CTV Doubles the Storage Reservations at the CRC\u2019s Net Zero Industrial Park at Elk Hills Field and Announces the Submission of Another Class VI permit to the U.S. EPA<\/i><\/p>\n
LONG BEACH, Calif.–(BUSINESS WIRE<\/a>)– \n\u201cThe Carbon TerraVault team continued to make substantial progress through the first half of the year, with four administratively complete EPA Class VI permit applications and 191 million metric tons (MMT) of CO2<\/sub> storage capacity submitted to EPA for Class VI permits to date. The team has executed five CDMAs with promising greenfield projects that can accelerate the new energy economy in California and leverage Carbon TerraVault\u2019s decarbonization solutions,\u201d said Francisco Leon, CRC\u2019s President and Chief Executive Officer. \u201cThe most recent expansion of the Lone Cypress blue hydrogen facility and our new partnership with Verde Clean Energy further demonstrates the benefits CRC\u2019s unique asset position and carbon management strategy can deliver to California\u2019s energy transition goals.\u201d<\/p>\n Primary Highlights<\/span><\/b><\/p>\n Verde Clean Energy, LLC CDMA<\/i><\/b><\/p>\n \nIn July 2023, CTV JV entered into a CDMA with Verde to sequester a minimum of 100 KMTPA of CO2<\/sub> at the CTV I carbon storage vault from a new renewable gasoline plant to be constructed at CRC\u2019s Net Zero Industrial Park at Elk Hills in Kern County, California. This new facility is expected to produce 21,000 gallons per day of renewable gasoline from biomass and other agricultural waste feedstock to help support decarbonization of California\u2019s economy and its transportation sector.<\/p>\n \n\u201cDoubling the CO2<\/sub> storage opportunities under CDMAs at our CRC\u2019s Net Zero Industrial Park at Elk Hills field in a matter of eight months further underscores CRC\u2019s carbon management strategy and dedication to energy transition in California,\u201d said Leon. \u201cThis new agreement between CTV JV and Verde Clean Fuels provides an innovative approach to renewable fuels at the heart of energy development in the state, and further validates CRC\u2019s decarbonization efforts by a publicly traded company looking to expand in California.\u201d<\/p>\n \n\u201cTraditional gasoline used today is refined from crude oil and makes up over half of greenhouse gas emissions from the U.S. transportation sector. We believe our proprietary technology and our scientific approach will further enable California\u2019s consumers of gasoline to seamlessly and materially participate in the decarbonization of our atmosphere and help achieve California\u2019s climate goals,\u201d said Ernest Miller, Verde Chief Executive Officer. \u201cOur agreement with CTV solidifies our domestic growth ambitions and provides a concrete pathway to the decarbonization of the transportation sector with the leading carbon management business in the US.\u201d<\/p>\n Highlights of Verde CDMA include:<\/span><\/b><\/p>\n About Carbon TerraVault<\/span><\/b><\/p>\n \nCarbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, provides services that include the capture, transport and storage of carbon dioxide for its customers. CTV is engaged in a series of CCS projects that inject CO2<\/sub> captured from industrial sources into depleted underground reservoirs and permanently store CO2<\/sub> deep underground. For more information about CTV, please visit www.carbonterravault.com<\/a>.<\/p>\n About Carbon TerraVault Joint Venture<\/span><\/b><\/p>\n \nCarbon TerraVault Joint Venture is a carbon management partnership focused on carbon capture and sequestration development, and was formed between Carbon TerraVault, a subsidiary of CRC, and Brookfield Renewable. The CTV JV develops both infrastructure and storage assets required for CCS development in California. CRC owns 51% of the CTV JV with Brookfield Renewable owning the remaining 49% interest.<\/p>\n About California Resources Corporation<\/span><\/b><\/p>\n \nCalifornia Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC has some of the lowest carbon intensity production in the US and it is focused on maximizing the value of its land, mineral and technical resources for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com<\/a>.<\/p>\n About Lone Cypress Energy Services<\/span><\/b><\/p>\n \nLone Cypress Energy Services, LLC is an independent energy company focused on the development and operation of infrastructure across the entire energy value chain. Headquartered in Tulsa, OK, Lone Cypress offers a full suite of technology-enabled solutions including project development, project management, EPC contracting, and asset operations. Lone Cypress specializes in the development of hydrogen generation and distribution projects, waste to energy plant solutions, and traditional oil and gas midstream facilities. For more information, please visit www.lonecypressenergyservices.com<\/a>.<\/p>\n About Verde Clean Fuels, Inc<\/span><\/b><\/p>\n \nVerde Clean Fuels, Inc. (Verde) is a renewable energy company focused on the development of commercial production plants to convert syngas, derived from diverse biomass feedstocks, such as yard waste, agricultural waste, and sorted municipal solid waste, as well as stranded or flared natural gas (including renewable natural gas) into gasoline through its innovative and proprietary liquid fuels technology, the STG+\u00ae process. Through its STG+\u00ae process, Verde converts syngas into fully finished fuels that require no additional refining, such as Reformulated Blend-stock for Oxygenate Blending (\u201cRBOB\u201d) gasoline. To learn more about Verde, please visit www.verdecleanfuels.com<\/a>.<\/p>\n Forward-Looking Statements<\/span><\/b><\/p>\n \nThis document contains statements that CRC believes to be \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts are forward-looking statements, and include statements regarding CRC’s future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives of management for the future.<\/p>\n \nWords such as “expect,” \u201ccould,\u201d \u201cmay,\u201d “anticipate,” “intend,” “plan,” \u201cability,\u201d “believe,” “seek,” “see,” “will,” “would,” \u201cestimate,\u201d \u201cforecast,\u201d “target,” \u201cguidance,\u201d \u201coutlook,\u201d \u201copportunity\u201d or \u201cstrategy\u201d or similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.<\/p>\n \nAlthough CRC believes the expectations and forecasts reflected in CRC’s forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond CRC’s control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s actual results to be materially different than those expressed in CRC’s forward-looking statements include:<\/p>\n \nCRC 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.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230731171277\/en\/<\/a><\/span><\/p>\n \nJoanna Park (Investor Relations) \nRichard Venn (Media) KEYWORDS:<\/b> California United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Other Energy Environment Oil\/Gas Alternative Energy Green Technology Energy Climate Change<\/p>\n
\nCalifornia Resources Corporation (NYSE: CRC) today announced a storage-only Carbon Dioxide Management Agreement (CDMA) between Carbon TerraVault JV HoldCo, LLC (CTV JV), a subsidiary of CRC that provides services including the capture, transport and storage of carbon dioxide (CO2<\/sub>), and Verde Clean Fuels Inc. (Verde), a company that utilizes an innovative and proprietary liquid fuels technology to produce renewable and lower-carbon intensity gasoline and other liquid fuels from feedstocks such as biomass, agricultural waste, or flared natural gas. CRC also more than doubled the expected sequestration volume of its previously announced Lone Cypress Energy Services, LLC, (Lone Cypress) blue hydrogen project.<\/p>\n\n
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818-661-3731
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Joanna.Park@crc.com<\/a><\/p>\n
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818-661-6014
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Richard.Venn@crc.com<\/a><\/span><\/p>\n
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