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One of the largest of the Federal properties, the Elk Hills field in California, opened for production in 1976 and became the largest (in terms of production) oil and natural gas field in the lower 48 states at one point in its history. In September 1992, the field produced its one billionth barrel of oil, becoming only the thirteenth field in the Nation's history to reach that milestone. While managed by DOE, Elk Hills generated over $17 billion in profits for the U.S. Treasury.

DOE - Fossil Energy: Naval Petroleum & Oil Shale Reserves