4-609: California Resources Corporation is an American energy corporation engaged in hydrocarbon exploration in California . It is organized in Delaware and headquartered in Long Beach, California . Its mineral acreage holdings in California constitute the largest privately held position in the state. The company has conventional primary, enhanced oil recovery , and unconventional operations in
8-893: The San Joaquin Basin, Ventura Basin, and Los Angeles Basin and dry gas production in the Sacramento Basin. Its largest holding is the 47,000-acre Elk Hills Oil Field , 20 miles west of Bakersfield , California in the San Joaquin Valley . It is also operates the Wilmington Oil Field in partnership with California , several smaller fields in Los Angeles County , and the Huntington Beach Oil Field in Orange County, California . As of December 31, 2021,
12-457: The company filed bankruptcy with $ 5 billion in debt; it emerged from bankruptcy in October 2020. In March 2021, Mark A. (“Mac”) McFarland was appointed CEO . The company benefited financially from the 2021 Texas power crisis . In February, 2024, they announced a $ 2.1 billion, all-stock purchase agreement for Aera Energy . Energy corporation Too Many Requests If you report this error to
16-572: The company had 480 million barrels of oil equivalent (2.9 × 10 GJ) of estimated proved reserves, of which 71% was petroleum , 20% was natural gas , and 9% was natural gas liquids . The company was formed in April 2014 as a corporate spin-off of Occidental Petroleum . 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. In July 2020,
#631368