California Resources Corporation (NYSE:CRC) Files An 8-K Other EventsItem 8.01
In response to stakeholder feedback, the Board of Directors of California Resources Corporation (the “Corporation”) has determined to recommend for approval at the 2018 annual meeting of stockholders an amendment to the Corporation’s certificate of incorporation to reduce the current supermajority vote thresholds to a majority vote. If approved, the Board of Directors of the Corporation also intends to approve related amendments to the corresponding provisions in the Corporation’s bylaws. The proposal will be described in more detail in the proxy materials to be furnished for that meeting, to which stockholders should refer for more information.
The Board of Directors believes that the proposed amendment will further align the Corporation’s corporate governance with best practices while having maintained corporate governance stability during the Corporation’s early years as a public company. The Corporation’s temporary division of the Board of Directors into three classes is already scheduled to cease automatically at the 2018 annual meeting.
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 -0.01 at 11.69 with 1,538,392 shares trading hands.