California Resources Corporation (CRC) is an independent energy and carbon management company focused on hydrocarbon exploration and production exclusively within the state of California. The company operates through two primary business segments: Oil and Natural Gas, and Carbon Management.
The Oil and Natural Gas segment is the core revenue driver, generating virtually all of the company's multi-billion dollar annual revenue. Through this segment, CRC explores for, develops, and produces crude oil, condensate, natural gas liquids (NGLs), and dry natural gas. The company holds the largest privately owned mineral acreage position in California, with operations spanning the San Joaquin, Los Angeles, Ventura, and Sacramento basins. Its customer base primarily consists of California-based refineries and marketers that have access to local transportation and storage infrastructure. In July 2024, CRC significantly expanded its oil-weighted footprint and production capacity by completing a $2.1 billion all-stock merger with Aera Energy, making it the largest oil and gas producer in California.
The Carbon Management segment, branded as Carbon TerraVault, is focused on the energy transition and decarbonization. This division is developing carbon capture and storage (CCS) projects, aiming to build, install, operate, and maintain CO2 capture equipment and storage facilities. While this segment does not yet generate material revenue, it represents a strategic long-term initiative to maximize the value of CRC's land and pore space for emissions reduction. The company originally spun off from Occidental Petroleum in 2014 and emerged from Chapter 11 bankruptcy in late 2020, restructuring its balance sheet to focus on sustainable cash flow and energy transition goals.
