Welcome to our dedicated page for California Res news (Ticker: CRC), a resource for investors and traders seeking the latest updates and insights on California Res stock.
California Resources Corp (CRC) delivers essential energy solutions as California's largest oil and natural gas producer. This news hub provides investors and stakeholders with timely updates on CRC's operational developments, strategic initiatives, and regulatory engagements.
Access authoritative coverage of CRC's earnings reports, partnership announcements, and sustainability efforts, all curated to support data-driven decisions. Our repository ensures you stay informed on production updates, infrastructure investments, and market positioning within California's evolving energy sector.
Explore verified press releases, operational milestones, and analysis of CRC's role in advancing regional energy security. Content is rigorously updated to reflect the company's focus on low-carbon intensity operations and community-driven resource management.
Bookmark this page for streamlined access to CRC's latest developments, or check back regularly for insights into how California's energy leader navigates industry challenges and opportunities.
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California Resources (CRC) will release its first quarter 2024 financial results on May 7th and hold a conference call on May 8th to discuss these results.
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California Resources (CRC) has nominated Christian S. Kendall as a director, bringing valuable industry experience to navigate the growth of low carbon intensity oil and natural gas businesses. Mr. Kendall's background includes executive roles at Denbury and Noble Energy, showcasing his strategic insights in the energy sector.
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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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California Res Corp
NYSE:CRC
CRC Rankings
CRC Stock Data
3.14B
81.32M
10.35%
95.47%
4.29%
Oil & Gas E&P
Crude Petroleum & Natural Gas
United States
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