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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 4, 2024
_____________________
California Resources Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware001-3647846-5670947
(State or Other Jurisdiction of
Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
1 World Trade Center
Suite 1500
Long Beach
California90831
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (888) 848-4754
_____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCRCNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On January 4, 2024, California Resources Corporation (the “Company”) posted an updated investor presentation on its website at www.crc.com. The presentation includes updated fourth quarter and year-end 2023 guidance for certain estimated operating and financial results. Copies of the slides with updated guidance are furnished as Exhibit 99.1 to this report on Form 8-K and are incorporated herein by reference.
The information contained in this report and the exhibit hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Statements contained in the exhibit to this report that state the Company’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act and the Exchange Act. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could affect these results include those mentioned in the documents that the Company has filed with the Securities and Exchange Commission (the “SEC”).
The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although the Company may do so from time to time as management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure including disclosure in the Investor Relations portion of the Company’s website.
Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).
1

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
California Resources Corporation
/s/ Michael L. Preston
Name:Michael L. Preston
Title:
Executive Vice President, Chief Strategy Officer and General Counsel





DATED: January 4, 2024


Expecting Strong Quarterly Results $40 – $60MM 4Q23E FCF1 82 – 84MBOE/D 4Q23E Total Production ~60% Oil $65 – $75MM 4Q23E Total Capital EXPECTING TO EXCEED QUARTERLY FCF1 AND TO BE IN LINE WITH PRODUCTION GUIDANCE2 ADVANCING CALIFORNIA’S LEADING CARBON MANAGEMENT BUSINESS Class VI Draft Permit EPA Released California’s First For 26R reservoir (part of CTV I storage vault) Midstream Infrastructure Carbon Capture & Storage Low Carbon Intensity Production BTM Solar Opportunities FTM/Grid Power Production Geothermal Opportunities LA Basin 1 ACTIVE DRILLING RIGS 21% 79% Announced TBA 5MMTPA YE27 CTV INJECTION RATE TARGET 200MMT YE27 CTV STORAGE CAPACITY TARGET Los Angeles Basin San Joaquin Basin Sacramento Basin Submitted to EPA TBA 191 MMT 9 MMT 3 38MMT of permitted injection capacity with an injection rate of up to ~1.5MMTPA3 ; both above type curve Started 90-day public comment period (1) Represents a non-GAAP measure. For all historical non-GAAP financial measures please see the Investor Relations page at www.crc.com for a reconciliation to the nearest GAAP equivalent and other additional information. Free cash flow is equal to net cash provided (used) by operating activities less capital investments. Reconciliation of 4Q23E non–GAAP measure to its nearest GAAP equivalent can be found on slide 52 of this deck. (2) See CRC’s 3Q23 earnings presentation for a FY23 and 4Q23 guidance. (3) See slide 12 for more information on CTV I (26R) reservoir.

 
Preliminary 2024 E&P Business Outlook 4 CASHFLOW CALIFORNIA CARBON (1) Capacity revenue is a part of electricity revenue on CRC’s income statement. (2) Includes YE2023 reduction in non energy operating costs and Adj. E&P corporate and other G&A. (3) Internal estimates. EXPECTED INVENTORY OF SIDETRACKS, WORKOVERS, NATURAL GAS TO INCREASE ACTIVITY IN 2H24 EST. ELK HILLS PLANTS TURNAROUND IMPACT IN 1Q24 CONTRACTED CAPACITY REVENUE1 FROM EHPP TO INCREASE BY ~$45MM IN 2024 VS 2023E ON PATH TO ACHIEVE $55MM + IN TARGETED YE2023 RUN RATE REDUCTIONS2 IMPLIES ~$2/BOE REDUCTION TO CRC’S OPERATING COST3 20 MMCF/D CAPITAL $34MM LINE OF SIGHT TO WELL PERMITTING PROGRESSION IN 2024

 
Free Cash Flow Reconciliation Management uses the non-GAAP measure of free cash flow, which is defined by us as net cash provided by operating activities less our capital investment, as a measure of liquidity. The table below presents a reconciliation of net cash provided by operating activities to free cash flow. Free Cash Flow 4Q23E ($MM) Low High Est. Net Cash Provided by Operating Activities $115 $125 Est. Capital Investment (75) (65) Est. Free Cash Flow $40 $60 Note: Free Cash Flow is a non-GAAP measure. For all historical non-GAAP financial measures please see the Investor Relations page at www.crc.com for a reconciliation to the nearest GAAP equivalent and other additional information. 52

 
v3.23.4
Cover Page Document
Jan. 04, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 04, 2024
Entity Registrant Name California Resources Corp
Entity Incorporation, State or Country Code DE
Entity File Number 001-36478
Entity Tax Identification Number 46-5670947
Entity Address, Address Line One 1 World Trade Center
Entity Address, Address Line Two Suite 1500
Entity Address, City or Town Long Beach
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90831
City Area Code 888
Local Phone Number 848-4754
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol CRC
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001609253
Amendment Flag false
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