California Resources Corporation (NYSE: CRC), an independent
energy and carbon management company committed to energy
transition, today reported third quarter 2023 operational and
financial results.
"CRC's strong third-quarter performance demonstrates the hard
work of our team and the flexibility of the Company's business
strategy to create value for shareholders across various fronts.
Foundational to this success has been CRC's ability to generate
significant free cash flow, meaningfully advance the Company's
carbon management business and demonstrate our California
advantage," said Francisco Leon, CRC President and Chief Executive
Officer. "We are raising our dividend for the third year in a row
and have bought back $604 million of stock since the inception of
our share repurchase program, and have repurchased $35 million of
senior notes year to date. We see a number of new and exciting
developments for CRC as we continue to build a different kind of
energy company."
Primary Highlights
- Generated net cash provided by operating activities of $104
million or $129 million of net cash provided by operating
activities before changes in operating assets and liabilities,
net1, and delivered $71 million of free cash flow1 during the third
quarter
- Generated net cash provided by operating activities of $522
million and delivered $403 million of free cash flow1 year to
date
- Returned approximately 52% or $207 million of its free cash
flow1 generated year to date to CRC's stakeholders, including $143
million in share repurchases, $5 million in debt repurchases
(excluding an additional $30 million of post 3Q repurchases) and
$59 million in dividends
- Increased CRC's quarterly dividend by 10% to $0.31 per share
payable on December 15, 2023, to shareholders of record on December
1, 2023
- On path to achieve at least $55 million in annual run rate
reductions to operating and overhead costs from CRC's business
transformation initiative
- Announcing CTV's first capture to storage project at one of the
CRC's gas processing plants, Elk Hills cryogenic gas plant, in Kern
County, California. This new project is expected to begin to remove
and permanently store 100,000 metric tons per annum (MTPA) of CO2
in the CTV I reservoir by year end 2025
- Signed a storage-only Carbon Dioxide Management Agreement
(CDMA)2 with NLC Energy LLC (NLCE) with a minimum volume commitment
of 150,000 MTPA of CO2 injection at CTV I reservoir. See CTV's 3Q23
Update for additional information on CMB projects
Quarterly Financial
Highlights
- Reported a net loss of $22 million, or $0.32 per diluted share.
When adjusted for items analysts typically exclude from estimates
(including mark-to-market adjustments of $109 million, and one-time
costs of $24 million and adjusting for taxes of $37 million), the
Company’s adjusted net income1 was $74 million, or $1.02 per
diluted share
- Generated adjusted EBITDAX1 of $187 million
- Ended the quarter with $479 million of cash and cash
equivalents, an undrawn Revolving Credit Facility and $958 million
of total liquidity3
Quarterly Operational
Highlights
- Reservoirs performed in line with expectations; total daily
gross production of 101,000 gross barrels of oil equivalent per day
(Boe/d) during the third quarter
- Produced an average of 85,000 net Boe/d, including 51,000 net
barrels of oil per day (MBo/d), with $24 million of drilling and
workover capital during the third quarter
- Third quarter average daily net oil production includes a
negative impact of 1 net MBo/d related to CRC's production-sharing
contracts (PSCs) at the Wilmington field
- Quarter over quarter, operating costs of $24.96 per Boe
increased $1.25 per Boe primarily due to higher energy operating
costs as electricity and natural gas prices in California markets
increased between quarters
- Operated 1 drilling rig in the LA Basin; drilled 9 wells and
brought 8 wells online during the third quarter
- Operated 31 maintenance rigs in the third quarter
Total Year 2023 Guidance and Capital
Program4
CRC is narrowing its guidance range for average daily total net
production from 85 to 91 Mboe/d4 to 85 and 87 MBoe/d4 (~60 % oil)
for the full year 2023 to reflect the previously announced and
anticipated 5% to 7% entry to exit decline in production.
The Company is lowering its guidance range for the 2023 capital
program from $200 to $245 million to $185 to $210 million due to
the timing of projects and the availability of permits. The program
includes $180 to $200 million of adjusted E&P, corporate and
other adjusted capital5 and $5 to $10 million of adjusted CMB
capital5 for carbon management projects. On average for 2023, CRC
plans to execute a 1 to 1.5 rig development program. Activity will
focus on drilling new locations where CRC has permits and high
return workovers. The capital plan also includes procuring critical
components for planned maintenance of power and gas processing
facilities in 2024 as well as incremental spending to advance CRC's
carbon management business.
CRC increased its guidance for natural gas marketing margin for
the full year 2023 from $135 to $150 million to $155 to $185
million range to reflect the Company's performance through the
first three quarters of the year. The Company also narrowed its
2023 guidance for net electricity margin to $80 to $110 million and
narrowed the range for taxes other than on income to $170 to $180
million. CRC's transportation expense guidance increased $10
million to a range of $60 to $80 million. Similarly, CRC's 2023
commodity realizations guidance were adjusted to reflect the
Company's expected results.
CRC anticipates additional investment for subsurface land
easements during the fourth quarter of 2023 to expand its carbon
management business and has increased its guidance for CMB adjusted
free cash flow1 for the full year 2023 from ($60) to ($80) million
to ($70) to ($90) million. Additionally, CRC's E&P, Corporate
and Other free cash flow1 guidance was narrowed from $460 to $520
million to $470 to $510 million. As a result, CRC narrowed its
total 2023 free cash flow1 guidance from $380 to $460 million to
$380 to $440 million. See Attachment 2 for further information on
CRC's total year 2023 guidance.
Fourth Quarter 2023 Guidance and
Capital Program4
CRC expects its fourth quarter 2023 total capital to range
between $70 to $76 million under current operating conditions. This
includes $5 to $10 million of adjusted CMB capital5 as well as
procuring critical components for planned maintenance at a power
plant and a gas processing facility at Elk Hills in 2024.
At this level of spending, CRC expects average net total
production between 82 and 85 net MBoe/d4 (~60% oil) in the fourth
quarter of 2023, running a 1 drilling rig program in the Los
Angeles basin. See Attachment 2 for further information on CRC's
4Q23 guidance.
During the fourth quarter of 2023, CRC expects to invest
approximately $10 to $20 million for additional land easements to
expand its carbon management business.
Third Quarter Financial
Results
Selected Production, Price Information
and Results of Operations
3rd Quarter
2nd Quarter
($ in millions)
2023
2023
Average net oil production per day
(MBbl/d)
85
86
Realized oil price with derivative
settlements ($ per Bbl)
$
66.12
$
63.66
Average net NGL production per day
(MBbl/d)
11
11
Realized NGL price ($ per Bbl)
$
44.95
$
42.48
Average net natural gas production per day
(Mmcf/d)
138
135
Realized natural gas price with derivative
settlements ($ per Mcf)
$
4.83
$
3.46
Average net total production per day
(MBoe/d)
85
86
Margin from marketing purchased natural
gas ($ millions)
$
47
$
45
Margin from electricity sales ($
millions)
$
44
$
21
Net (loss) gain from commodity derivatives
($ millions)
$
(204
)
$
31
Selected Financial Statement Data and
non-GAAP measures:
3rd Quarter
2nd Quarter
($ and shares in millions, except per
share amounts)
2023
2023
Statements of
Operations:
Revenues
Total operating revenues
$
460
$
591
Selected
Expenses
Operating costs
$
196
$
186
General and administrative expenses1
$
65
$
71
Adjusted general and administrative
expenses1
$
51
$
57
Taxes other than on income
$
48
$
42
Transportation costs
$
16
$
16
Exploration expense
$
—
$
1
Operating (loss) Income
$
(15
)
$
147
Interest and debt expense
$
(15
)
$
(14
)
Income tax (benefit) provision
$
8
$
(38
)
Deferred income tax (benefit)
provision
$
(40
)
$
9
Net (loss) Income
$
(22
)
$
97
Adjusted net income1
$
74
$
38
Weighted-average common shares outstanding
- diluted
68.7
71.9
Net (loss) income per share - diluted
$
(0.32
)
$
1.35
Adjusted net income1 per share -
diluted
$
1.02
$
0.53
Adjusted EBITDAX1
$
187
$
138
Net cash provided by operating activities
before changes in operating assets and liabilities, net1
$
129
$
98
Net cash provided by operating
activities
$
104
$
108
Capital investments
$
33
$
39
Free cash flow1
$
71
$
69
Cash and cash equivalents
$
479
$
448
Balance Sheet and Liquidity
Update
The aggregate commitment under CRC's Revolving Credit Facility
was $627 million as of September 30, 2023. On October 30, 2023, the
borrowing base for the Revolving Credit Facility was reaffirmed at
$1.2 billion as part of CRC's semi-annual redetermination and the
aggregate commitment amount increased to $630 million.
As of September 30, 2023, CRC had liquidity of $958 million,
which consisted of $479 million in cash and cash equivalents plus
$479 million of available borrowing capacity under its Revolving
Credit Facility (which is net of $148 million of issued letters of
credit).
Reorganization
In August 2023, CRC implemented organizational changes that
resulted in a headcount reduction of 75 employees. These actions
were taken to better align CRC's resources to its strategic
priorities and improve its operational efficiency. As a result, CRC
recognized a charge of $7 million in other operating expenses,
net for the three months ended September 30, 2023, primarily
related to severance benefits. For the nine months ended September
30, 2023, CRC recognized a severance charge of $10 million. CRC
expects these actions, along with other initiatives taken to
streamline its operations, to result in at least $55 million of
savings in operating and overhead costs on an annualized basis.
Shareholder Return and Deleveraging
Strategy
CRC continues to prioritize shareholder returns and therefore
dedicates a significant portion of its free cash flow to
shareholders in the form of dividends, share repurchases and debt
repurchases.
On November 1, 2023, CRC's Board of Directors declared a
quarterly cash dividend of $0.31 per share of common stock. The
dividend is payable to shareholders of record at the close of
business on December 1, 2023 and is expected to be paid on December
15, 2023.
During the third quarter of 2023, CRC repurchased 0.4 million
shares for approximately $20 million at an average price of $54.75
per share. Since the inception of the Share Repurchase Program in
May 2021 through September 30, 2023, 14,863,915 shares have been
repurchased for $604 million at an average price of $40.53 per
share, including commissions and excise taxes. These total
repurchases represent ~18% of CRC’s shares outstanding since
December 31, 2020.
CRC repurchased $5 million in face value of its senior notes at
par in the third quarter and an additional $30 million of its
senior notes at an average price of 100.50% of par in October 2023.
After these repurchases, the remaining principal amount of CRC’s
senior notes is $565 million due February 1, 2026.
CRC has returned $739 million of cash to its stakeholders,
including $604 million in share repurchases, $5 million in debt
repurchases and $132 million of dividends since December 31st,
2020, through September 30, 2023. These figures exclude $30 million
of senior notes repurchased subsequent to quarter end and $21
million of dividends expected to be paid on December 15, 2023.
Upcoming Investor Conference
Participation
CRC's executives will be participating in the following
events:
- Bank of America Energy Conference on November 14 and 15 in
Houston, TX
- Mizuho Energy & Infrastructure Conference on November 27 to
29 in New York City, NY
- Stone X Natural Resource Day on December 7 in New York City,
NY
- Goldman Sachs Global Energy and Clean Tech Conference on
January 3 to 5 in Miami, FL
- UBS Global Energy and Utilities Conference on January 8 to 10
in Park City, UT
- TD Global Energy Conference on January 8 to 10 in London,
UK
CRC’s presentation materials will be available the day of the
events on the Events and Presentations page in the Investor
Relations section on www.crc.com.
Conference Call Details
To participate in the conference call scheduled for November 2,
2023, at 1:00 p.m. Eastern Time, please dial (877) 315-5411
(International calls please dial +1 (412) 902-6739) or access via
webcast at www.crc.com 15 minutes prior to the scheduled start time
to register. Participants may also pre-register for the conference
call at https://dpregister.com/sreg/10182061/fa45058ce0. A digital
replay of the conference call will be archived for approximately 90
days and supplemental slides for the conference call will be
available online in the Investor Relations section of
www.crc.com.
1 See Attachment 3 for the non-GAAP financial measures of
operating costs per BOE (excluding effects of PSCs), adjusted net
income (loss), adjusted net income (loss) per share - basic and
diluted, net cash provided by operating activities before changes
in operating assets and liabilities, net, free cash flow, adjusted
free cash flow, adjusted G&A and adjusted capital, including
reconciliations to their most directly comparable GAAP measure,
where applicable. For the full year 2023 and 3Q23 estimates of the
non-GAAP measure of free cash flow, adjusted free cash flow,
adjusted G&A and adjusted capital, including reconciliations to
their most directly comparable GAAP measure, see Attachment 3. 2
The CDMA frames the contractual terms between parties by outlining
the material economics and terms of the project and includes
conditions precedent to close. The CDMA provides a path for the
parties to reach final definitive documents and FID. 3 Calculated
as $479 million of available cash plus $627 million of capacity on
CRC's Revolving Credit Facility less $148 million in outstanding
letters of credit. 4 Current guidance assumes a 2023 Brent price of
$84.16 per barrel of oil, NGL realizations as a percentage of Brent
consistent with prior years and a NYMEX gas price of $2.77 per mcf
and a 4Q23 Brent price of $90.46 per barrel of oil, NGL
realizations as a percentage of Brent consistent with prior years
and a NYMEX gas price of $3.00 per mcf. CRC's share of production
under PSC contracts decreases when commodity prices rise and
increases when prices fall. 5 Adjusted E&P Capital and Adjusted
CMB Capital are Non-GAAP measures. These measures reflect the
reclassification of certain E&P, Corporate & Other Capital
to CMB Capital related to the investment in facilities to advance
carbon sequestration activities. For the full year 2023 and 4Q23
estimates of the non-GAAP measure of free cash flow, including
reconciliations to their most directly comparable GAAP measure, see
Attachment 2. 6 CMB Expenses includes lease cost for sequestration
easements, advocacy, and other startup related costs.
About Carbon TerraVault
Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC,
provides services that include the capture, transport and storage
of carbon dioxide for its customers. CTV is engaged in a series of
CCS projects that inject CO2 captured from industrial sources into
depleted underground reservoirs and permanently store CO2 deep
underground. For more information about CTV, please visit
www.carbonterravault.com.
About California Resources
Corporation
California Resources Corporation (CRC) is an independent energy
and carbon management company committed to energy transition. CRC
produces some of the lowest carbon intensity oil in the US and is
focused on maximizing the value of its land, mineral and technical
resources for decarbonization efforts. For more information about
CRC, please visit www.crc.com.
Forward-Looking
Statements
This document contains statements that CRC believes to be
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than historical facts
are forward-looking statements, and include statements regarding
CRC's future financial position, business strategy, projected
revenues, earnings, costs, capital expenditures and plans and
objectives of management for the future. Words such as "expect,"
"could," "may," "anticipate," "intend," "plan," “ability,”
"believe," "seek," "see," "will," "would," "estimate," "forecast,"
"target," "guidance," "outlook," "opportunity" or "strategy" or
similar expressions are generally intended to identify
forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in, or implied by, such
statements.
Although CRC believes the expectations and forecasts reflected
in its forward-looking statements are reasonable, they are
inherently subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond CRC's
control. No assurance can be given that such forward-looking
statements will be correct or achieved or that the assumptions are
accurate or will not change over time. Particular uncertainties
that could cause CRC's actual results to be materially different
than those expressed in its forward-looking statements include:
- fluctuations in commodity prices, including supply and demand
considerations for CRC's products and services;
- decisions as to production levels and/or pricing by OPEC or
U.S. producers in future periods;
- government policy, war and political conditions and events,
including the wars in Ukraine and Israel and oil sanctions on
Russia, Iran and others;
- regulatory actions and changes that affect the oil and gas
industry generally and CRC in particular, including (1) the
availability or timing of, or conditions imposed on, permits and
approvals necessary for drilling or development activities or CRC's
carbon management business; (2) the management of energy, water,
land, greenhouse gases (GHGs) or other emissions, (3) the
protection of health, safety and the environment, or (4) the
transportation, marketing and sale of CRC's products;
- the impact of inflation on future expenses and changes
generally in the prices of goods and services;
- changes in business strategy and CRC's capital plan;
- lower-than-expected production or higher-than-expected
production decline rates;
- changes to CRC's estimates of reserves and related future cash
flows, including changes arising from CRC's inability to develop
such reserves in a timely manner, and any inability to replace such
reserves;
- the recoverability of resources and unexpected geologic
conditions;
- general economic conditions and trends, including conditions in
the worldwide financial, trade and credit markets;
- production-sharing contracts' effects on production and
operating costs;
- the lack of available equipment, service or labor price
inflation;
- limitations on transportation or storage capacity and the need
to shut-in wells;
- any failure of risk management;
- results from operations and competition in the industries in
which CRC operates;
- CRC's ability to realize the anticipated benefits from prior or
future efforts to reduce costs;
- environmental risks and liability under federal, regional,
state, provincial, tribal, local and international environmental
laws and regulations (including remedial actions);
- the creditworthiness and performance of CRC's counterparties,
including financial institutions, operating partners, CCS project
participants and other parties;
- reorganization or restructuring of CRC's operations;
- CRC's ability to claim and utilize tax credits or other
incentives in connection with its CCS projects;
- CRC's ability to realize the benefits contemplated by its
energy transition strategies and initiatives, including CCS
projects and other renewable energy efforts;
- CRC's ability to successfully identify, develop and finance
carbon capture and storage projects and other renewable energy
efforts including those in connection with the Carbon
TerraVault;
- CRC's ability to convert it's CDMAs to definitive agreements
and enter into other offtake agreements;
- CRC's ability to maximize the value of its carbon management
business and operate it on a stand-alone basis;
- CRC's ability to successfully develop infrastructure projects
and enter into third party contracts on contemplated terms;
- uncertainty around the accounting of emissions and CRC's
ability to successfully gather and verify emissions data and other
environmental impacts;
- changes to CRC's dividend policy and Share Repurchase Program,
and its ability to declare future dividends or repurchase shares
under its debt agreements;
- limitations on CRC's financial flexibility due to existing and
future debt;
- insufficient cash flow to fund CRC's capital plan and other
planned investments and return capital to shareholders;
- changes in interest rates, and CRC's access to and the terms of
credit in commercial banking and capital markets, including its
ability to refinance its debt or obtain separate financing for its
carbon management business;
- changes in state, federal or international tax rates, including
CRC's ability to utilize its net operating loss carryforwards to
reduce its income tax obligations;
- effects of hedging transactions;
- the effect of CRC's stock price on costs associated with
incentive compensation;
- inability to enter into desirable transactions, including joint
ventures, divestitures of oil and natural gas properties and real
estate, and acquisitions, and CRC's ability to achieve any expected
synergies;
- disruptions due to earthquakes, forest fires, floods, extreme
weather events or other natural occurrences, accidents, mechanical
failures, power outages, transportation or storage constraints,
labor difficulties, cybersecurity breaches or attacks or other
catastrophic events;
- pandemics, epidemics, outbreaks, or other public health events,
such as the COVID-19 pandemic; and
- other factors discussed in Part I, Item 1A – Risk Factors in
CRC's Annual Report on Form 10-K and its other SEC filings
available at www.crc.com.
CRC cautions you not to place undue reliance on forward-looking
statements contained in this document, which speak only as of the
filing date, and CRC undertakes no obligation to update this
information. This document may also contain information from third
party sources. This data may involve a number of assumptions and
limitations, and CRC has not independently verified them and do not
warrant the accuracy or completeness of such third-party
information.
Attachment 1
SUMMARY OF RESULTS
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ and shares in millions, except per
share amounts)
2023
2023
2022
2023
2022
Statements of Operations:
Revenues
Oil, natural gas and NGL sales
$
510
$
447
$
680
$
1,672
$
2,026
Net (loss) gain from commodity
derivatives
(204
)
31
243
(131
)
(419
)
Marketing of purchased natural gas
78
72
113
334
220
Electricity sales
67
34
88
169
171
Other revenue
9
7
1
31
27
Total operating revenues
460
591
1,125
2,075
2,025
Operating Expenses
Operating costs
196
186
214
636
586
General and administrative expenses
65
71
59
201
163
Depreciation, depletion and
amortization
56
56
50
170
149
Asset impairment
—
—
—
3
2
Taxes other than on income
48
42
44
132
120
Exploration expense
—
1
1
2
3
Purchased natural gas marketing
expense
31
27
98
182
186
Electricity generation expenses
23
13
42
85
99
Transportation costs
16
16
13
49
37
Accretion expense
12
11
10
35
32
Other operating expenses, net
28
21
5
62
28
Total operating expenses
475
444
536
1,557
1,405
Net gain on asset divestitures
—
—
2
7
60
Operating (Loss) Income
(15
)
147
591
525
680
Non-Operating (Expenses) Income
Interest and debt expense
(15
)
(14
)
(13
)
(43
)
(39
)
Loss from investment in unconsolidated
subsidiary
(3
)
(1
)
—
(6
)
—
Other non-operating income, net
3
3
1
5
3
(Loss) Income Before Income
Taxes
(30
)
135
579
481
644
Income tax benefit (provision)
8
(38
)
(153
)
(105
)
(203
)
Net (Loss) income
$
(22
)
$
97
$
426
$
376
$
441
Net (loss) income per share - basic
$
(0.32
)
$
1.39
$
5.75
$
5.38
$
5.77
Net (loss) income per share - diluted
$
(0.32
)
$
1.35
$
5.58
$
5.18
$
5.62
Adjusted net income
$
74
$
38
$
111
$
305
$
291
Adjusted net income per share - basic
$
1.08
$
0.55
$
1.50
$
4.36
$
3.81
Adjusted net income per share -
diluted
$
1.02
$
0.53
$
1.45
$
4.20
$
3.71
Weighted-average common shares outstanding
- basic
68.7
69.7
74.1
69.9
76.4
Weighted-average common shares outstanding
- diluted
68.7
71.9
76.3
72.6
78.5
Adjusted EBITDAX
$
187
$
138
$
234
$
683
$
644
Effective tax rate
27
%
28
%
26
%
22
%
32
%
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ in millions)
2023
2023
2022
2023
2022
Cash Flow Data:
Net cash provided by operating
activities
$
104
$
108
$
235
$
522
$
576
Net cash used in investing activities
$
(28
)
$
(44
)
$
(109
)
$
(133
)
$
(238
)
Net cash used in financing activities
$
(45
)
$
(93
)
$
(92
)
$
(217
)
$
(285
)
Sept. 30,
December 31,
($ in millions)
2023
2022
Selected Balance Sheet Data:
Total current assets
$
929
$
864
Property, plant and equipment, net
$
2,722
$
2,786
Deferred tax asset
$
150
$
164
Total current liabilities
$
694
$
894
Long-term debt, net
$
589
$
592
Noncurrent asset retirement
obligations
$
388
$
432
Stockholders' Equity
$
2,050
$
1,864
GAINS AND LOSSES FROM COMMODITY
DERIVATIVES
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ millions)
2023
2023
2022
2023
2022
Non-cash derivative (loss) gain
$
(109
)
$
94
$
425
$
92
$
185
Net payments on settled commodity
derivatives
(95
)
(63
)
(182
)
(223
)
(604
)
Net gain (loss) from commodity
derivatives
$
(204
)
$
31
$
243
$
(131
)
$
(419
)
CAPITAL INVESTMENTS
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ millions)
2023
2023
2022
2023
2022
Facilities (1)
$
7
$
11
$
20
$
27
$
52
Drilling
13
13
73
51
194
Workovers
11
11
7
28
22
Total E&P capital
31
35
100
106
268
CMB (1)
—
—
6
1
17
Corporate and other
2
4
1
12
19
Total capital program
$
33
$
39
$
107
$
119
$
304
(1) Facilities capital includes $1
million, $1 million and $4 million in the third and second quarter
of 2023 and third quarter of 2022, respectively, to build
replacement water injection facilities which will allow CRC to
divert produced water away from a depleted oil and natural gas
reservoir held by the Carbon TerraVault JV. Construction of these
facilities supports the advancement of CRC’s carbon management
business and CRC reported these amounts as part of adjusted CMB
capital in this Earnings Release. Where adjusted CMB capital is
presented, CRC removed the amounts from facilities capital and
presented adjusted E&P, Corporate and Other capital.
Attachment 2
2023 Estimated
TOTAL CRC GUIDANCE1
Consolidated
CMB
E&P, Corporate &
Other
Net Total Production (MBoe/d)
85 - 87
85 - 87
Net Oil Production (MBbl/d)
51 - 53
51 - 53
Operating Costs ($ millions)
$815 - $850
$815 - $850
CMB Expenses2 ($ millions)
$40 - $50
$40 - $50
Adjusted General and Administrative
Expenses1 ($ millions)
$195 - $225
$10 - $15
$185 - $210
Capital ($ millions)
$185 - $210
$1 - $6
$184 - $204
Adjusted Capital3 ($ millions)
$5 - $10
$180 - $200
Free Cash Flow3 ($ millions)
$380 - $440
($66) - ($86)
$466 - $506
Adjusted Free Cash Flow3 ($ millions)
($70) - ($90)
$470 - $510
Natural Gas Marketing Margin ($
millions)
$155 - $185
$155 - $185
Electricity Margin ($ millions)
$80 - $110
$80 - $110
Transportation Expense ($ millions)
$60 - $80
$60 - $80
ARO Settlement Payments ($ millions)
$55 - $60
$55 - $60
Taxes Other Than on Income ($
millions)
$170 - $180
$170 - $180
Interest and Debt Expense ($ millions)
$55 - $60
$5 - $6
$50 - $54
Cash Income Taxes ($ millions)
$100 - $120
$100 - $120
Commodity Realizations:
Oil - % of Brent:
94% - 97%
94% - 97%
NGL - % of Brent:
56% - 60%
56% - 60%
Natural Gas - % of NYMEX*:
275% - 325%
275% - 325%
CRC GUIDANCE3
Total
4Q23E
CMB
4Q23E
E&P, Corp. & Other
4Q23E
Net Total Production (MBoe/d)
82 - 85
82 - 85
Net Oil Production (MBbl/d)
49 - 51
49 - 51
Operating Costs ($ millions)
$185 - $195
$185 - $195
CMB Expenses2 ($ millions)
$10 - $20
$10 - $20
Adjusted General and Administrative
Expenses1 ($ millions)
$51 - $58
$1 - $2
$50 - $56
Capital ($ millions)
$65 - $81
$4 - $9
$61 - $72
Adjusted Capital3 ($ millions)
$5 - $10
$60 - $71
Free Cash Flow3 ($ millions)
($5) - $30
($44) - ($54)
$49 - $74
Adjusted Free Cash Flow3 ($ millions)
($45) - ($55)
$50 - $75
Natural Gas Marketing Margin ($
millions)
$20 - $30
$20 - $30
Electricity Margin ($ millions)
$10 - $15
$10 - $15
Transportation Expense ($ millions)
$15 - $19
$15 - $19
Cash Income Taxes ($ millions)
$25 - $35
$25 - $35
Commodity Realizations:
Oil - % of Brent:
96% - 99%
96% - 99%
NGL - % of Brent:
50% - 60%
50% - 60%
Natural Gas - % of NYMEX:
165% - 185%
165% - 185%
See Attachment 3 for management's disclosure of its use of these
non-GAAP measures and how these measures provide useful information
to investors about CRC's results of operations and financial
condition. CRC has supplemented its non-GAAP measures of
consolidated free cash flow with free cash flow from CRC's
exploration and production and corporate items (free cash flow from
E&P, Corporate & Other) which CRC believes is a useful
measure for investors to understand the results of its core oil and
gas business. CRC defines free cash flow from E&P, Corporate
& Other as consolidated free cash flow less free cash flow
attributable to CMB.
ESTIMATED FREE CASH FLOW
RECONCILIATION
2023 Estimated
Consolidated
CMB
E&P, Corporate &
Other
($ millions)
Low
High
Low
High
Low
High
Net cash provided (used) by operating
activities
$
590
$
625
$
(80
)
$
(65
)
$
670
$
690
Capital investments
(210
)
(185
)
(6
)
(1
)
(204
)
(184
)
Estimated free cash flow
$
380
$
440
$
(86
)
$
(66
)
$
466
$
506
Adjustments to capital investments:
Replacement water facilities
(4
)
(4
)
4
4
Adjusted capital investments(3)
$
(10
)
$
(5
)
$
(200
)
$
(180
)
Net cash provided (used) by operating
activities
$
(80
)
$
(65
)
$
670
$
690
Adjusted capital investments
(10
)
(5
)
(200
)
(180
)
Estimated adjusted free cash
flow
$
(90
)
$
(70
)
$
470
$
510
4Q23 Estimated
Consolidated
CMB
E&P, Corporate &
Other
($ millions)
Low
High
Low
High
Low
High
Net cash provided (used) by operating
activities
$
76
$
95
$
(45
)
$
(40
)
$
121
$
135
Capital investments
(81
)
(65
)
(9
)
(4
)
(72
)
(61
)
Estimated free cash flow
$
(5
)
$
30
$
(54
)
$
(44
)
$
49
$
74
Adjustments to capital investments:
Replacement water facilities
(1
)
(1
)
1
1
Adjusted capital investments(3)
$
(10
)
$
(5
)
$
(71
)
$
(60
)
Net cash provided (used) by operating
activities
$
(45
)
$
(40
)
$
121
$
135
Adjusted capital investments
(10
)
(5
)
(71
)
(60
)
Estimated adjusted free cash
flow
$
(55
)
$
(45
)
$
50
$
75
ESTIMATED ADJUSTED GENERAL AND
ADMINISTRATIVE EXPENSES RECONCILIATION
2023 Estimated
Consolidated
CMB
E&P, Corporate &
Other
($ millions)
Low
High
Low
High
Low
High
General and administrative expenses
$
235
$
250
$
10
$
15
$
225
$
235
Equity-settled stock-based
compensation
(25
)
(15
)
(25
)
(15
)
Other
(15
)
(10
)
(15
)
(10
)
Estimated adjusted general and
administrative expenses
$
195
$
225
$
10
$
15
$
185
$
210
4Q23 Estimated
Consolidated
CMB
E&P, Corporate &
Other
($ millions)
Low
High
Low
High
Low
High
General and administrative expenses
$
64
$
72
$
1
$
2
$
63
$
70
Equity-settled stock-based
compensation
(8
)
(6
)
(8
)
(6
)
Other
(5
)
(8
)
(5
)
(8
)
Estimated adjusted general and
administrative expenses
$
51
$
58
$
1
$
2
$
50
$
56
(1) Current guidance assumes a 2023 Brent
price of $84.16 per barrel of oil, NGL realizations as a percentage
of Brent consistent with prior years and a NYMEX gas price of $2.77
per mcf and a 4Q23 Brent price of $90.46 per barrel of oil, NGL
realizations as a percentage of Brent consistent with prior years
and a NYMEX gas price of $3.00 per mcf. CRC's share of production
under PSC contracts decreases when commodity prices rise and
increases when prices fall.
(2) CMB Expenses includes lease cost for
sequestration easements, advocacy, and other startup related
costs.
(3) Adjusted E&P capital investments
and Adjusted CMB capital investments are non-GAAP measures. These
measures reflect E&P facilities capital for replacement water
injection facilities (which will allow CRC's oil and gas operations
to divert produced water away from a depleted oil and natural gas
reservoir held by the Carbon TerraVault JV) as Adjusted CMB capital
investment. Construction of these facilities supports the
advancement of CRC’s carbon management business (CMB). CRC has
supplemented its non-GAAP financial measure of free cash flow with
adjusted free cash flow calculated using adjusted capital
investments for its E&P, Corporate & Other. Management
believes this is a useful measure for investors to understand the
results of the core oil and gas business. CRC defines adjusted free
cash flow for E&P, Corporate & Other as consolidated free
cash flow less results attributable to its carbon management
business.
Attachment 3
NON-GAAP FINANCIAL MEASURES AND
RECONCILIATIONS
To supplement the presentation of its
financial results prepared in accordance with U.S generally
accepted accounting principles (GAAP), management uses certain
non-GAAP measures to assess its financial condition, results of
operations and cash flows. The non-GAAP measures include adjusted
net income (loss), adjusted EBITDAX, E&P, Corporate & Other
adjusted EBITDAX, CMB adjusted EBITDAX, net cash provided by
operating activities before changes in operating assets and
liabilities, net, free cash flow, E&P, Corporate & Other
free cash flow, CMB free cash flow, adjusted general and
administrative expenses, operating costs per BOE, and adjusted
total capital among others. These measures are also widely used by
the industry, the investment community and CRC's lenders. Although
these are non-GAAP measures, the amounts included in the
calculations were computed in accordance with GAAP. Certain items
excluded from these non-GAAP measures are significant components in
understanding and assessing CRC's financial performance, such as
CRC's cost of capital and tax structure, as well as the effect of
acquisition and development costs of CRC's assets. Management
believes that the non-GAAP measures presented, when viewed in
combination with CRC's financial and operating results prepared in
accordance with GAAP, provide a more complete understanding of the
factors and trends affecting the Company's performance. The
non-GAAP measures presented herein may not be comparable to other
similarly titled measures of other companies. Below are additional
disclosures regarding each of the non-GAAP measures reported in
this earnings release, including reconciliations to their most
directly comparable GAAP measure where applicable.
ADJUSTED NET INCOME (LOSS)
Adjusted net income (loss) and adjusted
net income (loss) per share are non-GAAP measures. CRC defines
adjusted net income as net income excluding the effects of
significant transactions and events that affect earnings but vary
widely and unpredictably in nature, timing and amount. These events
may recur, even across successive reporting periods. Management
believes these non-GAAP measures provide useful information to the
industry and the investment community interested in comparing CRC's
financial performance between periods. Reported earnings are
considered representative of management's performance over the long
term. Adjusted net income (loss) is not considered to be an
alternative to net income (loss) reported in accordance with GAAP.
The following table presents a reconciliation of the GAAP financial
measure of net income and net income attributable to common stock
per share to the non-GAAP financial measure of adjusted net income
and adjusted net income per share.
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ millions, except per share amounts)
2023
2023
2022
2023
2022
Net (loss) income
$
(22
)
$
97
$
426
$
376
$
441
Unusual, infrequent and other items:
Non-cash derivative loss (gain)
109
(94
)
(425
)
(92
)
(185
)
Asset impairment
—
—
—
3
2
Severance and termination costs
7
2
—
10
—
Net gain on asset divestitures
—
—
(2
)
(7
)
(60
)
Other, net
17
10
4
30
7
Total unusual, infrequent and other
items
133
(82
)
(423
)
(56
)
(236
)
Income tax (benefit) provision of
adjustments at effective tax rate
(37
)
23
120
16
67
Income tax (benefit) provision - out of
period
—
—
(12
)
(31
)
19
Adjusted net income attributable to common
stock
$
74
$
38
$
111
$
305
$
291
Net (loss) income per share - basic
$
(0.32
)
$
1.39
$
5.75
$
5.38
$
5.77
Net (loss) income per share - diluted
$
(0.32
)
$
1.35
$
5.58
$
5.18
$
5.62
Adjusted net income per share - basic
$
1.08
$
0.55
$
1.50
$
4.36
$
3.81
Adjusted net income per share -
diluted
$
1.02
$
0.53
$
1.45
$
4.20
$
3.71
ADJUSTED EBITDAX
CRC defines Adjusted EBITDAX as earnings
before interest expense; income taxes; depreciation, depletion and
amortization; exploration expense; other unusual, infrequent and
out-of-period items; and other non-cash items. CRC believes this
measure provides useful information in assessing its financial
condition, results of operations and cash flows and is widely used
by the industry, the investment community and its lenders. Although
this is a non-GAAP measure, the amounts included in the calculation
were computed in accordance with GAAP. Certain items excluded from
this non-GAAP measure are significant components in understanding
and assessing CRC’s financial performance, such as its cost of
capital and tax structure, as well as depreciation, depletion and
amortization of CRC's assets. This measure should be read in
conjunction with the information contained in CRC’s financial
statements prepared in accordance with GAAP. A version of Adjusted
EBITDAX is a material component of certain of its financial
covenants under CRC's Revolving Credit Facility and is provided in
addition to, and not as an alternative for, income and liquidity
measures calculated in accordance with GAAP.
The following table represents a
reconciliation of the GAAP financial measures of net income and net
cash provided by operating activities to the non-GAAP financial
measure of adjusted EBITDAX. CRC has supplemented its non-GAAP
measures of consolidated adjusted EBITDAX with adjusted EBITDAX for
its exploration and production and corporate items (Adjusted
EBITDAX for E&P, Corporate & Other) which management
believes is a useful measure for investors to understand the
results of the core oil and gas business. CRC defines adjusted
EBITDAX for E&P, Corporate & Other as consolidated adjusted
EBITDAX less results attributable to its carbon management business
(CMB).
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ millions, except per BOE amounts)
2023
2023
2022
2023
2022
Net (loss) income
$
(22
)
$
97
$
426
$
376
$
441
Interest and debt expense
15
14
13
43
39
Depreciation, depletion and
amortization
56
56
50
170
149
Income tax (benefit) provision
(8
)
38
153
105
203
Exploration expense
—
1
1
2
3
Interest income
(5
)
(5
)
(1
)
(14
)
(1
)
Unusual, infrequent and other items
(1)
133
(82
)
(423
)
(56
)
(236
)
Non-cash items
Accretion expense
12
11
10
35
32
Stock-based compensation
6
8
5
21
13
Post-retirement medical and pension
—
—
—
1
1
Adjusted EBITDAX
$
187
$
138
$
234
$
683
$
644
Net cash provided by operating
activities
$
104
$
108
$
235
$
522
$
576
Cash interest payments
23
2
23
48
48
Cash interest received
(5
)
(5
)
(1
)
(14
)
(1
)
Cash income taxes
29
51
—
80
20
Exploration expenditures
—
1
1
2
3
Adjustments to changes in operating assets
and liabilities
36
(19
)
(24
)
45
(2
)
Adjusted EBITDAX
$
187
$
138
$
234
$
683
$
644
E&P, Corporate & Other Adjusted
EBITDAX
$
199
$
151
$
239
$
717
$
656
CMB Adjusted EBITDAX
$
(12
)
$
(13
)
$
(5
)
$
(34
)
$
(12
)
Adjusted EBITDAX per Boe
$
23.81
$
17.59
$
27.63
$
28.78
$
26.06
(1) See Adjusted Net Income (Loss)
reconciliation.
FREE CASH FLOW AND SUPPLEMENTAL FREE
CASH FLOW MEASURES
Management uses free cash flow, which is
defined by CRC as net cash provided by operating activities less
capital investments, as a measure of liquidity. The following table
presents a reconciliation of CRC's net cash provided by operating
activities to free cash flow. CRC supplemented its non-GAAP measure
of free cash flow with (i) net cash provided by operating
activities before changes in operating assets and liabilities, net,
(ii) adjusted free cash flow, and (iii) free cash flow of
exploration and production, and corporate and other items (Free
Cash Flow for E&P, Corporate & Other), which it believes is
a useful measure for investors to understand the results of CRC's
core oil and gas business. CRC defines Free Cash Flow for E&P,
Corporate & Other as consolidated free cash flow less results
attributable to its carbon management business (CMB). CRC defines
adjusted free cash flow as net cash provided by operating
activities less adjusted capital investments.
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ millions)
2023
2023
2022
2023
2022
Net cash provided by operating activities
before changes in operating assets and liabilities, net
$
129
$
98
$
201
$
543
$
555
Changes in operating assets and
liabilities, net
(25
)
10
34
(21
)
21
Net cash provided by operating
activities
104
108
235
522
576
Capital investments
(33
)
(39
)
(107
)
(119
)
(304
)
Free cash flow
$
71
$
69
$
128
$
403
$
272
E&P, Corporate and Other
$
79
$
78
$
139
$
427
$
301
CMB
$
(8
)
$
(9
)
$
(11
)
$
(24
)
$
(29
)
Adjustments to capital investments:
Replacement water facilities(1)
$
1
$
1
$
4
$
3
$
9
Adjusted capital investments:
E&P, Corporate and Other
$
32
$
38
$
97
$
115
$
278
CMB
$
1
$
1
$
10
$
4
$
26
Adjusted free cash flow:
E&P, Corporate and Other
$
80
$
79
$
143
$
430
$
310
CMB
$
(9
)
$
(10
)
$
(15
)
$
(27
)
$
(38
)
(1) Facilities capital includes $1
million, $1 million and $4 million in the third and second quarter
of 2023 and third quarter of 2022, respectively, to build
replacement water injection facilities which will allow CRC to
divert produced water away from a depleted oil and natural gas
reservoir held by the Carbon TerraVault JV. Construction of these
facilities supports the advancement of CRC’s carbon management
business and CRC reported these amounts as part of adjusted CMB
capital in this press release. Where adjusted CMB capital is
presented, CRC removed the amounts from facilities capital and
presented adjusted E&P, Corporate and Other capital.
ADJUSTED GENERAL & ADMINISTRATIVE
EXPENSES
Management uses a measure called adjusted
general and administrative (G&A) expenses to provide useful
information to investors interested in comparing CRC's costs
between periods and performance to our peers. CRC supplemented its
non-GAAP measure of adjusted general and administrative expenses
with adjusted general and administrative expenses of its
exploration and production and corporate items (adjusted general
& administrative expenses for E&P, Corporate & Other)
which it believes is a useful measure for investors to understand
the results or CRC's core oil and gas business. CRC defines
adjusted general & administrative Expenses for E&P,
Corporate & Other as consolidated adjusted general and
administrative expenses less results attributable to its carbon
management business (CMB).
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ millions)
2023
2023
2022
2023
2022
General and administrative expenses
$
65
$
71
$
59
$
201
$
163
Stock-based compensation
(6
)
(8
)
(5
)
(21
)
(13
)
Information technology infrastructure
(6
)
(5
)
(1
)
(13
)
(2
)
Other
(2
)
(1
)
—
(4
)
—
Adjusted G&A expenses
$
51
$
57
$
53
$
163
$
148
E&P, Corporate and Other adjusted
G&A expenses
$
47
$
54
$
48
$
153
$
138
CMB adjusted G&A expenses
$
4
$
3
$
5
$
10
$
10
OPERATING COSTS PER BOE
The reporting of PSC-type contracts
creates a difference between reported operating costs, which are
for the full field, and reported volumes, which are only CRC's net
share, inflating the per barrel operating costs. The following
table presents operating costs after adjusting for the excess costs
attributable to PSCs.
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
($ per BOE)
2023
2023
2022
2023
2022
Energy operating costs (1)
$
9.42
$
7.39
$
10.96
$
10.87
$
9.83
Gas processing costs (2)
0.64
0.64
0.49
0.59
0.53
Non-energy operating costs
14.90
15.68
13.82
15.34
13.35
Operating costs
$
24.96
$
23.71
$
25.27
$
26.80
$
23.71
Costs attributable to PSCs
Excess energy operating costs attributable
to PSCs
$
(1.09
)
$
(0.91
)
$
(0.97
)
$
(1.01
)
$
(0.98
)
Excess non-energy operating costs
attributable to PSCs
(1.30
)
(1.24
)
(1.19
)
(1.25
)
(1.37
)
Excess costs attributable to
PSCs
$
(2.39
)
$
(2.15
)
$
(2.16
)
$
(2.26
)
$
(2.35
)
Energy operating costs, excluding effect
of PSCs (1)
$
8.33
$
6.48
$
9.99
$
9.86
$
8.85
Gas processing costs, excluding effect of
PSCs (2)
0.64
0.64
0.49
0.59
0.53
Non-energy operating costs, excluding
effect of PSCs
13.60
14.44
12.63
14.09
11.98
Operating costs, excluding effects of
PSCs
$
22.57
$
21.56
$
23.11
$
24.54
$
21.36
(1) Energy operating costs consist of
purchased natural gas used to generate electricity for operations
and steamfloods, purchased electricity and internal costs to
generate electricity used in CRC's operations.
(2) Gas processing costs include costs
associated with compression, maintenance and other activities
needed to run CRC's gas processing facilities at Elk Hills.
Attachment 4
PRODUCTION STATISTICS
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
Net Production Per Day
2023
2023
2022
2023
2022
Oil (MBbl/d)
San Joaquin Basin
33
34
36
34
37
Los Angeles Basin
18
19
19
19
18
Total
51
53
55
53
55
NGLs (MBbl/d)
San Joaquin Basin
11
11
12
11
11
Total
11
11
12
11
11
Natural Gas (MMcf/d)
San Joaquin Basin
122
119
131
120
128
Los Angeles Basin
1
1
1
1
1
Sacramento Basin
15
15
17
15
18
Total
138
135
149
136
147
Total Production (MBoe/d)
85
86
92
87
91
Gross Operated and Net
Non-Operated
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
Production Per Day
2023
2023
2022
2023
2022
Oil (MBbl/d)
San Joaquin Basin
36
38
40
38
41
Los Angeles Basin
25
25
26
25
26
Total
61
63
66
63
67
NGLs (MBbl/d)
San Joaquin Basin
13
12
13
12
12
Total
13
12
13
12
12
Natural Gas (MMcf/d)
San Joaquin Basin
135
136
140
135
137
Los Angeles Basin
8
7
7
7
7
Sacramento Basin
18
19
21
20
22
Total
161
162
168
162
166
Total Production (MBoe/d)
101
103
107
102
107
Attachment 5
PRICE STATISTICS
3rd Quarter
2nd Quarter
3rd Quarter
Nine Months
Nine Months
2023
2023
2022
2023
2022
Oil ($ per Bbl)
Realized price with derivative
settlements
$
66.12
$
63.66
$
62.45
$
64.25
$
61.96
Realized price without derivative
settlements
$
85.36
$
75.77
$
97.96
$
79.90
$
102.01
NGLs ($/Bbl)
$
44.95
$
42.48
$
57.68
$
48.89
$
66.98
Natural gas ($/Mcf)
Realized price with derivative
settlements
$
4.83
$
3.46
$
8.58
$
9.85
$
7.21
Realized price without derivative
settlements
$
4.83
$
3.46
$
8.80
$
9.85
$
7.33
Index Prices
Brent oil ($/Bbl)
$
85.95
$
78.01
$
97.81
$
82.06
$
102.33
WTI oil ($/Bbl)
$
82.26
$
73.78
$
91.56
$
77.39
$
98.09
NYMEX average monthly settled price
($/MMBtu)
$
2.55
$
2.10
$
8.20
$
2.69
$
6.77
Realized Prices as Percentage of Index
Prices
Oil with derivative settlements as a
percentage of Brent
77
%
82
%
64
%
78
%
61
%
Oil without derivative settlements as a
percentage of Brent
99
%
97
%
100
%
97
%
100
%
Oil with derivative settlements as a
percentage of WTI
80
%
86
%
68
%
83
%
63
%
Oil without derivative settlements as a
percentage of WTI
104
%
103
%
107
%
103
%
104
%
NGLs as a percentage of Brent
52
%
54
%
59
%
60
%
65
%
NGLs as a percentage of WTI
55
%
58
%
63
%
63
%
68
%
Natural gas with derivative settlements as
a percentage of NYMEX contract month average
189
%
165
%
105
%
366
%
106
%
Natural gas without derivative settlements
as a percentage of NYMEX contract month average
189
%
165
%
107
%
366
%
108
%
Attachment 6
THIRD QUARTER 2023 DRILLING
ACTIVITY
San Joaquin
Los Angeles
Ventura
Sacramento
Wells Drilled
Basin
Basin
Basin
Basin
Total
Development Wells
Primary
—
—
—
—
—
Waterflood
—
9
—
—
9
Steamflood
—
—
—
—
—
Total (1)
—
9
—
—
9
NINE MONTHS 2023 DRILLING
ACTIVITY
San Joaquin
Los Angeles
Ventura
Sacramento
Wells Drilled
Basin
Basin
Basin
Basin
Total
Development Wells
Primary
2
—
—
—
2
Waterflood
1
21
—
—
22
Steamflood
—
—
—
—
—
Total (1)
3
21
—
—
24
(1) Includes steam injectors and drilled
but uncompleted wells, which are not included in the SEC definition
of wells drilled.
Attachment 7
OIL HEDGES AS OF SEPTEMBER 30,
2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
2025
Sold Calls
Barrels per day
5,747
23,650
30,000
30,000
29,000
19,748
Weighted-average Brent price per
barrel
$57.06
$90.00
$90.07
$90.07
$90.07
$85.83
Swaps
Barrels per day
27,094
9,000
7,750
7,750
5,500
3,374
Weighted-average Brent price per
barrel
$70.73
$79.37
$79.65
$79.64
$77.45
$72.66
Net Purchased Puts (1)
Barrels per day
5,747
30,584
30,000
30,000
29,000
19,748
Weighted-average Brent price per
barrel
$76.25
$67.27
$65.17
$65.17
$65.17
$60.00
(1) Purchased puts and sold puts with the
same strike price have been presented on a net basis.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101624077/en/
Joanna Park (Investor Relations) 818-661-3731
Joanna.Park@crc.com
Richard Venn (Media) 818-661-6014 Richard.Venn@crc.com
California Resources (NYSE:CRC)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
California Resources (NYSE:CRC)
Historical Stock Chart
Von Mai 2023 bis Mai 2024