California Resources

What California Resources does

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company headquartered in Long Beach, California, with operations spanning four California basins (San Joaquin, Los Angeles, Ventura, Sacramento) and the Uinta Basin in Utah following the December 2025 Berry Corporation combination. CRC produces crude oil, natural gas, and natural gas liquids across approximately 1.9 million net mineral acres, selling into California's isolated refining and utility markets via third-party pipelines, intrastate transportation contracts, and the CAISO wholesale electricity market. The company operates the 550 MW Elk Hills Power Plant, a 200 MMcf/d cryogenic gas processing plant, and the 75-square-mile Elk Hills Field that produced 31,000 BOE/d in 2024. FY2024 revenue was $3.4 billion with 138,000 BOE/d average net production in 2025 and 654 million BOE of proved reserves supporting a 13-year reserve life.

The company's revenue model combines commodity sales (transaction-fee pricing tied to Brent crude for oil and prevailing market rates for gas/NGLs/electricity) with a growing fee-based carbon management business through its Carbon TerraVault (CTV) subsidiary. CTV began California's first operational CO2 injections at Elk Hills Field in May 2026, with 1.46 MMT/year initial capacity and seven Class VI EPA permits pending representing nearly 9 MMT/year of additional carbon storage potential. Long-term CCS storage agreements and MOUs have been signed with Capital Power (up to 3 MMT/year at La Paloma), Middle River Power, and National Cement for carbon-neutral cement. CRC also benefits from Brent-linked pricing on California crude (~$18/bbl WTI spread) and MiQ Grade A methane certification across its major producing basins, which may command Low Carbon Fuel Standard pricing premiums. The Carbon TerraVault JV with Brookfield Renewable (51/49) provided $500 million of initial capital and credibility that enabled the CTV I groundbreaking.

CRC pursues capital discipline through debt-funded M&A ($1.9 billion in four debt rounds across 2024-2026), share repurchases, and dividends, returning $1.1 billion to stakeholders since mid-2021 while maintaining $1.3 billion in year-end 2024 liquidity. Following the July 2024 Aera merger and December 2025 Berry combination, 2026 EBITDAX guidance was raised 42% to $1.4-1.5 billion with expected free cash flow exceeding $800 million. Strategic expansion targets include up to 2 GW of data center hosting capacity at Elk Hills (initial 275 MW Beacon Data Centers partnership announced June 2026), and an Elk Hills CTV Clean Energy Park concept spanning clean hydrogen, ammonia, geothermal, and renewable natural gas.

Name

California Resources

Legal name

California Resources Corporation

Website

https://crc.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

California Resources Corporation is an independent energy and carbon management company producing crude oil, natural gas, and electricity across California and Utah, operating California's first carbon capture and storage project (Carbon TerraVault) to serve industrial emitters, utilities, and California energy markets.

Ownership category

akta.pro rank

Product category

Oil and Gas Production

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (221210), Natural Gas Distribution (22121), Natural Gas Extraction (211130), Industrial Gas Manufacturing (32512)

SIC

Natural Gas Distribution (4924), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Customer Care, Billing & CRM for Gas Retail (CX, Retention, Collections) (EUAAADAH)

akta.pro secondary industries

Direct Air Capture (DAC) Systems & Plants (EUABAFAA), Site Preparation & Civil Works (Clearing, Grading, Earthworks, Roads) (EUAMAFAA), Supplier Engagement & Value-Chain Decarbonization Programs (EUABAKAE), Data Assurance, Audit & Attestation (ISAE 3000/3410, SOC, Chain-of-Custody) (EUABACAJ)

Keywords

• Oil and gas production
• Carbon capture storage
• Natural gas processing
• Electricity generation
• Carbon management services

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Crude Oil Production and Sales: CRC explores for, produces, gathers, processes and markets crude oil. Production is sold into California refining markets via third-party pipelines and oil gathering systems. California imports significant percentage of its oil requirements, creating favorable pricing dynamics for local producers.
2. Natural Gas and NGL Sales: Natural gas production sold to utilities and industrial customers in California using intrastate transportation contracts. NGLs including ethane, propane, butane and natural gasoline sold from Elk Hills gas processing operations.
3. Electricity Generation and Sales: Elk Hills Power Plant generates 550 MW of electricity from natural gas. Powers Elk Hills operations with excess sold to local utility and California grid via CAISO, sufficient to supply nearly 280,000 homes. Additional 45 MW cogeneration facility at Elk Hills and 62 MW Belridge Power Plant following Aera merger.
4. Carbon Capture and Storage Services: CTV provides CO2 capture, transport and storage services for industrial customers. Revenue generated through long-term storage agreements with emitters. Projects include power plants, cement facilities, and other industrial sources. MOU with Capital Power for up to 3 million metric tons per year at La Paloma facility.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

California Resources Corporation (CRC) is an independent energy and carbon management company that explores for, produces, processes, and markets crude oil, natural gas, and natural gas liquids from operations across California and Utah. The company also generates electricity from natural-gas-fired power plants and, through its Carbon TerraVault (CTV) business, develops carbon capture and storage (CCS) projects that permanently sequester CO2 from industrial sources in depleted underground reservoirs.

Product overview

California Resources Corporation (CRC) is an independent energy and carbon management company operating as a single integrated business with two primary segments: conventional oil and gas production and carbon management through its Carbon TerraVault subsidiary. The company's upstream operations produce crude oil, natural gas, and natural gas liquids from its extensive mineral acreage in California and Utah. CRC's carbon management segment, Carbon TerraVault, develops CCS projects that capture and permanently store CO2 from industrial sources. The company also generates electricity from its power plants. Following the acquisitions of Aera Energy LLC (July 2024) and Berry Corporation (December 2025), CRC has significantly expanded its production capacity and asset base.

Differentiator

Problem solved

Functional benefit

Brands

• Carbon TerraVault: CRC's carbon management business developing carbon capture and storage (CCS) projects that permanently store carbon dioxide captured from industrial sources in depleted underground reservoirs.
• THUMS Long Beach Company

Products and services

• Crude Oil Production and Marketing CRC explores for, produces, gathers, processes, and markets crude oil from its California and Utah operations, selling primarily into California refining markets through third-party pipelines and gathering systems.
• Natural Gas Production and Sales CRC produces and sells natural gas (methane) primarily from Sacramento Basin operations supplying the San Francisco Bay Area, plus substantial production from Elk Hills Field processed at its 200 MMcf/d cryogenic gas plant.
• Natural Gas Liquids (NGLs) NGLs such as ethane, propane, butane, and natural gasoline processed from Elk Hills gas operations and sold to industrial and refining customers.
• Electricity Generation CRC operates the 550-megawatt Elk Hills Power Plant, 45 MW cogeneration facility, and 62 MW Belridge Power Plant, supplying electricity to the California ISO wholesale market with sufficient capacity for nearly 280,000 homes.
• Carbon TerraVault CCS Services Carbon TerraVault develops carbon capture and storage (CCS) projects that capture, transport, and permanently sequester CO2 from industrial sources in depleted underground oil and gas reservoirs, offered as long-term storage services to power generators, cement facilities, and other hard-to-abate industrial emitters.
• Carbon TerraVault I (CTV I) Storage Project California's first operational CCS project located at Elk Hills Field, capable of storing up to 1.46 million metric tons of CO2 per year in the 26R reservoir, capturing CO2 from CRC's cryogenic gas plant and other industrial sources.

Quantifiable outcome

• 25% production growth year-over-year to 138,000 BOE/d in 2025
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Beacon Data CenterscoreStrategic or Co-development Partner · 24 June 2026Partnership for Golden Valley Technology Hub, a 275MW data center development on Elk Hills Oil Field. Project aims to develop 400,000 sq ft of data center space on 100-acre site powered by CRC's existing 550MW Elk Hills natural gas power plant. CRC CEO indicated company could host up to 2GW of data center capacity.
• California State University BakersfieldminorStrategic or Co-development Partner · 5 May 2026Department of Energy reaffirmed federal support for Elk Hills CO2 Storage project in partnership with CSUB as part of carbon management development.
• U.S. Environmental Protection AgencycoreOthers · 5 May 2026EPA selected CTV VII for expedited Class VI permit review program. CRC has seven Class VI storage permits in various stages of approval, representing a large majority of EPA Class VI well applications on file in California.
• Los Angeles RamsminorGTM or Marketing Partner · 8 January 2026Football Without the Footprint partnership marking first year of verified emissions reductions and offsets for team's travel and facility operations. CRC provided MiQ-certified low-carbon crude oil and natural gas certificates along with carbon credits from Huntington Beach project. Rams first NFL team in California to source locally verified carbon credits.
• Middle River PowerminorStrategic or Co-development Partner · 16 December 2025MOU to develop carbon capture and sequestration solutions at MRP power plants in California, specifically the High Desert and San Joaquin Energy Center facilities. Project aims to support California's decarbonization goals.
• Capital PowercoreStrategic or Co-development Partner · 4 November 2025MOU signed to explore carbon capture and sequestration at Capital Power's La Paloma facility in California. Project aims to capture and store up to 3 million metric tons of CO2 annually, representing a fee-based revenue stream for CRC's carbon management business.
• National CementminorStrategic or Co-development Partner · 1 January 2025First-of-its-kind initiative to produce carbon-neutral cement at National Cement's facility in California using Carbon TerraVault CCS technology.
• ClimeworksminorStrategic or Co-development Partner · 1 January 2024Partnership with Climeworks for funding carbon management projects through the Department of Energy.
• AvnosminorStrategic or Co-development Partner · 1 January 2024Partnership with Avnos for funding carbon management projects through the Department of Energy.
• Brookfield RenewablecoreStrategic or Co-development Partner · 1 August 2022Joint venture (CTV JV) formed in August 2022 with Brookfield Renewable to develop CCS opportunities in California. Brookfield committed initial $500 million through the Brookfield Global Transition Fund. CTV JV is owned 51% by CRC and 49% by Brookfield. The partnership made possible the historic first CO2 injection at CRC's Elk Hills Field in May 2026.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Devon Energy: Devon is a large U.S. independent E&P that has publicly committed to a CCUS-focused energy transition strategy, making it a comparable peer to CRC's combination of low-decline conventional production plus CCS-led decarbonization.
• Occidental Petroleum: CRC's former parent company (spun off in 2014), Occidental remains the most directly comparable peer as a large California-legacy independent with overlapping upstream acreage and a CCS business (1PointFive) pursuing depleted-reservoir storage and DAC — making it the closest strategic analog for CRC's Carbon TerraVault thesis.
• Civitas Resources: Civitas is a CCS-focused independent E&P in the Permian/D-J Basin pursuing carbon sequestration as a growth pillar, directly comparable to CRC's strategy of monetizing depleted reservoirs through Carbon TerraVault and long-term storage agreements.
• Talos Energy: Talos is an independent E&P with an active CCS strategy (Bayou Bend and other Gulf Coast storage hubs), making it a relevant peer for CRC's CCS-led transition alongside legacy upstream production.
• EOG Resources: EOG is a premier large-cap U.S. independent E&P with low-decline conventional assets and a strong free cash flow profile, broadly comparable to CRC's upstream operating model and returns-focused capital allocation.
• Range Resources: Range Resources is a U.S. independent natural gas and NGL producer with a long reserve-life, low-decline asset base and emissions-reduction focus, comparable to CRC's natural gas weighting and MiQ-certified operations.
• Permian Resources: Permian Resources is a large independent E&P formed through consolidation (Colgate/ConocoPermian), making it a comparable peer for CRC's M&A-driven scale strategy and free cash flow-focused returns model.

Broad incumbents

• Chevron Corporation: Chevron is a major incumbent with historical California upstream operations and growing CCS investments via Chevron New Energies; comparable to CRC as a California-rooted operator scaling carbon management alongside legacy production.
• ExxonMobil: ExxonMobil has historical California upstream operations, major CCS investments (Linde/ExxonMobil CCS alliance), and a diversified energy transition strategy — comparable to CRC as a broad incumbent scaling CCS alongside legacy production.

Emerging players

• Crescent Energy: Crescent Energy recently acquired Civitas Resources, creating a CCS-enabled independent E&P platform with both legacy upstream cash flow and carbon management growth, positioning it as an emerging peer with a comparable dual-mandate model to CRC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/california-resources-corporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries4 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about California Resources