California Resources Corp ( (CRC) ) has released its Q3 earnings. Here is a breakdown of the information California Resources Corp presented to its investors.
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California Resources Corporation (CRC) is an independent energy and carbon management company focused on the energy transition, with a strong emphasis on environmental stewardship and the development of carbon capture and storage (CCS) projects.
In its third quarter of 2024, CRC reported robust financial results, with a net income of $345 million and an adjusted EBITDAX of $402 million. The company also achieved significant milestones in carbon management, receiving California’s first conditional use permits for its Carbon TerraVault I project.
Key financial highlights include the generation of $141 million in free cash flow, with 54% of it returned to shareholders through dividends and share repurchases. CRC also improved its capital structure by issuing $300 million in senior notes and tendering its 2026 senior notes. Operationally, the company maintained strong production levels, averaging 145 thousand barrels of oil equivalent per day.
Looking ahead, CRC is focused on achieving $235 million in synergies from its Aera merger by the third quarter of 2025, with $135 million already actioned. The company plans further integration and cost-saving measures to enhance its operational efficiency and shareholder returns.
Overall, CRC is positioned for long-term value creation, with ongoing efforts to reduce debt, enhance cash flow, and expand its carbon management platform.
