CRC

California Resources Corporation is an independent oil and natural gas exploration and production company operating assets exclusively in California. The company produces oil, natural gas, and natural gas liquids from conventional and unconventional reservoirs across California's San Joaquin Basin and Los Angeles Basin. CRC operates as California's largest oil and gas producer with extensive infrastructure including production facilities, pipelines, and processing plants. The company emerged from bankruptcy in 2020 after being spun off from Occidental Petroleum in 2014. Headquartered in Santa Clarita, California, CRC benefits from long-life, low-decline California assets, carbon management opportunities including carbon capture and storage, and in-state production serving California energy needs. The company has pursued carbon capture initiatives leveraging California's regulatory frameworks and depleted reservoirs for CO2 storage. CRC faces California's restrictive regulatory environment, permitting challenges, environmental opposition, operational costs, and long-term demand uncertainties as California pursues aggressive climate policies. The company generates strong cash flows during favorable commodity price environments and has focused on shareholder returns. CRC continues to optimize production, pursue carbon management opportunities, and navigate California's unique operating environment.