California appellate court voids Kern County EIR; CRC halts new well permits, plans one-rig 2024 program

California Resources Corp

On March 7, 2024, California appellate court found deficiencies in Kern County EIR and enjoined its use for oil/gas permit approvals.
If unable to obtain new well permits in 2024, CRC plans one-rig program with $200M-$240M capital; expects 5%-7% production decline.
Pending Aera merger excluded from decline estimate; CRC assessing next steps and timelines.

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