SANTA CLARITA: California Resources Corporation announced the appointment of Mark A. McFarland (Mac) as the Company’s permanent President and Chief Executive Officer, effective immediately.
Mr. McFarland has served on the Company’s board since its emergence from bankruptcy in October 2020, as its Executive Chairman from November 2020 through December 31, 2020 and as its Chairman of the Board and interim Chief Executive Officer since December 31, 2020.
James N. Chapman, lead independent director, said, “In his role as interim CEO, Mac has been instrumental in repositioning the Company post its bankruptcy exit, including the recent successful high yield financing. In addition, Mac is stewarding ongoing efforts to reduce costs and optimize the operating portfolio with the core objective for CRC to become a lean and efficient operator producing robust cash flow.
The Board of Directors is excited about the Company’s future under Mac’s leadership with a strong asset base, talented workforce and firm commitment to our ESG efforts.”
California Resources Corporation is an independent oil and natural gas exploration and production company, 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. www.crc.com