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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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