California Resources Corporation (CRC) is an oil and gas exploration and production company operating properties exclusively in the state of California.
CRC's business strategy is to maximize stockholder returns by safely, profitably and responsibly developing high-growth, high-return conventional and unconventional assets exclusively in California, while benefitting our communities and the state.
Principal elements of our business strategy:
- Focus on high-margin crude oil projects to generate sufficient cash flows to internally fund our capital budget
- Increase the share of conventional projects in our production mix to achieve lower declines and lower base maintenance capital requirements
- Continue to develop high-growth unconventional drilling opportunities
- Aggressively apply proven modern technologies to enhance production growth
- Proactive and collaborative approach to safety, environmental protection, and community relations
- Continued focus on our successful exploration program
California Resources Spin-Off FAQs
Effective November 30, 2014, Occidental Petroleum (OXY) completed a spin-off of the stock of California Resources Corporation (CRC), into an independent, publicly traded corporation. The spin-off was effectuated by way of a pro rata distribution of just over 80 percent of CRC’s outstanding common stock to holders of OXY common stock as of the November 17, 2014 record date. Each OXY stockholder received 0.4 shares of CRC common stock for each share of OXY common stock held by such stockholder on the record date. More information on the spin the 2014 cost basis calculation and IRS form 8937 may be found on CRC’s FAQ page.
The final share distribution in the spin-off of California Resources from our former-parent occurred on March 24, 2016 when Occidental Petroleum (OXY) distributed 71,500,000 shares to OXY stockholders of record as of February 29, 2016. Occidental estimated that stockholders would receive 0.094 shares of CRC for each share of OXY held on the record date. More information on the spin and special dividend fact sheet and tax basis may be found on CRC’s FAQ page.