California Resources Corporation

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California Resources Corporation
Public company
Traded asNYSECRC
Russell 2000 Index component
IndustryPetroleum industry
FoundedApril 2014; 6 years ago (2014-04)
HeadquartersLos Angeles, California
Key people
William E. Albrecht, Chairman
Todd A. Stevens, CEO & President
Marshall D. Smith, CFO
ProductsPetroleum
Natural Gas
Natural Gas Liquids
Production output
128 thousand barrels of oil equivalent (780,000 GJ) per day (2019)
RevenueDecrease $2.634 billion (2019)
Decrease -$0.028 billion (2019)
Total assetsDecrease $6.958 billion (2019)
Total equityDecrease -$0.296 billion (2019)
Number of employees
1,250 (2019)
Websitecrc.com
Footnotes / references
[1]
Three active oil wells (using nodding donkeys) in Elk Hills Oil Field, located south of Buttonwillow, California
THUMS Islands oil island White in 2010

California Resources Corporation is a company engaged in hydrocarbon exploration in California. It is organized in Delaware and headquartered in Los Angeles.[1]

Current operations[edit]

As of December 31, 2019, the company had 644 million barrels of oil equivalent (3.94×109 GJ) of estimated proved reserves, of which 75% was petroleum, 17% was natural gas, and 8% was natural gas liquids.[1]

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.[1]

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.[1]

CRC operates the Wilmington Oil Field in partnership with California and Long Beach, California. CRC's Long Beach operations include:[1]

CRC also operates several smaller fields in Los Angeles County and the Huntington Beach Oil Field in Orange County, California.[1]

History[edit]

The company was formed in April 2014 as a corporate spin-off of Occidental Petroleum.[1][2]

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.[3][4]

References[edit]

  1. ^ a b c d e f g h "California Resources Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Olabi, Nora (December 1, 2014). "Occidental Petroleum completes California spin-off". American City Business Journals.
  3. ^ Varian, Ethan (April 10, 2018). "CRC Buys Remaining Stake in Elk Hills Oil Field". American City Business Journals.
  4. ^ "California Resources Corporation Acquisition Consolidates Interests in Elk Hills Field" (Press release). Business Wire. April 9, 2018.

External links[edit]