California Resources Corporation and Los Angeles Rams Team Up to Launch “Football Without the Footprint” Carbon Management Initiative

Rhea-AI Summary

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.

Positive

• CRC becomes the Official Carbon Management Partner for the Los Angeles Rams
• Potential new revenue stream from selling carbon credits to the Rams
• Opportunity to showcase CRC's Carbon TerraVault and responsibly sourced gas products
• Enhanced visibility and brand recognition through partnership with a major NFL team
• Potential for increased community engagement and education on carbon management

Negative

• None.

Insights

Environmental Sustainability Expert

This partnership between California Resources (CRC) and the Los Angeles Rams marks a significant step in sports sustainability. The "Football Without the Footprint" initiative introduces innovative carbon management strategies to the NFL landscape. Key aspects include:

• Purchase of locally sourced carbon credits from CRC's Carbon TerraVault
• Potential use of Direct Air Capture and BiCRS technologies
• Opportunity to reduce emissions through responsibly sourced gas
• Community engagement in carbon management education

While the immediate financial impact may be , this collaboration could set a precedent for other sports franchises, potentially creating a new market for carbon management services in the sports industry. For CRC, this partnership provides valuable visibility and a high-profile case study for their Carbon TerraVault business, which could attract more clients in various sectors. The long-term implications for CRC's business model and revenue streams in the evolving energy transition landscape are promising, though concrete financial benefits remain to be seen.

Energy Industry Analyst

This partnership represents a strategic move for CRC in diversifying its business model and positioning itself as a leader in the energy transition. Key points to consider:

• CRC's pivot towards carbon management services, exemplified by Carbon TerraVault, aligns with growing demand for decarbonization solutions
• The collaboration with a high-profile NFL team enhances CRC's visibility in the carbon management market
• Potential for expanded revenue streams through carbon credits and responsibly sourced gas sales
• Demonstration of CRC's adaptability in a changing energy landscape

While the immediate financial impact may be modest, this partnership could serve as a catalyst for CRC's carbon management business. It showcases the company's ability to provide comprehensive solutions, from carbon capture and storage to responsibly sourced energy. This diversification strategy may help mitigate risks associated with traditional oil and gas operations, potentially improving CRC's long-term market position and investor perception. However, the success of this venture will depend on broader market adoption of carbon management practices and the scalability of CRC's solutions.

CRC Becomes Los Angeles Rams’ Official Carbon Management Partner

LONG BEACH, Calif.--(BUSINESS WIRE)-- California Resources Corporation (NYSE: CRC) and the Los Angeles Rams today announced “Football Without the Footprint,” a carbon management initiative that will allow the Rams to reduce or offset carbon emissions from the team’s operations in coming years. CRC and the Rams will also invest in community impact efforts such as garden builds, beautification projects, and science, technology, engineering, art, and math (STEAM) initiatives that will integrate carbon management practices and education. Through this partnership, CRC will become the Rams’ Official Carbon Management Partner.

The Rams is the first NFL team in California to agree to purchase locally sourced carbon credits to offset their carbon footprint from CRC’s Carbon TerraVault, the company’s carbon management business that develops carbon capture and storage (CCS) projects in California. Carbon credits are expected to come from a variety of sources, including future Carbon TerraVault projects that offer flexible solutions to help the Rams on their decarbonization journey. Potential solutions include:

• The future California Direct Air Capture (DAC) Hub which intends to remove and permanently store atmospheric carbon dioxide deep underground in geologic formations in the Central Valley.
• Biomass with carbon removal and storage (BiCRS) projects that utilize agriculture waste as a feedstock for producing renewable natural gas.

In addition to potential carbon offsets, the Rams will have the opportunity to reduce the team’s carbon emissions by purchasing locally produced hydrocarbons such as responsibly sourced gas (RSG) produced from CRC’s Los Angeles Basin operations, which were recently “Grade A” certified by MiQ. The certification provides a verified approach to tracking CRC’s efforts to reduce methane emissions across its assets.

Through the “Football Without the Footprint” initiative, CRC and the Rams will work together to educate fans and local communities about the importance of carbon management technologies and meeting California’s energy needs with local, responsibly sourced energy.

“As ‘a different kind of energy company,’ we are excited to provide the Rams with local, responsibly sourced energy solutions potentially including certified RSG from our nearby Los Angeles Basin operations and carbon credits from the Central Valley,” said Francisco Leon, CRC’s President and Chief Executive Officer. “We are pleased the Rams are a first mover in prioritizing local energy and carbon management solutions for the team and local communities. We look forward to working together on integrating carbon management education and practices into important community projects that will make a difference across the greater Los Angeles area.”

"At the Los Angeles Rams, we are proud to partner with purpose alongside CRC,” said Jennifer Prince, Chief Commercial Officer, Los Angeles Rams. “Together, we are committed to leading the charge in innovative carbon management solutions that not only benefit our community and fans, but also pave the way for a more sustainable future."

About Carbon TerraVault

Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, is developing services that include the capture, transport and storage of carbon dioxide for customers. Through its subsidiaries and a joint venture, CTV is engaged in the development of a series of proposed CCS projects to inject CO₂ captured from industrial sources into reservoirs for permanent storage deep underground. For more information about CTV, please visit carbonterravault.com.

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects. For more information, please visit crc.com.

About Los Angeles Rams

The Los Angeles Rams – Los Angeles' original professional sports team – stand as one of the oldest franchises in the National Football League and since its founding in 1937, have garnered three World Championships and sent 30 of its members to the Pro Football Hall of Fame. As a professional sports team, the organization is committed to be a valuable civic partner and serving the greater Los Angeles area 365 days a year. The Rams play their home games at SoFi Stadium, which is located at Hollywood Park, a 298-acre sports and entertainment destination being developed by Los Angeles Rams Owner/Chairman E. Stanley Kroenke in Inglewood, CA. For more information, visit www.therams.com and follow the Rams' social media channels.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241004751571/en/

Richard Venn (Media)

California Resources Corporation

richard.venn@crc.com

310-661-6014

Joanna Park (Investor Relations)

California Resources Corporation

joanna.park@crc.com

818-661-3731

Priya Bhambri (Media)

Los Angeles Rams

pbhambri@rams.nfl.com

Source: California Resources Corporation

FAQ

What is the 'Football Without the Footprint' initiative between CRC and the Los Angeles Rams?

It's a carbon management initiative that allows the Rams to reduce or offset carbon emissions from their operations, with CRC becoming the team's Official Carbon Management Partner.

How will CRC (NYSE: CRC) provide carbon credits to the Los Angeles Rams?

CRC will provide locally sourced carbon credits through its Carbon TerraVault business, which develops carbon capture and storage projects in California.

What community impact efforts are included in the CRC and Los Angeles Rams partnership?

The partnership includes garden builds, beautification projects, and STEAM initiatives that integrate carbon management practices and education.

What types of carbon reduction solutions does CRC (NYSE: CRC) offer to the Los Angeles Rams?

CRC offers solutions including the California Direct Air Capture Hub, Biomass with carbon removal and storage projects, and the option to purchase locally produced, responsibly sourced gas.