California Resources Corporation (CRC) is the largest oil and gas producer in California, operating conventional oil and natural gas fields primarily in the San Joaquin and Los Angeles Basins. CRC's production is heavily oil-weighted, with its two largest fields — Belridge and Elk Hills — each producing roughly 30,000 Boe/d. CRC uses enhanced oil recovery (EOR) techniques, primarily steamflooding and waterflooding, to sustain production from long-lived conventional reservoirs with shallow decline rates — a fundamentally different model from shale. CRC sells nearly all of its California crude to local refiners at Brent-tied prices, reflecting limited pipeline capacity from other U.S. basins into California. CRC operates all of its core fields and holds surface and mineral rights across approximately 2 million net mineral acres. The company also owns 855 MW of power generation capacity, anchored by a 550 MW cogeneration plant at Elk Hills, which supplies field operations and sells excess power into the California wholesale market. CRC has grown through two major acquisitions — Aera Energy (July 2024) and Berry (December 2025) — roughly tripling production since 2023. Beyond E&P, CRC is developing a carbon capture and storage (CCS) business through its Carbon TerraVault JV (51% CRC, 49% Brookfield), targeting revenue from federal 45Q tax credits and California LCFS credits. CRC is also pursuing long-term power purchase agreements pairing its gas-fired generation with adjacent CO2 storage, targeting data centers and utilities in California seeking decarbonized power.