California Resources Corporation

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California Resources Corporation
TypePublic company
NYSE: CRC
IndustryPetroleum industry
FoundedApril 2014; 7 years ago (2014-04)
HeadquartersLos Angeles, California
Key people
Mark A. (Mac) McFarland, Chairman & CEO
Francisco J. Leon, CFO
ProductsPetroleum
Natural Gas
Natural Gas Liquids
Production output
111 thousand barrels of oil equivalent (680,000 GJ) per day (2020)
RevenueDecrease $1.459 billion (2020)
Increase $1.766 billion (2020)
Total assetsDecrease $3.074 billion (2020)
Total equityIncrease $1.138 billion (2020)
Number of employees
1,000 (2020)
Websitecrc.com
Footnotes / references
[1]
Three active oil wells (using nodding donkeys) in Elk Hills Oil Field, south of Buttonwillow, California
THUMS Islands oil island White in 2010

California Resources Corporation is a company engaged in hydrocarbon exploration in California. It is organized in Delaware and headquartered in Los Angeles. It has the largest privately held mineral acreage position in California.[1]

The company has conventional primary, enhanced oil recovery, and unconventional operations in the San Joaquin Basin, Ventura Basin, and Los Angeles Basin and dry gas production in the Sacramento Basin.[1] Its largest holding is the 47,000-acre Elk Hills Oil Field, 20 miles west of Bakersfield, California in the San Joaquin Valley.[1] It is also operates the Wilmington Oil Field in partnership with California, several smaller fields in Los Angeles County, and the Huntington Beach Oil Field in Orange County, California. As of December 31, 2020, the company had 442 million barrels of oil equivalent (2.70×109 GJ) of estimated proved reserves, of which 71% was petroleum, 20% was natural gas, and 9% was natural gas liquids.[1]

History[]

The company was formed in April 2014 as a corporate spin-off of Occidental Petroleum.[1][2] In April 2018, the company acquired the interest in the Elk Hills Oil Field previously held by Chevron Corporation for $460 million and 2.85 million shares.[3][4] In July 2020, the company filed bankruptcy with $5 billion in debt; it emerged from bankruptcy in October 2020.[5] In March 2021, Mark A. (“Mac”) McFarland was appointed CEO.[6] The company benefited financially from the 2021 Texas power crisis.[7][8]

References[]

  1. ^ a b c d e f "California Resources Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Olabi, Nora (December 1, 2014). "Occidental Petroleum completes California spin-off". American City Business Journals.
  3. ^ Varian, Ethan (April 10, 2018). "CRC Buys Remaining Stake in Elk Hills Oil Field". American City Business Journals.
  4. ^ "California Resources Corporation Acquisition Consolidates Interests in Elk Hills Field" (Press release). Business Wire. April 9, 2018.
  5. ^ "California Resources Corporation Completes Financial Restructuring" (Press release). Business Wire. October 27, 2020.
  6. ^ "California Resources Corporation Announces Appointment of Permanent CEO" (Press release). Business Wire. March 22, 2021.
  7. ^ Wethe, David (March 18, 2021). "California Oil Driller Reaped Gains From Historic Texas Freeze". Bloomberg News.
  8. ^ Buurma, Christine; Crowley, Kevin (March 31, 2021). "Exxon Sees Up to $800 Million Earnings Hit From Texas Freeze". Bloomberg News.

External links[]

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