California Resources Corporation Announces CEO Departure
21 Dezembro 2020 - 06:15PM
Business Wire
California Resources Corporation (NYSE: CRC) (the “Company”)
announced today that Todd A. Stevens, President and Chief Executive
Officer, will be leaving the Company on December 31. Mark A.
(“Mac”) McFarland, the Company’s Executive Chairman, will serve as
interim Chief Executive Officer and James N. Chapman will serve as
Lead Independent Director. The Board of Directors will launch a
search process for the Company’s next CEO.
Mr. McFarland said, “Todd has led this organization through a
very challenging period of time in our industry and the Company’s
new board is thankful for his service and dedication. Looking
forward, we will continue to focus on providing affordable energy
in a safe and environmentally responsible manner and will engage
proactively with our employees, regulators and stakeholders. In
addition to our CEO search, we have initiated a full-scale business
review and strategic repositioning effort with specific emphasis on
cost reductions, capital discipline and asset rationalization to
create value for our shareholders.”
Mr. Stevens said, “It has been an honor to work with the men and
women of CRC over the last 6+ years. I want to express my deepest
gratitude to them and wish them and the Company all the best in the
future.”
Forward-Looking Statement
Disclosure
All statements, except for statements of historical fact, made
in this release regarding activities, events or developments the
Company expects, believes or anticipates will or may occur in the
future, are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
forward-looking statements speak only as of the date of this
release. Although the Company believes that the plans, intentions
and expectations reflected in or suggested by the forward-looking
statements are reasonable, there is no assurance that these plans,
intentions or expectations will be achieved. Therefore, actual
outcomes and results could materially differ from what is
expressed, implied or forecast in such statements. Except as
required by law, the Company expressly disclaims any obligation to
and does not intend to publicly update or revise any
forward-looking statements.
The Company cautions you that these forward-looking statements
are subject to all of the risks and uncertainties incident to the
Company’s business, most of which are difficult to predict and many
of which are beyond the Company’s control. These risks include, but
are not limited to, the risks described under the heading “Risk
Factors” in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2019 and its subsequently filed Quarterly
Reports on Form 10-Q.
About California Resources
Corporation
California Resources Corporation is the largest oil and natural
gas exploration and production company in California. The Company
operates its world-class resource base exclusively within the State
of California, applying complementary and integrated infrastructure
to gather, process and market its production. Using advanced
technology, the Company focuses on safely and responsibly supplying
affordable energy for California by Californians.
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Scott Espenshade (Investor Relations) (818) 661-6010
Scott.Espenshade@crc.com
Margita Thompson (Media) (818) 661-6005
Margita.Thompson@crc.com
California Resources (NYSE:CRC)
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