Carbon TerraVault Provides Third Quarter 2024 Update
Received Kern County Board of Supervisors' Conditional Use Permits Approval for CTV I CCS projectSigned a Brownfield MOU for up to ~1.5 MMTPA of CO2 Emissions
LONG BEACH, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE:CRC), today provided a third quarter 2024 update. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, November 6, 2024. Participation details can be found within this release. In addition, supplemental slides are available on CRC's website at www.crc.com.
Highlights
Received Kern County Board of Supervisors' approval of the conditional use permits for the Carbon TerraVault I (CTV I) CCS project at CRC's Elk Hills Field
Targeting final Class VI permits for "CTV I, 26R" reservoir in late 2024 and Final Investment Decision (FID) for CTV's first capture-to-storage project at CRC's Elk Hills cryogenic gas plant shortly thereafter
Signed a memorandum of understanding1 (MOU) to develop carbon capture and storage (CCS) solutions with Hull Street Energy LLC, a leading California power partner, for proposed sequestration of up to 1.5 million metric ton per annum (MMTPA) of brownfield CO2 emissions by 2030
Expanded CTV's scale and scope, total potential CO2 injection rate of all projects under consideration now stands at 4.2 MMTPA
Selected, in partnership with California State University Bakersfield, for approximately $27 million in funding from the U.S. Department of Energy (DOE) for a California-based project, "Elk Hills CO2 Storage (EHStore)," under the Carbon Storage Assurance Facility Enterprise (CarbonSAFE) initiative
Awarded, in partnership with Colorado School of Mines, $8.9 million from the DOE for a California-based project under the CarbonSAFE initiative
Became the Los Angeles Rams' official carbon management partner, launching "Football Without the Footprint," a new initiative that will allow the Rams to reduce or offset future carbon emissions from the team's operations
Announced an MOU1 with Sage Geosystems, Inc to pursue projects and joint funding opportunities related to subsurface energy storage and geothermal power generation in California
Launched CTV I Elk Hills Community Benefits Plan (CBP) in Kern County
"We continue to expand our carbon management business and are finding innovative solutions for our business partners and California. The Kern County Board of Supervisors' recent approval of the conditional use permits for our CTV I project is the first of its kind and a testament to these efforts. We expect to receive final approval of the U.S. EPA's first Class VI permit in California for CTV I - 26R later this year," said Francisco Leon, CRC President and Chief Executive Officer. "Our latest MOU with one of the state's leading power players highlights our potential to decarbonize large-scale brownfield emissions. California is at the forefront of the climate transition, and CRC is here to support it."
Third Quarter 2024 Financial Results
Selected Financial Statement Data and non-GAAP measures:
3rd Quarter
2nd Quarter
($ in millions)
2024
2024
Selected Expenses
Operating expenses
$
13
$
15
General and administrative expenses
$
2
$
2
Adjusted general and administrative expenses2
$
2
$
3
