3 months ago
9
Achieves Meaningful Capital Efficiency Improvements and Significant Cost Reductions Following Aera Merger
LONG BEACH, Calif., March 03, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) today reported financial and operating results for the fourth quarter and full year 2024, as well as its guidance for 2025. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Monday, March 3, 2025. Participation details can be found within this release. Supplemental slides are available on CRC's website at www.crc.com.
Fourth Quarter 2024 Highlights
- Generated $206 million of net cash flow provided by operating activities, $258 million of operating cash flow before changes in operating assets and liabilities¹ and $118 million in free cash flow¹
- Reported net income of $33 million, adjusted net income¹ of $84 million and adjusted EBITDAX¹ of $316 million
- Delivered average net production of 141 thousand barrels of oil equivalent per day (MBoe/d) (79% oil); exited 2024 with 163 MBoe/d of gross production
- Returned $92 million to shareholders (~78% of fourth quarter free cash flow¹) via share repurchases and dividends2
- Received California's first Environmental Protection Agency (EPA) Class VI well permits for underground carbon dioxide (CO2) injection and storage into the 26R reservoir. See Carbon TerraVault's 2024 Update for additional information
Full Year 2024 Highlights
- Transformed and scaled the business through successful Aera merger, and achieved more than 70% of its targeted $235 million in merger-related synergies
- Generated net cash flow provided by operating activities of $610 million, $707 million before changes in operating assets and liabilities1 and $355 million in free cash flow¹
- Posted net income of $376 million, adjusted net income¹ of $317 million and adjusted EBITDAX¹ of $1,006 million
- Delivered average net production of 110 MBoe/d (73% oil)
- Enhanced capital efficiency after deploying $123 million of drilling, completions and workover capital to achieve an entry-to-exit gross production decline of approximately 6%
- Returned $303 million to shareholders (approximately 85% of free cash flow¹) via share repurchases and dividends2
- Exited 2024 with $354 million in available cash3, $983 million in available borrowing capacity and liquidity1 of $1,337 million3
- Sold 0.9 acre Fort Apache real estate property in Huntington Beach for approximately $10 million
- Signed new CO2 management agreements4 (CDMA) and memoranda of understanding4 (MOU) to sequester up to 5.4 million metric tons per annum (MMTPA) of CO2 emissions with reputable national partners and approved California's first carbon capture and storage (CCS) project. See Carbon TerraVault's 2024 Update for additional information
2025 Outlook and Highlights
Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
- Capital investments expected to range between $285 - $335 million, including drilling, completions and workover capital of $165 - $180 million and carbon management capital of $20 - $30 million
- Net production expected to be 132 - 138 MBoe/d (79% oil), with an expected range between 5% - 8% entry-to-exit gross production decline
- On track to achieve the remaining $65 million in Aera-related synergies by year-end
- Redeemed $123 million of 2026 Senior Notes at par in February 2025 with the remaining balance of $122 million slated for redemption later this year
- Announced a new up to 1.0 MMTPA of CO2 emissions brownfield MOU4 with National Cement Company of California Inc. (National Cement); Targeting first CO₂ sequestration and cash flow from CCS project at Elk Hills Cryogenic Gas Plant. See Carbon TerraVault and National Cement Sign MOU for California's First Net Zero Cement Facility for additional information
"We delivered exceptional results in 2024, while successfully completing our transformative merger with Aera Energy. We proved our ability to seamlessly integrate assets and drive synergies. Today, we have the right people, portfolio, and business plan to help lead California's decarbonization efforts,” said CRC President and CEO Francisco Leon. "In 2025, we are focused on delivering value through our integrated asset portfolio, combining conventional oil and gas, carbon management and an expanding power solutions business. We will maintain financial strength to generate sustainable cash flow, while returning significant capital through dividends and opportunistic share buybacks to our shareholders.”
Fourth Quarter and Full Year 2024 Financial Results
| Selected Production, Price Information and Results of Operations | 4th Quarter | 3rd Quarter | Total Year | Total Year | ||||||||||||
| ($ in millions) | 2024 | 2024 | 2024 | 2023 | ||||||||||||
| Net oil production per day (MBbl/d) | 112 | 113 | 80 | 52 | ||||||||||||
| Realized oil price with derivative settlements ($ per Bbl) | $ | 73.00 | $ | 75.38 | $ | 75.66 | $ | 65.97 | ||||||||
| Net NGL production per day (MBbl/d) | 10 | 11 | 10 | 11 | ||||||||||||
| Realized NGL price ($ per Bbl) | $ | 52.62 | $ | 45.77 | $ | 48.93 | $ | 48.94 | ||||||||
| Net natural gas production per day (MMcf/d) | 115 | 126 | 117 | 135 | ||||||||||||
| Realized natural gas price with derivative settlements ($ per Mcf) | $ | 3.65 | $ | 2.68 | $ | 2.99 | $ | 8.59 | ||||||||
| Net total production per day (MBoe/d) | 141 | 145 | 110 | 86 | ||||||||||||
| Margin from purchased commodities5 ($ millions) | $ | 6 | $ | 8 | $ | 42 | $ | 183 | ||||||||
| Electricity margin6 ($ millions) | $ | 30 | $ | 60 | $ | 119 | $ | 108 | ||||||||
| Net gain from commodity derivatives ($ millions) | $ | (49 | ) | $ | 356 | $ | 241 | $ | (12 | ) | ||||||
| Selected Financial Statement Data and non-GAAP measures: | 4th Quarter | 3rd Quarter | Total Year | Total Year | ||||||||||||||
| ($ and shares in millions, except per share amounts) | 2024 | 2024 | 2024 | 2023 | ||||||||||||||
| Statements of Operations: | ||||||||||||||||||
| Revenues | ||||||||||||||||||
| Total operating revenues | $ | 877 | $ | 1,353 | $ | 3,198 | $ | 2,801 | ||||||||||
| Selected Expenses | ||||||||||||||||||
| Operating costs | $ | 323 | $ | 311 | $ | 966 | $ | 822 | ||||||||||
| General and administrative expenses | $ | 95 | $ | 106 | $ | 321 | $ | 267 | ||||||||||
| Adjusted general and administrative expenses1 | $ | 85 | $ | 89 | $ | 279 | $ | 218 | ||||||||||
| Taxes other than on income | $ | 80 | $ | 85 | $ | 242 | $ | 165 | ||||||||||
| Transportation costs | $ | 21 | $ | 23 | $ | 81 | $ | 67 | ||||||||||
| Operating Income | $ | 68 | $ | 518 | $ | 620 | $ | 808 | ||||||||||
| Interest and debt expense | $ | (28 | ) | $ | (29 | ) | $ | (87 | ) | $ | (56 | ) | ||||||
| Income tax (provision) benefit | $ | (8 | ) | $ | (138 | ) | $ | (140 | ) | $ | (184 | ) | ||||||
| Net income | $ | 33 | $ | 345 | $ | 376 | $ | 564 | ||||||||||
| EPS, Non-GAAP Measures and Select Balance Sheet Data | ||||||||||||||||||
| Adjusted net income1 | $ | 84 | $ | 137 | $ | 317 | $ | 372 | ||||||||||
| Weighted-average common shares outstanding - diluted | 92.2 | 91.2 | 81.4 | 72.5 | ||||||||||||||
| Net income per share - diluted | $ | 0.36 | $ | 3.78 | $ | 4.62 | $ | 7.78 | ||||||||||
| Adjusted net income1 per share - diluted | $ | 0.91 | $ | 1.50 | $ | 3.89 | $ | 5.13 | ||||||||||
| Adjusted EBITDAX1 | $ | 316 | $ | 402 | $ | 1,006 | $ | 862 | ||||||||||
| Net cash provided by operating activities | $ | 206 | $ | 220 |
This website uses cookies. By continuing to browse the website, you are agreeing to our use of cookies. Read More. | |||||||||||||
