Producing oil and gas in a state like California—which has one of the most stringent regulations for fossil fuel production—isn’t a walk in the park. Operators need to have a strong focus toward climate goals, a firm commitment toward full-scope net-zero goals and a well-designed ESG strategy.
Santa Clarita-based independent producer California Resources Corp. (CRC) is striving to do exactly that.
With approximately 2.1 million net mineral acres spanning the state’s four major oil and gas basins, CRC has recently committed to a 2045 full-scope net-zero goal for scope 1, 2 and 3 emissions. Additionally, the company claims to have some of the lowest carbon intensity production in the U.S. by developing carbon capture and storage and other emissions reducing projects.
“We strongly believe that serving as a responsible steward of our vast natural resources amplifies our long-lasting impact on the economy and the well-being of our stakeholders and community,” Chris Gould, executive vice president and chief sustainability officer at California Resources Corp., told Hart Energy.
“California is a leader in addressing climate change,” he said. “With that comes some of the strongest decarbonization goals in the country—40% emission reduction by 2030, carbon neutrality by 2045 and net-negative emissions thereafter.”
Gould pointed out that CRC shares and endorses California’s commitment around ESG in all aspects—natural resources, mitigation of climate change and protecting the environment.
He also noted that CRC recently received an A- for its 2021 climate disclosure from CDP, a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions. Additionally, the company was ranked the highest among all U.S. oil and gas companies, tying for first with one other U.S.-based E&P with global operations.
“Operating in a state like California that is serious about decarbonziation and the energy transition begets us to establish ourselves as a leader in the sector. That’s what we have done and that’s exactly what we plan to do,” Gould said.
Jump to a topic:
- Aligning with California’s climate goals (0:33)
- ESG strategy and reporting (2:45)
- 2045 net-zero goals (5:38)
- Carbon capture projects (10:10)
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