From GlobeNewswire: 2025-03-03 08:32:00

California Resources Corporation (CRC) reported financial and operating results for Q4 2024 and FY 2024, with net cash flow of $206 million, net production of 141 MBoe/d, and net income of $33 million. The Aera merger helped achieve over 70% of targeted $235 million in merger-related synergies and $610 million in net cash flow. CRC plans to host a conference call on March 3, 2025, to discuss these results.

In Q4 2024, CRC returned $92 million to shareholders and received California’s first EPA Class VI well permits for CO2 injection. Full year highlights include $303 million returned to shareholders, 110 MBoe/d net production, and $303 million in available cash at the end of 2024. CRC aims to achieve the remaining $65 million in Aera-related synergies by year-end.

For 2025, CRC expects capital investments to range between $285 – $335 million, with net production expected to be 132 – 138 MBoe/d. The company plans to redeem $123 million of 2026 Senior Notes and target California’s first net zero cement facility with National Cement. CRC aims to deliver value through an integrated asset portfolio and decarbonization efforts.

CRC committed to returning cash to shareholders through dividends and share repurchases, with $1,060 million returned since mid-2021. In 2024, CRC repurchased 3.6 million shares and declared a quarterly cash dividend of $0.3875 per share. The company reaffirmed its $1,500 million borrowing base under its Revolving Credit Facility.

In 2024, CRC achieved significant milestones in environmental stewardship, including achieving a ‘Grade A’ certification for methane emissions and eliminating gas venting pneumatics. The company delivered over 112 million barrels of water for agricultural use and launched the Carbon TerraVault I Elk Hills Community Benefits Plan.

CRC will be participating in several investor conferences in March 2025, including DEP THRIVE Energy Conference, Morgan Stanley Global Energy & Power Conference, and CERAWeek 2025. The company’s presentation materials will be available on its website during these events.

CRC’s 2024 proved reserves were 545 MMBoe, with $8,877 million in PV-10 value. The company’s 2025 guidance includes net production estimates and capital investments. CRC uses non-GAAP financial measures like adjusted net income and adjusted EBITDAX to assess its financial performance and provide useful information to investors.



Read more at GlobeNewswire:: California Resources Reports Fourth Quarter and Full Year