California Resources Corporation Revises Production Guidance for the Full Year of 2021

California Resources Corporation is an independent energy and carbon management company committed to energy transition. It produces the lowest carbon intensity oil in the United States. It is in the early stages of developing several carbon capture and storage projects in California. Its carbon management business, Carbon TerraVault, is focused on building, installing, operating, and maintaining carbon dioxide (CO2) capture equipment, transportation assets and storage facilities in California. It has operations in oil and gas basins, including San Joaquin Basin, Los Angeles Basin, Sacramento Basin, and other. It holds substantially all the working, surface and mineral interests in the Elk Hills field, which is its largest producing asset in the San Joaquin basin, and has a large ownership interest in several other oil fields located in the San Joaquin basin, including Buena Vista and Coles Levee. The Los Angeles Basin is a northwest-trending plain about 50 miles long and 20 miles wide.