California Resources Corp. (CRC) in 2023 is expecting to develop its highest-returning oil and natural gas projects with the permits it has in hand and a 1.5 rig program as it zeroes in on maintenance operations and builds its carbon management business. 


“As any focused company should do, we continue to evolve. As we look forward to 2023 and beyond, we are announcing a strategic realignment of the company’s business operations and structure to adapt to current circumstances and build on our strong momentum,” CEO Mac McFarland said during the company’s fourth quarter and full-year 2023 earnings call. 

The Golden State’s largest independent oil and gas operator in 2023 is aiming to produce between 85,000-90,000 boe/d, 60% oil-weighted. Throughout 2022, CRC produced...