California Resources Corporation
California Resources Corporation is a company engaged in hydrocarbon exploration in California. It is organized in Delaware and headquartered in Los Angeles.Current operations
As of December 31, 2019, the company had of estimated proved reserves, of which 75% was petroleum, 17% was natural gas, and 8% was natural gas liquids.
The company's operations in the San Joaquin, Ventura, and Los Angeles basins consist of conventional primary, improved oil recovery, enhanced oil recovery, and unconventional projects. Operations in the Sacramento Basin primarily consist of dry gas production.
CRC’s largest holding is the 47,000-acre Elk Hills Oil Field, located 20 miles west of Bakersfield, California in the San Joaquin Valley.
CRC operates the Wilmington Oil Field in partnership with California and Long Beach, California. CRC's Long Beach operations include:
- THUMS Long Beach Company, which operates the offshore portion of the Wilmington Oil Field near THUMS Islands
- Tidelands Oil Production Company, which operates the onshore portion of the Wilmington Oil Field
- Two additional smaller leases in the Long Beach area
CRC also operates several smaller fields in Los Angeles County and the Huntington Beach Oil Field in Orange County, California.History
The company was formed in April 2014 as a corporate spin-off of Occidental Petroleum.
In April 2018, the company acquired the interest in the Elk Hills Oil Field previously held by Chevron Corporation for $460 million and 2.85 million shares.
On 15 July 2020, Califormia Resources filed for Chapter 11 bankruptcy with $5 billion in debt.
