California Res Corp Stock Price, News & Analysis

California Resources Corporation (NYSE: CRC) announced a strategic realignment of its operations, focusing on cost reduction and financial flexibility. Francisco J. Leon, formerly CFO, will succeed Mark A. McFarland as President and CEO at the 2023 Annual Meeting. The company plans to reduce its rig count to 1.5 in 2023, targeting a drilling spend of approximately $155 million while aiming to maintain production decline rates at 5-7%. CRC has authorized a nearly 30% increase in its shareholder repurchase program to $1.1 billion and aims to return nearly 100% of free cash flow to shareholders in 2023.

California Resources Corporation (NYSE: CRC) has increased its Share Repurchase Program by nearly 30% to $1.1 billion, fueled by a record operating cash flow of $690 million in 2022. The company returned $372 million to shareholders during the year, including dividends and share repurchases. CRC's carbon management efforts advanced significantly, signing two agreements to sequester 470,000 metric tons of CO2 annually. For 2023, CRC anticipates production of 85,000 to 91,000 barrels of oil equivalent per day. The company reported a net income of $524 million for 2022, equating to $6.75 per share, and expects continued positive cash flow generation moving forward.

California Resources Corporation (NYSE: CRC) has formed a consortium aimed at establishing California's first full-scale Direct Air Capture (DAC) and storage network. This initiative seeks funding from the U.S. Department of Energy under its Regional DAC Hubs Initiative, with an emphasis on community benefits, including job creation and education. The consortium aims to launch its first hub in Kern County, targeting ambitious carbon capture goals set by the California Air Resources Board for 2030 and 2045. The project leverages significant state investments and partnerships with various stakeholders to enhance local economies while addressing climate change challenges.

California Resources Corporation (NYSE: CRC) announced a conference call to discuss its fourth quarter and full year 2022 financial results on February 24 at 1:00 p.m. ET. The earnings report will be released on February 23, after market close. Participants can pre-register for the call to receive a conference passcode. Those interested can join via telephone at (877) 328-5505 or through the webcast. A digital replay will be available for 90 days. CRC is committed to energy transition and focuses on reducing carbon emissions through its various projects.

California Resources Corporation (NYSE: CRC) achieved an A- from CDP for its 2022 climate disclosure, marking the fourth consecutive year at CDP’s Leadership Level. This recognition underscores CRC’s strong commitment to ESG and sustainability initiatives. President and CEO Mac McFarland highlighted the significance of this score in validating CRC’s approach to environmental management while focusing on low carbon energy. The company continues to advance its carbon management strategies, aiming for a Full-Scope Net Zero Goal by 2045.

California Resources Corporation (NYSE: CRC) announced a Carbon Dioxide Management Agreement with Carbon TerraVault Holdings, LLC and Grannus, LLC for the Grannus Blue Ammonia and Hydrogen Project in Northern California. This project aims to sequester 370,000 metric tons of CO₂ annually and will produce 150,000 MT of blue ammonia and 10,000 MT of blue hydrogen. The facility, which is expected to be operational by the end of 2027, will utilize a patented process and create significant job opportunities, contributing to California's energy transition.

California Resources Corporation (CRC) will participate in key in-person events in January 2023, enhancing its visibility in the energy sector. The Goldman Sachs Energy and Clean Technology Conference is scheduled for January 5 in Miami, FL, followed by the TD Securities London Energy and Power Conference on January 9-10 in London, UK. CRC aims to emphasize its commitment to energy transition and carbon reduction strategies, showcasing its low carbon intensity production. Presentation materials will be available on the company's website on the event days.

California Resources Corporation (NYSE: CRC) has entered a Carbon Dioxide Management Agreement (CDMA) with Lone Cypress Energy to sequester 100,000 metric tons of CO₂ annually, commencing with the Lone Cypress Hydrogen Project at Elk Hills Field in Kern County, California. The facility, expected to produce 30 tons of blue hydrogen daily, could expand to 60 tons, doubling CO₂ sequestration. The project aims for a Final Investment Decision by late 2023 and full operations by the end of 2025, significantly contributing to California's climate goals and creating local jobs.

California Resources Corporation (NYSE: CRC) reported strong financial results for Q3 2022, achieving net income of $426 million, or $5.58 per diluted share. The company announced a 66% increase in its fixed dividend and expanded its Share Repurchase Program by $200 million, now totaling $850 million. CRC's disciplined capital allocation strategy aims for nearly $1 billion in cumulative shareholder returns by year-end 2023. Despite ongoing challenges such as rising operating costs and litigation delays affecting production, CRC remains focused on carbon management and energy transition initiatives.