California Resources Corporation
California Resources Corporation is a company engaged in hydrocarbon exploration in California. It is organized in Delaware and headquartered in Los Angeles.[1]
| Type | Public company |
|---|---|
| OTC Pink: CRCQQ | |
| Industry | Petroleum industry |
| Founded | April 2014 |
| Headquarters | Los Angeles, California |
Key people | William E. Albrecht, Chairman Todd A. Stevens, CEO & President Marshall D. Smith, CFO |
| Products | Petroleum Natural Gas Natural Gas Liquids |
Production output | 128 thousand barrels of oil equivalent (780,000 GJ) per day (2019) |
| Revenue |  $2.634 billion (2019) |
| -$0.028 billion (2019) | |
| Total assets | $6.958 billion (2019) |
| Total equity | -$0.296 billion (2019) |
Number of employees | 1,250 (2019) |
| Website | crc |
| Footnotes / references [1] | |
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Current operations
As of December 31, 2019, the company had 644 million barrels of oil equivalent (3.94×109 GJ) of estimated proved reserves, of which 75% was petroleum, 17% was natural gas, and 8% was natural gas liquids.[1]
The company's operations in the San Joaquin, Ventura, and Los Angeles basins consist of conventional primary, improved oil recovery, enhanced oil recovery, and unconventional projects. Operations in the Sacramento Basin primarily consist of dry gas production.[1]
CRC’s largest holding is the 47,000-acre Elk Hills Oil Field, located 20 miles west of Bakersfield, California in the San Joaquin Valley.[1]
CRC operates the Wilmington Oil Field in partnership with California and Long Beach, California. CRC's Long Beach operations include:[1]
- THUMS Long Beach Company, which operates the offshore portion of the Wilmington Oil Field near THUMS Islands
- Tidelands Oil Production Company, which operates the onshore portion of the Wilmington Oil Field
- Two additional smaller leases in the Long Beach area
CRC also operates several smaller fields in Los Angeles County and the Huntington Beach Oil Field in Orange County, California.[1]
History
The company was formed in April 2014 as a corporate spin-off of Occidental Petroleum.[1][2] In April 2018, the company acquired the interest in the Elk Hills Oil Field previously held by Chevron Corporation for $460 million and 2.85 million shares.[3][4] In July 2020, CRC filed for Chapter 11 bankruptcy with $5 billion in debt.[5][6][7]
References
- "California Resources Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- Olabi, Nora (December 1, 2014). "Occidental Petroleum completes California spin-off". American City Business Journals.
- Varian, Ethan (April 10, 2018). "CRC Buys Remaining Stake in Elk Hills Oil Field". American City Business Journals.
- "California Resources Corporation Acquisition Consolidates Interests in Elk Hills Field" (Press release). Business Wire. April 9, 2018.
- "California Resources Corp., leading oil and gas producer, files for Chapter 11 bankruptcy". desertsun.com. July 16, 2020. Retrieved July 16, 2020.
- Lenihan, Rob. "California Resources Files Chapter 11 on Oil-Demand Collapse". TheStreet. Retrieved 2020-08-20.
- "Oil Company California Resources Corp Files For Chapter 11 Bankruptcy Protection". 2020-07-16. Retrieved 2020-08-20.
External links
- Business data for California Resources Corporation:
