California Resources Corporation
| Company type | Public |
|---|---|
| Industry | Energy |
| Founded | April 2014 |
| Headquarters | Long Beach, California , United States |
Area served | California |
Key people | Mark A. ("Mac") McFarland (CEO) |
| Products | Hydrocarbon exploration and production (oil, natural gas, natural gas liquids) |
California Resources Corporation is a United States-based energy corporation specializing in hydrocarbon exploration within California. Incorporated in Delaware and with its main office situated in Long Beach, California, it possesses the largest privately held mineral acreage within the state.
The firm conducts operations involving conventional primary production, enhanced oil recovery, and unconventional projects throughout the San Joaquin Basin, Ventura Basin, and Los Angeles Basin, while also producing dry gas in the Sacramento Basin. Its principal asset is the 47,000-acre Elk Hills Oil Field, positioned approximately 20 miles west of Bakersfield, California. Additionally, it oversees the Wilmington Oil Field (in collaboration with state authorities), various smaller fields across Los Angeles County, and the Huntington Beach Oil Field located in Orange County, California. As of December 31, 2021, the company’s proved reserves consisted of 71% petroleum, 20% natural gas, and 9% natural gas liquids.
History
Established in April 2014 through a corporate spin-off from Occidental Petroleum, California Resources broadened its asset base by purchasing Chevron’s stake in the Elk Hills Oil Field for $460 million plus 2.85 million shares in April 2018. Confronted with $5 billion in liabilities, the company filed for bankruptcy protection in July 2020 and completed its restructuring by October that same year. In March 2021, Mark A. (“Mac”) McFarland was named CEO, steering the company through its recovery phase. The firm also leveraged financial opportunities presented by the 2021 Texas power crisis. In February 2024, CRC revealed plans for a $2.1 billion all-stock deal to acquire Aera Energy, thereby strengthening its asset portfolio and competitive standing.