California Resources Corp (NYSE: CRC) is an oil and natural gas exploration and production company that extracts crude oil, natural gas liquids, and natural gas from properties concentrated in California. Revenue comes from selling produced hydrocarbons at prevailing commodity prices, making the business directly tied to oil and gas price cycles. CRC holds total proved reserves of 654 MMBoe as of December 31, 2025, with 541 MMBoe classified as proved developed. The San Joaquin Basin is the dominant operating area, accounting for 529 MMBoe of total proved reserves. CRC also operates a carbon management segment, Carbon TerraVault, focused on carbon capture and sequestration projects. The company completed a merger agreement with Berry Corporation (bry) in September 2025 and previously closed the Aera Energy LLC merger under a February 2024 agreement. Asset retirement obligations stood at $1,033 million as of December 31, 2025, reflecting the capital-intensive, long-lived nature of the asset base.

Revenue model

Transactional commodity sales: CRC sells crude oil, natural gas liquids, and natural gas to refiners and other buyers at market prices. Revenue fluctuates directly with production volumes and commodity price realizations.

Products and services

Crude oil, natural gas liquids (NGLs), and natural gas production. Carbon capture and sequestration services through the Carbon TerraVault business. Elk Hills power plant operations referenced as an operating asset.

Customers and end markets

California-based petroleum refiners are the primary end market for crude oil production. The filing identifies five major California refineries that currently purchase California crude oil, with six major refineries remaining after the Phillips 66 refinery closure. Refining capacity in California was approximately 1.1 million barrels per day as of the filing date.

Value-chain role

Upstream oil and gas producer. CRC explores, develops, and produces hydrocarbons and sells them into the California refining market. The company also pursues midstream-adjacent carbon storage through Carbon TerraVault.

Geographic exposure

Operations concentrated in California across the San Joaquin Basin (529 MMBoe total proved reserves as of December 31, 2025), Los Angeles Basin (65 MMBoe), Sacramento Basin (1 MMBoe), and Uinta Basin (32 MMBoe), with 27 MMBoe in other basins.

Source: SEC 10-K, filed 2026-03-02

Industry: Crude Petroleum & Natural Gas Peers: Black Stone Minerals LP Callon Petroleum Co CNX Resources Corp Comstock Resources Inc ConocoPhillips DENBURY INC Highpeak Energy Inc Kosmos Energy Ltd Magnolia Oil & Gas Corp