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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.
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California Resources Corporation (NYSE: CRC) has extended its Consent Solicitation for holders of its outstanding 7.125% Senior Notes due 2026, initially announced on June 6, 2022. The new expiration time is set for 5:00 p.m. New York City time on June 14, 2022. No new consents are required from those who already participated. The company retains the right to modify or terminate the solicitation. The press release clarifies that it is not an offer to buy or sell securities, and forward-looking statements made are subject to uncertainties affecting the company's business.
California Resources Corporation (NYSE: CRC) is conducting a Consent Solicitation for its 7.125% Senior Notes due 2026, seeking approval for an amendment to its indenture. This amendment would allow unlimited Restricted Payments if the Total Leverage Ratio remains below 1.50:1.00. The Solicitation began on June 6, 2022, and will expire on June 10, 2022. Holders providing valid consents by the deadline will receive a payment of $10 per $1,000 of Notes. The company plans to fund the Solicitation using cash on hand.
California Resources Corporation (NYSE: CRC) will host its Q2 2022 financial results conference call on August 4 at 12:00 p.m. ET. Earnings will be released prior to market open. Participants can pre-register for the call via a provided link, allowing them to bypass the live operator. Additionally, CRC will participate in the 20th Annual TD Securities Calgary Energy Conference on July 12-13, 2022, with materials available on their Investor Relations page.
NEXT Carbon Solutions (NCS) and California Resources Corporation (CRC) have signed an agreement to explore decarbonization at CRC's Elk Hills Power Plant. NCS aims to implement its carbon capture technology to capture up to 95% of CO2 emissions, with a front-end engineering design (FEED) study expected to last six months. The CalCapture CCS+ project could capture and store 28 million metric tonnes of CO2. Both companies emphasize the potential for lower costs and scalable carbon solutions beneficial for California’s energy environment.
California Resources Corporation (NYSE: CRC) reported strong first quarter 2022 results, emphasizing operational success and a commitment to energy transition. The company increased its share repurchase program by $300 million, totaling $650 million, and raised 2022 production guidance to 91,000-94,000 BOE per day. CRC is advancing carbon capture initiatives, including 80 million metric tons of CO2 storage permits. Financially, the company reported a net loss of $175 million, though adjusted net income was positive at $91 million. Free cash flow stood at $61 million, with cash on hand amounting to $328 million.
California Resources Corporation (NYSE: CRC) announced its first quarter 2022 financial results conference call scheduled for May 5, 2022, at 1:00 p.m. Eastern Time. Earnings will be released before market open on the same day. Participants can pre-register for the call to bypass the operator using a unique passcode. The company emphasizes its commitment to energy transition and decarbonization, focusing on initiatives like Carbon Capture and Storage (CCS).
California Resources Corporation (NYSE: CRC) reported strong operational and financial results for Q4 and the full year 2021. The company generated record free cash flow of $466 million, with net income of $612 million or $7.37 per share. CRC announced a $100 million increase to its share repurchase program, raising the total to $350 million, to enhance shareholder value. Despite divestitures impacting production, CRC expects to maintain an exit production rate of ~58,000 barrels per day for 2022 and plans to invest approximately $85 million in its Carbon Management Business.
California Resources Corporation (CRC) will host its fourth quarter and full year 2021 financial results conference call on February 24 at 1:00 p.m. Eastern Time. Earnings will be released before market open on the same day. Interested parties may pre-register for the call via the provided link. Participants can join by dialing (877) 328-5505 or through the webcast at www.crc.com. CRC is dedicated to energy transition and emphasizes its low carbon intensity production through Carbon Capture and Storage initiatives.
California Resources Corporation (NYSE: CRC) has achieved an A- rating from CDP for its 2021 climate disclosure, maintaining a top score for the third consecutive year. The company ranked highest among U.S. oil and gas operators, tying for first place. CRC emphasizes its commitment to Environmental, Social and Governance (ESG) practices and aims to decarbonize California through its 2045 Net Zero Goal and ongoing carbon management projects. This recognition further solidifies CRC's position as a low carbon intensity energy producer.
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