California Resource Corp

California Resources Corporation is an independent oil and natural gas company focused on low-carbon intensity oil and gas assets exclusively within California. The company produces oil, natural gas, and natural gas liquids from properties located across major basins in Los Angeles, Ventura, Sacramento, and San Joaquin.

As of January 2023, CRC holds over 1.9MM net mineral acres and 6.7 trillion cubic feet equivalent of proved reserves. Average third quarter 2023 net total production was 85,000 barrels of oil equivalent per day. 

California Resources also owns and operates an extensive midstream infrastructure network across California including a 550-megawatt power plant at its flagship Elk Hills field. Additionally, the company is advancing a carbon management business, Carbon TerraVault, to provide carbon capture and sequestration services utilizing CRC’s base of assets.

CRC has partnered with private equity firm Brookfield Renewable on carbon capture and sequestration development. CRC has substantial Class VI permit applications in progress with the EPA to enable its CCS business as the company has identified over 1 trillion cubic feet of incremental natural gas inventory with substantial additional upside potential.