California Resources Corp ( (CRC) ) has released its Q4 earnings. Here is a breakdown of the information California Resources Corp presented to its investors.
California Resources Corporation (CRC) is an independent energy and carbon management company based in Long Beach, California, focusing on oil and gas production and carbon management solutions. The company is committed to environmental stewardship and energy transition efforts.
In its latest earnings report, CRC highlighted significant achievements in 2024, including improved capital efficiency and cost reductions following its merger with Aera Energy. The company reported a net income of $376 million for the year and returned $303 million to shareholders through share repurchases and dividends.
Key financial metrics for the fourth quarter of 2024 included $206 million in net cash flow from operating activities and $118 million in free cash flow. CRC also achieved an average net production of 141 thousand barrels of oil equivalent per day. The company made strides in carbon management, receiving California’s first EPA Class VI well permits for carbon dioxide injection and storage.
Looking ahead to 2025, CRC plans capital investments between $285 million and $335 million, with a focus on drilling, completions, and carbon management. The company aims to achieve the remaining $65 million in synergies from the Aera merger and expects net production to range between 132 and 138 MBoe/d.
CRC’s management remains optimistic about the future, focusing on delivering value through its integrated asset portfolio and maintaining financial strength to generate sustainable cash flow while returning capital to shareholders.
Trending Articles:
Questions or Comments about the article? Write to editor@tipranks.com