CRC Q4 2023 Earnings Report
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
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