California Resources layoffs, on the record
Every job cut, severance charge and restructuring California Resources reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 970 to approximately 2,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 970 | December 31, 2023 |
| 10-K for 2024 | approximately 1,550 | December 31, 2024 |
| 10-K for 2025 | approximately 2,500 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryUndertook initiatives to streamline operations and made organizational changes that reduced headcount by about 75 employees.
Word for word“In 2023, we undertook initiatives to streamline our operations and implemented organizational changes that resulted in a headcount reduction of approximately 75 employees.” 10-K for 2023
Our summaryRecognized a severance charge tied to the workforce reduction and reorganization, included in other operating expenses.
Word for word“As a result, we recognized a severance charge of $10 million, included in other operating expenses, net on our consolidated statement of operations.” 10-K for 2023
Our summaryExpects annualized savings from the 2023 reorganization in 2024.
Word for word“In 2024, we expect to realize annualized savings of approximately $65 million, of which $50 million relates to operating costs, $10 million relates to general and administrative expenses, with the remainder reducing exploration expense and capital.” 10-K for 2023
Our summaryOther operating expenses rose mainly due to one-time costs such as severance from the 2023 reorganization.
Word for word“The increase in 2023 was predominately a result of higher costs for CO 2 injection easements and additional costs to evaluate certain projects.” 10-K for 2023
Our summaryInitiated a workforce reduction after the Aera Merger, cutting combined headcount by 12% and recognizing a charge primarily for severance benefits.
Word for word“Following the closing of the Aera Merger, in August 2024 we initiated a workforce reduction to align the size and composition of our workforce with expected future operations and to capture synergies related to Aera Merger.” 10-K for 2024
Our summaryRecorded employee severance and related costs from the Aera-related workforce reduction, which also included a voluntary separation program for eligible employees; remaining severance is expected to be paid through 2026.
Word for word“In connection with the Aera Merger, we incurred transaction and integration costs of $ 57 million and employee severance and related costs of $ 30 million during the year ended December 31, 2024, which are included in other operating expenses, net on our consolidated statements of operations.” 10-K for 2024
Our summaryRecognized a one-time cost of special termination benefits and a curtailment gain on Aera pension and postretirement plans, with expanded eligibility for involuntary layoffs.
Word for word“Following the Aera Merger, we recognized a curtailment gain of $ 4 million and a one-time cost of special termination benefits of $ 4 million included in net periodic benefit costs for the year ended December 31, 2024.” 10-K for 2024
Our summaryAfter the Berry Merger, the company cut its workforce in a reduction in force and expects a charge, mostly severance, in the first quarter of 2026.
Word for word“In February 2026, we undertook a reduction in force following the Berry Merger that resulted in a reduction of our headcount and we expect to recognize a charge of approximately $22 million in other operating expenses, net on our condensed consolidated statement of operations for the three months ended March 31, 2026, which primarily includes severance.” 10-K for 2025
| Fiscal year ended | Severance costs |
|---|---|
| 2019-12-31 | $0 |
| 2021-12-31 | $15 million |
California Resources has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from California Resources’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-03-02. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.