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Dec 31, 2023
CRC Q4 2023 Earnings Report
Reported financial and operating results for Q4 2023, showcasing record cash flow and free cash flow per share.
Key Takeaways
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.
Generated $131 million of net cash from operating activities and $65 million of free cash flow.
Reported net income of $188 million, or $2.60 per diluted share, and adjusted net income of $67 million, or $0.93 per diluted share.
Daily gross production averaged 98 MBoe/d, with net production averaging 83 MBoe/d, including 50 MBo/d.
Realized approximately $15 million of savings in the fourth quarter from cost-cutting initiatives, expected to result in $65 million in annualized savings.
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 first quarter capital program to range between $65 million to $75 million and expects to produce 76 to 80 MBoe/d (~60% oil) in the first quarter of 2024.
Positive Outlook
- Capital program includes $36 million to $42 million for oil and natural gas, and facilities development.
- Capital program includes $4 million to $6 million for carbon management projects.
- Natural Gas Marketing Margin is expected to be $8 million to $13 million
- Electricity Margin is expected to be $5 million to $10 million
- Adjusted General and Administrative Expenses are expected to be $48 million to $58 million
Challenges Ahead
- General and Administrative Expenses are expected to be $61 million to $72 million
- CMB Expenses and Operating Costs are expected to be $175 million to $185 million
- Transportation Expense is expected to be $16 million to $21 million
- Taxes Other Than on Income are expected to be $35 million to $50 million
- Interest and Debt Expense is expected to be $12 million to $14 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income