Investor Relations Well/Project Name: Lower Tulare Formation, Elk Hills Oil Field, Phase 2 Area. The field, covering nearly 75 square miles, was discovered in 1911 and has produced over 2 billion barrels of oil equivalent (BOE), making it one of the most productive fields in the United States. The Chatsworth oil and gas producer purchased the 47,000-acre Elk Hill Oil Field in exchange for $460 … During Urban’s tenure at Elk Hills, CRC significantly expanded electrical infrastructure from the Elk Hills Power Plant to power surrounding fields and reduce emissions and increased Elk Hills’ water recycling by 50%. Well/Project Permit Number: There are currently 96 active Class II disposal wells in the Elk Hills Oil Field, Phase 2 Area within the area of the aquifer proposed for exemption. Our carbon goal is to design and permit a carbon dioxide (CO 2) capture and storage system – the Cal Capture project – at our Elk Hills Power Plant with associated CO 2 injection for enhanced recovery and sequestration at the adjacent Elk Hills oil field,” said Shawn Kerns, CRC executive vice president of Operations and Engineering. With a capacity of 550 megawatts (MW), the plant’s electricity powers Elk Hills and other nearby fields, and supplies excess power to a local utility and California’s electrical grid sufficient to supply more than 350,000 homes. CRC’s largest holding is the 47,000-acre Elk Hills Oil Field, located 20 miles west of Bakersfield, California in the San Joaquin Valley. CRC’s Elk Hills Power, LLC joint venture operates the largest natural gas processing plant in California, which supplies customers with high quality NGLs from the Elk Hills Field. Contact the People Resource Center AskPRC@CRC.com) or email the Benefits department (CRCBenefits@CRC.com) with any specific questions. crc_elk_hills_02959550_nod.pdf ~ 2 MB: About DOC. As a result, the joint venture’s assets are now wholly owned by CRC. Media Relations The following year it was designated the US' first Naval Petroleum Reserve by President William Howard Taft, who was concerned about long-term oil supplies for that branch of the armed services. CRC consolidates Elk Hills with $511MM transformative deal with Chevron April 10, 2018 ADtransactions Analytics Serving the marketplace with news, analysis and business opportunities & 2 Behind the Numbers– – $511.2 MM acquisition price. California Resources Corporation (CRC) Client: California Resources Corporation (Formerly Occidental of Elk Hills, Inc.) Location: Tupman, Kern County, California Completion Date: Ongoing since September 2010. CRC’s production from oil and gas reservoirs typically includes oil, produced water, natural gas (methane), and natural gas liquids (NGLs) that include ethane, propane, butane and natural gasoline. Your combined age and years of service, monthly contribution amount and enrollment form are included in the retirement packet sent by the Benefits department. Elk Hills Retiree Benefits Checklist. Document Description The originally approved project consists of an amendment to Title 19 Kern County Zoning Ordinance (July … CRC now owns Elk Hills in fee simple, the most complete form of ownership, holding a 100% working interest and a 100% net revenue interest, as well as all surface lands in Elk Hills field. For more information about CRC’s products, please contact: Natural Gas, Natural Gas Liquids and Electricity
“The Cal Capture project offers multiple benefits including substantial emissions reductions, substantial positive economic impacts across the California economy and the development of a key technology needed worldwide to meet future energy transition targets.”. Notify the People Resource Center of your plans 60-90 days prior to retirement. In addition, we have reduced our methane emissions and flaring by installing equipment like microturbines and natural gas compression to make beneficial use of natural gas in areas without access to natural gas pipelines. 1," to a depth of 4,030 feet (1,230 m). California Resources Elk Hills, LLC. OGCI Climate Investments has partnered with California Resources Corporation to create Elk Hills Carbon. Southern San Joaquin Production, Inc. Delaware. Ken is now leading the sequestration efforts at CRC more generally. We believe these markets are among the most favorable in the U.S. because California imports a significant percentage of its oil requirements from outside the state – mostly from foreign countries that do not share California’s leading safety, labor, human rights and environmental standards – and there are no crude oil pipelines that link California to other oil-producing states. Document Description The originally approved project consists of an amendment to Title 19 Kern County Zoning Ordinance (July … Since 2005, there have been more U.S. greenhouse gas reductions from natural gas than all renewables combined. California Resources Corporation's (CRC) oil production is connected to California markets via our oil gathering pipelines which are used almost entirely for our production. California Resources (NYSEMKT:CRC) agrees to acquire interests in the Elk Hills field in California's San Joaquin Basin of California from Chevron (NYSE: CVX) for $460M in … The FEED is being funded by the U.S. Department of Energy (DOE) through collaboration with the Electric Power Research Institute (EPRI) as part of a larger initiative to advance carbon capture technology development. Natural gas is a clean fuel that provides 30 percent of California’s electricity generation, a highly efficient direct source of energy for heating and cooking in California homes, restaurants, hospitals, and a key feedstock in industrial applications. California Resources (CRC) Says Acquisition Consolidates Interests in Elk Hills Field. An enrollment packet for the EHP benefit programs will be mailed to your home address of record. Diane CorbettDirector, Crude Marketing(562) 283-2110Email, Natural Gas, Natural Gas Liquids and Electricity. CRC has invested in significant processing facilities at our key fields which supply utilities and industrial customers with natural gas. the Elk Hills Oil Field to State Water Board staff. These proposals call for exempting portions of the Tulare B and the Lower Tulare zones to enable permitting of Class Il injection under the federal Safe Drinking Water Act (SDWA). The process will incorporate Fluor’s advanced solvent formulation together with a number of patented energy savings features. To understand the acquisition, we've coupled the analysis with a look at the Ares JV transaction in February. Operator: California Resources Elk Hills, LLC (CRC). CRC Services, LLC Delaware. Elk Hills, CRC's flagship asset located about 20 miles west of Bakersfield in the San Joaquin Basin, was discovered in 1911. California Resources Corporation (NYSE: CRC) is the largest oil and natural gas exploration and production company in California. CRC’s Joint Plan of Reorganization (“Plan”) in its Chapter 11 case cancelled pre-existing debt, consolidated CRC’s ownership in the Elk Hills power plant and cryogenic gas plant, and provided for the payment in full of all valid and undisputed trade and contingent claims in the ordinary course of business. CRC consolidates Elk Hills with $511MM transformative deal with Chevron April 10, 2018 ADtransactions Analytics Serving the marketplace with news, analysis and business opportunities & 2 Behind the Numbers– – $511.2 MM acquisition price. The net proceeds of $590 million were used to repay in full CRC's Second Lien Term Loan and senior secured notes issued by its subsidiary Elk Hills Power, LLC. CRC's Elk Hills Power Plant generates electricity from natural gas in the Elk Hills Field. Fluor's 2019 Sustainability Report highlights how we are making a lasting impact on the world. CRC does not produce oil from the Tulare Formation at the Elk Hills Oil Field. Tuesday, April 10, 2018. Current Zoning Classifications and General Plan Map Code Designations to remain the same. By Ethan Varian. Current Zoning Classifications and General Plan Map Code Designations to remain the same. “We are honored to be selected by CRC to help them design and permit California’s first carbon capture and sequestration system.”. Elk Hills, CRC's flagship asset located about 20 miles west of Bakersfield in the San Joaquin Basin, was discovered in 1911. Elk Hills Power, LLC, a joint venture between CRC and a portfolio company of Ares Management, L.P., generates electricity from natural gas in the Elk Hills Field. View source version on businesswire.com: Jacqueline and Kimberly discuss their hands-on instrumentation training at the Fluor Craft Training Center. CC.info: Thanks for speaking to us Ken, tell me about the origins of the Elk Hills project?