SCHEDULE 13G/A: Key Investors Disclose Significant Stake in California Resources Corp via Schedule 13G Amendment

An amendment to Schedule 13G reveals that Solar Projects LLC, Solar Trust No. 2, Comeg Trust LLC, Comeg Trust, and Daniel Scott Gimbel collectively hold a significant beneficial ownership stake in California Resources Corp.

Summary

• Solar Projects LLC and Solar Trust No. 2 each beneficially own 6,148,821 shares of California Resources Corp Common Stock, representing approximately 6.73% of the outstanding class.
• Comeg Trust LLC and Comeg Trust each beneficially own 91,044 shares of Common Stock, representing approximately 0.1% of the outstanding class.
• Daniel Scott Gimbel, through a combination of sole and shared voting/dispositive power, beneficially owns an aggregate of 6,246,865 shares, equating to approximately 6.84% of the outstanding Common Stock.
• Mr. Gimbel's ownership includes 7,000 shares held in his individual retirement account, and shared control over the shares held by Solar Projects LLC and Comeg Trust LLC.
• The percentages are calculated based on 91,372,953 shares of Common Stock outstanding as of December 6, 2024, as reported in the Issuer's Prospectus Supplement.
• The filing is an Amendment No. 6 to the Schedule 13G, indicating previous disclosures by these reporting persons.

Sentiment

Score: 5

Explanation: The document is a factual, regulatory filing (Schedule 13G) disclosing beneficial ownership. It contains no positive or negative operational or financial news, thus maintaining a neutral sentiment.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11."

Industry Context

This filing is a standard disclosure of passive beneficial ownership in a publicly traded company, California Resources Corp, which operates in the energy sector. It does not provide specific insights into broader industry trends or competitive dynamics, but rather details the ownership structure of a significant shareholder group.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant ownership stakes, particularly the aggregate holdings and control exercised by Daniel Scott Gimbel and associated entities.

Key Dates

Keywords

California Resources Corp, CRC, Schedule 13G, Beneficial Ownership, SEC Filing, Common Stock, Institutional Ownership, Shareholder Disclosure, Solar Projects LLC, Solar Trust No. 2, Comeg Trust LLC, Comeg Trust, Daniel Scott Gimbel