California Resource Corporation files for bankruptcy

Local News

BAKERSFIELD, Calif. (KGET) — The state’s largest oil company has filed for bankruptcy and it owes Kern County millions of dollars.

The California Resource Corportation filed for Chapter 11 on Tuesday. The company is trying to resolve a billion dollars in debt and interest payments. The filing says Kern County is owed $25 million.

Part of its plan involves merging ownership of a power plant in Elk Hills and its gas plant in Kern County. The CRC pays $37 million to Kern County in property taxes.

The company has been dealing with debt ever since it spun off from Occidental Petroleum in 2014, but it also has suffered from the effects from COVID-19 and the ensuing global oil price war.

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