California Res Corp Stock Price, News & Analysis

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.

California Resources Corporation (CRC) will host its third quarter 2022 financial results conference call on November 3 at 1:00 p.m. ET. Earnings will be released the previous day after market close. Participants can pre-register for the call to receive a passcode for immediate access. The call can also be accessed via phone or webcast. CRC is committed to energy transition, focusing on low carbon intensity production and developing projects aimed at decarbonization, including carbon capture and storage.

California Resources Corporation (CRC) has partnered with Brookfield Renewable to create a joint venture focused on carbon capture and sequestration (CCS) development. Brookfield has committed $500 million to fund CCS projects, aiming for 5 million metric tons of CO2 injection annually. CRC plans to utilize its 26R reservoir, valued at $10 per metric ton, for this initiative. The partnership supports CRC's 2045 net-zero goal, enhances capital flexibility, and reinforces efforts in California's energy transition. CRC expects to raise its EBITDAX and free cash flow guidance for 2022, with a commitment to returning 134% of generated free cash flow to shareholders.

California Resources Corporation (NYSE: CRC) has pledged $2.5 million to fund initiatives with the Kern Community College District and California State University, Bakersfield. This investment aims to advance the energy transition in Kern County through establishing the CRC Carbon Management Institute and launching the CRC Energy Transition Lecture Series. The funding will support research, workforce training, and scholarships, emphasizing carbon capture and storage (CCS) technologies. CRC aims for net-zero emissions by 2045, enhancing local educational and economic development.

California Resources Corporation (NYSE: CRC) announced an extension of its consent solicitation for its 7.125% Senior Notes due 2026. The expiration date is now set for 5:00 p.m. New York City time on June 17, 2022. The consent fee has been increased to $9 million, potentially reaching $30 per $1,000 in notes, depending on consent received. The company warns that consenting may trigger a taxable event for holders. Detailed terms remain as stated in prior announcements, with no need for existing consenting holders to act again.