LONG BEACH, Calif., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE:CRC), today provided an update on third quarter 2025 operating and financial results.
"We are encouraged by and commend the state's recent actions to advance CCS development in California and support decarbonization across hard-to-abate industries," said Francisco Leon, President and Chief Executive Officer of CRC. "CTV is moving closer to first injection from California's first CCS project, a major step toward achieving the state's climate goals. This momentum is driving new commercial opportunities, including our MOU with Capital Power, and reinforces CTV's ability to deliver decarbonized power solutions for Californians."
Highlights
The enactment of SB 614 by the California government authorizes the safe transport of captured carbon dioxide (CO2) by pipeline and represents a pivotal step in advancing carbon capture and storage development across the Golden State
Signed memorandum of understanding1 (MOU) with Capital Power to provide carbon management services for CPX's La Paloma generation facility in Kern County, California. See California Resources Corporation and Capital Power to Explore Decarbonized Power Solutions in California for additional information
On track for completion of construction of California's first carbon capture and storage (CCS) project at CRC's Elk Hills cryogenic gas plant at or around year-end 2025 and first CO2 injection in early 2026, pending the receipt of final regulatory approvals
Ongoing discussions with multiple counterparties to supply power from the Elk Hills Power Plant with pathway to leverage CTV's CO2 storage reservoirs for a decarbonized energy solution
Plan to submit additional Class VI permits applications to the Environmental Protection Agency (EPA) for ~100 million metric tons of CO2 storage in Central California
Carbon Management Business (CMB) Third Quarter 2025 Comparative Financial Results
Selected Financial Statement Data and Non-GAAP Measures:
3rd Quarter
2nd Quarter
($ in millions)
2025
2025
Selected Expenses
Other operating expenses, net2
$
10
$
