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 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.
California Resources Corporation (NYSE: CRC) will host its third quarter 2021 financial results conference call on November 11, 2021, at 1:00 p.m. Eastern Time. The earnings release is scheduled for the same day before market open. Participants can pre-register using a provided link for expedited access. Company executives will also participate in several virtual events throughout November and December, including conferences by Goldman Sachs and BofA Securities. Presentation materials will be available on the Investor Relations page on the company’s website.
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