Francisco Leon on energy
From California Resources Corp. CEO: Doubled down on California when others left · · CNBC Television
“California consumes about 9% of the oil in the US. We also pay about 40% higher prices than the rest of the country. The solution though is local production. The production that pre companies like California Resources produce in the central valley of California is the answer. It provides jobs, resiliency, lowers prices, and has a lower carbon density.”
On , Francisco Leon, Chief Executive Officer, President & Director at CALIFORNIA RESOURCES CORP, spoke about energy during California Resources Corp. CEO: Doubled down on California when others left on CNBC Television.
About Francisco Leon
Francisco Leon, CEO of California Resources Corporation (CRC), has been publicly advocating for increased local oil and natural gas production in California as a solution to high energy costs and reliance on imports. In interviews, he stated that California consumes about 9% of U.S. oil while paying roughly 40% higher prices than the rest of the country, and he argued that local production provides jobs, lowers prices, and has a lower carbon density. Leon noted that the company has not received a new permit to drill a well since the end of 2022, and he said that reducing in-state supply leads to greater dependence on foreign oil, which he described as exporting jobs and emissions. Leon has also highlighted CRC's carbon capture and storage projects as a key part of its business strategy. He said the company broke ground on a carbon capture facility and plans to begin injecting CO2 in early 2025, aiming to decarbonize industries such as cement and data centers. He mentioned a partnership with Brookfield to bring capital into the state and a deal to sell carbon credits to the LA Rams and the NFL. Leon described CRC as a "different kind of energy company" that balances traditional oil and gas with clean energy, and he expressed support for California's climate goals while emphasizing the need for market-based solutions and regulatory improvements to accelerate infrastructure projects.