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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 (CRC) reported strong second quarter results, increasing its 2021 free cash flow guidance to $400-$500 million. The company raised its Share Repurchase Program from $150 million to $250 million and announced an acquisition of a 90% working interest in joint venture wells for $53 million. CRC also plans to divest non-core Ventura operations, projected to generate up to $102 million in cash. The company is advancing its CCS initiatives, targeting a 40 million metric ton permanent storage project, reinforcing its commitment to energy transition.
California Resources Corporation (NYSE: CRC) will host its second quarter 2021 financial results conference call on August 5th at 5:00 p.m. ET. Earnings will be released after market close on the same day. Participants can pre-register for the call to gain immediate access using a unique PIN. The conference call can also be joined via dial-in methods or a webcast. A replay will be available for 90 days on the investor relations page.
CRC specializes in oil and natural gas exploration and production, utilizing advanced technology for efficient energy supply.
California Resources Corporation (NYSE: CRC) will participate in the 2021 TD Securities Virtual Energy Conference from July 6-8. CRC will provide presentation materials on the day of the event, accessible through their Investor Relations page. The company specializes in oil and natural gas exploration and production, leveraging advanced technology to ensure safe and responsible energy supply.
California Resources Corporation (CRC) reported strong Q1 2021 results with a net loss of $94 million, but adjusted net income of $102 million. The company generated free cash flow of $120 million, reaffirming its 2021 guidance of $250-$350 million. CRC's Board authorized a $150 million Share Repurchase Program, enhancing shareholder value. The company successfully simplified its capital structure with a $600 million debt offering and ended the quarter with $130 million cash. Operationally, CRC produced an average of 99,000 BOE per day while maintaining significant cost reductions.
California Resources Corporation (NYSE: CRC) will participate in the 2021 Virtual Wells Fargo Energy Conference on June 2-3. The Company’s executives will present at this event, and relevant presentation materials will be available on the Investor Relations section of the CRC website the day of the conference. CRC is engaged in oil and natural gas exploration and production, utilizing advanced technology to supply affordable energy safely and responsibly.
California Resources Corporation (NYSE: CRC) will host its first quarter 2021 financial results conference call on May 13 at 11:00 a.m. ET. Earnings will be released before the market opens on the same day. Participants can pre-register for the call online to gain immediate access. The company will also participate in several upcoming virtual events in May and June, including conferences by Goldman Sachs, RBC Capital Markets, and J.P. Morgan. Presentation materials will be available on the Investor Relations page of CRC's website.
California Resources Corporation (CRC) announced the appointment of Tiffany (TJ) Thom Cepak as the new Chair of the Board of Directors, succeeding Mark A. (Mac) McFarland, who is now the President and CEO. This change emphasizes the Company's commitment to strong corporate governance by separating the roles of Chair and CEO. Ms. Cepak brings over 26 years of energy industry experience and has held significant positions such as Chief Financial Officer at multiple energy companies. Her leadership is expected to enhance the Company’s oversight following its emergence from bankruptcy.
California Resources Corporation (NYSE: CRC) has appointed Mark A. McFarland as its permanent President and CEO, effective immediately. McFarland has been with the Company since its post-bankruptcy emergence in October 2020, serving as interim CEO before this appointment. Under his leadership, the Company has successfully achieved high yield financing and is focused on reducing costs and optimizing operations to improve cash flow. The Board expresses confidence in McFarland's leadership, emphasizing a strong asset base and commitment to ESG initiatives.
California Resources Corporation (CRC) reported its fourth quarter and full-year 2020 results, revealing a net income of $1.87 billion but an adjusted net loss of $257 million due to bankruptcy-related items. For 2020, CRC achieved $106 million in net cash from operations and $172 million in free cash flow, excluding one-time bankruptcy costs. Average daily production was 111,000 BOE, down 13% year-over-year. CRC emerged from Chapter 11 on October 27, 2020, enhancing liquidity to $335 million by year-end. Strategic initiatives include a $600 million debt offering and ongoing cost-cutting to reduce operating expenses.
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