CRC News & Events

Carbon TerraVault Holdings provided a 2025 update on its operating and financial results. 2025 Highlights Completed construction of carbon capture equipment at the Elk Hills Cryogenic Gas Plant for California's first carbon capture and storage project; Currently commissioning the facility and targeting first CO2 injection at the nearby CTV I 26R storage reservoir in spring 2026, subject to EPA approval Signed memoranda of understanding for a combined total of 6.8 million metric tons per annum with major industrial and power partners to deliver innovative, reliable, and economically viable energy transition solutions Positioned Carbon TerraVault as a scalable voluntary carbon capture and carbon credit platform by delivering measurable year-one emissions reductions through its partnership with the Los Angeles Rams Engaged in multiple customer discussions to supply power from the Elk Hills Power Plant, including pathways to integrate CTV's carbon dioxide storage reservoirs and CRC's power partner ecosystem to deliver a scaled, decarbonized energy solution 2026 Outlook and Highlights Submitted a CO2 storage application to the Environmental Protection Agency for 27 million metric tons; total CO2 storage capacity submitted to Environmental Protection Agency for review is now 352 MMT Anticipating the receipt of several draft EPA Class VI permits to CTV for CO2 injection and storage in California, further advancing and de-risking a domestically leading carbon management platform Expecting 2026 capital investments of $12 - $20 million.

Reports Q4 revenue $924M, consensus $789.83M. "CRC delivered a landmark year in 2025, driven by strong financial performance, robust cash flow generation, and disciplined execution, while returning substantial cash to shareholders," said Francisco Leon, CRC's President and Chief Executive Officer. "Our teams made meaningful progress improving reservoir management across our high-quality, low-decline conventional asset base and advancing several strategic initiatives that strengthen the company's long-term foundation. Our 2026 priorities are clear: safely and efficiently operate our core businesses, deliver on the synergies from the Berry merger, and continue to advance high-return opportunities across our portfolio while maintaining financial discipline. With a resilient asset base and a strong hedge position, CRC is well positioned to manage near-term volatility and generate strong cash flows from which to enhance shareholder returns."

The company said, "CRC is receiving new drilling permits and currently holds the majority of permits necessary to undertake its 2026 capital program Targeting approximately 12% year-over-year production growth, averaging 152-157 MBoe/d, supported by four operated drilling rigs Capital investments expected to range between $430-$470 million, including $280-$300 million for drilling, completions, and workovers, and $12-$20 million for carbon management initiatives Expect to realize $80-$90 million of Berry merger-related synergies within 12 months of closing, including $35 to $40 million in general and administrative expenses, $25 to $30 million in operating costs and $20 million in financing costs Targeting first CO2 injection at its CCS project at the Elk Hills cryogenic gas plant in spring 2026, subject to commissioning and final regulatory approval. See Carbon TerraVault's 2025 Press Release for additional information"