California Resources Business Summary

California Resources Corporation (CRC) is an independent energy and carbon management firm that generates the majority of its revenue through the exploration and production of crude oil, natural gas, and natural gas liquids exclusively within California. The company operates through two primary business segments: Oil and Gas, which leverages the state’s largest private mineral acreage (approx. 2 million net acres) across the San Joaquin, Los Angeles, and Sacramento basins; and Carbon Management, operated via its Carbon TerraVault (CTV) subsidiary. CTV focuses on capturing, transporting, and permanently sequestering CO2 in depleted underground reservoirs, creating a secondary revenue stream through carbon sequestration services and the sale of low-carbon environmental credits. Positioned as a regional leader in the energy transition, CRC maintains a dominant market share in California’s upstream sector, competing directly with Chevron, Berry Corporation (with which it announced a merger in late 2025), and independent E&Ps like Chord Energy and Murphy Oil. Unlike its multi-basin competitors, CRC’s fit is defined by its concentrated infrastructure and first-mover advantage in California’s emerging Carbon Capture and Storage (CCS) economy. Originally spun off from Occidental Petroleum in 2014, the company is currently led by President and CEO Francisco J. Leon, who previously served as the firm’s CFO and has been instrumental in its post-2020 strategic pivot toward decarbonization. The executive team includes Clio Crespy as Executive Vice President and CFO, and Chris D. Gould, who serves as Chief Sustainability Officer and Managing Director of CTV Holdings, bringing extensive experience in environmental infrastructure and strategic planning. The leadership is supported by a robust Board of Directors chaired by Tiffany (TJ) Thom Cepak, an industry veteran with deep expertise in energy finance and governance. Notable strategic backing includes a major joint venture with Brookfield Renewable, which has committed significant capital to the Carbon TerraVault initiative, underscoring the company’s transition from a traditional hydrocarbon producer to a diversified carbon management enterprise.