LONG BEACH, Calif., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE:CRC), today provided an update on second quarter 2025 operating and financial results.
"We remain intensely focused on executing CRC's first CCS project at Elk Hills, a foundational step in enabling real decarbonization for California, capturing cross-functional value, and delivering returns," said Francisco Leon, President and CEO of CRC. "With construction targeted for completion by year-end 2025 and EPA permitting milestones achieved, this project cements our leadership in California's energy transition. As the state's first carbon capture and storage initiative, it demonstrates our ability to turn permitting progress into real-world climate solutions, and we're proud that Carbon TerraVault is helping advance California's ambitious climate goals."
Highlights
CTV JV received authorization to construct from the U.S. Environmental Protection Agency (EPA) for carbon dioxide (CO2) injection wells for the 26R storage reservoir. For additional information regarding CTV's Class VI permits, please visit www.epa.gov
Targeting completion of California's first carbon capture and storage (CCS) project at CRC's Elk Hills cryogenic gas plant at or around year-end 2025. Pending the receipt of final regulatory approvals, CTV will be ready to inject early in 2026
Engaged in discussions with multiple potential counterparties to supply power from the Elk Hills power plant, with a carbon capture and storage pathway leveraging CTV's CO2 storage reservoirs to enable for a decarbonized energy solution
Carbon Management Business (CMB) Second Quarter 2025 Comparative Financial Results
Selected Financial Statement Data and non-GAAP measures:
2nd Quarter
1st Quarter
($ in millions)
2025
2025
Selected Expenses
Other operating expenses, net1
$
14
$
18
General and administrative expenses
$
3
