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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.
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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.
California Resources Corporation (NYSE: CRC) announced its first quarter 2022 financial results conference call scheduled for May 5, 2022, at 1:00 p.m. Eastern Time. Earnings will be released before market open on the same day. Participants can pre-register for the call to bypass the operator using a unique passcode. The company emphasizes its commitment to energy transition and decarbonization, focusing on initiatives like Carbon Capture and Storage (CCS).
California Resources Corporation (NYSE: CRC) reported strong operational and financial results for Q4 and the full year 2021. The company generated record free cash flow of $466 million, with net income of $612 million or $7.37 per share. CRC announced a $100 million increase to its share repurchase program, raising the total to $350 million, to enhance shareholder value. Despite divestitures impacting production, CRC expects to maintain an exit production rate of ~58,000 barrels per day for 2022 and plans to invest approximately $85 million in its Carbon Management Business.
California Resources Corporation (CRC) will host its fourth quarter and full year 2021 financial results conference call on February 24 at 1:00 p.m. Eastern Time. Earnings will be released before market open on the same day. Interested parties may pre-register for the call via the provided link. Participants can join by dialing (877) 328-5505 or through the webcast at www.crc.com. CRC is dedicated to energy transition and emphasizes its low carbon intensity production through Carbon Capture and Storage initiatives.
California Resources Corporation (NYSE: CRC) has achieved an A- rating from CDP for its 2021 climate disclosure, maintaining a top score for the third consecutive year. The company ranked highest among U.S. oil and gas operators, tying for first place. CRC emphasizes its commitment to Environmental, Social and Governance (ESG) practices and aims to decarbonize California through its 2045 Net Zero Goal and ongoing carbon management projects. This recognition further solidifies CRC's position as a low carbon intensity energy producer.
California Resources Corporation (NYSE: CRC) announced participation in key virtual and in-person events in December 2021 and January 2022, including Cowen’s Virtual Energy Summit and Goldman Sachs’ Global Energy and Clean Technology Conference. These events highlight CRC's commitment to energy transition and its focus on carbon capture and storage (CCS) technologies. Presentation materials will be accessible on their Investor Relations page, emphasizing CRC's strategy to maximize land and technical resources for decarbonization.
California Resources Corporation (NYSE: CRC) reported robust third quarter 2021 results, achieving a net income of $103 million ($1.25 per diluted share) and $131 million in free cash flow. The company declared a quarterly cash dividend of $0.17 per share, totaling approximately $14 million, payable in Q4. CRC also tightened its full-year free cash flow guidance to $460 to $510 million. Highlights include operational strength with a production of 102,000 BOE per day and the addition of a fourth rig in October. Furthermore, CRC announced its 2045 Full-Scope Net Zero Goal, emphasizing its commitment to ESG initiatives.
California Resources Corporation (CRC) announced that Tiffany (TJ) Thom Cepak, Chair of its Board of Directors, has been named one of the 2021 “Most Influential Black Corporate Directors” by Savoy magazine. This recognition highlights her 26 years of experience in the energy sector, significantly benefiting CRC. Cepak, who has served on CRC's Board since 2020 and as Chair since 2021, also holds directorships with other companies. CRC is committed to energy transition focusing on carbon capture and storage, reinforcing its position in reducing carbon intensity.
