California Resources Expecting No Significant Increase in Capex to Year’s End

California Resources Corp. (CRC) CEO Todd Stevens said the state’s largest independent is not planning any significant increase in capital investment in the fourth quarter after exiting bankruptcy last month.*

CRC expects to add a renewable component to its traditional oil and gas business, Stevens said during the third quarter conference call. 

“This has always been a part of our DNA, using all of the above resources,” he said. “Oil and gas obviously is a huge part of our business, but we want to complement that with renewables, such as geothermal, hydrogen or solar development on some of its oil and gas acreage.”

CRC produced 106,000 boe/d in 3Q2020, including 64,000 b/d oil. In addition to the court-approved reorganization, the company has “flattened the...