Following a strong natural gas price environment in the first quarter, California Resources Corp. (CRC) CEO Francisco Leon said natural gas would “be absolutely needed” in the Golden State. 

CRC was able to snag natural gas price realizations “approximately 630%” above the New York Mercantile Exchange (Nymex) index, Leon said during the quarterly conference call update. “So we were well positioned as the largest natural gas producer in the state as we see these spikes happening more and more.” 

Following an unseasonably cold, rainy and snow-packed winter in the front half of the first quarter and low natural gas storage levels, “roughly 12 Bcf of production was able to meet the demands of the state,” Leon said.

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