After working through a restructuring last year, California Resources Corp. (CRC) is looking to concentrate on reservoir management in core fields across the state, the CEO said Thursday.

CRC production

California’s largest exploration and production (E&P) company had a self-described soft landing after completing a Chapter 11 restructuring last year. Like most of the industry, last year’s results reflected the pandemic’s assault on energy demand and prices.

During a webinar to discuss strategy, interim CEO Mac McFarland talked about a “bright future” for the reorganized E&P. 

“We’ve got great low-decline assets, conventional in nature,” he said, “and a background of drilling workover inventory that we will be accessing this year at relatively low breakeven prices and for 10...