California Resources (NYSE:CRC) (NYSE: CRC) is an independent energy company engaged in the exploration, development and production of oil and natural gas within the state of California. Established in 2014 as a spin-off from Occidental Petroleum, CRC holds a diverse portfolio of onshore assets across the San Joaquin, Los Angeles and Ventura basins. The company’s core activities encompass drilling and completing wells, implementing enhanced oil recovery techniques—such as steam injection—and optimizing reservoir performance to extend field life.
In addition to upstream operations, California Resources manages an integrated midstream segment that provides separation, treatment, processing and storage of produced hydrocarbons. Its water handling infrastructure supports both production operations and environmental stewardship by recycling produced water for reuse in steam-based recovery methods. This vertical integration allows CRC to maintain operational efficiency and adapt quickly to changing market and regulatory conditions in California’s energy landscape.
Over the years, CRC has completed a financial and operational restructuring aimed at strengthening its balance sheet and lowering capital intensity. The company has focused on high-return drilling programs and cost management initiatives to enhance free cash flow. Its leadership team is led by President and Chief Executive Officer Todd A. Stevens, supported by a senior management group with extensive experience in California oil and gas operations and regulatory affairs. Together, they oversee a workforce committed to safe, responsible and environmentally conscious energy development.
Headquartered in Los Angeles, CRC plays a significant role in California’s domestic energy supply, producing both light and heavy crude grades from a mix of conventional and unconventional formations. With all assets located within the state, the company navigates a complex regulatory environment and maintains active engagement with local communities, regulatory agencies and industry partners. CRC’s strategic focus remains on optimizing its asset base, advancing technological innovation and delivering sustainable value to stakeholders.
