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.
Rhea-AI Summary
California Resources Corporation (CRC) reported record cash flow and free cash flow per share for 2023, showcasing strong financial performance and operational efficiency. The company generated significant net cash from operating activities, demonstrated capital efficiency, and reported a leverage ratio decrease. CRC returned a substantial amount to stakeholders through share repurchases, debt repurchases, and dividends. The business transformation initiative led to annual cost savings, and the receipt of draft permits for underground carbon dioxide injection and storage highlights CRC's focus on sustainability. The Aera merger aims to enhance operational scale, improve cash flows, and accelerate decarbonization efforts.
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California Resources Corporation (CRC) through its subsidiary Carbon TerraVault provided an update on its 2023 operations, highlighting advancements in carbon management projects, EPA permits, DOE funding, and a pending merger with Aera Energy. Key achievements include securing new Carbon Dioxide Management Agreements, receiving DOE grants, submitting EPA permits for CO2 storage, and expanding its workforce. The company aims to accelerate decarbonization efforts in California through strategic partnerships and project developments.
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California Resources Corporation (CRC) announced a merger agreement with Aera Energy, LLC, in an all-stock transaction valued at approximately $2.1 billion, expected to be immediately accretive. The transaction will create scale in operations, generate significant free cash flow, and expand the energy transition platform. The combined company will have estimated production of approximately 150 thousand Boe/d and proved reserves of approximately 680 million Boe, with a projected pro forma 2024E free cash flow of approximately $685 million at strip pricing. The merger is expected to enhance shareholder returns, reduce debt, and fund expansion of the carbon management business, with identified synergies totaling $150 million annually and a strong balance sheet. The transaction is set to close in the second half of 2024, with CRC shareholders owning approximately 77.1% of the combined company.
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California Resources Corporation (CRC) updated select guidance ranges for the fourth quarter of 2023, with an expected free cash flow of $40 to $60 million, higher margins from natural gas marketing, and reduced investments in carbon capture and storage. Total net production is expected to range between 82 – 84 thousand barrels of oil equivalent per day, with approximately 60% being oil. Capital investments are expected to be in the $65 to $75 million range. CRC plans to release its fourth quarter and full year 2023 financial results on February 27th after market close, with a conference call on February 28th.
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California Resources Corporation (CRC) (NYSE:CRC) and Carbon TerraVault (CTV) have received draft Class VI well permits from the U.S. Environmental Protection Agency (EPA) for underground carbon dioxide (CO2) injection and storage in CTV’s 26-R reservoir at the Elk Hills Field in Kern County, California. The proposed wells are California’s first draft permits for underground CO2 sequestration and the first draft permits utilizing a depleted oil and natural gas field in the U.S. The 26-R reservoir has an expected injection rate of 1.46 million metric tons (MT) per annum and a total estimated capacity of up to 38 million MT, part of CTV I which has a total estimated storage of up to 46 million MT. The Elk Hills Field is considered one of the premier CO2 sequestration sites in the U.S. by the California Energy Commission. CTV is partnering with clean technology companies to develop greenfield projects at Elk Hills, expected to create new jobs in clean energy industries.
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California Resources Corporation (CRC) executives will participate in various energy and clean tech conferences in January 2024, including Goldman Sachs Global Energy and Clean Tech Conference, TD Global Energy Conference, RBC Capital Markets Energy Transition Seminar, UBS Global Energy and Utilities Conference, and Bank of America Clean: 2024 Carbon Capture & Sequestration Mini-Conference.
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California Resources Corporation (CRC) to Participate in Morgan Stanley Energy & Clean Tech Symposium in December 2023
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California Resources Corporation (CRC) reported strong third-quarter operational and financial results. The company generated $104 million in net cash provided by operating activities and delivered $71 million of free cash flow during the quarter. CRC raised its quarterly dividend by 10% to $0.31 per share and has repurchased $604 million of stock since the inception of its share repurchase program. The company also announced new carbon management projects and is on track to achieve $55 million in annual cost reductions. However, CRC reported a net loss of $22 million for the quarter.
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Carbon TerraVault, a subsidiary of California Resources Corporation (CRC), announced the first fully integrated capture to storage CO2 project at Elk Hills and a new storage-only CDMA with NLC Energy. The project aims to remove and permanently store 100,000 metric tons per annum (MTPA) of CO2 by year end 2025. The CDMA with NLC Energy commits to sequestering a minimum of 150,000 MTPA of CO2. CTV's total projected CO2 injection rate is now 1,065,000 MTPA. CTV's total submitted storage capacity under permits to the EPA is 191 million metric tons (MMT).
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California Resources Corporation (NYSE: CRC) plans to release its Q3 2023 financial results on November 1st after market close. Conference call to discuss these results will be held on November 2nd at 1:00 p.m. ET. Participants can pre-register for the call using the provided link. Replay available for 90 days.
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FAQ
What is the current stock price of California Resources Corporation (CRC)?
The current stock price of California Resources Corporation (CRC) is $58.16 as of November 20, 2024.
What is the market cap of California Resources Corporation (CRC)?
The market cap of California Resources Corporation (CRC) is approximately 5.3B.
What is California Resources Corporation (CRC)?
California Resources Corporation (CRC) is a leading oil and natural gas exploration and production company, and the largest producer in California on a gross-operated basis.
Where does CRC operate?
CRC operates exclusively within the state of California.
How many employees does CRC have?
CRC employs over 5,000 workers, including employees and contractors.
What is CRC's mission?
CRC’s mission is to provide affordable and reliable energy for Californians by Californians, ensuring that local communities have ample energy resources.
What environmental efforts is CRC involved in?
CRC is involved in decarbonization efforts, including developing carbon capture and storage (CCS) projects and other emissions-reducing technologies.
How does CRC contribute to California's economy?
CRC contributes to the economy by developing local crude oil and natural gas reserves, reducing the state’s dependence on imported energy.
What recent projects has CRC undertaken?
Recent projects include the implementation of advanced technology in exploration and production, and the development of CCS projects.
Does CRC operate sustainably?
Yes, CRC operates with some of the lowest carbon intensity production in the United States and is committed to environmental sustainability.
What infrastructure does CRC use?
CRC uses integrated infrastructure to gather, process, and market its production within California.
Why is CRC significant to California?
CRC is significant because it provides reliable local energy, supports economic growth, and is actively engaged in reducing environmental impact.
California Resources Corporation
NYSE:CRC
CRC Rankings
CRC Stock Data
5.29B
82.29M
10.16%
94.44%
3.68%
Oil & Gas E&P
Crude Petroleum & Natural Gas
United States of America
LONG BEACH