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California Resources Corp (CRC)
NYSE:CRC
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Earnings Data
Report Date
Feb 26, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.99Last Year’s EPS
$0.93Same Quarter Last Year
Strong Buy
Based on 10 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 05, 2024
|% Change Since: -5.68%
|Next Earnings Date:Feb 26, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted strong financial performance, successful integration of Aera Energy, and advancements in the Carbon Management business, which are offset by challenges in commodity pricing and regulatory hurdles. Overall, the highlights significantly outweigh the lowlights, indicating a positive outlook.Company Guidance
During the California Resources Corporation (CRC) Third Quarter 2024 earnings call, the company shared several key metrics and guidance regarding its financial performance and strategic priorities. CRC reported a robust third quarter with production averaging 145,000 barrels of oil equivalent per day, generating $402 million in adjusted EBITDAX and $141 million in free cash flow. The company successfully integrated Aera Energy, implementing over 55% of the anticipated $235 million in annual synergies. For the future, CRC highlighted its commitment to reducing debt to its target leverage level by 2025, maintaining its dividend and share repurchase programs, and pursuing opportunities in its Carbon Management business. CRC plans to hedge approximately 72% of its 2025 oil production at a floor price of $67 per barrel, providing cash flow stability amidst oil price volatility. Additionally, CRC aims to continue its capital discipline, starting 2025 with a one-rig program and scaling its Carbon TerraVault projects to contribute significantly to California's decarbonization goals.Strong Financial Performance
Generated $402 million in adjusted EBITDAX and $141 million in free cash flow, with cash costs approximately 4% below guidance. Liquidity remains robust at $1.138 billion.
Significant Progress with Aera Energy Integration
Ahead of schedule with more than 55% of $235 million in annual synergies implemented, creating California's largest producer.
Carbon Management Business Advancements
Kern County approved conditional use permits for CTV 1; expecting final EPA Class VI permits soon. Signed an MOU for carbon solutions with a leading California power company.
Growing Shareholder Returns
Returned $76 million to shareholders in Q3 2024, comprising $34 million in dividends and $42 million in share repurchases.
Positive Outlook for 2025
72% of oil production hedged at $67 per barrel for 2025; plans to maintain strong balance sheet and continue shareholder returns.
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CRC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CRC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 05, 2024 | $53.61 | $56.48 | +5.35% |
| Aug 06, 2024 | $42.69 | $45.08 | +5.60% |
| May 07, 2024 | $51.87 | $49.07 | -5.40% |
| Feb 27, 2024 | $53.57 | $51.31 | -4.22% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does California Resources Corp (CRC) report earnings?
California Resources Corp (CRC) is schdueled to report earning on Feb 26, 2025, TBA Not Confirmed.
What is California Resources Corp (CRC) earnings time?
California Resources Corp (CRC) earnings time is at Feb 26, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CRC EPS forecast?
CRC EPS forecast for the fiscal quarter 2024 (Q4) is $0.99.
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