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Mar 31, 2024
CRC Q1 2024 Earnings Report
California Resources Corporation reported solid first quarter performance, committed to shareholder return strategy, and returned nearly $95 million year to date to shareholders via dividends and share repurchases.
Key Takeaways
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.
Returned $79 million to shareholders through share repurchases and dividends.
Reported $87 million of net cash from operating activities.
Reported net loss of $10 million, or $0.14 per diluted share; adjusted net income was $54 million, or $0.75 per diluted share.
Generated an adjusted EBITDAX of $149 million and $33 million of free cash flow.
CRC
CRC
CRC Revenue by Segment
Revenue by Segment
Oil, natural gas and NGL sales Revenue
CapyFin.comNet gain (loss) from commodity derivatives Revenue
CapyFin.comRevenue from marketing of purchased commodities Revenue
CapyFin.comElectricity sales Revenue
CapyFin.comInterest and other Revenue
CapyFin.com Forward Guidance
CRC expects its second quarter capital program to range between $50 million to $57 million and to produce 74 to 78 MBoe/d (~61% oil).
Positive Outlook
- Capital program includes $45 million to $49 million related to oil and natural gas development.
- Capital program includes $3 million to $5 million related to carbon management projects.
- Electricity Margin $34 - $42 millions.
- Margin from Marketing of Purchased Commodities $5 - $15 millions.
- Adjusted General and Administrative Expenses $49 - $57 millions.
Challenges Ahead
- Net Production 74 - 78 MBoe/d.
- CMB Expenses & Operating Costs $170 - $183 millions.
- General and Administrative Expenses $56 - $64 millions.
- Capital $50 - $57 millions.
- Transportation Costs $14 - $17 millions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income