(b) Mr. Ronald L. Havner, Jr. will not stand for re-election at the Company’s 2018 annual shareholders meeting due to concerns raised by investors relating to the time commitment required for his service on multiple boards while serving as the chief executive officer of a publicly traded company. This decision is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
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.
California Resources Corporation (NYSE:CRC) Recent Trading Information California Resources Corporation (NYSE:CRC) closed its last trading session down -0.06 at 12.20 with 1,284,934 shares trading hands.
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