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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): November 5, 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 November 5, 2024, California Resources Corporation (the “Company”) issued a press release announcing its financial condition and results of operations for the three and nine months ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report on Form 8-K, and is incorporated herein by reference.
The information contained in this Item 2.02 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.
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: November 5, 2024




crclogo_greenxgray-texta.jpg                                
California Resources Reports Third Quarter 2024 Financial and Operating Results

Delivering Improved Capital Efficiencies and Advancing Leading Carbon Management Platform

LONG BEACH, California, November 5, 2024 - California Resources Corporation (NYSE: CRC) today reported financial and operating results for the third quarter of 2024. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, November 6, 2024. Participation details can be found within this release. In addition, supplemental slides are available on CRC’s website at www.crc.com.

Highlights

•Generated $345 million of net income, $137 million of adjusted net income1 and $402 million of adjusted EBITDAX1
•Generated $220 million of net cash provided by operating activities, $249 million of net cash provided by operating activities before changes in operating assets and liabilities1 and $141 million of free cash flow1
•Strong third quarter 2024 average net production sold of 145 thousand barrels of oil equivalent per day (MBoe/d) and average net oil production sold of 113 thousand barrels of oil per day (MBo/d). Drilling and workover capital investments were $38 million
•On-track to deliver approximately $235 million in targeted Aera merger-related synergies by the third quarter of 2025 with $135 million of synergies actioned to date including a reduction of $60 million2 in annual interest expense
•Returned 54% of quarterly free cash flow1, or $76 million, to shareholders including $42 million in share repurchases and $34 million in dividends
•Optimized capital structure and extended maturities through recent $300 million follow-on offering of 8.250% senior notes due 2029 (2029 Senior Notes) and subsequent tender of $300 million 7.125% senior notes due 2026 (2026 Senior Notes)
•Exited the quarter with $213 million in cash and cash equivalents and $1,138 million of liquidity3
•Received California's first conditional use permits for Carbon TerraVault I CCS project in Kern County and signed a memorandum of understanding4 (MOU) to develop carbon capture and storage (CCS) solutions with Hull Street Energy LLC, a leading California power partner. See Carbon TerraVault's Third Quarter 2024 Update for additional information

"Our performance this year has been strong and we have positioned CRC for long term value creation into the future," said Francisco Leon, CRC's President and Chief Executive Officer. "Today, CRC is bigger, stronger, and more sustainable. We continue to demonstrate that we are a different kind of energy company. I am really proud of our teams and the Aera integration. We are capturing meaningful synergies, enhancing operating efficiencies and advancing new growth opportunities. The Kern County Board of Supervisors’ approval of the conditional use permits for our CTV I project and a recent MOU with a leading power partner are a testament to our team's relentless pursuit of growing our carbon business. As we look to 2025, our hedge positions
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underpin near-term cash flows and will allow for continued debt reduction and cash returns to shareholders."

Third Quarter 2024 Financial and Operating Summary

CRC reported net income of $345 million, or $3.78 per fully diluted share of common stock, and adjusted net income1 of $137 million, or $1.50 per fully diluted share. Net cash provided by operating activities was $220 million.

Transaction and integration costs related to the Aera merger decreased third quarter 2024 cash flow from operations by $57 million. Employee severance and related costs during the three months ended September 30, 2024 were $27 million. CRC expects to pay severance costs of approximately $25 million in the fourth quarter of 2024 and the remaining amounts throughout 2025 as the workforce reduction will be achieved in stages due to transition periods.

Gross production averaged 165 MBoe/d and net production sold averaged 145 MBoe/d, including net oil production sold of 113 MBo/d. Net oil production was positively impacted by approximately 1 MBo/d, as compared to the second quarter of 2024, a result CRC's production-sharing contracts (PSCs). Average realized oil prices were 98% of Brent.

Operating costs of $311 million reflected reduced activity levels, lower natural gas prices and the early realization of Aera merger-related synergies.

Capital investments of $79 million were lower than guidance primarily due to high-grading of workover capital.
Selected Production, Price Information and Results of Operations3rd Quarter2nd Quarter
($ in millions)20242024
Net oil production sold per day (MBbl/d)113 47 
Realized oil price with derivative settlements ($ per Bbl)$75.38 $81.29 
Net NGL production sold per day (MBbl/d)11 10 
Realized NGL price ($ per Bbl)$45.77 $46.96 
Net natural gas production sold per day (Mmcf/d)126 114 
Realized natural gas price with derivative settlements ($ per Mcf)$2.68 $1.78 
Net total production sold per day (MBoe/d)145 76 
Margin from marketing of purchased commodities5 ($ millions)
$8 $8 
Margin from electricity sales6 ($ millions)
$60 $22 
Net gain from commodity derivatives ($ millions)$356 $5 
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Selected Financial Statement Data and non-GAAP measures:3rd Quarter2nd Quarter
($ and shares in millions, except per share amounts)20242024
Statements of Operations:
Revenues
     Total operating revenues$1,353 $514 
Selected Expenses
Operating costs$311 $156 
General and administrative expenses$106 $63 
Adjusted general and administrative expenses1
$89 $56 
Taxes other than on income$85 $39 
Transportation costs$23 $17 
Operating Income (loss)$518 $38 
Interest and debt expense$(29)$(17)
Income tax benefit (provision)$(138)$(3)
Net (loss) Income $345 $8 
EPS, Non-GAAP Measures and Select Balance Sheet Data
Adjusted net income1
$137 $42 
Weighted-average common shares outstanding - diluted91.2 70.0 
Net loss (income) per share - diluted$3.78 $0.11 
Adjusted net income1 per share - diluted
$1.50 $0.60 
Adjusted EBITDAX1
$402 $139 
Net cash provided by operating activities$220 $97 
Net cash provided by operating activities before changes in operating assets and liabilities, net1
$249 $108 
Capital investments$79 $34 
Free cash flow1
$141 $63 
Cash and cash equivalents$241 $1,031 

Guidance

The following table provides guidance for key fourth quarter financial and operating metrics. For the balance of 2024, CRC expects to run a one-rig program.

CRC has actioned $135 million in Aera merger related synergies during the second half of 2024 and remains on-track to deliver approximately $235 million in estimated synergies by the third quarter of 2025. A reduction of $60 million2 in annual interest expense was achieved in the second quarter of 2024 and third quarter results reflect approximately $8 million of run rate savings. Looking forward, fourth quarter guidance includes $22 million of actioned synergies and the next $45 million of actioned Aera merger synergies are expected to be gradually reflected throughout 2025.

CRC plans to implement the final $100 million of projected operational and general and administrative Aera merger related synergies next year, with the benefits expected to be realized throughout 2025 and 2026. Projected operational synergies are expected to reduce operating costs, ARO, and capital. CRC plans to provide additional details of these operations synergies with its full year 2025 guidance during its fourth quarter 2024 earnings call. See Attachment 2 for additional information.

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CRC Guidance7
Total
4Q24E
Net Production Sold (MBoe/d)140 - 144
Oil Production Sold (%)~79%
Capital ($ millions)$85 - $105
Adjusted EBITDAX1 ($ millions)
$260 - $300

Shareholder Returns

CRC is committed to returning cash to shareholders through dividends and repurchases of common stock. During the third quarter of 2024, CRC repurchased 0.835 million shares for $42 million at an average price of $50.23 per share.

On November 5, 2024, CRC's Board of Directors declared a quarterly cash dividend of $0.3875 per share of common stock. The dividend is payable to shareholders of record on December 2, 2024 and will be paid on December 16, 2024.

Since May 2021, CRC has returned approximately $1,022 million of cash to its stakeholders, including $736 million8 in share repurchases, $231 million in dividends and redemption of $55 million in principal of its 2026 Senior Notes which reduced overall leverage.

In October 2020, CRC reserved an aggregate 4.384 million shares of its common stock for warrants, which were exercisable at $36 per share through October 28, 2024.

Since the issuance date of the warrants in October 2020, 3.857 million shares have been issued upon the exercise of warrants and, 0.469 million shares were cancelled due to net settlement. On October 28, 2024, any unexercised warrants expired in accordance with their terms and 57,920 shares underlying such warrants were never issued.

Balance Sheet and Liquidity

On August 22, 2024, CRC completed a follow-on offering of $300 million in aggregate principal amount of 2029 Senior Notes. The net proceeds of $298 million from the issuance, which included $3 million of premium and $5 million of issuance costs, were used to repurchase $300 million of CRC's 2026 Senior Notes in a tender offer.

As of September 30, 2024, CRC had liquidity of $1,138 million3, which consisted of $213 million in available cash and cash equivalents3 plus $925 million of availability under the Revolving Credit Facility which reflects $1,100 million of borrowing capacity, less $175 million of outstanding letters of credit.

On November 1, 2024, CRC reaffirmed its $1.5 billion borrowing base and amended its existing Revolving Credit Facility. The amendments included extending the maturity date of the facility to March 16, 2029, amending the springing maturity to permit its 2026 Senior Notes to remain outstanding past October 31, 2025 under certain circumstances, increasing the amount of elected commitments by $50 million, and other technical amendments.

Upcoming Investor Conference Participation

CRC plans to participate in the following events in November and December 2024:

•Bank of America Global Energy Conference 2024 on November 12 to 13 in Houston, TX
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•TD Securities Energy Conference on November 19 to 20 in New York, NY
•Wolfe Research Inaugural Oil & Gas Conference on November 21, Virtual
•2024 Stephens Annual Investment Conference on November 22 in Nashville, TN
•Mizuho Power, Energy & Infrastructure Conference 2024 on December 9 in New York, NY
•23rd Annual Wells Fargo Midstream, Energy & Utilities Symposium on December 10 in New York, NY
•Capital One Securities Energy Conference on December 10 in Houston, TX

CRC’s presentation materials will be available on the day of the event on its website. See the Events and Presentations page under the Investor Relations section on www.crc.com.

Conference Call Details

A conference call is scheduled for 1 p.m. ET (10 a.m. PT) on Wednesday, November 6, 2024. To participate in the call, dial (877) 328-5505 (International calls please dial +1 (412) 317-5421) or access via webcast at www.crc.com. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10192326/fd6685ad6e. A digital replay of the conference call will be archived for approximately 90 days and supplemental slides 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, adjusted EBITDAX, free cash flow and adjusted general and administrative expenses, including reconciliations to their most directly comparable GAAP measure, where applicable. For the 4Q24 estimates of the non-GAAP measures of adjusted EBITDAX and adjusted general and administrative expenses, including reconciliations to its most directly comparable GAAP measure, see Attachment 3.
2 As of June 30, 2024. When accounting for estimated cash interest income, CRC’s net interest savings were ~$36 million.
3 Excludes restricted cash of $28 million.
4 The MOU is non-binding and subject to negotiation of definitive agreements.
5 Margin from Marketing of Purchased Commodities is calculated as the difference between Revenue from Marketing of Purchased Commodities and Costs Related to Marketing of Purchased Commodities
6 Electricity Margin is calculated as the difference between Electricity Sales and Electricity Generation Expenses
7 4Q24 guidance assumes Brent price of $71.48 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $2.95 per mcf. CRC's share of production under PSC contracts decreases when commodity prices rise and increases when prices fall.
8 The total value of shares purchased excludes approximately $3 million related to excise taxes and commissions paid on share repurchases.

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. For more information about CRC, please visit www.crc.com.

About Carbon TerraVault

Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, is developing services that include the capture, transport and storage of carbon dioxide for its customers. Through its subsidiaries, CTV is developing a series of proposed CCS projects to inject CO2 captured from industrial sources into depleted underground reservoirs for permanent storage deep underground. For more information about CTV, please visit www.carbonterravault.com.







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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 its 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, and the impact of such fluctuations on revenues and operating expenses;
•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 military conflicts in Israel, Lebanon, Ukraine, Yemen and the Red Sea;
•the ability to successfully execute integration efforts in connection with CRC's merger with Aera Energy LLC, and achieve projected synergies and ensure that such synergies are sustainable;
•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, EPA and other governmental permits and approvals necessary for drilling or development activities or its 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 efforts of activists to delay or prevent oil and gas activities or the development of CRC's carbon management business through a variety of tactics, including litigation;
•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 its 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;
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•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 JV, and its ability to convert its CDMAs and MOUs 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 its 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;
•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 it 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 does not warrant the accuracy or completeness of such third-party information.

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Contacts:
Joanna Park (Investor Relations)
818-661-3731
Joanna.Park@crc.com
Richard Venn (Media)
818-661-6014
Richard.Venn@crc.com








Attachment 1
SUMMARY OF RESULTS 
3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ and shares in millions, except per share amounts)2024202420232024 2023
Statements of Operations:   
Revenues   
Oil, natural gas and NGL sales$870 $412 $510 $1,711 $1,672 
Net gain (loss) from commodity derivatives356 5 (204)290 (131)
Revenue from marketing of purchased commodities51 51 77 176 336 
Electricity sales69 36 67 120 169 
Other revenue7 10 10 24 29 
     Total operating revenues1,353 514 460 2,321 2,075 
Operating Expenses 
Operating costs311 156 196 643 636 
General and administrative expenses106 63 65 226 201 
Depreciation, depletion and amortization140 53 56 246 170 
Asset impairment— 13 — 13 3 
Taxes other than on income85 39 48 162 132 
Exploration expense1 — — 2 2 
Costs related to marketing of purchased commodities43 43 31 140 182 
Electricity generation expenses9 14 23 31 85 
Transportation costs23 17 16 60 49 
 Accretion expense 31 13 12 56 35 
Carbon management business expenses13 15 7 36 20 
Other operating expenses, net73 51 21 161 42 
     Total operating expenses835 477 475 1,776 1,557 
Net gain on asset divestitures— 1 — 7 7 
Operating Income (Loss)518 38 (15)552 525 
Non-Operating (Expenses) Income
Interest and debt expense(29)(17)(15)(59)(43)
Loss from investment in unconsolidated subsidiary(2)(4)(3)(9)(6)
Net loss on early extinguishment of debt(5)— — (5)— 
Other non-operating income (loss), net1 (6)3 (4)5 
Income Before Income Taxes483 11 (30)475 481 
Income tax (provision) benefit(138)(3)8 (132)(105)
Net Income $345 $8 $(22)$343 $376 
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Net income (loss) per share - basic $3.86 $0.12 $(0.32)$4.54 $5.38 
Net income (loss) per share - diluted$3.78 $0.11 $(0.32)$4.42 $5.18 
Adjusted net income$137 $42 $74 $233 $305 
Adjusted net income per share - basic$1.53 $0.62 $1.08 $3.09 $4.36 
Adjusted net income per share - diluted$1.50 $0.60 $1.02 $3.00 $4.20 
Weighted-average common shares outstanding - basic89.4 68.1 68.7 75.5 69.9 
Weighted-average common shares outstanding - diluted91.2 70.0 68.7 77.6 72.6 
Adjusted EBITDAX$402 $139 $187 $690 $683 
Effective tax rate29 %27 %27 %28 %22 %
3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ in millions)20242024202320242023
Cash Flow Data:
Net cash provided by operating activities$220 $97 $104 $404 $522 
Net cash used in investing activities$(928)$(33)$(28)$(1,010)$(133)
Net cash (used) provided by financing activities$(82)$564 $(45)$351 $(217)
September 30,December 31,
($ in millions)20242023
Selected Balance Sheet Data:
Total current assets$872 $929 
Property, plant and equipment, net$5,836 $2,770 
Deferred tax asset$50 $132 
Total current liabilities$897 $616 
Long-term debt, net$1,131 $540 
Noncurrent asset retirement obligations$1,083 $422 
Deferred tax liability$124 $— 
Total stockholders' equity$3,501 $2,219 
GAINS AND LOSSES FROM COMMODITY DERIVATIVES
3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ millions)20242024202320242023
Non-cash derivative gain (loss)$373 $11 $(109)$325 $92 
   Net payments on settled commodity derivatives(17)(6)(95)(35)(223)
      Net gain (loss) from commodity derivatives$356 $5 $(204)$290 $(131)
1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter
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CAPITAL INVESTMENTS
3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ millions)20242024202320242023
Facilities (1)
$36 $17 $7 $67 $27 
Drilling19 18 13 52 51 
Workovers19 11 11 37 28 
Total E&P capital74 46 31 156 106 
CMB (1)
4 (2)— 6 1 
Corporate and other1 (10)2 5 12 
Total capital program$79 $34 $33 $167 $119 
(1) Facilities capital includes $1 million in the third quarter of 2023, and $3 million for the nine months 2023, 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.

Capital for the three months ended June 30, 2024 reflects a $3 million reclassification from capital (PP&E) to expense for engineering costs incurred during the two prior quarters. Before this reclassification, CMB capital was $1 million for the three months ended June 30, 2024. Capital for Corporate and other for the three months ended June 30, 2024 reflects a reclassification of $10 million from capital (PP&E) to expense for planned major maintenance in the first quarter of 2024. Before the reclassifications, Corporate and other capital for the three months would have been $14 million.


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Attachment 2
CRC GUIDANCETotal
4Q24E		CMB
4Q24E		E&P, Corp. & Other 4Q24E
Net Production Sold (MBoe/d)140 - 144140 - 144
Oil Production Sold (%)~79%~79%
CMB Expenses & Operating Costs ($ millions)$340 - $365$15 - $25$325 - $340
General and Administrative Expenses ($ millions)$90 - $100$2 - $4$88 - $96
Adjusted General and Administrative Expenses ($ millions)$80 - $90$1 - $3$79 - $87
Capital ($ millions)$85 - $105$5 - $10$80 - $95
Drilling & completions, workover ($ millions)$37 - $45
Facilities ($ millions)$40 - $45
Carbon management business ($ millions)$5 - $10
Corporate & other ($ millions)$3 - $5
Adjusted EBITDAX ($ millions)$260 - $300
Margin from Marketing of Purchased Commodities ($ millions) (1)
$5 - $10$5 - $10
Electricity Margin ($ millions) (2)
$15 - $20$15 - $20
Other Operating Revenue & Expenses, net ($ millions)(3)
($10) - ($20)($10) - ($20)
Transportation Costs ($ millions)$20 - $25$20 - $25
Taxes Other Than on Income ($ millions) $75 - $86$75 - $86
Interest and Debt Expense ($ millions)$25 - $30$25 - $30
Commodity Assumptions:
Brent ($/Bbl)$71.48$71.48
NYMEX ($/Mcf)$2.95$2.95
Oil - % of Brent:95% to 99%95% to 99%
NGL - % of Brent:65% to 69%65% to 69%
Natural Gas - % of NYMEX:128% to 138%128% to 138%

(1) Margin from Marketing of Purchased Commodities is calculated as the difference between Revenue from Marketing of Purchased Commodities and Costs Related to Marketing of Purchased Commodities.
(2) Electricity Margin is calculated as the difference between Electricity Sales and Electricity Generation Expenses.
(3) Other Operating Revenue & Expenses, net is calculated as the difference between Other Revenue and Other Operating Expenses, net.
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.
ESTIMATED ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES RECONCILIATION

4Q24 Estimated
ConsolidatedCMBE&P, Corporate & Other
($ millions)LowHighLowHighLowHigh
General and administrative expenses$90 $100 $2 $4 $88 $96 
Equity-settled stock-based compensation(9)(9)(1)(1)(8)(8)
Other(1)(1)(1)(1)
Estimated adjusted general and administrative expenses$80 $90 $1 $3 $79 $87 


Page 11

ESTIMATED ADJUSTED EBITDAX RECONCILIATION
4Q24E
($ millions)LowHigh
Net income$22 $32 
Interest and debt expense, net2530
Depreciation, depletion and amortization135141
Income taxes814
Unusual, infrequent and other items1524
Other non-cash items
Accretion expense3032
Stock-settled compensation57
Post-retirement medical and pension00
Estimated adjusted EBITDAX$240 $280 
Net cash provided by operating activities$158 $178 
Cash interest3743
Cash income taxes4551
Working capital changes08
Estimated adjusted EBITDAX$240 $280 
Page 12

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 Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ millions, except per share amounts)20242024202320242023
Net income (loss)$345 $8 $(22)$343 $376 
Unusual, infrequent and other items:
Non-cash derivative (gain) loss(373)(11)109 (325)(92)
Asset impairment— 13 — 13 3 
Severance and termination costs27 1 7 28 10 
Aera merger transaction / integration fees30 13 — 56 — 
Increased power and fuel costs due to power plant shutdown8 15 — 44 — 
Net gain (loss) on asset divestitures— (1)— (7)(7)
Loss on early extinguishment of debt5 — — 5 — 
Other, net6 17 17 25 30 
Total unusual, infrequent and other items(297)47 133 (161)(56)
Income tax provision (benefit) of adjustments at effective tax rate89 (13)(37)51 16 
Income tax benefit - out of period— — — — (31)
Adjusted net income$137 $42 $74 $233 $305 
Net income (loss) per share - basic$3.86 $0.12 $(0.32)$4.54 $5.38 
Net income (loss) per share - diluted$3.78 $0.11 $(0.32)$4.42 $5.18 
Adjusted net income per share - basic$1.53 $0.62 $1.08 $3.09 $4.36 
Adjusted net income per share - diluted$1.50 $0.60 $1.02 $3.00 $4.20 
Page 13

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 Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ millions, except per BOE amounts)20242024202320242023
Net income (loss)$345 $8 $(22)$343 $376 
Interest and debt expense29 17 15 59 43 
Depreciation, depletion and amortization140 53 56 246 170 
Income tax provision (benefit)138 3 (8)132 105 
Exploration expense1 — — 2 2 
Interest income(1)(8)(5)(15)(14)
Unusual, infrequent and other items (1)
(297)47 133 (161)(56)
Non-cash items
   Accretion expense31 13 12 56 35 
   Stock-based compensation6 6 6 17 21 
   Taxes related to acquisition accounting10 — — 10 — 
   Post-retirement medical and pension— — — 1 1 
Adjusted EBITDAX$402 $139 $187 $690 $683 
Net cash provided by operating activities$220 $97 $104 $404 $522 
Cash interest payments24 1 23 46 48 
Cash interest received(1)(8)(5)(15)(14)
Cash income taxes29 4 29 55 80 
Exploration expenditures1 — — 2 2 
Adjustments to working capital changes129 45 36 198 45 
Adjusted EBITDAX$402 $139 $187 $690 $683 
E&P, Corporate & Other Adjusted EBITDAX$417 $160 $199 $739 $717 
CMB Adjusted EBITDAX$(15)$(21)$(12)$(49)$(34)
Adjusted EBITDAX per Boe$30.19 $20.23 $23.81 $25.44 $28.78 
(1) See Adjusted Net Income (Loss) reconciliation.
Page 14

FREE CASH FLOW AND SUPPLEMENTAL 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) adjusted 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 free cash flow before transaction and integration costs from the Aera Merger.
3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ millions)20242024202320242023
Net cash provided by operating activities before working capital changes$249 $108 $129 $449 $543 
Working capital changes(29)(11)(25)(45)(21)
Net cash provided by operating activities220 97 104 404 522 
Capital investments(79)(34)(33)(167)(119)
Free cash flow$141 $63 $71 $237 $403 
Add: Aera transaction and integration costs30 13 — 56 — 
Free cash flow after special items$171 $76 $71 $293 $403 
E&P, Corporate and Other (1)
$186 $95 $79 $334 $427 
CMB (1)
$(15)$(19)$(8)$(41)$(24)
Adjustments to capital investments:
Replacement water facilities(2)
$— $— $1 $— $3 
Adjusted capital investments:
E&P, Corporate and Other$75 $36 $32 $161 $115 
CMB$4 $(2)$1 $6 $4 
Adjusted free cash flow:
E&P, Corporate and Other $186 $95 $80 $334 $430 
CMB $(15)$(19)$(9)$(41)$(27)
(1) CMB free cash flow previously reported for the first three months of 2024 was $(17) million and was corrected to $(7) million to account for noncash add backs related to leases. CRC defines free cash flow for E&P, Corporate & Other as consolidated free cash flow less results attributable to the carbon management business. Accordingly, this change impacted our previously reported E&P, Corporate & Other free cash flow from $63 million to $53 million for the first three months of 2024.
(2) Facilities capital includes $1 million in the third quarter of 2023 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.





Page 15

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 Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ millions)20242024202320242023
General and administrative expenses$106 $63 $65 $226 $201 
Stock-based compensation(6)(6)(6)(17)(21)
Information technology infrastructure— (1)(6)(3)(13)
Accelerated vesting(9)— — (9)— 
Retention awards(2)— — (2)— 
Other— — (2)(1)(4)
Adjusted G&A expenses$89 $56 $51 $194 $163 
E&P, Corporate and Other adjusted G&A expenses$87 $53 $47 $187 $153 
CMB adjusted G&A expenses$2 $3 $4 $7 $10 
Adjusted G&A per BOE$6.68 $8.15 $6.49 $7.15 $6.87 
OPERATING COSTS PER BOE
The reporting of PSC-type contracts creates a difference between reported operating costs, which are for the full field, and reported volumes, which are only CRC's net share, inflating the per barrel operating costs. The following table presents operating costs after adjusting for the excess costs attributable to PSCs.
3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
($ per BOE)20242024202320242023
Energy operating costs (1)
$7.29 $6.40 $9.42 $7.26 $10.87 
Gas processing costs (2)
0.38 0.44 0.64 0.44 0.59 
Non-energy operating costs16.06 16.30 14.90 16.41 15.34 
   Operating costs$23.73 $23.14 $24.96 $24.11 $26.80 
Costs attributable to PSCs
   Excess energy operating costs attributable to PSCs$(0.75)$(0.94)$(1.09)$(0.70)$(1.01)
   Excess non-energy operating costs attributable to PSCs(0.48)(1.62)(1.30)(1.18)(1.25)
   Excess costs attributable to PSCs$(1.23)$(2.56)$(2.39)$(1.88)$(2.26)
Energy operating costs, excluding effect of PSCs (1)
$6.54 $5.46 $8.33 $6.56 $9.86 
Gas processing costs, excluding effect of PSCs (2)
0.38 0.44 0.64 0.44 0.59 
Non-energy operating costs, excluding effect of PSCs15.58 14.68 13.60 15.23 14.09 
Operating costs, excluding effects of PSCs$22.50 $20.58 $22.57 $22.23 $24.54 
(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.




Page 16








Page 17

Attachment 4
PRODUCTION STATISTICS 
The tables below present production information on the basis of gross production, net production and production sold. The difference between gross production and net production primarily reflects the reduction for volumes attributable to working interest and royalty owners and volumes associated with PSC-type contracts to arrive at CRC's net share. The difference between net production and net production sold reflects (i) the reduction for natural gas that CRC produces that is used in its oil and gas operations, including steam in its steamflood operations, and (ii) marketing activities reflecting the storage of volumes that CRC produces and are sold at a later time.
Volumes Sold3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
Net Production Per Day20242024202320242023
Oil (MBbl/d)
 San Joaquin Basin90 30 33 50 34 
 Los Angeles Basin17 17 18 17 19 
 Ventura Basin6 — — 2 — 
 Total113 47 51 69 53 
NGLs (MBbl/d)
 San Joaquin Basin11 10 11 11 11 
 Total11 10 11 11 11 
Natural Gas (MMcf/d)
 San Joaquin Basin111 99 122 99 120 
 Los Angeles Basin1 1 1 1 1 
 Ventura Basin1 — — — — 
 Sacramento Basin13 14 15 14 15 
 Total126 114 138 114 136 
Total Production (MBoe/d)145 76 85 99 87 
Volumes Produced3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
Net Production Per Day20242024202320242023
Oil (MBbl/d)
San Joaquin Basin90 30 33 51 34 
Los Angeles Basin17 16 18 17 19 
Ventura Basin6 — — 2 — 
Total113 46 51 70 53 
NGLs (MBbl/d)
San Joaquin Basin11 11 12 10 11 
Total11 11 12 10 11 
Natural Gas (MMcf/d)
San Joaquin Basin130 118 128 123 127 
Los Angeles Basin1 1 1 1 1 
Ventura Basin3 — — 1 — 
Sacramento Basin13 14 15 14 16 
Total147 133 144 139 144 
Total Production (MBoe/d)149 79 87 103 88 
Page 18

Attachment 4
PRODUCTION STATISTICS 
Gross Operated and Net Non-Operated3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
Production Per Day20242024202320242023
Oil (MBbl/d)
 San Joaquin Basin96 33 36 54 38 
 Los Angeles Basin23 24 25 24 25 
 Ventura Basin8 — — 3 — 
 Total127 57 61 81 63 
NGLs (MBbl/d)
 San Joaquin Basin11 11 13 11 12 
 Total11 11 13 11 12 
Natural Gas (MMcf/d)
 San Joaquin Basin137 125 135 130 135 
 Los Angeles Basin7 7 8 7 7 
 Ventura Basin3 — — 1 — 
 Sacramento Basin16 17 18 17 20 
 Total163 149 161 155 162 
Total Production (MBoe/d)165 93 101 118 102 


Page 19

Attachment 5
PRICE STATISTICS
3rd Quarter2nd Quarter3rd QuarterNine MonthsNine Months
 20242024202320242023
Oil ($ per Bbl)
Realized price with derivative settlements$75.38 $81.29 $66.12 $77.10 $64.25 
Realized price without derivative settlements$77.10 $83.14 $85.36 $79.15 $79.90 
NGLs ($/Bbl)$45.77 $46.96 $44.95 $47.77 $48.89 
Natural gas ($/Mcf)
Realized price with derivative settlements$2.68 $1.78 $4.83 $2.76 $9.85 
Realized price without derivative settlements$2.68 $1.78 $4.83 $2.76 $9.85 
Index Prices
 Brent oil ($/Bbl)$78.54 $85.00 $85.95 $81.79 $82.06 
 WTI oil ($/Bbl)$75.09 $80.57 $82.26 $77.54 $77.39 
NYMEX average monthly settled price ($/MMBtu)$2.16 $1.89 $2.55 $2.10 $2.69 
Realized Prices as Percentage of Index Prices
Oil with derivative settlements as a percentage of Brent96 %96 %77 %94 %78 %
Oil without derivative settlements as a percentage of Brent98 %98 %99 %97 %97 %
Oil with derivative settlements as a percentage of WTI100 %101 %80 %99 %83 %
Oil without derivative settlements as a percentage of WTI103 %103 %104 %102 %103 %
NGLs as a percentage of Brent58 %55 %52 %58 %60 %
NGLs as a percentage of WTI61 %58 %55 %62 %63 %
Natural gas with derivative settlements as a percentage of NYMEX contract month average124 %94 %189 %131 %366 %
Natural gas without derivative settlements as a percentage of NYMEX contract month average124 %94 %189 %131 %366 %


Page 20

Attachment 6
THIRD QUARTER 2024 DRILLING ACTIVITY     
 San JoaquinLos AngelesVenturaSacramento 
Wells DrilledBasinBasinBasinBasinTotal
Development Wells     
Primary1———1
Waterflood—————
Steamflood—————
Total (1)
1———1
NINE MONTHS 2024 DRILLING ACTIVITY
 San JoaquinLos AngelesVenturaSacramento 
Wells DrilledBasinBasinBasinBasinTotal
Development Wells
Primary6———6
Waterflood—————
Steamflood—————
Total (1)
6———6
(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, 2024 
Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025202620272028
Sold Calls 
Barrels per day29,00030,00030,00030,00029,0005,000——
Weighted-average Brent price per barrel$90.07$87.08$87.08$87.08$87.13$85.00$—$—
Swaps
Barrels per day59,01452,83745,63144,12642,62630,44913,88210,353
Weighted-average Brent price per barrel$74.90$72.48$71.31$70.62$69.94$67.95$65.53$65.00
Purchased Puts
Barrels per day29,00030,00030,00030,00029,0005,000——
Weighted-average Brent price per barrel$65.17$61.67$61.67$61.67$61.72$60.00$—$—

Page 21

Attachment 7
NATURAL GAS HEDGES AS OF SEPTEMBER 30, 2024 
Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025202620272028
SoCal Border 
MMBtu per day20,00010,00029,07425,75022,408———
Weighted-average price per MMBtu$5.49$6.02$3.44$3.48$3.53$—$—$—
Northwest Pipeline (NWPL) Rockies
MMBtu per day50,99950,99951,75051,75051,75035,33612,6169,613
Weighted-average price per MMBtu$4.67$5.48$2.95$2.95$4.22$4.04$4.34$3.95
PG&E Citygate
MMBtu per day14,00014,000——————
Weighted-average price per MMBtu$5.60$6.10$—$—$—$—$—$—

Page 22
v3.24.3
Cover Page Document
Nov. 05, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 05, 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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