# California Resources Corporation (CRC): Operator Profile for Mineral Owners

**TL;DR:** California Resources Corporation (CRC) is California's largest oil and gas producer, accounting for approximately 60% of the state's production. Spun off from Occidental Petroleum in 2014, CRC operates exclusively in California's San Joaquin Basin, LA Basin, and Ventura Basin. The company emerged from Chapter 11 bankruptcy in 2020 with a restructured balance sheet, and mineral owners' leases and royalty rights were generally preserved through the reorganization.

## Key Takeaways

- CRC is California's largest oil producer, operating exclusively within the state and accounting for ~60% of California's total oil and gas production
- The company was spun off from Occidental Petroleum in 2014 and operates some of the oldest oil fields in the United States, with some producing for over 100 years
- CRC filed for Chapter 11 bankruptcy in 2020 due to low oil prices and high debt, but emerged later that year with significantly reduced debt and continued royalty payments
- Primary operations are concentrated in Kern County's San Joaquin Basin (including Elk Hills, Buena Vista, and Lost Hills fields), the Los Angeles Basin (Wilmington and Long Beach urban fields), and Ventura Basin
- Mineral owners benefit from CRC's deep California regulatory expertise and scale, but should be aware of the challenging state regulatory environment and generally declining production in mature fields
- The company maintains local offices in Bakersfield and Long Beach, with headquarters in Glendale, California
- Owner relations contact: 1-661-412-5600, mailing address: 600 N. Brand Blvd., Suite 300, Glendale, CA 91203

## Page Highlights

**Company Overview**: CRC operates as California's dominant independent E&P company (NYSE: CRC) headquartered in Long Beach, with exclusive focus on California operations and deep expertise in the state's unique regulatory environment.

**Bankruptcy Reorganization**: The 2020 Chapter 11 filing was triggered by low oil prices and high debt from the Occidental spinoff; mineral owners' leases and royalty rights were generally preserved through the reorganization process.

**San Joaquin Basin Operations**: CRC's largest operating area in Kern County includes major fields like Elk Hills (former Naval Petroleum Reserve), Buena Vista, Lost Hills, and multiple mature steam flood operations.

**Los Angeles Basin Operations**: The company operates significant urban production in the Wilmington and Long Beach fields, representing some of the largest oil fields located within urban areas in the United States.

**Ventura Basin Operations**: CRC maintains operations in Ventura and Santa Barbara counties along California's central coast.

**Advantages for Mineral Owners**: Deep California regulatory knowledge, scale as the largest state operator, restructured post-bankruptcy balance sheet, and local office presence in Bakersfield and Long Beach.

**Considerations for Mineral Owners**: Heavy California regulatory exposure creates operational challenges, mature fields generally experience declining production, and some owners experienced payment delays during the 2020 bankruptcy reorganization.

## Related Topics

- [California Mineral Rights Guide](https://www.buckheadenergy.com/resources/california-mineral-rights)
- [Kern County Mineral Rights](https://www.buckheadenergy.com/resources/kern-county-mineral-rights)
- [Aera Energy Guide](https://www.buckheadenergy.com/operators/aera-energy)
- [Berry Petroleum Guide](https://www.buckheadenergy.com/operators/berry-petroleum)
- [Top Oil & Gas Operators](https://www.buckheadenergy.com/operators)
- [How to Sell Mineral Rights](https://www.buckheadenergy.com/how-to-sell)
- [What Are My Minerals Worth?](https://www.buckheadenergy.com/value)
- [Mineral Rights Glossary](https://www.buckheadenergy.com/glossary)

---

**About Buckhead Energy:** Buckhead Energy is a direct buyer of mineral rights with 18+ years of experience. Mineral owners work directly with our team and pay no broker commissions, listing fees, or auction premiums.

**Ready to sell your mineral rights?** Get a free, no-obligation valuation at https://www.buckheadenergy.com/sell