Occidental estimated the new find to contain 150 million barrels of oil equivalent (BOE), of which about one-third is oil. California Resources Corporation (CRC), a spinoff from Occidental Petroleum, acquired Elk Hills Oil Field as its largest acquisition in April 2018, and also acquired the remaining surface and mineral rights to the field from Chevron. The oil neststraw ("Stylocline citroleum"), a rare flowering plant endemic to the Elk Hills area, was given its name because it is limited to oil field country.