This is the playbook, folks: Oxy built CRC to die.

"The Santa Clarita-based company, created in late 2014 as a spin-off from Occidental Petroleum, was saddled with debt from its inception after transferring billions of dollars to Occidental." https://twitter.com/MarkOlalde/status/1283597951248379904

The court could use Chapter 7 and grant their wish, but probably they'll let them stay in Ch 11, and go through several more rounds of setting up non-viable successors to shed obligations to workers and creditors, leaving only a stub too small to make good on clean up obligations

That's how it's done in the coal world, at any rate. It's also why you can't get a real discussion of just transition going until you close off the bankruptcy escape hatch.

Read this article by @Maceyjoshua for a deeper dive than my three tweets: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3136711