California Resources Corp
CRC
ISIN US13057Q3056 / Valor 57776698
California Resources Corp
UMushroom community rating:
About company
California Resources Corporation (CRC) is an independent energy and carbon management company that focuses on energy transition and decarbonization efforts. CRC has a strong emphasis on developing carbon capture and storage (CCS) projects, such as the Carbon TerraVault series, which involves injecting carbon dioxide (CO2) captured from industrial sources into underground reservoirs for permanent storage. In addition, CRC announced a merger agreement with Aera Energy, LLC in February 2024.
Summarized from source with an LLMView SourceSector: EnergyLatest Results (14.08.2024):
Net Income
California Resources Corp reported a net income of $8 million for the second quarter of 2024. This translates to $0.11 per fully diluted share of common stock. The adjusted net income for the same period was $42 million, or $0.60 per fully diluted share.
Production and Prices
During the second quarter of 2024, California Resources Corp achieved an average net production of 76 MBoe/d, with net oil production averaging 47 thousand barrels of oil per day (MBo/d). The average realized oil prices were 98% of Brent, reflecting strong market conditions.
Operating Costs
California Resources Corp saw a decline in operating costs by 11% quarter-over-quarter, bringing the total to $156 million for the second quarter of 2024. This reduction was primarily due to lower activity levels, decreased natural gas prices, and vendor cost savings.
Capital Investments
Capital investments for California Resources Corp in the second quarter of 2024 totaled $34 million, which was below the guidance. This lower investment was mainly due to a $14 million reclassification from capital to expense related to the Elk Hills power plant turnaround.
Shareholder Returns
California Resources Corp returned 142% of its year-to-date free cash flow to shareholders in the second quarter of 2024. This included $93 million in share repurchases and $43 million in dividends, demonstrating a strong commitment to returning value to shareholders.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
4678 M
Market cap (USD)
132,150
Daily traded volume (Shares)
51.38 / 50.76
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
Est P/E ratio
EPS (USD)
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Ratings & reviews
Tej Ram Kumpakha
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