ca resources corp

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 =mojo...
Irrigation water appears to be a major loophole in a food safety

program that otherwise strictly controls what farmers can apply to their

land. Notably, the organics program does prohibit the use of sewage sludge-based fertilizer, a product widely used on nonorganic farms that <a href="http://www.motherjones.com/environment/2009/05/sludge-happens" target="_blank">sometimes contains chemicals such as flame retardants and pharmaceuticals</a>.

On Monday, California Assemblyman Mike Gatto, a Democrat from Glendale, introduced <a href="http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520162AB14" target="_blank">a bill</a>

that would require crops irrigated with wastewater from oil and gas

operations to be labeled as such. "No one expects their lettuce to

contain heavy chemicals from fracking wastewater," he <a href="http://asmdc.org/members/a43/news-room/press-releases/mike-gatto-proposes-bill-to-label-food-irrigated-with-contaminated-fracking-water" target="_blank">explained in a press release</a>.

That's especially true if their lettuce is labeled "organic," adds

Adam Scow, the California director of the environmental group Food and

Water Watch: "I think most people's logic would tell them that's not a

practice consistent with organic standards."<h2>AB-14 Food labeling: wastewater from oil and gas field activities. (2015-2016)</h2><a href="http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520162AB14">http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520162AB14</a>

http://ecowatch.com/2016/02/10/farmers-irrigate-crops-oil-water/==

<h3>Carson</h3>

On January 26, 2015, California Resources Corp announced they would

no longer seek approval for a large oil drilling project in Carson,

California. The company planned to drill 200 wells that was to initially

employ the use of fracking. Local environmentalists had successfully

lobbied the Carson City Council to pass a 45-day moratorium on new oil

drilling in March 2014. California Resources Corp soon dropped their

plans to frack, yet environmentalists continued to oppose the operation

until it was abandoned.<a href="http://www.sourcewatch.org/index.php/California_and_fracking#cite_note-118">[118]</a><ol class="references"><li value="118" id="cite_note-118">
</li><li id="cite_note-118">
</li> <a rel="nofollow" class="external text" href="http://www.reuters.com/article/2015/01/26/california-fracking-idUSL1N0V520720150126">"California Resources Corp pulls plug on oil drilling project"</a> Rory Carroll, Reuters, January 26, 2015---</ol>
Jan 26 California Resources Corp

on Monday said it would no longer seek approval for a

large oil drilling project in Carson, California, due to low

crude prices.The plan, first proposed in 2012, included the drilling of

more than 200 new wells in the Dominguez Oil Field, located

about 20 miles (32 km) south of Los Angeles. The field is

estimated to hold 52 million barrels of oil.The company, which until late last year was part of

Occidental Petroleum, said the project was no longer

practical given current commodity prices.U.S. crude was pegged at $46.29 on Monday, down more than 50

percent since last June.

        
        <span class="first-article-divide"><p>Local environmentalists, who had successfully pushed to get

the Carson City Council to pass a 45-day moratorium on new oil

drilling in March, declared victory on Monday."Because of our efforts and much prayer we are victorious,"

said Latrice Carter, a researcher with the Carson Coalition.

        
        <span class="second-article-divide"><p>Environmentalists initially objected to the project because

it planned to use the controversial practice of hydraulic

fracturing, or fracking, to help bring the oil to the surface.Fracking consists of injecting water, sand and chemicals

deep underground at high pressure to break apart rock and

release oil and gas into a well.

        
        <span class="third-article-divide"><p>The project's backers later revised the scope of the project

to eliminate fracking after test wells showed it would not

effectively increase production. That did not deter opponents

however, who said they did not trust the company to keep its

word.A spokeswoman for California Resources Corp said the company

would retain its Southern California presence, where it employs

about 700 people. The company has said the project would have

created well-paying jobs and increased tax revenues.Californians are now watching to see whether low crude oil

prices will halt other proposed energy projects in the state,

including a number of projects aimed at expanding rail terminals

so they can offload more crude coming to the state by rail.

(Reporting by Rory Carroll; Editing by Alan Crosby)
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bs
<ul><li>California’s largest oil and natural gas producer on a gross-operated basis.</li><li>Largest privately-held mineral acreage holder in California with approximately 2.4 million net acres.</li><li>In 2015, supplied more than 2.6 billion gallons of reclaimed water for agriculture.</li></ul>
<div itemprop="articleBody">

California Resources Corporation (NYSE: CRC) is an oil and natural

gas exploration and production company operating properties exclusively

in the state of California. CRC explores for, produces, gathers,

processes and markets crude oil, natural gas and natural gas liquids.

CRC has a large portfolio of lower-risk conventional opportunities in

each of California’s four major oil and gas basins: San Joaquin, Los

Angeles, Ventura and Sacramento.

CRC is California’s largest oil and natural gas producer on a

gross-operated basis, with approximately 4,000 employees and

contractors. The company specializes in applying advanced technology to

increase production from its diverse portfolio of reserves. CRC is

committed to ensuring safety and protecting the environment everywhere

it operates. </div>
<div itemprop="articleBody">

California Resources Corporation (NYSE: CRC) is an oil and natural

gas exploration and production company operating properties exclusively

in the state of California. CRC explores for, produces, gathers,

processes and markets crude oil, natural gas and natural gas liquids.

CRC has a large portfolio of lower-risk conventional opportunities in

each of California’s four major oil and gas basins: San Joaquin, Los

Angeles, Ventura and Sacramento.

CRC is California’s largest oil and natural gas producer on a

gross-operated basis, with approximately 4,000 employees and

contractors. The company specializes in applying advanced technology to

increase production from its diverse portfolio of reserves. CRC is

committed to ensuring safety and protecting the environment everywhere

it operates. </div>
<div itemprop="articleBody">

California Resources Corporation (NYSE: CRC) is an oil and natural

gas exploration and production company operating properties exclusively

in the state of California. CRC explores for, produces, gathers,

processes and markets crude oil, natural gas and natural gas liquids.

CRC has a large portfolio of lower-risk conventional opportunities in

each of California’s four major oil and gas basins: San Joaquin, Los

Angeles, Ventura and Sacramento.

CRC is California’s largest oil and natural gas producer on a

gross-operated basis, with approximately 4,000 employees and

contractors. The company specializes in applying advanced technology to

increase production from its diverse portfolio of reserves. CRC is

committed to ensuring safety and protecting the environment everywhere

it operates. </div>
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biz

<div class="a-sum" itemprop="description">CRC has been hit by a perfect storm, but is ill-positioned to deal with this low oil price environment.High cost of production and a very elevated debt load make the situation very dire, even after recent bond swaps.I believe that investors should prepare for the worst.</div>California Resources Corp. (<a href="http://seekingalpha.com/symbol/CRC" title="California Resources Corporation">CRC</a>) has seen a terrible performance after the company has been spun off from Occidental Petroleum (<a href="http://seekingalpha.com/symbol/OXY" title="Occidental Petroleum Corporation">OXY</a>).

The elevated debt load of the business, higher cost of production and

plunge in crude prices are creating a perfect storm for the company.

While the company is taking drastic measures to address

the situation, the debt load is simply too high, even after recent bond

swaps. For this reason, I would be very cautious with the shares going

forward. The continued operational losses mean that equity investors

should be very fearful about a complete, or near 100% loss of their

investment.

California's Business

While CRC is a new business, after it has been spun-off from Occidental (NYSE:<a href="http://seekingalpha.com/symbol/OXY" title="Occidental Petroleum Corporation">OXY</a>), the reality is that the company <a href="http://www.crc.com/images/documents/IR/Financials/2015_Analyst_Day-DAY_1.pdf" rel="nofollow">has been operating</a> in the state of California since the 1950s. As a matter of fact, CRC is the largest oil producer in the state.

The company has major interests in the "Lower 48"

states, having 768 million barrels of proven reserves by the end of

The vast majority of these reserves are based on oil, making them

potentially quite valuable.

The company's largest operations are in the San Joaquin

Basin which makes up 70% of total production and a similar percentage of

total reserves. The other activities are located in the Sacramento

Basin, Ventura Basin and the Los Angeles Basin.

The trouble is that the business is suffering from a

huge debt load following the spin-off, prompting the company to cut its

2015 adjusted investment program by 80% to $440 million. This suggests

that the company will be shrinking going forwards, with maintenance

capital seen at $600-$700 million per year. While such dramatic cuts

will have an impact on future production, there is some good news. CRC's

activities have quite lower declines in terms of its production curves.buthttp://www.fool.com/investing/general/2016/03/01/shares-of-california-resources-corporation-skyrock.aspx
6 billion debt