California Resources Corporation
Corporate brand
UnclaimedAn independent California-focused oil and gas exploration and production company with operations across several major petroleum basins.
Last updated August 31, 2026
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Overview
California Resources Corporation (CRC) is an American energy company focused on the exploration, development, production, and management of hydrocarbon resources in California. The company was created in April 2014 through a corporate spin-off from Occidental Petroleum, becoming an independent publicly traded operator with a portfolio concentrated in the state rather than an internationally diversified oil major. It is organized in Delaware and headquartered in Long Beach, California. CRC's mineral acreage represents the largest privately held mineral position in California, according to the company's Wikipedia profile. Its assets span the San Joaquin Basin, Ventura Basin, Los Angeles Basin, and Sacramento Basin. The portfolio combines conventional primary production, enhanced oil recovery, unconventional operations, and dry-gas production. The company's largest holding is the 47,000-acre Elk Hills Oil Field, located approximately 20 miles west of Bakersfield in the San Joaquin Valley. CRC also operates the Wilmington Oil Field in partnership with the State of California, as well as smaller fields in Los Angeles County and the Huntington Beach Oil Field in Orange County. The company's production base includes crude oil, natural gas, and natural gas liquids. At December 31, 2021, CRC reported estimated proved reserves of 480 million barrels of oil equivalent. Petroleum accounted for 71% of those reserves, natural gas for 20%, and natural gas liquids for 9%. This reserve mix gives the company a predominantly oil-weighted profile while retaining exposure to California's natural-gas markets. CRC's history has included both expansion and financial restructuring. In April 2018, it acquired Chevron's interest in the Elk Hills Oil Field for $460 million and 2.85 million shares, increasing its control of one of its most important operating areas. In July 2020, the company filed for bankruptcy protection with approximately $5 billion in debt. It emerged from bankruptcy in October 2020. In March 2021, Mark A. “Mac” McFarland was appointed chief executive officer. The company also benefited financially from the 2021 Texas power crisis, although the available reference material does not specify the amount or detailed mechanism of that benefit. In February 2024, CRC announced a $2.1 billion all-stock agreement to acquire Aera Energy. The transaction represented a proposed strategic expansion of the company's California operating base; the available reference material does not establish a final completion date or post-transaction operating structure. Alongside its conventional oil and gas activities, CRC has explored lower-carbon opportunities in the context of California's energy transition. The supplied sources do not provide enough detail to characterize these initiatives as a separate established business segment. Overall, CRC is best understood as a California-centered upstream energy company whose identity is defined by large in-state mineral holdings, mature-basin operations, enhanced recovery capabilities, and a post-bankruptcy effort to consolidate its regional position.
History
California Resources Corporation was formed in April 2014 as a corporate spin-off of Occidental Petroleum. The separation established CRC as an independent, California-focused oil and gas producer rather than a business unit within a larger international petroleum company. It was organized in Delaware and headquartered in Long Beach, California. The company's assets are concentrated in several petroleum-producing regions of California. Its operations include conventional primary production, enhanced oil recovery, and unconventional activity in the San Joaquin Basin, Ventura Basin, and Los Angeles Basin. It also produces dry gas in the Sacramento Basin. This geographic concentration distinguishes CRC from producers whose portfolios are spread across multiple U.S. states or international regions. A central part of the company's asset base is the Elk Hills Oil Field in the San Joaquin Valley, approximately 20 miles west of Bakersfield. CRC's Elk Hills position covers 47,000 acres and is described in the supplied reference as the company's largest holding. In April 2018, CRC expanded that position by acquiring Chevron's previously held interest in the field. The transaction was valued at $460 million plus 2.85 million CRC shares. The company also operates the Wilmington Oil Field in partnership with the State of California, along with smaller fields in Los Angeles County and the Huntington Beach Oil Field in Orange County. CRC's reserve base has historically been weighted toward petroleum. As of December 31, 2021, its estimated proved reserves totaled 480 million barrels of oil equivalent. Petroleum represented 71% of the total, natural gas 20%, and natural gas liquids 9%. The figures illustrate the role of mature California oil fields and enhanced recovery methods in the company's operating model, while also showing that natural gas and natural gas liquids remain material components of its resource portfolio. The company experienced significant financial pressure in 2020. In July of that year, it filed for bankruptcy protection with approximately $5 billion in debt. CRC emerged from bankruptcy in October 2020. In March 2021, Mark A. “Mac” McFarland became chief executive officer. The company also benefited financially from the 2021 Texas power crisis, although the supplied material does not provide a financial amount or detailed explanation of the relevant exposure. In February 2024, CRC announced a $2.1 billion all-stock purchase agreement for Aera Energy. The announcement indicated an effort to enlarge and consolidate CRC's California asset base, but the supplied sources do not state whether the transaction was completed or describe its final consequences. CRC has also explored lower-carbon opportunities in response to the energy transition. The available material does not provide enough information to list specific projects, commercial outcomes, or a separate low-carbon operating segment. CRC's documented history therefore centers on its 2014 spin-off, the 2018 Elk Hills acquisition, its 2020 bankruptcy and emergence, the 2021 leadership change, and the proposed 2024 Aera Energy transaction.
- 2024
Proposed acquisition of Aera Energy
[1]CRC announced a $2.1 billion all-stock purchase agreement for Aera Energy in February 2024.
- 2021
Mac McFarland appointed CEO
[1]Mark A. “Mac” McFarland was appointed chief executive officer in March 2021.
- 2020
Bankruptcy filing
[1]The company filed for bankruptcy protection in July 2020 with approximately $5 billion in debt.
- 2020
Emergence from bankruptcy
[1]CRC emerged from bankruptcy in October 2020.
- 2018
Acquisition of Chevron's Elk Hills interest
[1]CRC acquired Chevron's interest in the Elk Hills Oil Field for $460 million and 2.85 million shares.
- 2014
Formation through Occidental Petroleum spin-off
[1]California Resources Corporation was formed in April 2014 as a corporate spin-off of Occidental Petroleum and became an independent California-focused energy company.
Products and positioning
California-focused, vertically capable upstream energy producer with a large privately held mineral acreage position and expertise in conventional and enhanced oil recovery.
Hydrocarbon production
Crude oil
Crude oil is CRC's principal produced commodity and represented the largest component of its proved reserve base in the supplied 2021 reference. The company produces oil through conventional primary operations, enhanced oil recovery, and unconventional activities across California's San Joaquin, Ventura, and Los Angeles basins. Elk Hills is identified as its largest holding, while Wilmington, Huntington Beach, and other Southern California fields also contribute to the portfolio.
Hydrocarbon production
Natural gas
CRC produces natural gas as part of its California upstream portfolio. The company has dry-gas production in the Sacramento Basin, and natural gas accounted for 20% of its estimated proved reserves at December 31, 2021. The supplied materials do not identify specific marketed gas products or customer-facing brands.
Hydrocarbon production
Natural gas liquids
Natural gas liquids are a smaller component of CRC's reserve and production mix. They represented 9% of the company's estimated proved reserves at December 31, 2021. No separate consumer-facing product line or brand architecture is identified in the supplied sources.
Brand decisions
2024
Propose all-stock acquisition of Aera EnergyM&ABackground
CRC announced a proposed transaction intended to expand and consolidate its California energy portfolio.
Action taken
The company announced a $2.1 billion all-stock purchase agreement for Aera Energy.
Aftermath
The supplied reference does not confirm whether the transaction closed or describe its post-transaction effects.
Announced transaction value. $2.1 billion (February 2024)
2020
Enter bankruptcy protection and restructure debtOtherBackground
CRC faced approximately $5 billion in debt and filed for bankruptcy protection in July 2020.
Action taken
The company pursued a bankruptcy restructuring and emerged from bankruptcy in October 2020.
Aftermath
The restructuring allowed CRC to continue operating as an independent company. The supplied material does not specify the final debt structure or ownership changes.
Debt at bankruptcy filing. Approximately $5 billion (July 2020)
2018
Acquire Chevron's interest in Elk HillsM&ABackground
CRC sought to expand its position in one of its most important California operating areas.
Action taken
The company acquired Chevron's interest in the Elk Hills Oil Field for $460 million and 2.85 million CRC shares.
Aftermath
The transaction increased CRC's interest in the 47,000-acre Elk Hills holding. The supplied material does not provide further operating or financial results.
Transaction consideration. $460 million plus 2.85 million shares (April 2018)
Recent events
Reported
California Resources Corporation, Carbon TerraVault and Bloom Energy sign collaboration MOU[3]
California Resources Corporation (CRC), its carbon management business Carbon TerraVault (CTV), and Bloom Energy signed a non-binding memorandum of understanding to jointly evaluate and target the potential development of at least 1 GW of solid-oxide fuel-cell power generation paired with carbon capture and storage in California.
- Unconfirmed
Reported
California Resources files for bankruptcy[4]
California Resources Corp filed for bankruptcy after a collapse in crude prices made its heavy debt load unmanageable, according to the report.
Sources4 sources
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