California Resources Corp (CRC)

Profile

https://www.crc.com

California Resources Corporation is an American energy company specializing in hydrocarbon exploration and production exclusively in California. Headquartered in Long Beach and organized in Delaware, it holds the largest privately owned mineral acreage in the state, operating across key basins including the San Joaquin, Ventura, Los Angeles, and Sacramento. Its flagship asset is the expansive 47,000-acre Elk Hills Oil Field in the San Joaquin Valley, alongside the Wilmington Oil Field in partnership with the state, and fields in Los Angeles and Orange Counties. The company engages in conventional, enhanced oil recovery, and unconventional operations, with dry gas production, maintaining proved reserves of 480 million barrels of oil equivalent as of late 2021, predominantly petroleum. Formed in 2014 as a spin-off from Occidental Petroleum, it navigated Chapter 11 bankruptcy in 2020 before emerging stronger, later acquiring Elk Hills interests from Chevron and announcing a major all-stock purchase of Aera Energy in 2024. As California's leading oil and natural gas producer, it plays a pivotal role in the state's energy sector while pursuing energy transition initiatives like carbon capture and storage toward a 2045 net-zero target.