California Resources Corporation - CRC STOCK NEWS

California Resources Corporation (CRC) has partnered with Brookfield Renewable to create a joint venture focused on carbon capture and sequestration (CCS) development. Brookfield has committed $500 million to fund CCS projects, aiming for 5 million metric tons of CO2 injection annually. CRC plans to utilize its 26R reservoir, valued at $10 per metric ton, for this initiative. The partnership supports CRC's 2045 net-zero goal, enhances capital flexibility, and reinforces efforts in California's energy transition. CRC expects to raise its EBITDAX and free cash flow guidance for 2022, with a commitment to returning 134% of generated free cash flow to shareholders.

California Resources Corporation (NYSE: CRC) has pledged $2.5 million to fund initiatives with the Kern Community College District and California State University, Bakersfield. This investment aims to advance the energy transition in Kern County through establishing the CRC Carbon Management Institute and launching the CRC Energy Transition Lecture Series. The funding will support research, workforce training, and scholarships, emphasizing carbon capture and storage (CCS) technologies. CRC aims for net-zero emissions by 2045, enhancing local educational and economic development.

California Resources Corporation (NYSE: CRC) announced an extension of its consent solicitation for its 7.125% Senior Notes due 2026. The expiration date is now set for 5:00 p.m. New York City time on June 17, 2022. The consent fee has been increased to $9 million, potentially reaching $30 per $1,000 in notes, depending on consent received. The company warns that consenting may trigger a taxable event for holders. Detailed terms remain as stated in prior announcements, with no need for existing consenting holders to act again.

California Resources Corporation (NYSE: CRC) has extended its Consent Solicitation for holders of its outstanding 7.125% Senior Notes due 2026, initially announced on June 6, 2022. The new expiration time is set for 5:00 p.m. New York City time on June 14, 2022. No new consents are required from those who already participated. The company retains the right to modify or terminate the solicitation. The press release clarifies that it is not an offer to buy or sell securities, and forward-looking statements made are subject to uncertainties affecting the company's business.

California Resources Corporation (NYSE: CRC) is conducting a Consent Solicitation for its 7.125% Senior Notes due 2026, seeking approval for an amendment to its indenture. This amendment would allow unlimited Restricted Payments if the Total Leverage Ratio remains below 1.50:1.00. The Solicitation began on June 6, 2022, and will expire on June 10, 2022. Holders providing valid consents by the deadline will receive a payment of $10 per $1,000 of Notes. The company plans to fund the Solicitation using cash on hand.

California Resources Corporation (NYSE: CRC) will host its Q2 2022 financial results conference call on August 4 at 12:00 p.m. ET. Earnings will be released prior to market open. Participants can pre-register for the call via a provided link, allowing them to bypass the live operator. Additionally, CRC will participate in the 20th Annual TD Securities Calgary Energy Conference on July 12-13, 2022, with materials available on their Investor Relations page.

NEXT Carbon Solutions (NCS) and California Resources Corporation (CRC) have signed an agreement to explore decarbonization at CRC's Elk Hills Power Plant. NCS aims to implement its carbon capture technology to capture up to 95% of CO₂ emissions, with a front-end engineering design (FEED) study expected to last six months. The CalCapture CCS+ project could capture and store 28 million metric tonnes of CO₂. Both companies emphasize the potential for lower costs and scalable carbon solutions beneficial for California’s energy environment.

California Resources Corporation (NYSE: CRC) reported strong first quarter 2022 results, emphasizing operational success and a commitment to energy transition. The company increased its share repurchase program by $300 million, totaling $650 million, and raised 2022 production guidance to 91,000-94,000 BOE per day. CRC is advancing carbon capture initiatives, including 80 million metric tons of CO2 storage permits. Financially, the company reported a net loss of $175 million, though adjusted net income was positive at $91 million. Free cash flow stood at $61 million, with cash on hand amounting to $328 million.