California Resources Corp.
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
US Cancels $3.7B in Biden-Era Clean Energy Awards, Including Exxon’s
The canceled awards, largely for CCS and decarbonization initiatives, include a $332 million award to Exxon Mobil Corp.
CRC to Start Construction on California’s First CCS Project in ‘25
California Resources Corp.’s carbon management subsidiary Carbon TerraVault Holdings is targeting additional carbon capture and storage projects.
CPP Wants to Invest Another $12.5B into Oil, Gas
The Canada Pension Plan’s CPP Investments is looking for more oil and gas stories—in addition to renewable and other energies.
California Resources Continues to Curb Emissions, This Time Using CCS for Cement
California Resources’ carbon management business Carbon TerraVault plans to break ground on its first CCS project in second-quarter 2025.
California Resources Advances California’s First CCS Project
California Resources Corp. will invest between $14 million and $18 million to capture the CO2, the company said in a news release.
Carbon TerraVault Receives California’s First Class VI Permits from EPA
The Environmental Protection Agency granted California Resources Corp.’s Carbon TerraVault Class VI well permits for the underground injection and storage of CO2.
CRC's Carbon TerraVault, Net Power to Develop Low Emissions Power Plants
California Resources Corp.'s Carbon TerraVault and Net Power will conduct feasibility studies on locating power plants near underground CO2 storage vaults, according to a news release.
Despite Growth of CCS Projects, Profitability Remains Elusive
While costs are declining, CCS technologies remain expensive, with EOR and tax incentives spurring projects to capture and store CO₂.
California Resources Names Crespy as Executive VP, CFO
Clio C. Crespy has worked on some of California Resources’ “most significant” projects, including the Carbon TerraVault joint venture and the direct air capture hub at Elk Hills, said CEO Francisco Leon.
California Resources’ Carbon TerraVault Sees CCS Momentum
California Resources expects to receive a Class VI permit from the U.S. Environmental Protection Agency in December, the company’s CEO says.
Regulators Greenlight CRC’s Carbon TerraVault I CCS Project
The approval by California’s Kern County Board of Supervisors clears California Resources Corp. to start construction activities for the carbon capture and storage project.
California Mergin’: CRC-Aera Combination Creates Golden State Scale
CRC President and CEO Francisco Leon believes the state needs to bolster its own oil and gas production—not all citizens and lawmakers agree.
Sage, California Resources to Partner on Geothermal, Energy Storage
Sage Geosystems and California Resources Corp. signed of a memorandum of understanding to pursue subsurface energy storage and geothermal power generation in California.
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.