California Resources Corp. (CRC) in 1Q2021 reported red ink and a shift in focus to renewables and decarbonization, following its emergence from Chapter 11 bankruptcy last year.

California prices

CRC drilled 17 wells with one drilling rig in place during the quarter, according to CEO Mark McFarland. He also said the anti-hydraulic fracturing move by California Gov. Gavin Newsom would have no material impact on operations and plans.

“We will see no material impact because less than 1% of our proved reserves require well stimulation and our current long-term development plans do not include well stimulation.

In fact, CRC’s operations also do not require high pressure cyclic steam,” McFarland said. 

CRC reported net quarterly production of 99,000 boe/d and 60,000 b/d. Net oil production...