Exploration and production (E&P) firm California Resources Corp. (CRC) is making progress on the regulatory front for its nascent carbon management unit, according to management.

“On the carbon management business side, we were very active in 2021 and will continue to advance our strategy in 2022,” CEO Mac McFarland told analysts during CRC’s fourth quarter and full-year 2021 earnings call.

CRC adopted a decarbonization focus in 2021. The company aims to dedicate 50% of its free cash flow toward projects that reduce its direct and indirect emissions or sequester enough carbon to offset those emissions.

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