Project Aims to Sequester 150,000 Metric Tons of CO2 Per Annum by 2027

LONG BEACH, CALIFORNIA – November 1, 2023 – California Resources Corporation (NYSE: CRC) today announced Carbon TerraVault JV HoldCo, LLC (CTV JV) has entered into a storage only Carbon Dioxide Management Agreement (CDMA) with NLC Energy LLC (NLCE), a company that designs, builds, owns, and operates renewable natural gas (RNG) facilities that convert organic waste into useful commodities like clean energy, organic nutrients, clean water, organic liquid carbon dioxide, and dry ice, to sequester a minimum of 150,000 metric tons per year (MTPA) of carbon dioxide (CO2) at the CTV I reservoir.

The CDMA expects NLCE will build a new waste to energy production facility at CTV Clean Energy Park at Elk Hills. This new facility is expected to produce up to 7,000 million British thermal units (MMBtu) per day of RNG from biomass and other agricultural waste feedstock to provide decarbonized energy to other companies’ green technology facilities located at the Net Zero Park, and sell into the California market, further  educing the carbon intensity of the state’s hard-to-abate sectors.

“This project highlights the value proposition of our CTV Clean Energy Park and its important role within Carbon TerraVault’s strategy,” said Francisco Leon, CRC’s President and Chief Executive Officer. “We welcome NLCE as a trusted partner in developing and furthering California’s decarbonization efforts and supporting Kern county’s ambitions to become the leading carbon sequestration area in the state.”

“Low-carbon, renewable natural gas replaces higher-carbon fuels that are used in transportation, utilities, and manufacturing,” said Bruce S. MacDonald, NLCE’s Founder and President. “Our clients and partners are continuing to make efforts to meet net-zero carbon emission objectives, and this exciting agreement with CTV opens a new set of growth opportunities for NLCE in California and helps decarbonize California’s essential industries.”

Highlights of the NLCE CDMA Include:
 The facility will be designed and constructed by NLCE to produce up to 7,000 MMBtu per day of RNG for use by industrial projects at CTV Clean Energy Park. A minimum of 150,000 MTPA of associated CO2 is expected to be permanently sequestered at CTV I
 Project Final Investment Decision (FID) is targeted for late 2024, with operations expected to begin by 2027
 The CDMA also provides NLCE with a lease for 60 acres at CTV Clean Energy Park to construct its facility
 CTV JV will provide in-field transportation and a permanent CO2 sequestration site at CTV I in exchange for an injection fee on a per metric ton basis that fits within the previously disclosed economic type-curve for projects that require a storage-only solution
 The project’s location within CTV Clean Energy Park will eliminate the need for long haul CO2 transportation and reduce certain midstream capital requirements
 CTV JV and NLCE are discussing CRC’s potential financial participation in the RNG facility
 The CDMA frames the contractual terms between parties by outlining the material economics and terms of the project and includes conditions precedent to close. The CDMA provides a path for the parties to reach final definitive documents and FID

About Carbon TerraVault Joint Venture
Carbon TerraVault Joint Venture (CTV JV) is a carbon management partnership focused on carbon capture and sequestration development, and was formed between Carbon TerraVault, a subsidiary of CRC, and Brookfield Renewable. The CTV JV develops both infrastructure and storage assets required for CCS development in California. CRC owns 51% of the CTV JV with Brookfield Renewable owning the remaining 49% interest.

About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC has some of the lowest carbon intensity production in the US and it is focused on maximizing the value of its land, mineral and technical resources for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit

About NLC Energy LLC
NLC Energy (NLCE) is a leading waste-to-energy provider, which owns and operates renewable natural gas facilities. Methane is captured and harvested from organic waste to produce energy, as well as renewably sourced, food-grade dry ice, and beverage-grade liquid CO2. NLC Energy has the ability to process both manure and food waste as feedstocks, and has a track record of safe and reliable production. A seasoned team includes experts in bio engineering, anaerobic digester technology, and advanced control systems. This team is committed to creating durable environmental solutions, and has developed new technologies that are already shaping the future of renewable natural gas production. To learn more about NLC Energy, visit