California Resources

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…

The Golden State could have its first regional direct air capture (DAC) hub in the coming years after California Resources Corp. (CRC) subsidiary Carbon TerraVault Holdings LLC (CTV) said it would pursue federal funding. The carbon management business of the state’s largest independent oil and gas producer unveiled plans to work with 35 partners from…

The Golden State’s largest oil and natural gas producer, California Resources Corp. (CRC), has partnered with ICE Thermal Harvesting LLC and the University of Houston to use zero-emissions electricity for in-field operations.  The pilot project, which was launched at CRC’s flagship Elk Hills oilfield in October, aims to test the feasibility of harvesting thermal energy…

California Resources Corp. (CRC), whose operations span four oil and gas basins in the Golden State, last week unveiled an ambitious environmental, social and governance (ESG) goal for the company. As part of the 3Q2021 earnings call, CEO Mac McFarland said the company had set a “2045 full-scope net zero goal” targeting Scope 1 (direct)…

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. 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.…

California Resources Corp. (CRC), the state’s largest producer, said it is ahead of schedule in meeting a list of climate change goals by 2030 and shrinking its carbon footprint. Established four years ago, the environmental, social and governance (ESG) initiatives address water, renewable energy, methane emissions and carbon capture in the oilfield operations. Compared to…

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…

Still treading water in terms of earnings, Los Angeles-based California Resources Corp. (CRC) has ramped up capital spending plans in response to the continuing positive outlook for global oil prices and after gaining 100% access of California’s large Elk Hills oilfield.

After indicating last fall that it was looking for morejoint venture (JV) partners, Los Angeles-based California Resources Corp. (CRC) found another one on Wednesday in Development Capital Resources LLC (DCR), which agreed to infuse $800 million for natural gas infrastructure.