California Resources Corporation’s Francisco Leon Discusses California’s Energy Landscape and the Need for Local Production

August 11, 2026

Washington, D.C. – The American Exploration & Production Council (AXPC) today released a new episode of the Longer Laterals Podcast featuring Francisco Leon, President and CEO of California Resources Corporation (CRC). The episode explores California’s evolving energy legacy and CRC’s role in producing local energy and developing carbon management projects, both essential to the state’s affordability, security and climate goals.

California imports about 75% of its oil, with about 60% coming from foreign countries – a lot of it from the Middle East. Leon says the industry used to have hypothetical conversations with political leadership about the growing concerns around imports versus the stability of local production, but that hypothetical has become the reality.

“It’s happening live with the conflict overseas,” Leon said. “The decision to be an import state brings a lot of risk, and you’re suspectable to price shocks, shipping disruptions and whatever is happening geopolitically in other parts of the world. And it’s not just that it’s costlier – it is. It’s not just that it’s dirtier – it also is. But it’s a very fragile system of global supply chains.”

There is tremendous opportunity in the California market, as well, Leon adds.

“Something that’s surprising is the strength of the California market combined with some of the best rock in the U.S. [We have] a massive oil and gas resource with the strongest economy, that’s the makings of a very durable foundation for an energy business,” he adds.

And while the state seeks to lead on a low carbon economy, oil and natural gas isn’t going anywhere anytime soon. The state’s “economy, transportation system, and national security still much very run on fuel.”

“By the states own projections, we’re going to need about 330 million barrels of oil in California in the year 2035,” Leon said. “That oil should come from California.”

The episode also explored CRC’s carbon management project, Carbon TerraVault, which just achieved its first landmark CO₂ injection at Carbon TerraVault I (CTV I), a first-of-its-kind carbon capture and storage (CCS) project in California.

About Longer Laterals  

Hosted by Anne Bradbury, Longer Laterals takes you beyond the headlines to explore the driving forces shaping U.S. oil and natural gas today. Each episode, Anne sits down with the key energy players to unpack the policies, challenges, and opportunities that impact jobs, communities, and America’s role as a global energy leader.   

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