California Resources (CRC) investors are focused on the process and timeline for the company to announce a power purchase agreement associated with the available 275 megawatt of capacity at its natural gas-fired Elk Hills Power Plant, RBC Capital Markets said in a note emailed Monday.

The company and its partners will be in a position to announce a potential power purchase agreement during H2 of 2027, RBC said, adding that the partners are in multiple discussions with customers that include a path for carbon storage.

Building on this, RBC expects that the groundbreaking for the proposed data center project within CRC's Elk Hills oil field will then track towards late 2027, according to the note.

RBC said it sees a reasonable expectation for the potential data center startup to occur by early 2029.

RBC maintained its outperform rating with a price target of $77.