California Resources Corporation's 2024 Sustainability Report Unveiled

California Resources Corporation Unveils 2024 Sustainability Report

California Resources Corporation (NYSE: CRC) has shared its latest sustainability report, detailing significant progress in its environmental initiatives and energy production strategies. This comprehensive report reflects the company’s dedication to being a responsible steward of California's natural resources while maintaining its position as a leader in local energy production.

Advancements in Energy and Sustainability Commitment

Francisco Leon, President and CEO of CRC, expressed excitement over their recent achievements and future goals. He emphasized, "CRC has entered a transformative phase in energy production, particularly after merging with Aera Energy. This partnership has expanded our scale and capabilities, prompting a significant evolution in our sustainability strategies. Our new Responsible Net Zero (RNZ) strategy empowers us to take calculated steps towards decarbonization while ensuring a steady supply of affordable energy for Californians for years to come."

Innovative Strategies for Carbon Management

In alignment with California’s ambitious climate goals, the company aims to pioneer innovative solutions. Chris Gould, Executive Vice President and Chief Sustainability Officer, highlighted that the firm is on track to complete the state’s inaugural carbon capture and storage (CCS) project by the end of 2025, with efforts around CO? injection expected to commence early in 2026. This project promises to be a significant milestone on the pathway to a lower-carbon future.

Highlights from the 2024 Sustainability Report

The 2024 Sustainability Report boasts several key accomplishments illustrating CRC's commitment to responsible practices:

• Launch of the RNZ strategy, aligned with the United Nations Sustainable Development Goals (SDGs), underscoring CRC's dedication to sustainable production methods.
• Secured the first permits from the EPA in California for underground CO? injection and storage, laying the foundation for commercial CCS projects.
• Achieved a 27% reduction in Scope 1 and 2 greenhouse gas emissions compared to the 2020 baseline, marking a significant stride in emission reduction.
• Successfully decreased legacy methane emissions by 32% relative to the 2020 baseline.
• Maintained a well production carbon intensity that stands 9% lower than the California Air Resources Board’s statewide average.
• Delivered over 4.7 billion gallons of treated reclaimed water to local districts and recycled approximately 75% of the total produced water from operations.
• Provided more than $5.7 million in donations to various organizations across the state, positively impacting local communities.
• Acknowledged as one of the safest companies in the U.S., as recognized by the National Safety Council. CRC received 23 safety-related awards, emphasizing its commitment to workplace safety.

About California Resources Corporation

California Resources Corporation operates independently within the energy sector, focusing on carbon management and the transition toward sustainable energy solutions. The company is immensely committed to environmental responsibility while production energy that is both locally sourced and in tune with current sustainability standards. With the drive to maximize the benefits of its land, mineral ownership, and expertise, CRC develops CCS initiatives and other projects designed to reduce emissions effectively.

About Carbon TerraVault

Carbon TerraVault (CTV), a subsidiary of CRC, is dedicated to managing carbon through capturing, transporting, and permanently storing CO? emissions. This business engages in various proposed CCS initiatives aimed at injecting CO? from industrial sources into sub-surface reservoirs for long-term sequestration. CTV is a crucial player in CRC’s overall strategy to foster a sustainable energy future.

Frequently Asked Questions

What is the Responsible Net Zero (RNZ) strategy?

The RNZ strategy is CRC's focused approach to decarbonization, aiming to align operations with sustainability practices while maintaining affordable energy production.

What are some highlights of the 2024 Sustainability Report?

The report highlights achievements like a 27% reduction in greenhouse gas emissions, the introduction of the RNZ strategy, and securing EPA permits for CCS projects.

How does CRC contribute to community welfare?

CRC has donated over $5.7 million to various organizations, positively impacting communities throughout California.

When does CRC plan to begin CO? injection for its CCS project?

CO? injection for the first carbon capture and storage project is expected to begin in early 2026.

What does CRC do to ensure workplace safety?

CRC prioritizes workplace safety and has been recognized with 23 awards from the National Safety Council for its efforts in maintaining a safe working environment.

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