california resources corporation
NO. 1 | California Resources
FLEXIBILITY | CRC’s
$4.3 BILLION | CRC’s facilities
Corporation (CRC) is the largest
oil and natural gas producer in
California on a gross-operated basis.
diversified portfolio of assets and
operational control over almost all
of our fields enables us to rapidly
pursue appropriate development
strategies under a wide range of
operating and market conditions.
in Long Beach have generated more
than $4.3 billion in revenue since
2003 for the city, state and port
based on the government share of
ownership in these operations and
from fees and taxes.
$714 MILLION | CRC provided
HABITAT CONSERVATION |
approximately $714 million in
revenues to the State Lands
Commission and California state,
local and payroll taxes in 2014.
CRC’s Elk Hills Field and THUMS
islands are certified by the Wildlife
Habitat Council for their habitat
conservation programs.
CRC | CRC has operations at the
Elk Hills Field in Kern County, the
Wilmington Field in Long Beach and
fields in the Los Angeles, San Joaquin,
Ventura and Sacramento basins.
|
2.4 MILLION CRC is the
largest private net mineral acreage
holder in California with about
2.4 million net acres, larger than
the combined areas of California’s
80 biggest cities, including
Los Angeles, San Diego, San Jose
and Bakersfield.
2 MILLION HOMES | CRC’s
159,000 | CRC’s operations
2014 natural gas production in
California could supply all the homes
in the cities of Bakersfield, Ventura
and Long Beach for nearly six years.
produced 159,000 barrels of oil
equivalent per day in 2014.
LEADER IN SAFETY |
2 BILLION | In 2014, CRC
In 2014, our dedicated California
workforce achieved their best-ever
combined safety performance. The
2014 Injury and Illness Incidence
Rate (IIR) of 0.46 was 86 percent
better than the 2013 average IIR of
3.3 for the U.S. private sector.
supplied more than 2 billion gallons
of water for agriculture through our
steamflood operations. CRC provided
more water for irrigation than the
amount of fresh water we purchased
for our statewide operations.
* Equals the applicable proved oil-equivalent additions for a period divided by oil-equivalent production in the same period. Used to gauge results of capital allocation. 76% of additions were proved undeveloped. Many
factors outside our full control affect future additions, including underlying geology, commodity prices and availability of capital. Reserves additions and production may result from investments made in separate periods.
Other oil and gas producers may use different replacement ratios, affecting comparability.
203% | In 2014, CRC replaced
203 percent of its production from
its capital program. At year-end,
CRC’s properties held an estimated
768 million barrels of oil equivalent
in proved reserves.*
crc.com
industry snapshot
california
LARGEST
OIL & GAS
ENVIRONMENT
3RD LARGEST
$40 BILlion
PRODUCTS
82%
REGULATION
ECONOMY
California is the nation’s largest state
economy and the world’s seventh
largest, with significant energy
demands that exceed local supply.
California is one of the most prolific
oil and natural gas producing regions
in the world and is the third-largest
oil producing state in the nation.
The United States relies on fossil
fuels for 82 percent of the nation’s
total energy needs. According to
the U.S. Government’s 2014 Annual
Energy Outlook, fossil fuels will
continue to provide 80 percent of our
total energy needs in 2040, the last
year forecasted.
ENERGY
DEFICIT
California imports approximately
60 percent of its oil, 90 percent of
its natural gas and 25 percent of its
electricity. A vast majority of the oil
is imported from outside the state,
mostly from foreign locations.
* Based on data from a 2014 study by the Los Angeles County Economic Development Corporation
Californians consume all of the oil
and gas produced in the state, and
still have to import approximately
twice as much from other states and
foreign countries like Saudi Arabia
and Iraq to satisfy demand.
The petroleum industry in California
is responsible for 5.4 percent of
the state’s gross domestic product
and produces $40 billion in wages,
benefits and payroll taxes per year.*
California has the most
comprehensive regulatory system
for oil and natural gas production of
any producing state. More than 14
state and federal agencies oversee
all aspects of the exploration
and development of properties,
production, transportation and the
sale of oil and natural gas.
TECHNOLOGY
Advances in technology can help meet
society’s increasing energy demands
and protect the environment. The
energy industry is making great
strides in how energy sources are
extracted, created and used — always
with the aim of using less to do more.
Since 1990, the U.S. oil and natural
gas industry has invested $148
billion in new technologies and
projects to enhance its environmental
performance — $504 for every man,
woman and child in the United States.
Oil is not just a source of energy —
it is also an important raw material.
Hydrocarbons from oil are key
ingredients in many materials
including detergents, candles, ink,
cosmetics, glue, eyeglass lenses,
fabrics made from synthetic fibers
and rubbers, plastics, acrylic paint,
fertilizer, foam cushions and drugs
such as aspirin.
JOBS
The oil and natural gas industry
supports nearly 500,000 jobs in
California and as many as 10 million
jobs across the United States.*
$22 BILLION
The state and local governments
received nearly $22 billion in taxes
in 2012 due to economic activity
generated by our industry.