California Resources Corp. announced today the appointment of Mark A. McFarland as the Company's permanent President and Chief Executive Officer, effective immediately. Mr. McFarland has served on the Company's board since its emergence from bankruptcy in October 2020, as its Executive Chairman from November 2020 through December 31, 2020 and as its Chairman of the Board and interim Chief Executive Officer since December [...]
California Resources Corp. , an independent California-based oil and natural gas exploration and production company, today reported fourth quarter and full year 2020 results. Operational and financial highlights were as follows: 2020 Fourth Quarter and Full Year Highlights For the full year of 2020, CRC reported net income of $1,871 million and an adjusted net loss attributable to common stock1 of $257 million, excluding [...]
California Resources Corp. announced today that it will release its fourth quarter and full year 2020 financial results following the market close on Thursday, March 11, 2021. Strategy Day: CRC will hold a virtual Strategy Day on Thursday, March 18, 2021, at 1 p.m. ET to review the company's strategic repositioning, expected outcomes of the new strategic alignment and 2021 guidance. The event will feature Mac McFarland [...]
California Resources Corp. announced today that it is reducing the size of its leadership team and realigning several functions as it focuses on efficiency and cost reductions. The Company is eliminating leadership positions in the areas of public affairs, exploration and development, investor relations and finance, and implementing the following functional realignment: reporting to Mac McFarland will be Francisco Leon [...]
California Resources Corp. announced today the pricing of its private offering of $600 million in aggregate principal amount of its 7.125% senior unsecured notes due 2026 at par. The Notes will be guaranteed by all of the Company’s existing subsidiaries that guarantee its revolving credit facility and certain future subsidiaries. The offering is expected to close on January 20, 2021, subject to customary closing [...]
California Resources Corp. announced today that, subject to market and other conditions, it intends to offer and sell to eligible purchasers $600 million in aggregate principal amount of senior unsecured notes due 2026 . The Notes will be guaranteed by all of the Company’s existing subsidiaries that guarantee its revolving credit facility and certain future subsidiaries. The Company intends to use the net proceeds from [...]
California Resources Corp. announced today that Todd A. Stevens, President and Chief Executive Officer, will be leaving the Company on December 31. Mark A. McFarland, the Company’s Executive Chairman, will serve as interim Chief Executive Officer and James N. Chapman will serve as Lead Independent Director. The Board of Directors will launch a search process for the Company’s next CEO. Mr. McFarland said, “Todd has led [...]
California Resources Corp. received an A- from CDP for its 2020 climate disclosure, securing a top score at CDP’s Leadership Level. CRC once again received the highest ranking among all U.S. oil and gas companies, tying for first with one other U.S.-based E&P with global operations. Scoring at CDP’s Leadership Level for two years in a row further highlights CRC’s differentiated value as a dedicated and dependable energy [...]
California Resources Corp. , an independent California-based oil and gas exploration and production company, announced that Shawn Kerns, Executive Vice President Operations and Engineering, will be participating in the Cowen 2020 Energy Conference. He will be participating virtually on a panel titled “Carbon Capture Utilization and Storage Opportunities Within Upstream Oil & Gas” at 11:10 a.m. EST on December 4th. CRC’s [...]
California Resources Corp. , an independent California-based oil and gas exploration and production company, today reported a net loss attributable to common stock of $29 million for the third quarter of 2020, and adjusted net loss1 of $55 million. GAAP reporting requires the accounting return from the non-controlling interest in the Ares JV upon our emergence from bankruptcy to be taken into account in determining [...]
California Resources Corp. , an independent California-based oil and gas exploration and production company, announced that Todd Stevens, CRC’s President and Chief Executive Officer, will be presenting at the BofA Securities 2020 Global Energy Conference. He will be presenting virtually at 1:00 pm EST on November 12th, and will be accompanied by other members of the executive management team for the virtual conference [...]
California Resources Corp. today announced the publication of its third annual Sustainability Report. The report provides a comprehensive overview of CRC’s continuous progress on its sustainability efforts in environmental, social and governance performance while improving overall corporate transparency and highlighting a positive impact on communities where it operates. Todd Stevens, President and CEO of CRC noted [...]
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