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Dec 31, 2024
CRC Q4 2024 Earnings Report
California Resources reported stable financial performance with positive net income and strong shareholder returns.
Key Takeaways
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.
Reported Q4-24 revenue of $877M with a net income of $33M.
Returned $92M to shareholders through buybacks and dividends.
Achieved average daily production of 141 MBoe/d (79% oil).
Received California’s first EPA Class VI well permits for carbon storage.
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.com Forward Guidance
CRC expects steady production and cash flow in 2025, with continued focus on shareholder returns and carbon management investments.
Positive Outlook
- Net production guidance of 132-138 MBoe/d with 79% oil.
- Capital investments planned between $285M-$335M.
- Targeting $1.1B-$1.2B in adjusted EBITDAX for 2025.
- Plans to complete $65M in Aera-related synergies.
- First CO₂ sequestration and cash flow expected from Elk Hills CCS project.
Challenges Ahead
- Entry-to-exit gross production decline expected between 5%-8%.
- Interest and debt expense forecasted to reach $100M-$113M.
- Expected continued volatility in commodity prices impacting revenue.
- Ongoing regulatory challenges in California for oil and gas operations.
- Higher non-energy operating costs anticipated at $825M-$855M.
Revenue & Expenses
Visualization of income flow from segment revenue to net income