CRC meaning in Business ?

California Resources Corporation is a company engaged in hydrocarbon exploration in California. It is organized in Delaware and headquartered in Los Angeles. It has the largest privately held mineral acreage position in California.

The company has conventional primary, enhanced oil recovery, and unconventional operations in the San Joaquin Basin, Ventura Basin, and Los Angeles Basin and dry gas production in the Sacramento Basin. Its largest holding is the 47,000-acre Elk Hills Oil Field, 20 miles west of Bakersfield, California in the San Joaquin Valley. It is also operates the Wilmington Oil Field in partnership with California, several smaller fields in Los Angeles County, and the Huntington Beach Oil Field in Orange County, California. As of December 31, 2020, the company had 442 million barrels of oil equivalent (2.70×109 GJ) of estimated proved reserves, of which 71% was petroleum, 20% was natural gas, and 9% was natural gas liquids.