California Resources Corp

California Resources Corporation (CRC) operates as an independent energy and carbon management company engaged in the exploration, development, and production of crude oil, natural gas, and natural gas liquids across major producing basins in California and Utah. The company trades on the New York Stock Exchange under the ticker symbol CRC and maintains its website at www.crc.com.

The company organizes its operations into two primary reporting segments: oil and natural gas, and carbon management. The oil and natural gas segment represents the substantial majority of current revenues and focuses on conventional and unconventional resource development across approximately 2 million net mineral acres spanning 68 distinct fields with roughly 22,000 net operated wells. As of December 31, 2025, the company held proved reserves totaling 654 million barrels of oil equivalent, comprising 541 million barrels of crude oil and condensate, 37 million barrels of natural gas liquids, and 455 billion cubic feet of natural gas. Average net production reached approximately 138 thousand barrels of oil equivalent per day, with oil representing 79 percent of total production.

The company's primary operations concentrate in the San Joaquin Basin, which contains the Belridge and Elk Hills fields, along with significant operations in the Los Angeles Basin, Sacramento Basin, and Uinta Basin. The San Joaquin Basin operations include waterflood and steamflood projects utilizing both purchased and internally produced natural gas. The Elk Hills field features efficient natural gas processing facilities with combined capacity of 330 million cubic feet per day and a 550-megawatt cogeneration power plant.

The carbon management segment, branded as Carbon TerraVault, focuses on developing carbon capture and storage infrastructure, including CO2 capture equipment, transportation assets, and underground storage facilities. The company operates through a joint venture with Brookfield to advance these decarbonization initiatives in California.

In December 2025, California Resources Corporation completed an all-stock merger with Berry Corporation, adding 56 million barrels of oil equivalent in proved developed reserves and acquiring C&J Well Services, a major upstream well servicing and abandonment business in California. The combined entity strengthened its position as the largest operator in California while targeting annual run-rate synergies between 80 and 90 million dollars.