CRC - California Resources plunges as court order pauses Kern County production

California Resources Corp. ( NYSE: CRC ) -9.6% in Friday's trading after disclosing a court order suspended the ability of Kern County, California, to rely on an existing environmental impact report for oil and gas permitting.

The company said if Kern County permitting remains paused during the appellate process for an extended period of time, it would reduce its rig count and capital program in 2023 and focus drilling in areas outside of the county, as well as increase workover activity.

California Resources ( CRC ) has been in litigation with the state over regulations restricting hydraulic fracturing .

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