California Resources Corporation

Carbon TerraVault Provides 2023 Update

Retrieved on: 
Tuesday, February 27, 2024

Carbon TerraVault (CTV) today provided an update on its 2023 operations.

Key Points: 
  • Carbon TerraVault (CTV) today provided an update on its 2023 operations.
  • California Resources Corporation (NYSE: CRC) conducts its carbon management business through Carbon TerraVault which pursues carbon capture and sequestration projects that are directly sited or within close proximity to significant sources of carbon dioxide (CO2) emissions in California.
  • “During 2023, our team meaningfully advanced the expansion of our carbon management business by announcing new Carbon Dioxide Management Agreements (CDMAs)1, submitting new permits to the EPA and attracting new greenfield project capital to California,” said Francisco Leon, CRC’s President and Chief Executive Officer.
  • The CDMA provides a path for the parties to reach final definitive documents and final investment decision.

SHAREHOLDER UPDATE: Halper Sadeh LLC Investigates DOOR, CRC, GLT, ZFOX

Retrieved on: 
Saturday, February 10, 2024

If you are a Masonite shareholder, click here to learn more about your rights and options .

Key Points: 
  • If you are a Masonite shareholder, click here to learn more about your rights and options .
  • If you are a California Resources shareholder, click here to learn more about your rights and options .
  • Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email [email protected] or [email protected] .
  • Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct.

CRC Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of California Resources Corporation Is Fair to Shareholders

Retrieved on: 
Wednesday, February 7, 2024

Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of California Resources Corporation (NYSE: CRC) and Aera Energy, LLC is fair to California Resources shareholders.

Key Points: 
  • Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of California Resources Corporation (NYSE: CRC) and Aera Energy, LLC is fair to California Resources shareholders.
  • Upon completion of the proposed transaction, California Resources shareholders will own approximately 77.1% of the combined company.
  • The investigation concerns whether California Resources and its board violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for California Resources shareholders; and (2) disclose all material information necessary for California Resources shareholders to adequately assess and value the merger consideration.
  • On behalf of California Resources shareholders, Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.

California Resources Corporation to Combine with Aera Energy

Retrieved on: 
Wednesday, February 7, 2024

California Resources Corporation (NYSE: CRC) today announced the signing of a definitive merger agreement to combine with Aera Energy, LLC (Aera) in an all-stock transaction.

Key Points: 
  • California Resources Corporation (NYSE: CRC) today announced the signing of a definitive merger agreement to combine with Aera Energy, LLC (Aera) in an all-stock transaction.
  • The transaction values Aera at approximately $2.1 billion, inclusive of Aera’s net debt and certain other obligations1, and is expected to be immediately accretive.
  • On behalf of CRC, we look forward to working with our new colleagues at Aera.
  • The combined company will own interests in five of the largest oil fields in California with opportunities to increase oil recovery.

California Resources Corporation Expecting Strong Fourth Quarter 2023 Results; Schedules Fourth Quarter and Full Year 2023 Earnings Conference Call

Retrieved on: 
Thursday, January 4, 2024

California Resources Corporation (NYSE: CRC) updated select guidance ranges for the fourth quarter of 2023 in conjunction with its participation in various investor conferences later this month.

Key Points: 
  • California Resources Corporation (NYSE: CRC) updated select guidance ranges for the fourth quarter of 2023 in conjunction with its participation in various investor conferences later this month.
  • This free cash flow1 update exceeds the previously announced fourth quarter 2023 guidance range of ($5) to $30 million.
  • Reduced capital spend in the fourth quarter of 2023 was primarily related to timing of key projects and continued efficiency gains.
  • CRC plans to release its fourth quarter and full year 2023 financial results on Tuesday, February 27th after market close.

U.S. EPA Releases Draft Class VI Permits to CRC’s Carbon TerraVault for CO2 Injection and Storage in California

Retrieved on: 
Wednesday, December 20, 2023

California Resources Corporation (NYSE:CRC) and its carbon management business, Carbon TerraVault (CTV), today announced that the U.S. Environmental Protection Agency (EPA) released draft Class VI well permits for underground carbon dioxide (CO2) injection and storage in CTV’s 26-R reservoir located within the CTV I carbon capture and storage (CCS) vault at the Elk Hills Field in Kern County, California.

Key Points: 
  • California Resources Corporation (NYSE:CRC) and its carbon management business, Carbon TerraVault (CTV), today announced that the U.S. Environmental Protection Agency (EPA) released draft Class VI well permits for underground carbon dioxide (CO2) injection and storage in CTV’s 26-R reservoir located within the CTV I carbon capture and storage (CCS) vault at the Elk Hills Field in Kern County, California.
  • The reservoir is part of CTV I which has a total estimated storage of up to 46 million MT.
  • These projects are expected to generate new jobs in new clean energy industries that will rely on the CTV I storage reservoirs.
  • The draft EPA permits are available for public review and comment for the next 90 days.

California Resources Corporation Announces January Investor Conference Participation

Retrieved on: 
Monday, December 18, 2023

California Resources Corporation (NYSE: CRC), an independent energy and carbon management company committed to energy transition, announced today that the Company’s executives will be participating in the following events in January 2024:

Key Points: 
  • California Resources Corporation (NYSE: CRC), an independent energy and carbon management company committed to energy transition, announced today that the Company’s executives will be participating in the following events in January 2024:
    Goldman Sachs Global Energy and Clean Tech Conference on January 4 to 5 in Miami, FL
    TD Global Energy Conference on January 8 to 9 in London, UK
    RBC Capital Markets Energy Transition: The Future of Carbon Capture Seminar on January 8 in London, UK
    UBS Global Energy and Utilities Conference on January 9 to 10 in Park City, UT
    Bank of America Clean: 2024 Carbon Capture & Sequestration Mini-Conference on January 10, Virtual

California Resources Corporation Announces December Investor Conference Participation

Retrieved on: 
Friday, November 10, 2023

California Resources Corporation (NYSE: CRC), an independent energy and carbon management company committed to energy transition, announced today that the Company’s executives will be participating in the following event in December 2023:

Key Points: 
  • California Resources Corporation (NYSE: CRC), an independent energy and carbon management company committed to energy transition, announced today that the Company’s executives will be participating in the following event in December 2023:
    Morgan Stanley Energy & Clean Tech Symposium on December 6 in New York City, NY

Merrick Miranda Joins Total-Western as Director of Business Development

Retrieved on: 
Wednesday, November 29, 2023

PARAMOUNT, Calif., Nov. 29, 2023 /PRNewswire/ -- Total-Western is pleased to announce that Merrick Miranda has joined the company as its new Director of Business Development.

Key Points: 
  • PARAMOUNT, Calif., Nov. 29, 2023 /PRNewswire/ -- Total-Western is pleased to announce that Merrick Miranda has joined the company as its new Director of Business Development.
  • "I'm excited to join Total-Western because it's a collaborative and nimble company that can adapt and grow with the constantly changing marketplace," said Mr. Miranda.
  • He will also focus on integrating business development and operations to align on opportunities and geographies to pursue and ensuring customer performance goals are achieved.
  • From there, he moved to ARB, Inc. as Director of Business Development and oversaw accounts for customers such as Chevron, Phillips 66, Valero, Marathon, PBF Energy, California Resources Corporation, and Air Products.

Carbon TerraVault Provides Third Quarter 2023 Update

Retrieved on: 
Wednesday, November 1, 2023

Carbon TerraVault (CTV), a subsidiary of California Resources Corporation (NYSE: CRC) which provides carbon management services that include capture, transport and storage of carbon dioxide (CO2) for its customers, today provided an update on its operations.

Key Points: 
  • Carbon TerraVault (CTV), a subsidiary of California Resources Corporation (NYSE: CRC) which provides carbon management services that include capture, transport and storage of carbon dioxide (CO2) for its customers, today provided an update on its operations.
  • Highlights of the New Capture to Storage Project Include:
    Estimated capital required to construct the carbon capture equipment will be in the $10 - $15 million range.
  • “This project highlights the value proposition of our CTV Clean Energy Park and its important role within Carbon TerraVault’s strategy,” said Francisco Leon, CRC’s President and Chief Executive Officer.
  • The CDMA provides a path for the parties to reach final definitive documents and FID
    As of September 30, 2023, CRC has submitted 6 Class VI permits to the EPA for a total projected storage capacity of 191 MMT.