News

California Resources Corporation Announces Executive Transition and Retirement

Category:

Tuesday, February 16, 2016 5:30 am PST

Dateline:

LOS ANGELES

Public Company Information:

NYSE:
CRC
"I have served in an executive chairman capacity to facilitate California Resources Corporation’s transition to a stand-alone company following the company’s spin-off in 2014"

LOS ANGELES--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) today announced that William Albrecht will transition from Executive Chairman to Non-Executive Chairman at the time of CRC’s annual stockholder meeting in May 2016.

“I have served in an executive chairman capacity to facilitate California Resources Corporation’s transition to a stand-alone company following the company’s spin-off in 2014,” said Mr. Albrecht. “Todd Stevens and CRC’s management team have demonstrated excellent foresight and decisive judgment during a challenging first year. I am fully confident that Todd and the senior management team will continue to effectively guide the Company going forward. The Board and I believe that it is appropriate, and a reflection of CRC’s commitment to strong corporate governance, that I move to a non-executive chairman role.”

CRC also announced that after 16 years of service to CRC and its predecessors, Frank Komin, Executive Vice President – Southern Operations, has elected to retire. Mr. Komin has over 37 years of oil and gas industry service and currently leads our production operations in the Los Angeles and Ventura basins. Todd Stevens, President and CEO, said “I would personally like to thank Frank for deferring his retirement to help us launch CRC. With his effective leadership and extensive experience, Frank has made a very significant contribution to our organization and to the communities where we operate and we are grateful for his leadership.”

Robert Barnes, Executive Vice President, who currently leads CRC’s Northern Operations in the San Joaquin and Sacramento basins will oversee statewide operations upon Frank’s retirement.

About California Resources Corporation

California Resources Corporation is the largest oil and natural gas exploration and production company in California on a gross-operated basis. The Company operates its world class resource base exclusively within the State of California, applying integrated infrastructure to gather, process and market its production. Using advanced technology, California Resources Corporation focuses on safely and responsibly supplying affordable energy for California by Californians.

Contact:

California Resources Corporation
Scott Espenshade (Investor Relations)
818 661-6010
Scott.Espenshade@crc.com
or
Margita Thompson (Media)
818 661-6005
Margita.Thompson@crc.com