What mineral owners need to know about California's largest oil producer.
Get Your Free Mineral ValuationRoyalties from California Resources Corporation (CRC) may arrive under any of these payor names — subsidiaries, operating companies, or acquired/legacy operators. If a name on your check stub or 1099 matches one below, this is your operator:
CRC merged with Aera Energy in 2024.
Buckhead Energy is an independent mineral & royalty buyer and is not affiliated with, endorsed by, or representing the operators named here. Names are listed only to help owners identify their payor.
Headquarters: Long Beach, California
Stock Ticker: NYSE: CRC
Company Type: Independent E&P (California Pure-Play)
Operating Areas: San Joaquin, LA Basin, Ventura
Status: Largest California oil producer
Spun Off: 2014 (from Occidental)
California Resources Corporation (CRC) is the largest oil and natural gas producer in California, accounting for approximately 60% of the state's production. The company was spun off from Occidental Petroleum in 2014 and focuses exclusively on California operations.
CRC operates some of the oldest and most prolific oil fields in the United States, including fields that have been producing for over 100 years. Their California-exclusive focus means deep local expertise and relationships in the state's unique regulatory environment.
CRC filed for Chapter 11 bankruptcy in 2020 due to low oil prices and high debt from the Occidental spinoff. The company emerged from bankruptcy later that year with a restructured balance sheet. Mineral owners' leases and royalty rights were generally preserved through the bankruptcy process. CRC now operates with significantly reduced debt.
CRC's largest operating area, home to many of California's most prolific oil fields:
Elk Hills Field - Former Naval Petroleum Reserve
Buena Vista Field - Large Kern County field
Lost Hills Field - Western Kern County
Multiple mature fields - Steam flood operations
CRC operates significant production in the LA Basin, including the Wilmington and Long Beach fields - some of the largest urban oil fields in the United States.
CRC has operations in Ventura and Santa Barbara counties, operating fields along California's central coast.
California expertise: Deep knowledge of state regulations
Largest CA operator: Scale and operational capabilities
Restructured balance sheet: Reduced debt post-bankruptcy
Local offices: Bakersfield and Long Beach presence
California exposure: Challenging regulatory environment
Mature fields: Production generally declining in older fields
Bankruptcy history: Some mineral owners experienced delays during reorganization
Phone: 1-661-412-5600
Headquarters: Long Beach, California
Mail: California Resources Corporation, 600 N. Brand Blvd., Suite 300, Glendale, CA 91203
California Resources Corporation (CRC) is the largest oil and gas producer in California, spun off from Occidental Petroleum in 2014. The company operates exclusively in California, focusing on the San Joaquin Basin, Los Angeles Basin, and Ventura Basin.
Yes, CRC filed for Chapter 11 bankruptcy in 2020 and emerged as a reorganized company in late 2020. The company has since strengthened its balance sheet and continues normal operations, including royalty payments to mineral owners.
CRC operates exclusively in California, primarily in Kern County (San Joaquin Basin), Los Angeles County (LA Basin), and Ventura County (Ventura Basin). They produce approximately 60% of California's oil and gas.
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