California Resources Corp
New York Stock ExchangeCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- CEO
- Francisco J. Leon
- Full Time Employees
- 2,500
- Sector
- Energy
- Industry
- Oil & Gas Exploration & Production
- Address
- 1 World Trade Center Long Beach CA United States of America 90831
- IPO Date
- Oct 28, 2020
- CIK
- 0001609253
- Website
- crc.com
- Similar Companies
- Business
- California Resources Corporation (CRC) is an independent energy company engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in California. The company operates across key segments including exploration and production, low carbon solutions, and energy transition initiatives, offering crude oil, natural gas, and CO2 sequestration services; it focuses on conventional and unconventional reservoirs in onshore and offshore assets such as the Elk Hills Oil Field, Wilmington Oil Field, and Ventura Basin. CRC targets industrial and commercial customers in the energy sector, with operations concentrated in California and select U.S. regions, headquartered in Long Beach, California, since its founding in 2014 following the spin-off from Occidental Petroleum Corporation. Core products and services encompass upstream oil and gas production from mature fields using enhanced oil recovery techniques like steam flooding and waterflooding; natural gas processing and marketing; and low carbon mineral and energy solutions including carbon capture, utilization, and storage (CCUS) projects aimed at net-zero emissions goals. The company manages a portfolio of high-quality assets covering approximately 2.4 million net acres, producing around 150,000 barrels of oil equivalent per day, with brands and technologies centered on proprietary extraction methods and renewable natural gas development. CRC also provides midstream services for transportation and storage, serving refineries, utilities, and export markets along the U.S. West Coast. In recent developments, CRC completed the acquisition of the remaining 50.1% interest in Aera Energy LLC in October 2024, significantly expanding its asset base and production capacity to over 180,000 barrels of oil equivalent per day; this strategic move followed an initial joint venture and enhanced CRC's position as California's largest oil producer. The company launched its $1 billion Salt Creek CCUS project in 2025, marking a major expansion into carbon management with capacity for 4.5 million metric tons of CO2 storage annually, supported by partnerships with ExxonMobil and Calpine. Additionally, CRC secured a $500 million sustainability-linked financing round in early 2025 and announced plans to divest non-core assets to fund energy transition efforts, reflecting a shift toward integrated low-carbon operations amid regulatory changes in California.
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