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 reports news on its oil and natural gas operations, capital spending, production activity, and drilling programs across California and Utah. Company updates commonly cover financial results, operating guidance, shareholder returns, drilling permits, integration of the completed Berry Corporation combination, and debt or capital-structure actions.
CRC also reports developments in carbon management through Carbon TerraVault, including carbon capture, transportation and permanent storage services, environmental products, and emissions-reduction initiatives. Other recurring news themes include methane certification for San Joaquin Valley assets, customer or community decarbonization partnerships, and governance or shareholder voting matters.
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California Resources Corporation (CRC) will announce its first quarter 2023 financial results on May 2, 2023, at 1:00 p.m. ET, following a market close release the previous day. The company encourages participants to pre-register for the conference call via a provided link. Callers can join by dialing (877) 328-5505, with international callers using +1-412-317-5421. The conference call can also be accessed through CRC's website, where a digital replay will be available for approximately 90 days. CRC focuses on energy transition, achieving low carbon intensity production, and enhancing land and mineral resources for decarbonization projects.
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.