CRC Earnings Reports

California Resources Corporation (CRC) delivered a net income of $33M and generated $877M in revenue for Q4-24. The company maintained strong capital efficiency, returning $92M to shareholders while progressing on carbon management initiatives.

California Resources Corporation announced its intention to offer and sell $200 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029. Concurrently, they commenced a tender offer to purchase for cash up to $200 million aggregate principal amount of its 7.125% senior notes due 2026.

California Resources Corporation reported a net loss of $10 million, or $0.14 per diluted share, but an adjusted net income of $54 million, or $0.75 per diluted share. The company generated $33 million of free cash flow and returned $79 million to shareholders through share repurchases and dividends. Average net production was 76 MBoe/d, including net oil production of 48 MBo/d.

California Resources Corporation (CRC) reported strong Q4 2023 results, including net income of $188 million, or $2.60 per diluted share, and adjusted net income of $67 million, or $0.93 per diluted share. The company generated $131 million in net cash from operating activities and $65 million in free cash flow. Daily gross production averaged 98 MBoe/d, while net production averaged 83 MBoe/d, including 50 MBo/d. CRC also realized approximately $15 million in savings in the fourth quarter from cost-cutting initiatives.