California Resources Corp

Overview

California Resources Corporation (CRC) is an independent energy company operating in the oil and natural gas and carbon-management sectors. It explores for, develops, and produces oil, condensate, natural gas liquids, and natural gas, and develops carbon-capture, transportation, and storage projects. Its oil and gas operations are in California and Utah; its carbon-management activities are in California.[1]

CRC describes its focus as responsibly developing energy assets while advancing carbon management and emissions reduction.[2][3] It reported $3.669 billion in operating revenues for FY2025 and average net production of 149 thousand barrels of oil equivalent per day in Q2 2026.[4][5] An external company-data source lists 2,500 employees as of December 31, 2025.[6] Its reported operating footprint is U.S.-focused; the sources reviewed do not establish a global operating presence.[1][7] [1]+10

Products & services

California Resources Corp. produces and sells crude oil and condensate, natural gas liquids (NGLs), and natural gas. In 2025, average net production was 138 MBoe/d: 109 MBbl/d of oil (79% of production), 10 MBbl/d of NGLs, and 114 MMcf/d of natural gas. At year-end, proved reserves totaled 654 MMBoe, comprising 541 MMBbl of crude oil and condensate, 37 MMBbl of NGLs, and 455 Bcf of natural gas. Average realized prices, excluding derivative settlements, were $66.52/Bbl for oil, $45.30/Bbl for NGLs, and $3.57/Mcf for natural gas.[8][9]

CRC also provides processing, gathering, and transportation capabilities for its production. At Elk Hills, its cryogenic gas plant has capacity for 200 MMcf/d of inlet gas, supported by a backup low-temperature separation plant; operated pipelines gather production and connect with third-party oil and gas pipeline systems.[10] Through Carbon TerraVault, CRC is developing carbon capture and sequestration services to capture CO₂ from external sources, transport and inject it into subsurface reservoirs, and store it permanently. Its first capture project had completed construction, but the segment generated no revenue in 2025.[11][12]

In 2025, CRC reported $238 million of revenue from marketing purchased commodities and $233 million from electricity sales—approximately 6.5% and 6.4%, respectively, of total operating revenues of $3.669 billion. Oil, gas, and NGL sales were reported together at $2.910 billion, without a separate revenue breakdown for each commodity.[13][14] [8]+17

Geographic presence

California Resources Corp’s operations are concentrated in California’s San Joaquin, Los Angeles and Sacramento basins, with additional positions in Utah’s Uinta Basin and other basins. At year-end 2025, it reported 1.304 million net mineral acres in the San Joaquin Basin, 418,000 in Sacramento, 36,000 in Los Angeles and 98,000 in the Uinta Basin; its other-basin acreage totaled 130,000. Its fields include Belridge, Elk Hills, Midway-Sunset, McKittrick, Poso Creek and Round Mountain in the San Joaquin Basin, and Wilmington in the Los Angeles Basin.[7]+3

The company’s principal executive offices are in Long Beach, California. Its 2025 proved reserves were concentrated in the San Joaquin Basin (529 million barrels of oil equivalent out of 654 million total), followed by Los Angeles (65 million), Uinta (32 million), other basins (27 million) and Sacramento (1 million). Company filings report sales by product rather than customer or sales geography, and do not provide geographic revenue percentages.[18]+4 [7]+8

Business segments

California Resources Corporation reports two operating segments: Oil and Natural Gas and Carbon Management. Oil and Natural Gas explores for, develops and produces oil, condensate, natural gas liquids and natural gas, with assets in California and Utah. Carbon Management, conducted through Carbon TerraVault, develops, builds, installs, operates and maintains carbon-dioxide capture equipment, transportation assets and storage facilities, with a focus on California.[1][23]

For the six months ended June 30, 2026, Oil and Natural Gas generated $1,983 million and Carbon Management $1 million in segment operating revenue—approximately 99.95% and 0.05%, respectively, of the two segments’ combined $1,984 million. For full-year 2025, the segments generated $2,967 million and $0, respectively, or approximately 100% and 0% of their combined segment revenue. These percentages use the sum of the two reportable segments’ operating revenues, not consolidated revenue.[24][14] [1]+3

Company history

California Resources Corporation (CRC) was incorporated in 2014 as a subsidiary of Occidental Petroleum to hold its California oil and gas business. Occidental spun off CRC on November 30, 2014, distributing shares to its shareholders and establishing CRC as an independent, publicly traded company.[25] In 2018, CRC acquired Chevron’s remaining interests in the 47,000-acre Elk Hills unit in a transaction valued at approximately $518 million.[26][27]

CRC filed for Chapter 11 bankruptcy protection in July 2020, confirmed a restructuring plan that October, and emerged from bankruptcy on October 27, 2020.[28] In 2023, Francisco J. Leon became the company’s president and chief executive officer.[29] CRC completed its combination with Aera Energy on July 1, 2024, and acquired Berry Corporation in an all-stock merger that closed on December 18, 2025.[30]+3

Sources

• California Resources Corp — Full financial report (2026 Q 2)
  5 citations

  [1][17][21][22][24]
• www.crc.com[2]
• www.crc.com[3]
• California Resources Corp — Full financial report (2025 Y)
  16 citations

  [4][7][8][10][11][12][14][15][16][18][19][20][23][29][30][32]
• www.crc.com[5]
• stockanalysis.com[6]
• California Resources Corp — Press release (2025 Y)[9][13]
• California Resources Corp — Full financial report (2015 Y)[25]
• California Resources Corp — Full financial report (2018 Y)[26][27]
• California Resources Corp — Full financial report (2020 Y)[28]
• www.crc.com[31]
• www.crc.com[33]