California Resources (NYSE: CRC) outlines 2024 U.S. royalties and income tax payments

Rhea-AI Filing Summary

California Resources Corporation filed a specialized disclosure report detailing payments to the U.S. federal government tied to its oil and gas operations for the fiscal year ended December 31, 2024. The company reports that all such payments related to the commercial development of oil, natural gas, and natural gas liquids in California, with no payments made to any foreign government during the period.

In its Resource Extraction Payment Report, California Resources Corporation discloses that it paid $16,244 thousand in royalties and $72,300 thousand in U.S. federal income taxes. Royalties were associated with onshore California projects producing oil, natural gas, and NGLs through wells, while income taxes are reported at the corporate level rather than allocated to individual projects or segments.

FAQ

What does California Resources Corporation (CRC) disclose in this Form SD?

California Resources Corporation provides a Resource Extraction Payment Report for the fiscal year ended December 31, 2024, detailing payments to the U.S. federal government related to the commercial development of oil, natural gas, and NGLs in California.

How much did CRC pay in royalties to the U.S. federal government in 2024?

The company reports paying $16,244 thousand in royalties to the U.S. federal government for onshore California projects producing oil, natural gas, and NGLs.

How much U.S. federal income tax did CRC pay for 2024?

California Resources Corporation discloses $72,300 thousand of U.S. federal income taxes, presented at the corporate level rather than on a per-project basis.

Did CRC make any payments to foreign governments in 2024?

No. The company states that no payments were made to any foreign government during the fiscal year ended December 31, 2024, in connection with the commercial development of oil, natural gas, or minerals.

Which segment of CRC’s business made the disclosed payments other than income taxes?

All payments other than U.S. federal income taxes were made by the company’s oil and natural gas segment and were paid in U.S. dollars.

What projects and resources are covered by the royalty payments disclosed by CRC?

The royalty payments relate to onshore California projects involving oil, natural gas, and natural gas liquids (NGLs), extracted through wells.

Where can investors find the detailed payment information for CRC’s resource extraction activities?

The detailed payment information is contained in Exhibit 2.01 – Resource Extraction Payment Report, which is embedded within the Inline XBRL document accompanying the Form SD.

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Accepted by SEC EDGAR 09/19/2025 - 06:07 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM SD

SPECIALIZED DISCLOSURE REPORT

_____________________

California Resources Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware			001-36478			46-5670947
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)
1 World Trade Center, Suite 1500
Long Beach, California						90831
(Address of Principal Executive Offices)						(Zip Code)

Michael L. Preston

Executive Vice President, Chief Strategy Officer and General Counsel

(888) 848-4754

(Name and telephone number, including area code, of the person to contact in connection with this report.)

_____________________

Check the appropriate box to indicate the rule pursuant to which this Form is being submitted, and provide the period to which the information in this Form applies:

☐    Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from: January 1 to December 31, 2024.

☑    Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31,

2024.

Section 2 — Resource Extraction Issuer Disclosure

Item 2.01    Resource Extraction Issuer Disclosure and Report

Disclosure of Payments by Resource Extraction Issuers

California Resources Corporation (the “Company”) is reporting payments made by the Company, its subsidiaries and entities under the Company’s control to the United States Federal Government related to the commercial development of oil, natural gas or minerals during the fiscal year ended December 31, 2024. No such payments were made to any foreign government during the period covered by this report. The specified payment disclosure required by this Form SD is included in Exhibit 2.01 to this Form SD.

Section 3 – Exhibits

Item 3.01    Exhibits

The following exhibit is furnished as part of this report.

Exhibit No.						Description
2.01						Resource Extraction Payment Report as required by Item 2.01 of this Form (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.

California Resources Corporation
/s/ Michael L. Preston									September 19, 2025
Name:			Michael L. Preston						(Date)
Title:			Executive Vice President, Chief Strategy Officer and General Counsel

Exhibit 2.01

Resources Extraction Payment Report

During the fiscal year ended December 31, 2024, California Resources Corporation (the “Company”) made payments to the United States Federal Government for royalties and income taxes related to the commercial development of its oil, natural gas, and natural gas liquids (“NGLs”) in California. No payments were made to foreign governments. U.S. Federal Income Taxes are not allocated to our business segments. All other payments were made by the Company’s oil and natural gas segment and were paid in U.S. dollars. The table below summarizes the payments made by the Company in accordance with Rule 13q-1 of the Securities Exchange Act.

Payment Type

Payment Amount (in thousands)

Project

Resource

Method of Extraction

Royalties

$

16,244

Onshore California

Oil, Natural Gas, and NGLs

Well

U.S. Federal Income Taxes

$

72,300

(1)

N/A

N/A

(1)The U.S. federal government levies income taxes at the California Resources Corporation level rather than on a per project basis. Income tax payment information in the table above is presented at the California Resources Corporation level.