Truist initiated coverage of California Resources (CRC) with a Buy rating and $75 price target The company has begun to see the fruits of its carbon management platform labor/assets, recently announcing California’s first approved CCS project following receipt of final Class VI well permits from the EPA and an MOU with Net Power to develop Net Power’s ultra-low emission power plants in California, the analyst tells investors in a research note. California Resources’ traditional upstream business should continue to generate material free cash flow that will be used to manage debt, reward shareholders, and further grow the carbon management platform, the firm addes.
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Read More on CRC:
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