California Resources Corporation is an independent oil and natural gas exploration and production company. The Company is focused on land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. Its Carbon TerraVault I, a carbon capture and storage project, is focused on the capture and permanent storage of carbon dioxide (CO2) emissions. It has operating properties within the State of California. The Company has operations in oil and gas basins, including San Joaquin Basin, Los Angeles Basin, Ventura Basin and Sacramento Basin. San Joaquin Basin operates and develops approximately 44 fields and holds surface and mineral interests in the Elk Hills field. Los Angeles Basin operates and develops approximately 6 fields and its active oil fields include the Wilmington and Huntington Beach fields. Ventura Basin operates approximately 27 oil fields and holds over 225,000 net mineral acres in the basin.