California Resources Corporation (NYSE:CRC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 2, 2017, California Resources Corporation’s (“CRC”) Board voted to increase the size of the Board to 10 members and elected Ms. Anita M. Powers to fill the resulting vacancy. Prior to her retirement, Ms. Powers most recently served as Executive Vice President of Worldwide Exploration for Occidental Oil and Gas Corporation and as Vice President of parent Occidental Petroleum Corporation. Ms. Powers brings over 36 years of experience in the oil and gas industry to CRC’s Board. Her expertise as a senior geoscientist working in hydrocarbon provinces around the world and, in particular, her knowledge of California’s geology will greatly benefit CRC’s Board. Ms. Powers is expected to serve on CRC’s Health, Safety and Environmental Committee of the Board. Ms. Powers holds a Bachelor of Science degree in Geology with high honors from Texas A&M University.
There are no arrangements or understandings between Ms. Powers and any other persons under which she was selected as a director. Ms. Powers will receive the same director compensation as is paid to the other non-employee directors under CRC’s compensation program for non-employee directors.
About California Resources Corporation (NYSE:CRC)
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe). It operates approximately three drilling rigs across the state with over two located in the San Joaquin basin (steamflood activities) and approximately one in the Los Angeles basin (waterflood activities). It has drilled over 290 gross development wells with over 250 wells in the San Joaquin basin and approximately 30 wells in the Los Angeles basin. It has also drilled approximately three exploration wells in the San Joaquin basin. Its operations include approximately 140 fields with over 9,070 gross active wellbores. It sells its crude oil, natural gas and natural gas liquids production to marketers, California refineries and other purchasers.