Carbon TerraVault Provides 2025 Update

Carbon management subsidiary of California Resources Corporation highlights progress on first-of-its-kind carbon capture and storage project in California

Published on Mar. 2, 2026

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Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (CRC), provided a 2025 update on its operating and financial results. Key highlights include completing construction of carbon capture equipment at the Elk Hills Cryogenic Gas Plant for California's first carbon capture and storage (CCS) project, signing memoranda of understanding for a combined total of 6.8 million metric tons per annum (MMTPA) with major industrial and power partners, and positioning CTV as a scalable voluntary carbon capture and carbon credit platform.

Why it matters

The update from Carbon TerraVault showcases the progress being made on a first-of-its-kind CCS project in California, which is essential to helping the state achieve its ambitious climate goals. As California continues to transition towards renewable energy, innovative solutions like CCS will play a critical role in decarbonizing hard-to-abate industries and power generation.

The details

Carbon TerraVault completed construction of carbon capture equipment at the Elk Hills Cryogenic Gas Plant and is currently commissioning the facility, targeting first CO₂ injection at the nearby CTV I 26R storage reservoir in spring 2026, subject to EPA approval. The company also signed memoranda of understanding for a combined total of 6.8 MMTPA with major industrial and power partners to deliver innovative, reliable, and economically viable energy transition solutions. Additionally, CTV positioned itself as a scalable voluntary carbon capture and carbon credit platform by delivering measurable year-one emissions reductions through its partnership with the Los Angeles Rams.

  • Carbon TerraVault completed construction of carbon capture equipment at the Elk Hills Cryogenic Gas Plant in 2025.
  • Carbon TerraVault is targeting first CO₂ injection at the CTV I 26R storage reservoir in spring 2026, subject to EPA approval.
  • Carbon TerraVault signed memoranda of understanding for a combined total of 6.8 MMTPA with major industrial and power partners in 2025.

The players

Carbon TerraVault Holdings, LLC (CTV)

A carbon management subsidiary of California Resources Corporation (CRC).

California Resources Corporation (CRC)

An independent energy and carbon management company advancing the energy transition in California.

Francisco Leon

CRC's President and Chief Executive Officer.

Elk Hills Cryogenic Gas Plant

A facility where Carbon TerraVault completed construction of carbon capture equipment for California's first carbon capture and storage (CCS) project.

Los Angeles Rams

A professional football team that partnered with Carbon TerraVault to deliver measurable year-one emissions reductions through a voluntary carbon capture and carbon credit platform.

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What they’re saying

“Over the last year, Carbon TerraVault moved from concept to project execution and will soon commence first CO₂ injection at Elk Hills – a first-of-its-kind project in California. CTV continues to build upon its leading carbon management platform, prioritizing project de-risking and partner alignment to advance innovative energy solutions in California.”

— Francisco Leon, CRC's President and Chief Executive Officer (marketscreener.com)

What’s next

Carbon TerraVault has submitted a CO₂ storage application to the Environmental Protection Agency (EPA) for 27 million metric tons (MMT) and is anticipating the receipt of several draft EPA Class VI permits to CTV for CO₂ injection and storage in California, further advancing and de-risking a domestically leading carbon management platform.

The takeaway

Carbon TerraVault's progress on its first-of-its-kind CCS project in California demonstrates the company's commitment to developing innovative energy solutions that can help the state achieve its ambitious climate goals. By partnering with major industrial and power players, CTV is positioning itself as a scalable platform for carbon capture and storage, which will be crucial as California continues its transition towards a more sustainable energy future.