California Resources Corp.
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About
California Resources Corp. is the largest oil and natural gas exploration and production company in California on a gross-operated basis. The company operates its world-class resource base exclusively within the State of California, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, California Resources Corp. focuses on safely and responsibly supplying affordable energy for California by Californians.
Editor's note: Updated July 23, 2019.
Transactions
California Resources Closes Aera Energy Merger for $1.13B
California Resources Closes Aera Energy Merger for $1.13B
California Resources Closes Aera Energy Merger for $1.13B
California Resources Closes Aera Energy Merger for $1.13B
California Resources Closes Aera Energy Merger for $1.13B
California Resources Closes Aera Energy Merger for $1.13B
California Resources Closes Aera Energy Merger for $1.13B
California Resources Closes Aera Energy Merger for $1.13B
Marketed: California Resources San Joaquin Basin Conventional Opportunity
Marketed: California Resources San Joaquin Basin Conventional Opportunity
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New Financings
Priced private offering of 2026 senior unsecured notes previously announced Jan. 13 at par. Proceeds will…
California Resources Corp., announced the commencement of private offers to exchange, upon the terms and…
Purchased approximately 2.34 million shares of common stock for an aggregate purchase price of $50…
California Resources Corp. has closed a $1.3 billion first lien secured term loan facility. The 2017 term…
Priced a proposed new first-lien secured credit facility that would allow it to reduce outstanding…
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News
Non-op Rising: NOG’s O’Grady, Dirlam See Momentum in Co-purchase M&A
Non-operated specialist Northern Oil & Gas is going after larger acquisitions by teaming up with adept operating partners like SM Energy and Vital Energy. It’s helping bridge a capital gap in the upstream sector, say NOG executives Nick O’Grady and Adam Dirlam.
Private Producers Find Dry Powder to Reload
An E&P consolidation trend took out many of the biggest private producers inside of two years, but banks, private equity and other lenders are ready to fund a new crop of self-starters in oil and gas. Â
California Resources Surpasses Tender Amount on Senior Notes Due 2026
As of Aug. 21, the early tender time, California Resources Corp.’s principal amount tendered reached $488,467,000, exceeding the maximum tender amount.
CEO: Berry Seeks Horizontal Drilling Opportunities in Uinta Basin
Berry Corp., which has a large footprint in California’s San Joaquin Basin, might be more excited about deals and drilling near its Uinta Basin acreage.
California Resources Targets CCS, Data Centers
As California Resources Corp.’s carbon management arm, Carbon Terravault, pursues carbon capture and storage projects, it also is keeping tabs on data center power opportunities.
Come Together: California Resources, Aera Merge for Scale, Drilling Runway
California Resources Corp. closed an acquisition of Aera Energy to become California’s top oil and gas producer. Now, CRC President and CEO Francisco Leon wants to grow from a one-rig to an eight-rig drilling program—but faces stiff pushback from regulators and environmental advocates in the Golden State.
The New Wildcatters: Geothermal Developers on the Hunt for Heat
The U.S. is poised for a geothermal boom using existing oil and gas technology. Does the industry have what it needs to scale?
California Resources Wraps $1.1B Deal, Becomes State’s Top Oil Producer
California Resources Corp.’s deal to acquire Aera Energy for more than $2 billion, including debt, makes it the state’s largest oil producer at 146,000 boe/d, 79% oil, the company said.
SilverBow Gears Up for Proxy Fight with Kimmeridge
Both SilverBow Resources and Kimmeridge Energy Management have proposed a slate of candidates for the board of directors with a vote set for May 21.
California Resources Corp. Nominates Christian Kendall to Board of Directors
California Resources Corp. has nominated Christian Kendall, former president and CEO of Denbury, to serve on its board.
Berry Bolts On More California Assets as Kern County M&A Continues
As Berry Corp. continues its aggressive hunt for growth opportunities outside of California, the E&P made a second bolt-on acquisition in Kern County in the fourth quarter.
California Resources Corp., Aera Energy to Combine in $2.1B Merger
The announced combination between California Resources and Aera Energy comes one year after Exxon and Shell closed the sale of Aera to a German asset manager for $4 billion.
Carbon Terravault’s CCS Plans Progress with Release of Draft Well Permits
If required regulatory approvals are secured, Carbon TerraVault will have permission to drill California’s first wells for underground CO2 sequestration in a depleted oil and gas field.
Quadrupling Energy Transition Financing and the Quest for Net Zero
McKinsey Partner Kassia Yanosek details private equity’s unique role in the climate transition, despite corporate uneasiness at partnering with firms, and the need to quadruple funding while government ramps up support.
California DAC Receives Nearly $12 Million from DOE
The funding will go towards Direct Air Capture facilities in the state.