This company's California dreaming is about oil riches. California Resources is an independent oil and gas exploration and production company with interests in four (all in California) of the 12 largest fields in the lower 48 US states (based on reserves). It is the largest producer in California on a gross operated basis and the company believes that it has the largest privately-held mineral acreage position in the state (2.3 million net acres spanning the state's four major oil and gas basins). In 2013 the company reported proved reserves of 744 million barrels of oil equivalent. California Resources was spun off from Occidental Petroleum in 2014. Occidental retained a 20% stake in the company.