McFarland has served as interim chief executive at the Santa Clarita oil and gas company since Dec. 31, when former chief executive Todd Stevens stepped down.
McFarland joined the company’s board when it emerged from Chapter 11 reorganization in October.
“In his role as interim CEO, Mac has been instrumental in repositioning the company post its bankruptcy exit, including the recent successful high yield financing,” James Chapman, lead independent director, said in a statement. “In addition, Mac is stewarding ongoing efforts to reduce costs and optimize the operating portfolio with the core objective for CRC to become a lean and efficient operator producing robust cash flow.”
Shares of California Resources Corp. (CRC) closed Monday up 17 cents, or a fraction of a percent, to $24.30 on the New York Stock Exchange.