California Resources Corporation is a company engaged in

hydrocarbon exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Vis ...

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

. It is organized in

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

and headquartered in

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

. It has the largest privately held mineral acreage position in California. The company has conventional primary,

enhanced oil recovery Enhanced oil recovery (abbreviated EOR), also called tertiary recovery, is the extraction of crude oil from an oil field that cannot be extracted otherwise. EOR can extract 30% to 60% or more of a reservoir's oil, compared to 20% to 40% using ...

, and unconventional operations in the San Joaquin Basin, Ventura Basin, and

Los Angeles Basin The Los Angeles Basin is a sedimentary Structural basin, basin located in Southern California, in a region known as the Peninsular Ranges. The basin is also connected to an wikt:anomalous, anomalous group of east-west trending chains of mountai ...

and dry gas production in the

Sacramento ) , image_map = Sacramento County California Incorporated and Unincorporated areas Sacramento Highlighted.svg , mapsize = 250x200px , map_caption = Location within Sacramento ...

Basin. Its largest holding is the 47,000-acre

Elk Hills Oil Field The Elk Hills Oil Field (formerly the Naval Petroleum Reserve No. 1) is a large oil field in western Kern County, in the Elk Hills of the San Joaquin Valley, California in the United States, about west of Bakersfield. Discovered in 1911, ...

, 20 miles west of

Bakersfield Bakersfield is a city in Kern County, California, United States. It is the county seat and largest city of Kern County. The city covers about near the southern end of the San Joaquin Valley and the Central Valley region. Bakersfield's populat ...

, California in the

San Joaquin Valley The San Joaquin Valley ( ; es, Valle de San Joaquín) is the area of the Central Valley of the U.S. state of California that lies south of the Sacramento–San Joaquin River Delta and is drained by the San Joaquin River. It comprises seven c ...

. It is also operates the

Wilmington Oil Field The Wilmington Oil Field is a prolific petroleum field in Los Angeles County in southern California in the United States. Discovered in 1932, it is the third largest oil field in the United States in terms of cumulative oil production. The field ...

in partnership with

, several smaller fields in

Los Angeles County Los Angeles County, officially the County of Los Angeles, and sometimes abbreviated as L.A. County, is the most populous county in the United States and in the U.S. state of California, with 9,861,224 residents estimated as of 2022. It is the ...

, and the

Huntington Beach Oil Field The Huntington Beach Oil Field is part of rich pools of oil found along the West Coast of the United States in the early 1920s stretching from Huntington Beach, California to Santa Barbara, California. History On May 24, 1920, the first Huntingt ...

Orange County, California Orange County is located in the Los Angeles metropolitan area in Southern California. As of the 2020 census, the population was 3,186,989, making it the third-most-populous county in California, the sixth-most-populous in the United States, a ...

. As of December 31, 2021, the company had of estimated proved reserves, of which 71% was

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

, 20% was

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

, and 9% was natural gas liquids.

History

The company was formed in April 2014 as a

corporate spin-off A corporate spin-off, also known as a spin-out, or starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. Characte ...

Occidental Petroleum Occidental Petroleum Corporation (often abbreviated Oxy in reference to its ticker symbol and logo) is an American company engaged in hydrocarbon exploration in the United States, and the Middle East as well as petrochemical manufacturing in the ...

. In April 2018, the company acquired the interest in the

previously held by

Chevron Corporation Chevron Corporation is an American multinational energy corporation. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California (shortened to Socal or CalSo), it is headquartered in S ...

for $460 million and 2.85 million shares. In July 2020, the company filed

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

with $5 billion in debt; it emerged from bankruptcy in October 2020. In March 2021, Mark A. (“Mac”) McFarland was appointed

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

. The company benefited financially from the 2021 Texas power crisis.

References

External links

* {{DEFAULTSORT:California Resources Corporation 2014 establishments in California American companies established in 2014 Companies based in Los Angeles Companies established in 2014 Companies listed on the New York Stock Exchange Companies that filed for Chapter 11 bankruptcy in 2020 Corporate spin-offs Energy companies established in 2014 Natural gas companies of the United States Non-renewable resource companies established in 2014 Oil companies of the United States Petroleum in California