Welcome to our dedicated page for California Resources Corporation news (Ticker: CRC), a resource for investors and traders seeking the latest updates and insights on California Resources Corporation stock.
California Resources Corporation (NYSE: CRC) is a leading oil and natural gas exploration and production company, acclaimed as the largest oil and natural gas producer in California on a gross-operated basis. The company exclusively operates within the state of California, leveraging integrated infrastructure to gather, process, and market its production.
With a workforce of over 5,000 employees and contractors, CRC is dedicated to safely and responsibly supplying affordable energy. The company’s core mission is to provide ‘energy for Californians by Californians,’ ensuring that local homes, farms, businesses, and communities receive ample and reliable energy.
CRC’s operations are not just about energy production; they contribute significantly to the state's economy. The company focuses on developing dependable local crude oil and natural gas reserves, thereby reducing California's reliance on imported energy.
Notably, CRC is committed to environmental sustainability. It boasts some of the lowest carbon intensity production in the United States and is actively involved in decarbonization efforts. The company is advancing projects in carbon capture and storage (CCS) and other emissions-reducing technologies, aiming to maximize the value of its land, mineral, and technical resources.
Recent Achievements and Projects:
- Implementation of advanced technology in exploration and production processes.
- Ongoing development of CCS projects to mitigate environmental impact.
- Strategic partnerships to enhance operational efficiency and sustainability.
In summary, California Resources Corporation is a pivotal player in California’s energy sector, blending economic growth with a commitment to environmental stewardship.
Carbon TerraVault (CTV) and Net Power (NYSE: NPWR) have signed a Memorandum of Understanding to develop ultra-low emission power plants in California. The partnership aims to deploy up to 1 gigawatt of power capacity in Northern California, with potential to sequester 3.6 million metric tons of CO2 emissions annually.
The collaboration involves building Net Power's modular plants near CTV's underground storage vaults to reduce transportation costs. Each plant will require less than 20 acres, generate up to 250 megawatts, and eliminate substantially all carbon emissions. The project will support California's air quality standards and emissions goals while providing reliable energy sources.
California Resources (NYSE: CRC) and the Los Angeles Rams have launched 'Football Without the Footprint', a carbon management initiative aimed at reducing or offsetting the Rams' carbon emissions. As part of this partnership, CRC becomes the Rams' Official Carbon Management Partner. The Rams will be the first NFL team in California to purchase locally sourced carbon credits from CRC's Carbon TerraVault.
The initiative includes potential solutions such as the California Direct Air Capture Hub and Biomass with carbon removal and storage projects. The Rams may also reduce emissions by purchasing locally produced hydrocarbons like responsibly sourced gas from CRC's Los Angeles Basin operations. Both organizations will collaborate on community impact efforts and educate fans about carbon management technologies and responsible energy sourcing.
Sage Geosystems, Inc. and California Resources (NYSE: CRC) have signed a Memorandum of Understanding (MOU) to collaborate on subsurface energy storage and geothermal power generation projects in California. This strategic partnership aims to develop clean and reliable energy solutions to meet the growing global electricity demand, including the needs of AI-capable data centers.
The collaboration leverages CRC's established presence in California and Sage's next-generation geopressured geothermal technology. Francisco Leon, CRC's President and CEO, emphasized their commitment to sustainable energy solutions, while Cindy Taff, Sage Geosystems' CEO, highlighted the potential to enhance the California power grid's resiliency and reliability.
California Resources (NYSE: CRC) has launched its Carbon TerraVault I (CTV I) Elk Hills Community Benefits Plan (CBP) in Kern County, California. The plan commits 1% of each CTV I project investment to develop programs and partnerships that will benefit local communities. The CBP will focus on investing in America's workforce, engaging with communities and labor, advancing diversity and inclusion, and implementing the Justice 40 initiative.
The plan includes two phases: establishing a Community Advisory Council by the end of 2024, and enhancing partnerships with various organizations to provide workforce training, education programs, and community support. CRC aims to support local academic institutions and promote clean energy education and STEAM curriculum in the region.
California Resources (NYSE: CRC) announced the consideration for its cash tender offer to purchase up to $300 million of its outstanding 7.125% senior notes due 2026. The Early Tender Consideration is $1,009.15 per $1,000 principal amount for notes validly tendered by the Early Tender Time of August 21, 2024. The offer was oversubscribed, with $488,467,000 tendered, resulting in a proration rate of approximately 61.4%. CRC anticipates the Early Settlement Date will be August 23, 2024. The company does not expect to accept any notes tendered after the Early Tender Time. This tender offer is part of CRC's debt management strategy as an independent energy and carbon management company committed to energy transition.
California Resources (NYSE: CRC) announced early tender results for its cash tender offer to purchase up to $300 million of its 7.125% senior notes due 2026. As of August 21, 2024, $488,467,000 principal amount had been validly tendered, exceeding the maximum tender amount. Due to oversubscription, the notes will be subject to proration at a rate of approximately 61.4%. The company anticipates an early settlement date of August 23, 2024.
The Early Tender Consideration includes an early tender premium of $30 per $1,000 principal amount. CRC has appointed Jefferies , Citigroup Global Markets Inc., and TD Securities (USA) as dealer managers for the offer. The tender offer is subject to conditions, including a financing condition.
California Resources (NYSE: CRC) has increased its cash tender offer for its 7.125% Senior Notes due 2026 from $200 million to $300 million. The tender offer expires on September 6, 2024, with an early tender deadline of August 21, 2024. Holders tendering by the early deadline will receive an additional $30 per $1,000 principal amount. The offer price will be determined on August 22, 2024, based on a fixed spread over a U.S. Treasury reference security. CRC may settle early on August 23, 2024, for notes tendered by the early deadline. The offer is subject to conditions, including a financing condition. This move suggests CRC is seeking to reduce its debt burden and potentially refinance at more favorable terms.
California Resources (NYSE: CRC) has announced the pricing of an upsized private offering of $300 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029. The offering, initially set at $200 million, was increased and priced at 101% of par. The notes will mature on June 15, 2029, with semi-annual interest payments at 8.250% per year.
Concurrently, CRC has launched a tender offer to purchase up to $300 million of its 7.125% senior notes due 2026. The company plans to use the net proceeds from this offering, along with cash on hand, to fund the tender offer, reduce outstanding debt, and for general corporate purposes.
California Resources (NYSE: CRC) has announced a cash tender offer to purchase up to $200 million of its outstanding 7.125% senior notes due 2026. The tender offer expires on September 6, 2024, with an early tender deadline of August 21, 2024. Noteholders who tender by the early deadline are eligible for an additional $30 per $1,000 principal amount. The offer is subject to conditions, including a financing condition. CRC has appointed Jefferies , Citigroup Global Markets Inc., and TD Securities (USA) Inc. as joint dealer managers for the tender offer. The company may purchase additional notes after the offer's completion or redeem notes according to their terms.
California Resources (NYSE: CRC) has announced a private offering of $200 million in additional 8.250% senior unsecured notes due 2029. These notes will be offered under the same indenture as the existing $600 million notes issued in June 2024. Concurrently, CRC has launched a tender offer to purchase up to $200 million of its 7.125% senior notes due 2026. The company plans to use the net proceeds from this offering, along with cash on hand, to fund the tender offer, reduce outstanding debt, and for general corporate purposes. The notes will only be offered to qualified institutional buyers and non-U.S. persons, as they are not registered under the Securities Act.
FAQ
What is the current stock price of California Resources Corporation (CRC)?
What is the market cap of California Resources Corporation (CRC)?
What is California Resources Corporation (CRC)?
Where does CRC operate?
How many employees does CRC have?
What is CRC's mission?
What environmental efforts is CRC involved in?
How does CRC contribute to California's economy?
What recent projects has CRC undertaken?
Does CRC operate sustainably?
What infrastructure does CRC use?
Why is CRC significant to California?
