CRC Profile
California Resources Corporation operates as an independent oil and natural gas producer with a comprehensive portfolio of upstream and midstream assets. The company is engaged in the exploration, development, and production of crude oil, natural gas, and natural gas liquids, serving a range of customers including refiners, marketers, and other purchasers. The company’s operations are primarily focused in California, where it manages extensive infrastructure for gathering, processing, and marketing hydrocarbons.
As of December 31, 2021, California Resources Corporation held interests in approximately 1.9 million net mineral acres. The company’s proved reserves were estimated at 480 million barrels of oil equivalent, reflecting its significant resource base and operational scale. The company’s activities encompass the entire value chain of hydrocarbon production, from exploration and drilling to processing and transportation.
In addition to its core oil and gas operations, California Resources Corporation is also involved in electricity generation. The company produces and sells electricity to local utilities and the broader grid, diversifying its revenue streams and contributing to the energy mix in California. This aspect of the business leverages the company’s infrastructure and expertise in energy production.
Incorporated in 2014 and headquartered in Santa Clarita, California, California Resources Corporation was spun off from Occidental Petroleum as part of a strategic restructuring. The company continues to focus on optimizing its asset portfolio, advancing its exploration and production capabilities, and pursuing strategic initiatives to enhance its market position and financial performance.
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