California Resources Corporation and Middle River Power to Advance Decarbonized Power Solutions in California

LONG BEACH, Calif., Dec. 16, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) and its carbon management business, Carbon TerraVault (CTV), today announced a Memorandum of Understanding¹ (MOU) with Middle River Power, LLC (MRP), an independent power producer and asset management company, to provide carbon transportation and sequestration services for MRP power facilities in California. Importantly, this is CRC’s first MOU to provide carbon management services for a brownfield power facility located in Northern California.

Strategic Alliance Highlights

• CTV and MRP plan to jointly evaluate and develop carbon capture and sequestration (CCS) solutions, with an initial focus on two MRP power facilities: the 850 megawatt (MW) High Desert plant (Victorville, CA) and the 330 MW San Joaquin Energy Center (Tracy, CA). These facilities produce up to 2.1 million metric tons per annum (MMTPA) and 0.65 MMTPA of carbon dioxide (CO2) emissions, respectively.

• CTV to serve as the exclusive CO2 transportation and sequestration services provider for the foregoing MRP power facilities in California.

• MRP to ensure the safe and reliable operation of the power and CO2 capture facilities, leveraging its track record of delivering innovative, optimized power solutions to support energy transition goals.

• CRC and MRP plan to explore other decarbonized power solutions supporting California’s broader decarbonization goals.

Francisco Leon, CRC’s President and Chief Executive Officer, commented: “We continue to demonstrate the scalability and viability of our Power-to CCS solution. This marks our third MOU with a brownfield power producer and highlights growing momentum across the power sector seeking practical and economically feasible decarbonization solutions in California. With recent legislative support for carbon transport and storage, CTV is well positioned - with the assets, infrastructure, and people - to help our partners meet their sustainability and reliability goals.”

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Mark Kubow, Chief Executive Officer, Middle River Power, said: “At Middle River Power, we are committed to unlocking innovative pathways to cleaner, more reliable energy in California. This MOU with California Resources Corporation marks a strategic step forward in decarbonizing our existing generation infrastructure and helping the state achieve its ambitious climate and reliability goals.”

¹ An MOU is a non-binding agreement. The projects and transactions described in an MOU are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals.

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

About Carbon TerraVault

Carbon TerraVault (CTV), CRC’s carbon management business, is developing services to capture, transport and permanently store CO2 for its customers. CTV is engaged in a series of proposed CCS projects to inject CO2 captured from industrial sources into depleted reservoirs deep underground for permanent sequestration. For more information, visit carbonterravault.com.

About MRP

Middle River Power (MRP) is an independent power producer and asset management company focused on finding creative solutions that accelerate the energy transition. MRP’s strategy combines new technologies and resources with under-utilized legacy generation assets, delivering cleaner, more reliable, and cost-efficient resources, faster than any standalone development. With a specialty in repositioning existing, safe, critical resources with co-located and hybrid development projects, MRP delivers clean, reliable energy solutions to its customers and communities. In 2025, MRP was acquired by Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients. For more information, visit www.middleriverpower.com.