Company Overview

California Resources Corporation (CRC) is an independent energy and carbon management company primarily engaged in the exploration, production, and development of oil and natural gas resources, with a growing focus on carbon capture and storage. The company operates within the energy, carbon management, and low-carbon infrastructure industries, with activities concentrated almost entirely in California, one of the largest and most regulated energy markets in the United States.

CRC’s core revenue is generated from the production and sale of crude oil and natural gas, predominantly to in-state refineries, utilities, and industrial customers. A distinguishing feature of the company is its integrated approach to conventional energy production and decarbonization, leveraging its extensive subsurface expertise, surface acreage, and infrastructure to support carbon capture and sequestration initiatives. The company was formed in 2014 through a spin-off from Occidental Petroleum and underwent a Chapter 11 restructuring in 2020, emerging in 2021 with a significantly deleveraged balance sheet and a strategic shift toward carbon management.

Business Operations

CRC operates primarily through its oil and natural gas exploration and production business, which includes producing fields across multiple California basins. The company generates revenue from hydrocarbon sales under long-term and spot-market contracts, with operations supported by owned gathering systems, processing facilities, and power generation assets that supply electricity to its fields.

In addition to its legacy energy operations, CRC conducts carbon management activities through Carbon TerraVault, a subsidiary focused on carbon capture and storage. The company controls significant pore space rights, pipeline corridors, and sequestration-ready geological formations, which it positions as critical assets for long-term emissions reduction projects. CRC’s operations are almost entirely domestic, with no material international production, but its carbon management initiatives involve partnerships with external industrial emitters and infrastructure investors.

Strategic Position & Investments

CRC’s strategic direction emphasizes disciplined oil and gas production alongside growth in carbon capture, utilization, and storage (CCUS). The company has prioritized investment in low-decline assets, emissions reduction technologies, and regulatory-compliant development in California’s stringent environmental framework. This dual-track strategy is designed to generate near-term cash flow while building long-duration, contracted carbon storage revenues.

A central strategic investment is Carbon TerraVault, which houses CRC’s carbon capture and sequestration projects, including large-scale storage developments intended to serve hard-to-abate industrial sectors. CRC has also entered into joint venture arrangements with infrastructure-focused partners to fund and scale these projects while retaining operatorship and technical control. The company’s investment focus reflects its intent to position itself as a leading carbon management operator in California.

Geographic Footprint

CRC’s operations are concentrated in California, with producing assets located in key onshore basins including the San Joaquin Basin, Los Angeles Basin, and Sacramento Basin. Corporate headquarters are located in Long Beach, California, placing management and technical teams close to core operating areas and regulatory bodies.

While CRC does not have international operations, its geographic influence is significant within California due to its extensive mineral acreage, infrastructure footprint, and subsurface ownership. The company’s carbon management projects are also California-based, aligned with state climate policies and industrial demand for in-state carbon sequestration solutions.

Leadership & Governance

CRC is led by an executive team with experience in large-scale energy operations, capital restructuring, and regulatory engagement. The leadership’s stated strategic vision centers on safe operations, financial discipline, and the integration of conventional energy production with decarbonization solutions tailored to California’s policy environment.

Key executives include:

• Francisco Leon – President and Chief Executive Officer
• Mark J. Smith – Executive Vice President and Chief Financial Officer
• Brendan McDonald – Executive Vice President, Operations
• Joseph K. Brown – Executive Vice President, Strategy and Corporate Development
• Michelle L. Bloodworth – Executive Vice President, Corporate Affairs and Communications

The company is governed by a board of directors with backgrounds in energy, finance, and public policy, reflecting CRC’s operational complexity and regulatory exposure.