2014 we had related party sales of approximately $1.1 billion.
	Purchases from related parties reflect products purchased at market prices from Occidental’s subsidiaries and are used in our operations.  These purchases were $21 million for the three months ended March 31, 2014 and were included in production costs.  There were no significant related-party receivable or payable balances at March 31, 2015 and December 31, 2014.
	Prior to the Spin-off, the statement of operations included expense allocations for certain corporate functions and centrally-located activities historically performed by Occidental.  Charges from Occidental for these services of approximately $35 million for the three months ended March 31, 2014 are reflected in general and administrative expenses.

THE_SPINOFF_AND_SUMMARY_OF_SIG1

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
	Basis of Presentation
	Until the Spin-off, the accompanying financial statements were derived from the consolidated financial statements and accounting records of Occidental and were presented on a combined basis for the pre-Spin-off periods.  These 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 statements of income for periods prior to the Spin-off included 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 were 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 financial statements, including the assumptions regarding allocating expenses from Occidental, are reasonable.  However, the financial statements for the pre-Spin-off periods may not include all of the actual expenses that would have been incurred, may include duplicative costs and may not reflect our 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 have depended on multiple factors, including organizational structure and strategic and operating decisions.
	The assets and liabilities in the pre-Spin-off 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.  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 our financial position, results of operations and cash flows, as follows:
		·	Our consolidated statements of operations, comprehensive income and cash flows for the three months ended March 31, 2015 consist of our stand-alone consolidated results following the Spin-off, and the three months ended March 31, 2014 consist of the combined results of the California business.
		·	Our consolidated balance sheets at March 31, 2015 and December 31, 2014 consist of our consolidated balances.
	In the opinion of our management, the accompanying financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position as of March 31, 2015, and the statements of operations, comprehensive income, and cash flows for the three months ended March 31, 2015 and 2014, as applicable.  The income / (loss) and cash flows for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the income / (loss) or cash flows you should expect for the full year.
	Certain prior year amounts have been reclassified to conform to the 2015 presentation.
	We have prepared this report pursuant to the rules and regulations of the United States Securities and Exchange Commission applicable to interim financial information, which permit omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements.  We believe our disclosures are adequate to make the information not misleading.   You should read this Form 10-Q in conjunction with the consolidated and combined financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2014.

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2015
INVENTORIES
Inventories
		2015		2014
		(in millions)
	Materials and supplies	$	67	$	66
	Finished goods	4		5
	Total	$	71	$	71

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
DEBT
Debt
		March 31, 2015			December 31, 2014
		(in millions)
	Revolving Credit Facility	$	570		$	360
	Term Loan Facility	1,000			1,000
	5% notes due 2020	1,000			1,000
	5 1/2% notes due 2021	1,750			1,750
	6% notes due 2024	2,250			2,250
	Total debt	6,570			6,360
	Less: Current maturities of long-term debt	(25		)	—
	Less: Deferred financing costs	(66		)	(68		)
	Total long-term debt, net	$	6,479		$	6,292

DERIVATIVES_Tables

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2015
DERIVATIVES
Gross and net fair values of outstanding derivatives (in millions)		Asset Derivatives			Liability Derivatives
	March 31, 2015	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	Commodity contracts	Other current assets	$	30	Accrued Liabilities	$	(4	)
	Total gross and net fair value		$	30		$	(4	)

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
FAIR VALUE MEASUREMENTS
Assets and liabilities accounted for at fair value on a recurring basis
		March 31, 2015
		Level 1		Level 2		Level 3		Collateral		Total
	Assets:
	Commodity derivative instruments, other current assets	$	—	$	30	$	—	$	—	$	30
	Liabilities:
	Commodity derivative instruments, accrued liabilities	$	—	$	4	$	—	$	—	$	4
		December 31, 2014
		Level 1		Level 2		Level 3		Collateral		Total
	Assets:
	Commodity derivative instruments, other current assets	$	—	$	24	$	—	$	—	$	24

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
EARNINGS PER SHARE
Calculation of basic and diluted EPS		2015			2014
		(in millions, except per-share amounts)
	Basic EPS calculation
	Net income / (loss)	$	(100	)	$	223
	Net income / (loss) allocated to participating securities	—			(4		)
	Net income / (loss) available to common stockholders	$	(100	)	$	219
	Weighted-average common shares outstanding - basic	382.1			381.8
	Basic EPS	$	(0.26	)	$	0.57
	Diluted EPS calculation
	Net income / (loss)	$	(100	)	$	223
	Net income / (loss) allocated to participating securities	—			(4		)
	Net income / (loss) available to common stockholders	$	(100	)	$	219
	Weighted average common shares outstanding - basic	382.1			381.8
	Dilutive effect of potentially dilutive securities	—			—
	Weighted-average common shares outstanding - diluted	382.1			381.8
	Diluted EPS	$	(0.26	)	$	0.57

RETIREMENT_AND_POSTRETIREMENT_1

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2015
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
Components of the net periodic benefit cost
		Three months ended March 31,
		2015					2014
		Pension			Postretirement		Pension			Postretirement
		Benefit			Benefit		Benefit			Benefit
		(in millions)
	Service cost	$	1		$	1	$	1		$	1
	Interest cost	1			1		1			1
	Expected return on plan assets	(1		)	—		(1		)	—
	Total	$	1		$	2	$	1		$	2

THE_SPINOFF_AND_SUMMARY_OF_SIG2

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (Spinoff - CRC, Occidental Petroleum And Subsidiaries)	3 Months Ended
	Mar. 31, 2015	Nov. 30, 2014
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 by Occidental	18 months

OTHER_INFORMATION_Details

OTHER INFORMATION (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
OTHER INFORMATION
Amount due from joint interest partners included in other current assets	$130		$120
Greenhouse gas emission credits	67		65
Deferred tax assets	61		61
Accrued compensation-related costs	60		95
Interest payable	97		70
Greenhouse gas liabilities	75		65
Asset Retirement Obligations, Noncurrent	394		397
United States federal and state income taxes paid	0
Interest Paid	$54	$0

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
INVENTORIES
Materials and supplies	$67	$66
Finished goods	4	5
Total	$71	$71

DEBT_Details

DEBT (Details) (USD $)	0 Months Ended		12 Months Ended	0 Months Ended		3 Months Ended
	Oct. 01, 2014	Sep. 24, 2014	Dec. 31, 2015	Feb. 25, 2015	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Debt
Debt							$6,570,000,000	$6,360,000,000
Less: Current maturities of long-term debt							-25,000,000
Less: Deferred financing costs							-66,000,000	-68,000,000
Total long-term debt, net							6,479,000,000	6,292,000,000
Maximum borrowing capacity		2,000,000,000
Senior Notes
Debt
Aggregate principal amount	5,000,000,000
Net Proceeds from private placement	4,950,000,000
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	1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%						5.00%	5.00%
5.50% Senior notes due 2021
Debt
Debt	1,750,000,000						1,750,000,000	1,750,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.50%						5.50%	5.50%
6.00% Senior notes due 2024
Debt
Debt	2,250,000,000						2,250,000,000	2,250,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%						6.00%	6.00%
Credit Facilities
Debt
Credit agreement leverage ratio		4.5
Credit Facilities | LIBOR
Debt
Variable rate basis		LIBOR
Credit Facilities | Alternate Base Rate
Debt
Variable rate basis		alternate base rate
Variable rate basis		one-month LIBOR
Interest rate added to variable rate basis(as a percent)		1.00%
Credit Facilities | Prime Rate
Debt
Variable rate basis		agent's prime rate
Credit Facilities | Federal fund rate
Debt
Variable rate basis		federal funds effective rate
Interest rate added to variable rate basis(as a percent)		0.50%
Credit Facilities | Thereafter
Debt
Credit agreement leverage ratio during interim covenant period		4.5
Credit Facilities | Minimum
Debt
Credit agreement interest expense ratio		2.5	2.25
Credit Facilities | Minimum | LIBOR
Debt
Interest rate added to variable rate basis(as a percent)		1.50%
Credit Facilities | Minimum | Alternate Base Rate
Debt
Interest rate added to variable rate basis(as a percent)		0.50%
Credit Facilities | Maximum | LIBOR
Debt
Interest rate added to variable rate basis(as a percent)		2.25%
Credit Facilities | Maximum | Alternate Base Rate
Debt
Interest rate added to variable rate basis(as a percent)		1.25%
Credit Facilities amendment - Interim Covenant Period
Debt
Maximum borrowing capacity				1,250,000,000
Credit Facilities amendment - Interim Covenant Period | June 30, 2015
Debt
Credit agreement leverage ratio during interim covenant period				4.75
Credit Facilities amendment - Interim Covenant Period | September 30, 2015
Debt
Credit agreement leverage ratio during interim covenant period				6.25
Credit Facilities amendment - Interim Covenant Period | December 31, 2015
Debt
Credit agreement leverage ratio during interim covenant period				8.25
Credit Facilities amendment - Interim Covenant Period | March 31, 2016
Debt
Credit agreement leverage ratio during interim covenant period				8
Credit Facilities amendment - Interim Covenant Period | June 30, 2016
Debt
Credit agreement leverage ratio during interim covenant period				7.25
Credit Facilities amendment - Interim Covenant Period | September 30, 2016
Debt
Credit agreement leverage ratio during interim covenant period				6.75
Credit Facilities amendment - Interim Covenant Period | December 31, 2016
Debt
Credit agreement leverage ratio during interim covenant period				6.25
Credit Facilities amendment - Interim Covenant Period | Minimum
Debt
Credit agreement asset coverage ratio during interim covenant period				1.05
Cash On Hand In Excess Of This Amount During The Interim Covenant Period Must Be Used To Pay Off Outstanding Debt Under the Revolving Credit Facility				250,000,000
Term loan facility
Debt
Debt							1,000,000,000	1,000,000,000
Senior term loan facility and senior revolving credit facility		5 years
Maximum borrowing capacity		1,000,000,000
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							570,000,000	360,000,000
Senior term loan facility and senior revolving credit facility		5 years
Maximum borrowing capacity		1,000,000,000
Revolving credit facility | Minimum
Debt
Commitment fees on unused portion of the Revolving Credit Facility		0.30%
Revolving credit facility | Maximum
Debt
Amount available for additional borrowings							708,000,000
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 $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Other Fixed-Rate and Variable-Rate Debt Disclosures
Estimated fair value of long-term debt	$6,000,000,000	$5,600,000,000
Debt net carrying value	6,479,000,000	6,292,000,000
Aggregate letters of credit issued	27,000,000	25,000,000
Pro Forma
Other Variable-Rate Debt Disclosures
Percentage of change in the variable interest rates	0.13%
Effect of 1/8 percent change in interest rates	$2,000,000

DERIVATIVES_Details

DERIVATIVES (Details) (USD $)	3 Months Ended	1 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Apr. 30, 2015	Dec. 31, 2014	Feb. 28, 2015	Mar. 31, 2014	Nov. 30, 2012
		bbl	bbl	bbl	item
Derivatives
Net derivative losses recognized in net sales (in dollars)	($3)
Crude Oil Put Options Fourth Quarter 2015
Derivatives
Crude oil production per day (in barrels per day)		30,000
Floor price (in dollars per barrel)		60
Ceiling price (in dollars per barrel)		73
Crude Oil - Put Option January 2015 through June 2015
Derivatives
Crude oil production per day associated with the put option (in barrels per day)			100,000
Strike price (in dollars per barrel)			50
Crude Oil Collars July Through September 2015
Derivatives
Crude oil production per day (in barrels per day)				30,000
Floor price (in dollars per barrel)				55
Ceiling price (in dollars per barrel)				72
Crude Oil Put Option July Through September 2015
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
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
Natural Gas Swaps January 2013 Through March 2014
Derivatives
Daily Volume (in cubic feet)						50,000,000
Weighted-average strike price (in dollars per cubic foot)						0.0043

DERIVATIVES_Details_2

DERIVATIVES (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Gross and net fair values of outstanding derivatives (in millions)
Total gross and net fair value, asset	$30	$24
Total gross and net fair value, liability	-4
Commodity Contracts | Other current assets
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative asset, gross	30
Commodity Contracts | Accrued liabilities
Gross and net fair values of outstanding derivatives (in millions)
Commodity contract derivative liability, gross	($4)

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (Recurring, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Level 2
Assets
Commodity derivative instruments, other current assets	$30	$24
Liabilities:
Commodity derivative instruments, accrued liabilities	4
Total Fair Value
Assets
Commodity derivative instruments, other current assets	30	24
Liabilities:
Commodity derivative instruments, accrued liabilities	$4

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		1 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Nov. 30, 2014
Basic EPS
Net income / (loss)	($100)	$223
Net income / (loss) allocated to participating securities		-4
Net income / (loss) available to common stockholders	-100	219
Weighed average common shares outstanding - basic	382.1	381.8
Basic EPS (in dollars per share)	($0.26)	$0.57
Diluted EPS
Net income (loss)	-100	223
Net income / (loss) allocated to participating securities		-4
Net income / (loss) available to common stockholders	($100)	$219
Weighed average common shares outstanding - basic	382.1	381.8
Dilutive effect of potentially dilutive securities	0	0
Weighted average common shares outstanding - diluted	382.1	381.8
Diluted EPS (in dollars per share)	($0.26)	$0.57
Employee Stock Purchase Plan
Basic EPS
Common stock issued under employee stock purchase plan	370,000
Occidental Petroleum And Subsidiaries | Spinoff - CRC
Diluted EPS
Common stock distributed upon Spin-off				381,400,000
Assumed weighted average basic share count for periods presented prior to spin off			381,800,000

RETIREMENT_AND_POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net periodic benefit costs:
Employer contributions	$0	$0
Pension Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	1,000,000	1,000,000
Interest cost on projected benefit obligation	1,000,000	1,000,000
Expected return on plan assets	-1,000,000	-1,000,000
Net periodic benefit cost	1,000,000	1,000,000
Postretirement Benefit
Net periodic benefit costs:
Service cost - benefits earned during the period	1,000,000	1,000,000
Interest cost on projected benefit obligation	1,000,000	1,000,000
Net periodic benefit cost	$2,000,000	$2,000,000

RELATEDPARTY_TRANSACTIONS_Deta

RELATED-PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Sales	$1,060
Occidental Petroleum And Subsidiaries
Sales	1,100
Purchases	21
Occidental Petroleum And Subsidiaries | General and Administrative Expense
Charges for services provided by Occidental prior to the spin-off	$35