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California Resources Corp (CRC) delivers essential energy solutions as California's largest oil and natural gas producer. This news hub provides investors and stakeholders with timely updates on CRC's operational developments, strategic initiatives, and regulatory engagements.
Access authoritative coverage of CRC's earnings reports, partnership announcements, and sustainability efforts, all curated to support data-driven decisions. Our repository ensures you stay informed on production updates, infrastructure investments, and market positioning within California's evolving energy sector.
Explore verified press releases, operational milestones, and analysis of CRC's role in advancing regional energy security. Content is rigorously updated to reflect the company's focus on low-carbon intensity operations and community-driven resource management.
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California Resources (NYSE: CRC) will release its second quarter 2024 financial results on Tuesday, August 6th, after market close.
The company will discuss these results in a conference call on Wednesday, August 7th at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time).
Participants are encouraged to pre-register for the call through a provided link to obtain a passcode and PIN for immediate access.
Dial-in options and webcast access are available, with a digital replay archived for 90 days on CRC's Investor Relations page.
California Resources is an independent energy and carbon management company focusing on low carbon intensity production and developing carbon capture and storage projects.
California Resources (NYSE: CRC) has finalized its all-stock merger with Aera Energy, , following shareholder approval on June 26, 2024. This strategic move aims to create the leading energy and carbon management solutions provider in California, enhancing scale and asset durability. The merger is expected to generate $150 million in annual synergies within 15 months. Combined production averaged 146 thousand barrels of oil equivalent per day (Mboe/d) in April and May 2024, with a second-half 2024 outlook of 140-146 Mboe/d. The company increased its borrowing base to $1.5 billion and its commitment amount to $1.1 billion.
California Resources (CRC) announced the pricing of its $600 million upsized private offering of 8.250% senior unsecured notes due 2029.
The notes, guaranteed by CRC's subsidiaries, will close on June 5, 2024, pending customary conditions. Net proceeds of approximately $590 million will repay existing indebtedness of Aera Energy as part of the pending merger with Aera Companies. If the merger doesn't complete by May 7, 2025, the notes will be subject to special mandatory redemption.
The notes are not registered under the Securities Act and will be offered to qualified institutional buyers and non-U.S. persons.
California Resources (NYSE: CRC) announced a private offering of $500 million in senior unsecured notes due 2029. The notes will be guaranteed by existing subsidiaries and certain future ones. Proceeds will be used, along with cash on hand and borrowings, to repay Aera Energy's debt in connection with the pending merger with Aera Companies. If the merger is not consummated by May 7, 2025, or is terminated, the notes will be subject to mandatory redemption. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. They won’t be registered under the Securities Act.
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.
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