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California Resources Corporation

 

Buy California Resources Corporation stocks

CALIFORNIA RESOURCES CORPORATION (CRC) Stocks

ABOUT CALIFORNIA RESOURCES CORPORATION

California Resources Corporation is a public company and on a gross-operated basis it is California’s largest natural gas and oil producer. The company operates exclusively in California – gathering, processing and marketing its own products. CRC specializes in using advanced technology to safely and responsibly increase its production from its natural reserves.

The company’s production output per day is 132 000 barrels of oil equivalent (810 000 GJ). It operates in the San Joaquin Basin (Elk Hills Field), the Los Angeles Basin (Wilmington Field), the Ventura Basin and the Sacramento Basin.

CRC had 712 million barrels of oil equivalent (4.36×109 GJ) of estimated proved reserves as of December 31, 2018 – of which 74% was petroleum, 17% natural gas and 9% natural gas liquids.

California Resources Corporation’s history dates back to 2014 when it was founded. The company is organized in Delaware and is headquartered in Santa Clarita, California. Today CRC has approximately 5 000 employees and contractors.

The company’s subsidiaries include OXY Long Beach, Inc, CRC Marketing, Inc., California Heavy Oil, Inc., Elk Hills Power, LLC, California Resources Tidelands, Inc. and SoCal Holding, LLC.

HISTORY OF CALIFORNIA RESOURCES CORPORATION

  • California Resources Corporation is formed as a corporate spin-off of Occidental Petroleum in 2014. In 2018 the company buys Chevron Corporation’s interest in the Elk Hills Oil Field. The price for this transaction is US Dollar 460 million plus 2.85 million shares.
  • CRC’s operations in the Ventura, San Joaquin and Los Angeles basins consist of improved oil recovery, unconventional projects, conventional primary and enhanced oil recovery. In the Sacramento Basin the company’s operations primarily consist of dry gas production.
  • Its largest holding is the Elk Hills Oil Field of 47 000 acres near Bakersfield in the San Joaquin Valley. In partnership with California and Long Beach, California, the company operates Wilmington Oil Field. Its operations in Long Beach include: THUMS Long Beach Company, Tidelands Oil Production Company as well as two smaller leases in the area. California Resources Corporation also operates various smaller fields in the Orange and Los Angeles Counties.
  • CRC is California’s largest privately-held acreage holder with approximately 2.2 million net acres.

VISION & VALUES OF CALIFORNIA RESOURCES CORPORATION

  • California Resources Corporation’s vision is to be the premier company in California, providing its customers with long-term, affordable and reliable energy from local resources. In 2018 the company supplies approximately 5.3 billion gallons of treated, reclaimed water for agricultural use in California.
  • The company’s mission is to maximize stockholder returns by responsibly and safely developing high-return, high-growth conventional and unconventional assets while benefiting the state of California as well as its communities.

MARKET PERFORMANCE OF CALIFORNIA RESOURCES CORPORATION

  • California Resources Corporation trades on the New York Stock Exchange under the NYSE stock symbol “CRC”. It is a Russell 2000 Index component.
  • In 2018 the company’s revenue is reported as US Dollar 3,064 billion and its net income as US Dollar 328 million. For the second quarter of 2019 CRC reports net income attributable to common stock of US Dollar 12 million, or US Dollar 0.24 per diluted share.
  • The company’s adjusted net loss is US Dollar 14 million, or US Dollar 0.29 per diluted share.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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