Our Business

Safely Producing Essential Energy

California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and we are focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects.

CRC explores for, produces, gathers, processes and markets crude oil, natural gas and natural gas liquids. CRC makes significant use of advanced technologies to enhance safety and efficient production across our leading mineral acreage position and diverse portfolio. These technologies enable more production while minimizing the footprint of oil and gas development. CRC is a responsible steward of the environment in its development of our energy resources. In fact, in 2021, CRC received an “A-” from CDP (formerly the Climate Disclosure Project), scoring at CDP’s Leadership Level and earning the highest ranking among all oil and natural gas production companies worldwide, tying for first in North America with one other U.S.-based E&P with global operations. Scoring at CDP’s Leadership Level for three years in a row further highlights CRC’s differentiated value as a dedicated and dependable energy producer for Californians with ESG Goals that meet or exceed California’s unparalleled sustainability standards.

CRC produces energy in a safe and responsible manner to help support and enhance the quality of life of Californians and the local communities where we operate. Our homes, farms, businesses and communities need ample, safe and reliable energy and CRC is proud to help meet that need. CRC’s dedicated workforce develops dependable local oil and natural gas reserves that help to reduce our state’s chronic dependence on imported energy. For the past seven years, our employees have received Excellence Achievement Awards from the National Safety Council for their exemplary safety performance across our statewide operations. In fact, in 2021 our California workforce received 30 National Safety Council awards with respect to our 2020 performance. In addition, our safety record for our combined workforce of employees and contractors is consistently better than the finance, insurance and real estate sectors.

Committed to Carbon Management and Reducing Emissions

At CRC, we recognize climate change needs to be addressed through thoughtful and responsible government and private sector policies and market-based technology solutions, such as CCS, that must benefit working families and all parts of our society. CRC is dedicated to reducing emissions in California and aligned with the state’s ambitious climate goals. We are committed to the transition in the energy sector and are expanding our ESG leadership through decarbonization with several low carbon initiatives such as our Carbon TerraVault CCS project and our CalCapture CCS+ project.

ESG Goals

Building upon the company’s carbon management strategy, in November 2021, CRC adopted a 2045 Full-Scope Net Zero Goal for Scope 1, 2 and 3 emissions. This goal places CRC among a select few industry peers to include scope 3 emissions in their net zero goal. In April 2022, CRC announced updated and expanded ESG Goals that meet or exceed California’s unparalleled sustainability standards – not only related to lowering greenhouse gas (GHG) emissions, but also to decreasing methane emissions, reducing freshwater consumption, expanding leadership diversity, enhancing community engagement, and increasing accountability through linking executive compensation to ESG performance. Learn more on our ESG Goals page in our ESG section.

Investing in California

As an independent company operating exclusively in California, CRC applies advanced technologies to produce local low carbon intensity energy production in a safe, environmentally responsible and cost-effective manner that is consistent with the interests of our surrounding communities.

CRC is also an economic engine for California supporting thousands of jobs and careers. Since 2014, our operations have invested approximately $14.3 billion with more than 2,000 suppliers and vendors and provided more than $2.5 billion in oil and gas revenues and taxes to the State and our host counties and cities where we live and work. And, all of CRC’s low carbon intensity oil and natural gas resources – unlike imported energy – have been produced under the state’s world-leading safety, labor, human rights and environmental standards.

With approximately 1.8 million net mineral acres spanning three of California's major oil and gas basins, CRC holds the largest non-governmental mineral acreage position in the state. We have an inventory of approximately more than 600 gross identified proved drilling locations throughout the state in our portfolio of conventional and unconventional opportunities.

Visit our Investor Relations section for important information about drilling locations.