California Resources Corp.

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 [...]

California Resources Corp. will host its third quarter 2020 financial results conference call on Thursday, November 5th at 5:00 p.m. EST . The Company’s earnings will be released following the market close on the same date. We encourage participants to pre-register for the conference call webcast using the following link http://dpregister.com/10140527. Callers who pre-register will be given a conference passcode and [...]

California Resources Corp. announced that it will today complete its financial restructuring and emerge from the bankruptcy process with a significantly stronger balance sheet. CRC’s Joint Plan of Reorganization in its Chapter 11 case cancelled pre-existing debt, consolidated CRC’s ownership in the Elk Hills power plant and cryogenic gas plant, and provided for the payment in full of all valid and undisputed trade and [...]

California Resources Corp. announced today that it has entered into an amended and restated Restructuring Support Agreement with approximately 85% of the holders of its term loans due 2017 and 68% of the holders of its unsecured and deficiency debt claims. Reflecting this consensus, CRC has filed a plan of reorganization in its chapter 11 case that provides for the elimination of over $5 billion of debt and mezzanine [...]

California Resources Corp. , an independent California-based oil and natural gas exploration and production company, today announced it has entered into a Restructuring Support Agreement with holders of approximately 84% of the Company’s 2017 term loans, 51% of the Company’s 2016 term loans and its Elk Hills midstream joint venture partner, Ares Management L.P. . To implement the terms of the RSA, the Company and certain [...]