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 (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.
California Resources Corporation (NYSE: CRC) will announce its fourth quarter and full year 2020 financial results on March 11, 2021, after market close. The company will also host a virtual Strategy Day on March 18, 2021, at 1 p.m. ET to discuss its strategic repositioning and 2021 guidance. Key executives, including Chairman and Interim CEO Mac McFarland, will present during this session. Additionally, CRC executives will participate in the Mizuho Energy Summit and Scotia Howard Weil Energy Conference in mid to late March, with presentation materials available on the Investor Relations page.
California Resources Corporation (NYSE: CRC) announced a reduction in its leadership team and realignment of functions aimed at increasing efficiency and cutting costs. The changes include eliminating several leadership positions, resulting in an estimated annual cost reduction of $8 million, representing a 22% decrease in senior leadership costs. The restructuring involves reassigning responsibilities among existing executives to streamline operations. However, the changes will incur one-time charges of approximately $5 million. This strategic move is positioned to maintain capital discipline and asset rationalization.
California Resources Corporation (NYSE: CRC) has priced a private offering of $600 million in 7.125% senior unsecured notes due 2026. The net proceeds, estimated at approximately $589 million, will be used to repay its second lien term loan and outstanding senior secured notes due 2027. The offering is expected to close on January 20, 2021. The notes will not be registered under the Securities Act and will be offered only to qualified institutional buyers.
California Resources Corporation (NYSE: CRC) announced its intention to offer $600 million in senior unsecured notes due 2026. These notes will be guaranteed by the company's existing subsidiaries and will be used primarily to repay a second lien term loan and senior secured notes due 2027. The remaining proceeds will go towards reducing outstanding borrowings under its revolving credit facility. The offering is made under exemptions and will not be registered under the Securities Act, targeting qualified institutional buyers and non-U.S. persons only.
California Resources Corporation (NYSE: CRC) received an A- from CDP for its 2020 climate disclosure, achieving a top score at CDP’s Leadership Level. This marks the second consecutive year CRC secured the highest ranking among U.S. oil and gas companies. The recognition highlights CRC's commitment to sustainability and its alignment with California’s 2030 Sustainability Goals. Todd Stevens, President and CEO, emphasized the importance of their ESG principles and the company's dedication to responsibly meeting California’s energy demands. For further details on CRC's sustainability efforts, visit the company's Sustainability page.
California Resources Corporation (NYSE: CRC) announced that Executive Vice President of Operations and Engineering, Shawn Kerns, will virtually participate in the Cowen 2020 Energy Conference. His panel, titled “Carbon Capture Utilization and Storage (CCUS) Opportunities Within Upstream Oil & Gas,” is scheduled for December 4th at 11:10 a.m. EST. Presentation materials will be accessible on CRC’s Investor Relations page on their website.
As the largest oil and natural gas exploration company in California, CRC focuses on responsible energy production using advanced technology.
California Resources Corporation (NYSE: CRC) reported a net loss of $29 million for Q3 2020, with an adjusted net loss of $55 million. The company emerged from Chapter 11 bankruptcy with a new capital structure, while facing significant challenges including a 17% decline in production year-over-year. Average net production was 106,000 BOE per day. Despite lower crude prices at $42.15 per barrel, CRC achieved free cash flow of $44 million. The restructuring eliminated pre-filing debt and established a new liquidity framework for operations.
California Resources Corporation (NYSE: CRC) will have its President and CEO, Todd Stevens, present at the BofA Securities 2020 Global Energy Conference on November 12, 2020, at 1:00 pm EST. The presentation will be virtual and include other members of the executive management team. On the event day, presentation materials and a link to the live audio webcast will be available on the Investor Relations section of www.crc.com, under the 'Earnings and Presentations' page.
CRC is the largest independent oil and gas exploration company in California, focusing on supplying affordable energy responsibly.
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