Announced MOU with Bloom Energy to Advance 1 GW or More of Decarbonized Power in California
Submitted a New EPA Class VI Permit Application for ~57 Million Metric Tons of Storage Volume
LONG BEACH, Calif., Nov. 02, 2026 (GLOBE NEWSWIRE) — Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE: CRC), today provided a third quarter 2026 update on its financial and operating results. In addition, CTV announced the signing of a memorandum of understanding1 (MOU) with Bloom Energy to jointly evaluate and target the potential development of 1 gigawatt (GW) or more of solid-oxide fuel cell power generation paired with carbon capture and storage in California.
“We are advancing our CTV platform and today’s MOU with Bloom opens new pathways to create value. We are focused on expanding our carbon storage portfolio through alliances like this to accelerate commercialization of CCS,” said Francisco Leon, CRC President and Chief Executive Officer. “In addition, we recently submitted a new EPA Class VI permit application bringing total submitted permit volumes to more than 400 million metric tons. This complements the potential long-term CO₂ transportation optionality created through our recently closed Crimson acquisition. We believe CTV is positioned to create lasting value for shareholders and California communities.”
Highlights
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Announced MOU1 with Bloom Energy to jointly evaluate and target the potential development of 1 GW or more of solid-oxide fuel cell power generation paired with carbon capture and storage. See California Resources Corporation Announces Strategic Collaboration with Bloom Energy to Advance Decarbonized Power Across California for additional information
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Submitted a new carbon dioxide (CO2) storage application to the Environmental Protection Agency (EPA) for ~57 million metric tons (MMT); increasing total submitted CO2 permit volumes to ~409 MMT
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Injection and permanent CO2 storage at Carbon TerraVault I (CTV I), California’s inaugural carbon capture and storage (CCS) project, generating revenue from CO2 sourced from CRC’s Elk Hills Cryogenic Gas Plant
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Closed Crimson acquisition, adding optionality for a potential CO2 pipeline system through the ability to connect CTV’s storage portfolio with industrial emission centers in Northern and Central California. See California Resources Corporation Completes Acquisition of Crimson for additional information
Carbon Management Business (CMB) Third Quarter 2026 Results
Selected Financial Statement Data and non-GAAP measures:
3rd Quarter
2nd Quarter
($ in millions)
2026
2026
Operating revenues
$
2
$
1
General and administrative expenses2
$
—
$
2
Other operating expenses, net3
$
10
$
7
Capital investments
$
1
$
3
Adjusted EBITDAX4
$
(8
)
$
(8
)
Guidance
The following table provides key CMB fourth quarter financial and operating guidance.
CMB Guidance
($ in millions)
4Q26E
Capital investments
$0 – $2
General and administrative expenses
$0 – $2
Other operating expenses, net3
$4 – $12
1 MOUs are non-binding agreements. The projects and transactions described in an MOU are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals.
2 Amount shown represents less than $1 million and is rounded to the nearest million.
3 Other operating expenses, net includes lease cost for sequestration easements, advocacy, and other startup related costs.
4 See Attachment 3 of CRC’s 3Q26 earnings release for the non-GAAP financial measure of adjusted EBITDAX, including a reconciliation to its most directly comparable GAAP measure.
About Carbon TerraVault
Carbon TerraVault (CTV), CRC’s carbon management business, develops services to capture, transport and permanently store CO2 for its customers. CTV is advancing a portfolio of CCS projects, including CTV I, which is now operational and injecting CO₂ for permanent sequestration in a depleted reservoir deep underground. For more information, visit www.carbonterravault.com.
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.
Forward-Looking Statements
Information set forth in this communication, including financial estimates and statements as to the effects of the Berry Merger and the Crimson acquisition, constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the Berry Merger and the Crimson acquisition, CRC’s future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of CRC and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements.
Although CRC believes the expectations and forecasts reflected in its 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 its 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 its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings w
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