California Resources’ Carbon TerraVault provides 2024 update

Carbon TerraVault provided a 2024 update and announced the signing of a Memorandum of Understanding to help achieve California’s first net zero cement facility in partnership with National Cement Company of California. “Our team has made significant strides to expand Carbon TerraVault’s leadership in carbon management through key regulatory approvals, new carbon management agreements and strategic partnerships to accelerate decarbonization in California,” said Francisco Leon, CRC‘s CEO. “Receiving California’s first Class VI well permits from the EPA advances our mission to provide scalable carbon storage solutions. Additionally, our new memorandum of understanding with National Cement to establish the state’s first net zero cement facility underscores our commitment to help hard-to-abate sectors transition to a low-carbon future. With a CCS project pipeline approaching 9 million metric tons per year and new partnerships advancing subsurface energy storage, CTV is a national leader in carbon management. In 2025, we are focused on executing our first CCS project at Elk Hills and driving impactful solutions for industrial decarbonization.” 2024 Highlights: Received EPA Class VI well permits for carbon dioxide storage in the CTV I – 26R reservoir and Kern County approval for the CTV I project; Expanded CO2 storage portfolio by 70%, adding 134 million metric tons in Class VI permit applications; total CO2 storage capacity submitted to Environmental Protection Agency for review is now 325 MMT; Signed 5.4 million metric tons per annum of CO2 management agreements and MOUs with major industrial partners to deliver innovative, reliable, and economically viable energy transition solutions in California; Awarded $12 million in funding and selected for an additional $35 million from the U.S. Department of Energy to support decarbonization projects across California in partnership with various institutions; Developed new partnerships for subsurface energy storage and geothermal power in California; Launched CTV I Elk Hills Community Benefits Plan and became the LA Rams’ official carbon management partner; Successfully integrated Aera’s carbon management assets and teams into CTV; 2025 Outlook and Highlights: Construction of California’s first carbon capture and storage project at CRC’s Elk Hills cryogenic gas plant is planned to commence in the second quarter of 2025 and first CO2 injection anticipated by year-end; Signed MOU with National Cement for “Lebec Net Zero”, a first-of-its-kind initiative to produce carbon-neutral cement utilizing CTV’s transportation and sequestration solutions for up to 1 MMTPA of CO2 emissions. See Carbon TerraVault and National Cement Sign MOU for California’s First Net Zero Cement Facility for additional information; CTV’s total CO2 emissions from CCS projects under consideration now stands at nearly 9 MMTPA; Expected 2025 capital investments of $20 – $35 million with $14 – $18 million for the CCS project at CRC’s Elk Hills cryogenic gas plant