California Resources Corp. (CRC) operates exploration and production fields. Common shares are listed on the NYSE (CRC) exchange. Associated Oil discovered the Elk Hills field in 1911 and designated as a Naval petroleum reserve in 1912. The reserve was sold to Occidental Petroleum (Oxy) in 1997. Oxy spun off California Resources in 2014. CRC filed for Chapter 11 bankruptcy in July 2020 and emerged in October 2020. In December 2020, president and CEO Todd Stevens left the company. Mark MacFarland was appointed CEO in March 2021 after serving as interim CEO.