California News Pulse May 2020

Posted: June 19, 2020

California | April 2020

Field Overview

California, with both onshore and offshore oil production, has been supplying the U.S. with petroleum products since the 19th century. Operations are primarily focused around Kern County, the LA Basin, and the San Joaquin Valley, with the Midway-Sunset oil field in Kern County being the state’s largest.

State Drilling Statistics
Total Rigs in California- 4
Total Rigs in United States- 301
Total U.S. Rigs down 69% YTD

Financial & Economic Updates

Largest Public Educational System to Divest From Oil and Gas

The University of California has fully completed fossil fuel divestment, fully removing it from the $126 billion investment portfolio. With 285,000 students, UC has become the largest educational system in the United States to remove its investments from fossil fuels in favor of renewable energy. The chair of the UC Board of Regents’ investments committee said, “As long-term investors, we believe the university and its stakeholders are much better served by investing in promising opportunities in the alternative energy field rather than gambling on oil and gas.” The group has moved more than $1 billion in fossil fuel into renewable energy and continues to put more into other clean energy projects.

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State Highlights

California Government Wastes Billions Provided by Oil and Gas and Asks for More

California cities have initiated climate suits against the big oil companies operating within their state. These lawsuits claim that Big Oil create a public nuisance and should pay for the damage from climate change and help build sea walls and other infrastructure that could cost tens of billions. San Francisco Attorney Dennis Herrera said, “It is time for these companies to pay their fair share. They should not be able to stick taxpayers with the bill for the damage they knew they were causing.” In 2019, oil and gas contributed over $40 billion in state, sales, and property taxes alone.

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California Oil Production

California Gas Production

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