California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company headquartered in Long Beach, California. Established in 2014 as a spin-off from Occidental Petroleum, CRC's core mission is to deliver long-term investment value by safely developing its portfolio of responsibly produced energy assets and reducing carbon emissions through its carbon management business. The company is committed to environmental stewardship and providing local, responsibly produced energy, while also maximizing the value of its land, mineral ownership, and energy expertise for decarbonization efforts.

CRC's primary business segments include the exploration, production, gathering, processing, and marketing of crude oil, natural gas, and natural gas liquids. The company operates extensively across California's major oil and gas basins, including the San Joaquin, Los Angeles, Ventura, and Sacramento Basins, and is recognized as the largest oil and natural gas producer in the state. Additionally, CRC provides carbon management services through its Carbon TerraVault (CTV) segment, which focuses on developing carbon capture and storage (CCS) projects to permanently store carbon dioxide emissions.

Under the leadership of CEO and President Francisco J. Leon, California Resources Corporation is actively advancing its energy transition initiatives. Recent notable developments include the completion of its merger with Aera Energy LLC in July 2024 and the combination with Berry Corporation in December 2025. A significant milestone was achieved in May 2026, when CRC's Carbon TerraVault I began CO2 injections, marking California's first operational CCS project, following EPA permits received in December 2024 and project approval in January 2025. The company positions itself as an independent energy and carbon management entity with some of the lowest carbon intensity production in the United States.