Independently Certified Gas Designation
Underscores Company’s Commitment to Reducing Methane Emissions
California Resources Corporation (NYSE: CRC) received a “Grade
A” certification through MiQ’s Methane Emissions Performance
Standard for its operating assets in Los Angeles and Orange
Counties. This is the first “Grade A” independently certified gas
(ICG) designation that MiQ has presented to oil and natural gas
operating assets in California and the Rocky Mountain region. This
achievement demonstrates CRC’s dedication to its ESG goals and
sustainability platform.
“CRC is committed to meeting California’s energy needs today and
well into the future with some of the lowest carbon intensity
production in the country, and making progress on our methane
emissions reduction goal,” said Francisco Leon, CRC President and
Chief Executive Officer. “We are very pleased with our ‘Grade A’
ICG certification from MiQ which is further evidence of CRC’s
strong environmental, social and governance efforts while
supporting energy transition in California. We look forward to
continuing to work with MiQ to expand our ICG certifications to our
operations in the San Joaquin and Sacramento basins.”
MiQ is a global leader in the transparent certification of
methane emissions data. To achieve MiQ’s “Grade A” certification,
CRC earned high rankings in the three scoring categories: company
practices, monitoring technology deployment, and methane
intensity.
MiQ certification is conducted by accredited, third-party
auditors, and assessed against the MiQ Standard to assign an A to F
grade for methane emissions performance. The certification provides
a verified approach to tracking CRC’s efforts to reduce methane
emissions across its assets and supports the company’s 2045
Full-Scope Net Zero Goal.
“Reducing oil and gas methane emissions over the next six years
is mission critical in the fight against climate change,” said
Georges Tijbosch, MiQ Chief Executive Officer. “MiQ is now
certifying over 5% of the global gas supply, providing the market
with independent, third-party audited data on methane emissions,
and enabling buyers to choose lower methane natural gas. With a
methane intensity of less than 0.05%, CRC is leading the way in the
State of California and its achievement of the top grade
underscores the company’s commitment to reducing methane emissions
for its Los Angeles basin assets.”
CRC’s independently certified operating assets include THUMS
Long Beach Company operations, which include the four THUMS oil
production islands, the Tidelands production facilities and wells
in the Wilmington Oil Field in Long Beach, California, and assets
adjacent to the Bolsa Chica Ecological Reserve in Huntington Beach,
California. CRC is the field operator of the Wilmington Oil Field
for the City of Long Beach and the State of California.
In 2022, CRC updated its Methane Emissions Reduction Goal to
further reduce methane emissions by 30% from the company’s 2020
baseline by 2030. This goal builds upon CRC’s previous methane
reduction goal to lower methane emissions by 50% from our 2013
baseline by 2030. This goal was met in 2018, 12 years ahead of
schedule. CRC’s current methane goal significantly exceeds
California’s own 2030 methane reduction goal.
For more information about CRC’s sustainability efforts, please
visit crc.com/esg.
About MiQ
MiQ is an independent not-for-profit established to facilitate a
rapid reduction in methane emissions from the oil and gas sector.
MiQ is the fastest growing and globally recognized methane
emissions certification standard. Certification allows global
society to credibly differentiate gas based on its methane
emissions performance, providing a market mechanism that
incentivizes methane reduction. MiQ's vision is to create a market
where certified natural gas can be traded like other historical
commodities, ultimately creating incentives to drive down methane
emissions across the entire industry.
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy
and carbon management company committed to energy transition. CRC
produces some of the lowest carbon intensity oil in the US and is
focused on maximizing the value of its land, mineral and technical
resources for decarbonization efforts. For more information about
CRC, please visit crc.com.
Forward Looking Statements
The information included herein contains forward looking
statements within the meaning of federal securities laws and are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in, or implied by, such
statements. For a discussion of these risks and uncertainties,
please refer to the “Risk Factors” and “Forward-Looking Statements”
described in our Annual Report on Form 10-K for the year ended
December 31, 2022 (“Form 10-K”) and any subsequently filed
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
With respect to our ability to achieve our 2045 Full-Scope Net Zero
goal and other ESG goals, please refer to the risk factor in our
Form 10-K: “Our ability to achieve our 2045 Full-Scope Net Zero
target and other goals related to our carbon management activities
is subject to risks and uncertainties.”
All statements, other than statements of historical facts,
included in this document that address activities, events or
developments that we expect, believes or anticipates will or may
occur in the future, are forward-looking statements. Words such as
“anticipate,” “believe,” “budget,” “continue,” “could,” “estimate,”
“expect,” “goal,” “forecast,” “intend,” “likely,” “may,” “might,”
“plan,” “potential,” “project,” “seek,” “should,” “target,” “will”
or “would” and similar words that reflect the prospective nature of
events or outcomes typically identify forward looking statements.
In particular, forward-looking statements include, but are not
limited to, the following: our strategic plans, priorities, outlook
and expected performance; ESG and sustainability-related goals,
strategies, priorities and initiatives, including, among others,
those related to greenhouse gas emissions reduction (including our
Full-Scope Net-Zero Goal for Scope 1, 2, and 3 GHG emissions by
2045), energy efficiency improvement, investment in renewable
energy, water management, carbon management opportunities
(including carbon capture and storage projects), biodiversity,
diversity, equity and inclusion, supply chain sustainability,
health and safety, human capital management, community engagement
and cybersecurity; our plans to achieve our ESG and
sustainability-related goals and to monitor and report our progress
thereon; our ability to finalize definitive documents and reach a
final investment decision with respect to the projects contemplated
by a CDMA; stakeholder engagement, commitments and disclosure; and
other related items.
CRC cautions you not to place undue reliance on forward-looking
statements contained in this document, which speak only as of the
filing date, and CRC undertakes no obligation to update this
information. This document may also contain information from third
party sources. This data may involve a number of assumptions and
limitations, and CRC has not independently verified them and do not
warrant the accuracy or completeness of such third-party
information.
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version on businesswire.com: https://www.businesswire.com/news/home/20240411329812/en/
CRC Richard Venn (Media) 818-661-6014 Richard.Venn@crc.com
Joanna Park (Investor Relations) 818-661-3731
Joanna.Park@crc.com
MiQ Sunny Uberoi (Media) Sunny.Uberoi@miq.org
Grafico Azioni California Resources (NYSE:CRC)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni California Resources (NYSE:CRC)
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Da Nov 2023 a Nov 2024
