Carbon TerraVault prepares for first CO2 injection at California's first carbon capture and storage project in Q1 2026.

Carbon TerraVault, a subsidiary of California Resources Corporation, announced progress in its first quarter 2026 update, highlighting preparations for the first CO2 injection at California's inaugural carbon capture and storage (CCS) project at Elk Hills. This milestone positions CRC as one of the few U.S. oil and gas companies using EPA-permitted Class VI wells for CO2 storage, supported by federal and state partnerships. The project aims to demonstrate safe, scalable carbon storage, advancing California's decarbonization efforts. Financially, Carbon TerraVault reported adjusted EBITDAX losses narrowing from the previous quarter and expects additional EPA permits in 2026 while engaging customers for integrated decarbonized energy solutions.