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.
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California Resources (CRC) reported financial results for the first quarter of 2024, emphasizing its commitment to shareholder returns through dividends and share repurchases. The company posted a net loss of $10 million, with adjusted net income of $54 million. CRC generated $33 million in free cash flow and reported $176 million in operating costs. The company's first quarter gross production averaged 94 MBoe/d, with net production at 76 MBoe/d. CRC expects to close the pending Aera Merger by mid-2024, enhancing its operational efficiency and carbon management business. The company's balance sheet remains strong with $880 million in liquidity. CRC continues its focus on returning capital to shareholders through share buybacks and dividends.
Carbon TerraVault (CTV) provided an update on its first quarter 2024 operations. California Resources (CRC) reported milestones, achievements, and future plans related to its carbon management business through CCS projects in California. The company aims to expand its low-carbon leadership, meet decarbonization needs, and reduce emissions. Highlights include EPA permit updates, potential merger with Aera Energy, and progress on carbon capture and sequestration projects.