California Resources Corporation (CRC) believes that oil and gas production and renewable energy complement one another, particularly when co-located to share existing infrastructure and land use in longstanding oil and gas fields. Approximately 30 percent of CRC’s purchased electricity comes from renewable sources.
CRC has a 2030 Sustainability Goal to integrate renewable energy with oil and gas operations by generating an additional 10 MW of power from renewable sources. Even though mineral interests are the dominant estate in California and can prevent inconsistent surface uses that would interfere with efficient access to underlying mineral rights, CRC has facilitated 10 large-scale solar projects in recent years through surface use agreements. Under those agreements, CRC relinquished control over significant portions of the surface, while reserving access to underlying minerals through drilling islands. In addition, we expect to implement a solar project in the near future to provide electricity for steam generation, which will place us on track to achieve our 2030 Sustainability Goal for renewables. We are also evaluating other potential renewable projects that complement our operations and utilize our substantial acreage position in California.