California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.
CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin. In these onshore fields, the company applies a blend of conventional and enhanced oil recovery techniques, including waterflooding and CO₂ injection, to maximize reservoir performance and extend the productive life of its assets.
Formed in 2014 as a spin-off from Occidental Petroleum, California Resources has navigated industry volatility and, following a Chapter 11 restructuring in 2020, emerged in early 2021 with a strengthened balance sheet and renewed focus on efficient operations. The company’s vertically integrated approach encompasses drilling, production, midstream processing and marketing of hydrocarbons to regional refineries and natural gas utilities.
Beyond its core production activities, CRC emphasizes environmental stewardship, implementing water recycling programs and methane emission controls to align with California’s stringent regulatory environment. Through ongoing investments in operational technology and safety protocols, the company aims to maintain reliable energy supplies while minimizing its environmental footprint in the state.
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