California Resources Corporation Announces Functional Realignment and Streamlining of Leadership Team
21 Janeiro 2021 - 6:30PM
Business Wire
California Resources Corporation (NYSE: CRC) (the “Company”)
announced today that it is reducing the size of its leadership team
and realigning several functions as it focuses on efficiency and
cost reductions. The Company is eliminating leadership positions in
the areas of public affairs, exploration and development, investor
relations and finance, and implementing the following functional
realignment: (1) reporting to Mac McFarland (interim CEO) will be
Francisco Leon (Chief Financial Officer), Mike Preston (Chief
Administrative Officer and General Counsel), Shawn Kerns (Executive
Vice President, Operations and Engineering), and Carlos Contreras
(Senior Vice President, Commercial); (2) Mr. Leon’s functional
responsibilities will include finance and planning, reserves,
business development, investor relations and supply chain; (3) Mr.
Preston will have responsibility for legal, IT, human resources and
government and external affairs; (4) Mr. Kerns will have
responsibility for all aspects of operations and development; and
(5) Mr. Contreras will lead the marketing function. These
organizational changes, when fully implemented, are expected to
reduce the Company’s run rate costs by approximately $8 million per
year (representing a 22% reduction in senior leadership team
costs)1 and result in one-time charges of approximately $5
million.
Mr. McFarland said: “This streamlined leadership team is the
first step in better positioning the Company to focus on
implementing additional cost reductions, maintaining our capital
discipline and asset rationalization through our full-scale
Business Review. We will continue to maintain our focus on safe and
environmentally responsible operations as we implement changes to
the Company’s organization and strategic direction.”
Investor Presentation
Available
The Company today posted an updated investor presentation to the
Investor Relations page of its website at www.crc.com.
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 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 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.
1 Calculations based on 2020 run rate at target. “Senior
leadership team” consists of Vice Presidents and more senior
positions, including the CEO position.
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version on businesswire.com: https://www.businesswire.com/news/home/20210121005939/en/
Joanna Park (Investor Relations) (818) 661-3731
Joanna.Park@crc.com
Margita Thompson (Media) (818) 661-6015
Margita.Thompson@crc.com
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