Operator
Good morning, and welcome to the California Resources Corporation First Quarter Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today s presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Joanna Park. Please go ahead.
Joanna Park
Vice President of Investor Relations & Treasurer
Thank you. I m Joanna Park, Vice President of Investor Relations and Treasurer. Welcome to California Resources Corporation first quarter conference call. Participating on today s call is Mac McFarland, President and Chief Executive Officer; Francisco Leon, Executive Vice President and Chief Financial Officer; Shawn Kerns, Executive Vice President of Operations and Engineering; Mike Preston, Senior Executive Vice President, CAO and General Counsel; and Jay Bys, Chief Commercial Officer, as well as several other members of the CRC executive team.
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More than 2 million Californians are breathing more toxic and unhealthier air all because of the role of a small number of key California lawmakers over the last two years.
Meet the 4 lawmakers holding up crucial health protections for more than 2 million Californians living near drilling.
This piece is the first installment of a series profiling some of the many ways that the fossil fuel industry exerts pressure across California’s government. Through lobbying, insider influence, campaign spending and more, the fossil fuel industry has secured friends within the Governor’s office, and at the legislative and regulatory levels resulting in cuts to public health and climate ambitions.
Press release content from Business Wire. The AP news staff was not involved in its creation.
California Resources Corporation Announces Additional Investor Conference Participation
April 21, 2021 GMT
SANTA CLARITA, Calif. (BUSINESS WIRE) Apr 21, 2021
California Resources Corporation (NYSE: CRC) announced today that the Company’s executives will be participating in the 2021 Virtual Wells Fargo Energy Conference to be held on June 2-3.
CRC’s presentation materials will be available the day of the event on the Earnings and Presentations page in the Investor Relations section on www.crc.com.
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About California Resources Corporation (CRC)
California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, CRC focuses on safely and responsibly supplying affordable energy.
California Resources Corporation Announces Appointment of New Chair of the Board
By
Staff
45 seconds ago
SANTA CLARITA, Calif.–(BUSINESS WIRE)–California Resources Corporation (NYSE: CRC) (the “Company”) announced today that Tiffany (TJ) Thom Cepak has been appointed as the Chair of the Board of Directors of the Company. Ms. Cepak replaces Mark A. (Mac) McFarland as the Chair following his appointment as the permanent President and Chief Executive Officer of the Company on March 22, 2021. Mr. McFarland will continue to serve as a director the Company.
Mr. McFarland, President and Chief Executive Officer, said, “With 26 years of experience in the energy industry, we look forward to Ms. Cepak’s leadership of our board. TJ brings tremendous expertise to the role, and her appointment as Chair separates the role of Chair from that of President and Chief Executive Officer and demonstrates our Board’s commitment to strong corporate governance practices.”
Fossil Fuel Companies’ Tough Sell: Oil and Gas Sites With Costly Environmental Clean-up
The total cost of decommission offshore oil wells around the world is expected to be over $100 billion by 2030.
Analysis
Image: The Birds! Platform Holly, offshore from Goleta. Credit: Glenn Beltz (CC BY 2.0)
Last year was rough for major oil companies. BP, Chevron, ExxonMobil, Shell, and Total suffered a combined $77 billion in losses for 2020. And now, as Reuters reports, many are trying to sell-off “dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints.”
Typically, when major oil companies decide to sell off assets, they like to make a “clean-break”. Meaning the new buyers are the ones to not only take on the management of these assets but also all associated decommissioning costs and environmental liabilities when the assets reach the end of their economic life.