California Resources Corporation is an independent oil and natural gas exploration and production company with operating properties within California. The Company has the lowest carbon intensity production in the United States, which is focused on land, mineral and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. The CCS project at the Elk Hills Field is referred to as Carbon TerraVault I. These projects inject CO2 from industrial sources into depleted underground oil and gas reservoirs and permanently store CO2 deep underground. The Company has operations in oil and gas basins, including San Joaquin Basin, Los Angeles Basin, and Sacramento Basin. San Joaquin Basin operates and develops approximately 42 fields and holds approximately 1.24 million net mineral acres in the San Joaquin Basin. Los Angeles Basin holds approximately 29,000 net mineral acres. Sacramento Basin operates approximately 50 fields.