CRC Business definition

CRC Business means (a) the exploration for and development and production of crude oil and condensate, NGL and natural gas in the State of California and in state waters offshore California, including all California operations of OPC’s Oil and Gas Segment, operated mainly through OXY Long Beach and California Resources Elk Hills, California Production, and the California operations of OXY USA, and the gathering and processing of such crude oil, condensate, NGL and natural gas, (b) the ownership interest in and operation of three gas-fired combined cycle power plants at Elk Hills Field in California and THUMS in California, (c) the marketing and trading of crude oil and condensate, NGL, natural gas, water, steam and electricity produced in the operations set forth in clause (a) and (b) of this definition, and (d) the abandonment, monitoring and remediation of oil and gas properties and operations utilized therein. For the avoidance of doubt, the “CRC Business” shall not include (i) the existing third-party crude oil and gas marketing business of OPC and its subsidiaries’ non-California midstream and marketing segment, which participates in various U.S. markets, including California, and (ii) the office building located at ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, which is owned by Oxy Westwood Corporation, a California corporation that is a subsidiary of Sub 1.
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CRC Business has the meaning set forth in the Separation Agreement.
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CRC Business means (a) the exploration for and development and production of crude oil and condensate, NGL and natural gas in the State of California and in state and federal waters offshore California, including all California operations of OPC’s Oil and Gas Segment including those operated through California Resources Long Beach and CREH, CRPC, and the California operations of OXY USA, and the gathering and processing of such crude oil, condensate, NGL and natural gas, (b) the ownership interest in and/or operation of three natural gas-fired cogeneration power plants at Elk Hills Field in California and THUMS in California, (c) the marketing and trading of crude oil and condensate, NGL, natural gas, water, steam and electricity produced in the operations set forth in clause (a) and (b) of this definition, and (d) the abandonment, monitoring and remediation of oil and gas properties and operations utilized therein. For the avoidance of doubt, the “CRC Business” shall not include (i) the existing Third-Party natural gas marketing business of OPC and its Subsidiaries’ non-California midstream and marketing segment, which participates in various U.S. markets, including California, and (ii) the office building located at 10889 Wilshire Boulevard, Los Angeles, CA 90024, which is owned by Oxy Westwood Corporation, a California corporation that is a subsidiary of OXY USA.
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Examples of CRC Business in a sentence

  • The board of directors of OPC has determined that it is in the best interests of OPC and its stockholders to create a new publicly traded company that shall operate the CRC Business.

  • CRC acknowledges that in the course of conduct of the CRC Business, OPC and members of the OPC Group may have entered into various arrangements in which guarantees, bonds, letters of credit or similar arrangements were issued or arranged by OPC or members of the OPC Group to support or facilitate the CRC Business.

  • The CRC Business Manager will provide oversight of the in-country fiscal and administrative team, and the CRC grants specialist will coordinate with the in-country team on managing cash flow and advances.

  • Membership of the Committee is: ▇▇ ▇▇▇▇▇▇ Alla, Chairman, Australian Water Services Pty Ltd Prof ▇▇▇ ▇▇▇▇▇, RMIT Dr ▇▇▇▇ Chiffings, Australian Water Technologies Pty Ltd Dr ▇▇▇▇ ▇▇▇▇▇▇, Orica Australia Pty Ltd ▇▇ ▇▇▇▇▇ ▇▇▇▇▇, United Water International Pty Ltd ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇, CRC Director ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, CRC Deputy Director ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, CRC Business Manager CENTRE MA ▇▇▇▇▇ ENT Figure 1 shows the management structure of the Centre.

  • Local administrative and fiscal support staff will be contracted in-country during the start-up phase and will be trained and backstopped by a CRC/URI administrative team lead by ▇▇▇▇▇ ▇▇▇▇▇▇, CRC Business Manager.

  • On February 14, 2014, the board of directors of OPC (the “OPC Board”) approved the spin-off of the CRC Business as a separate publicly traded company.

  • Sellers shall use their best efforts to continue to carry on the CRC Business, the LPPC Business and the CRCWA Business in the ordinary course and substantially in accordance with past practice and will not take any action inconsistent therewith or with the consummation of the closing of this Agreement.

  • CRC is engaged in the business of providing trust deed foreclosure and reconveyance services to mortgage lenders on loans secured by real property located primarily in California (the "CRC Business").

  • The OPC Board has determined that the spin-off of the CRC Business is in the best interests of OPC, CRC and the OPC shareholders.


More Definitions of CRC Business

CRC Business means (a) the exploration for and development and production of crude oil and condensate, NGL and natural gas in the State of California and in state waters offshore California, including all California operations of OPC’s Oil and Gas Segment, operated mainly through OXY Long Beach and Occidental of Elk Hills, Vintage Production, and the California operations of OXY USA, and the gathering and processing of such crude oil, condensate, NGL and natural gas, (b) the ownership interest in and operation of three gas-fired combined cycle power plants at Elk Hills Field in California and THUMS in California, (c) the marketing and trading of crude oil and condensate, NGL, natural gas, water, steam and electricity produced in the operations set forth in clause (a) and (b) of this definition, and (d) the abandonment, monitoring and remediation of oil and gas properties and operations utilized therein. For the avoidance of doubt, the “CRC Business” shall not include the existing third-party crude oil and gas marketing business of OPC and its subsidiaries’ non-California midstream and marketing segment, which participates in various U.S. markets, including California.
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