Welcome to our dedicated page for California Res news (Ticker: CRC), a resource for investors and traders seeking the latest updates and insights on California Res stock.
California Resources Corporation (NYSE: CRC) news coverage tracks the largest oil and natural gas producer operating exclusively in California. As a major player in the state's energy sector, CRC generates significant news flow around production operations, commodity market conditions, and regulatory developments that affect California's energy industry.
The company's news typically covers quarterly earnings reports detailing production volumes, operating costs, and capital allocation decisions. Investors monitoring CRC follow announcements about drilling programs, infrastructure investments, and operational updates across the San Joaquin, Ventura, and Los Angeles basins. These updates provide insight into the company's execution of development plans and response to changing commodity prices.
CRC's carbon capture and storage initiatives generate news about partnership agreements, project milestones, and permitting progress. The company's position as a first-mover in California carbon management means announcements about sequestration projects, power sector collaborations, and carbon credit developments attract attention from investors interested in the energy transition.
Regulatory news plays an important role in CRC coverage, as the company operates under California's distinct environmental and permitting framework. Policy developments, permit decisions, and emissions regulations directly impact the company's operational outlook. Corporate news including capital markets activity, strategic transactions, and governance matters rounds out coverage of this California-focused energy producer.
Bookmark this page to follow CRC developments as they happen. Our coverage captures press releases, SEC filings, and market-moving announcements to help you track this significant participant in California's oil and gas industry.
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.
California Resources Corporation (NYSE: CRC) has completed its financial restructuring and emerged from Chapter 11 bankruptcy with a strengthened balance sheet. The company's Joint Plan of Reorganization has cancelled approximately $4.4 billion in debt and consolidated ownership in the Elk Hills power and cryogenic gas plants. CRC's new capital structure includes about 83.3 million shares of common stock and a $1.2 billion revolving credit facility. As of emergence, CRC is well-capitalized with over $345 million in available liquidity and aims to deliver sustainable energy to Californians.
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