Welcome to our dedicated page for California Resources Corporation news (Ticker: CRC), a resource for investors and traders seeking the latest updates and insights on California Resources Corporation stock.
California Resources Corporation (NYSE: CRC) is a leading oil and natural gas exploration and production company, acclaimed as the largest oil and natural gas producer in California on a gross-operated basis. The company exclusively operates within the state of California, leveraging integrated infrastructure to gather, process, and market its production.
With a workforce of over 5,000 employees and contractors, CRC is dedicated to safely and responsibly supplying affordable energy. The company’s core mission is to provide ‘energy for Californians by Californians,’ ensuring that local homes, farms, businesses, and communities receive ample and reliable energy.
CRC’s operations are not just about energy production; they contribute significantly to the state's economy. The company focuses on developing dependable local crude oil and natural gas reserves, thereby reducing California's reliance on imported energy.
Notably, CRC is committed to environmental sustainability. It boasts some of the lowest carbon intensity production in the United States and is actively involved in decarbonization efforts. The company is advancing projects in carbon capture and storage (CCS) and other emissions-reducing technologies, aiming to maximize the value of its land, mineral, and technical resources.
Recent Achievements and Projects:
- Implementation of advanced technology in exploration and production processes.
- Ongoing development of CCS projects to mitigate environmental impact.
- Strategic partnerships to enhance operational efficiency and sustainability.
In summary, California Resources Corporation is a pivotal player in California’s energy sector, blending economic growth with a commitment to environmental stewardship.
California Resources (NYSE: CRC) reported its Q2 2024 financial results, highlighting key developments:
- Successfully closed merger with Aera Energy on July 1, 2024
- Increased quarterly dividend by 25% to $0.3875/share
- Generated $97 million in net cash from operations and $63 million in free cash flow
- Reported net income of $8 million ($0.11 per share) and adjusted net income of $42 million ($0.60 per share)
- Average net production of 76 MBoe/d, including 47 MBo/d of oil
- Submitted a 102 MMT Class VI permit application for Carbon TerraVault VI CO2 storage
- Targeting $235 million in Aera merger synergies
- Increased liquidity to $1.5 billion as of June 30, 2024
CRC provided guidance for Q3 and H2 2024, reflecting the Aera merger impact.
Carbon TerraVault Holdings, (CTV), a subsidiary of California Resources (NYSE: CRC), provided a second quarter 2024 update on its carbon capture and sequestration (CCS) projects in California. Key highlights include:
- Submission of a ~102 million metric ton (MMT) Class VI permit to the EPA for CTV VI CO2 reservoir in Central California
- Expansion of a storage-only Carbon Dioxide Management Agreement with NLC Energy to 430 thousand metric tons per annum (KMTPA) of CO2 emissions
- Targeting final permit receipts for CTV I – 26R reservoir and draft permits for CTV I – A1 / A2 reservoir in H2 2024
- Aiming for Final Investment Decision for CTV's first capture-to-storage project at CRC's Elk Hills cryogenic gas plant in H2 2024
- Brookfield funded its second installment of $46 million for CTV I – 26R reservoir in April 2024
CTV's total projected CO2 injection rate now stands at 2,745 KMTPA, with 2,335 KMTPA in Central California and 410 KMTPA in Northern California.
California Resources (NYSE: CRC) will release its second quarter 2024 financial results on Tuesday, August 6th, after market close.
The company will discuss these results in a conference call on Wednesday, August 7th at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time).
Participants are encouraged to pre-register for the call through a provided link to obtain a passcode and PIN for immediate access.
Dial-in options and webcast access are available, with a digital replay archived for 90 days on CRC's Investor Relations page.
California Resources is an independent energy and carbon management company focusing on low carbon intensity production and developing carbon capture and storage projects.
California Resources (NYSE: CRC) has finalized its all-stock merger with Aera Energy, , following shareholder approval on June 26, 2024. This strategic move aims to create the leading energy and carbon management solutions provider in California, enhancing scale and asset durability. The merger is expected to generate $150 million in annual synergies within 15 months. Combined production averaged 146 thousand barrels of oil equivalent per day (Mboe/d) in April and May 2024, with a second-half 2024 outlook of 140-146 Mboe/d. The company increased its borrowing base to $1.5 billion and its commitment amount to $1.1 billion.
California Resources (CRC) announced the pricing of its $600 million upsized private offering of 8.250% senior unsecured notes due 2029.
The notes, guaranteed by CRC's subsidiaries, will close on June 5, 2024, pending customary conditions. Net proceeds of approximately $590 million will repay existing indebtedness of Aera Energy as part of the pending merger with Aera Companies. If the merger doesn't complete by May 7, 2025, the notes will be subject to special mandatory redemption.
The notes are not registered under the Securities Act and will be offered to qualified institutional buyers and non-U.S. persons.
California Resources (NYSE: CRC) announced a private offering of $500 million in senior unsecured notes due 2029. The notes will be guaranteed by existing subsidiaries and certain future ones. Proceeds will be used, along with cash on hand and borrowings, to repay Aera Energy's debt in connection with the pending merger with Aera Companies. If the merger is not consummated by May 7, 2025, or is terminated, the notes will be subject to mandatory redemption. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. They won’t be registered under the Securities Act.
California Resources (CRC) reported financial results for the first quarter of 2024, emphasizing its commitment to shareholder returns through dividends and share repurchases. The company posted a net loss of $10 million, with adjusted net income of $54 million. CRC generated $33 million in free cash flow and reported $176 million in operating costs. The company's first quarter gross production averaged 94 MBoe/d, with net production at 76 MBoe/d. CRC expects to close the pending Aera Merger by mid-2024, enhancing its operational efficiency and carbon management business. The company's balance sheet remains strong with $880 million in liquidity. CRC continues its focus on returning capital to shareholders through share buybacks and dividends.
Carbon TerraVault (CTV) provided an update on its first quarter 2024 operations. California Resources (CRC) reported milestones, achievements, and future plans related to its carbon management business through CCS projects in California. The company aims to expand its low-carbon leadership, meet decarbonization needs, and reduce emissions. Highlights include EPA permit updates, potential merger with Aera Energy, and progress on carbon capture and sequestration projects.
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