Core Viewpoint - The article discusses the recent volatility in the stock market and highlights four companies that have recently increased their dividends, providing potential investment opportunities for cautious investors seeking steady income amidst economic uncertainty [2][3]. Economic Context - Major stock indexes have reached all-time highs, but investor sentiment remains low due to a lack of economic data from the government shutdown, the impact of tariffs imposed by President Trump, and uncertainty regarding a potential interest rate cut by the Federal Reserve [2][4]. - The Federal Reserve recently cut interest rates by 0.25 percentage points, but this did not positively affect stock prices, as Chairman Jerome Powell expressed doubts about further cuts this year [4][5]. - The ongoing government shutdown has deprived investors of key economic data, contributing to fears of a recession as the labor market continues to shrink [6]. Company Highlights - **CDW Corporation**: Announced a dividend of $0.63 per share, with a dividend yield of 1.76%. Over the past five years, CDW has increased its dividend six times, with a payout ratio of 26% of earnings [9][8]. - **California Resources Corporation**: Declared a dividend of $0.41 per share, yielding 3.32%. The company has increased its dividend four times in the last five years, with a payout ratio of 34% of earnings [11][10]. - **Exxon Mobil Corporation**: Announced a dividend of $1.03 per share, yielding 3.47%. Exxon has increased its dividend five times over the past five years, with a payout ratio of 57% of earnings [13][12]. - **Entergy Corporation**: Declared a dividend of $0.64 per share, yielding 2.49%. Entergy has increased its dividend six times in the last five years, with a payout ratio of 59% of earnings [14][12].

Financial Performance - Total operating revenues for Q3 2025 were $855 million, a decrease of 36.8% compared to $1,353 million in Q3 2024[12]. - Net income for Q3 2025 was $64 million, down 81.5% from $345 million in Q3 2024[12]. - Operating income for Q3 2025 was $98 million, a significant decrease of 81.0% from $518 million in Q3 2024[12]. - The company reported a basic net income per share of $0.76 for Q3 2025, down from $3.86 in Q3 2024[12]. - Net income for the three months ended September 30, 2025, was $64 million, compared to $345 million for the same period in 2024, reflecting a decrease of approximately 81.5%[23]. - For the nine months ended September 30, 2025, net income was $351 million, slightly up from $343 million in 2024, indicating a growth of about 2.3%[23]. - Total operating revenues for the nine months ended September 30, 2025, were $2,272 million, compared to $2,321 million in the same period of 2024, showing a slight decrease of 2.1%[78][81]. - Basic earnings per share (EPS) for the nine months ended September 30, 2025, was $4.00, a decrease from $4.54 in the same period of 2024[93]. Revenue Breakdown - Oil, natural gas, and natural gas liquids sales decreased to $715 million in Q3 2025 from $870 million in Q3 2024, representing a decline of 17.8%[12]. - For the nine months ended September 30, 2025, oil, natural gas, and natural gas liquids sales totaled $2,265 million, down from $1,729 million in the same period of 2024, reflecting an increase of 31.0%[78][81]. - Revenue from marketing of purchased commodities for the three months ended September 30, 2025, was $58 million, an increase of 14% compared to $51 million in 2024[96]. - Electricity revenue surged by $43 million to $101 million in Q3 2025, attributed to higher resource adequacy revenues compared to Q2 2025[143]. - Electricity revenue increased by $61 million to $181 million for the nine months ended September 30, 2025, compared to $120 million for the same period in 2024, a rise of 50.8%[157]. Expenses and Costs - Total costs and other for the three months ended September 30, 2025, were $756 million, compared to $835 million in the same period of 2024, reflecting a decrease of about 9%[106][107]. - Operating expenses totaled $2,193 million for the nine months ended September 30, 2025, compared to $1,776 million for the same period in 2024, reflecting an increase of 23.4%[160]. - General and administrative expenses for the nine months ended September 30, 2025, were $40 million, compared to $21 million in the same period of 2024, indicating an increase of 90.5%[79][76]. - Interest expense for the nine months ended September 30, 2025, was $8 million, up from $3 million in the same period of 2024, reflecting a rise of 166.7%[79][76]. - Taxes other than income rose to $187 million for the nine months ended September 30, 2025, up from $162 million in the same period of 2024, an increase of 15.4%[166]. Assets and Liabilities - Total current assets decreased to $812 million as of September 30, 2025, down from $1,024 million at December 31, 2024, a reduction of 20.7%[11]. - Total assets decreased to $6,751 million as of September 30, 2025, compared to $7,135 million at December 31, 2024, a decline of 5.4%[11]. - Long-term debt, net, decreased to $889 million as of September 30, 2025, from $1,132 million at December 31, 2024, a reduction of 21.5%[11]. - The company’s total stockholders' equity as of September 30, 2025, was $3,443 million, a decrease from $3,538 million at December 31, 2024, a decline of 2.7%[11]. - Total current liabilities as of September 30, 2025, were $917 million, a decrease from $980 million as of December 31, 2024[103]. Mergers and Acquisitions - The Aera Merger, completed on July 1, 2024, involved the issuance of shares valued at $1,141 million and the settlement of Aera's debt amounting to $990 million[37]. - The company plans to merge with Berry Corporation in an all-stock transaction, expected to enhance its oil-weighted reserves and sustainable cash flows[32]. - The Berry Merger is expected to close in the first quarter of 2026, with existing stockholders anticipated to own approximately 94% of the combined company[121][123]. Cash Flow and Investments - The company reported cash flow from operating activities of $279 million for the three months ended September 30, 2025, compared to $220 million for the same period in 2024, representing an increase of approximately 26.8%[23]. - Capital investments for the three months ended September 30, 2025, totaled $91 million, up from $79 million in 2024, marking a rise of about 15.2%[23]. - Capital investment for the nine months ended September 30, 2025, totaled $202 million, compared to $167 million for the same period in 2024, reflecting a 20.9% increase[85]. - Cash flow used in financing activities was $589 million for the nine months ended September 30, 2025, compared to cash flow provided of $351 million in the same period in 2024[206]. Market and Commodity Prices - The average daily Brent oil price for the three months ended September 30, 2025, was $68.13 per barrel, compared to $81.79 per barrel for the same period in 2024, a decrease of approximately 17%[126]. - The average daily NYMEX Henry Hub price for the nine months ended September 30, 2025, was $3.39 per MMBtu, compared to $2.10 per MMBtu for the same period in 2024, reflecting an increase of approximately 61%[126]. Future Outlook - The company expects to generate operating cash flow to return cash to shareholders through dividends and share repurchases based on current commodity prices and planned capital programs for 2025[191]. - The company anticipates maintaining a four drilling rig capital program throughout 2026, contingent on obtaining new permits expected to be available post-SB 237 enactment[137]. - The company expects to retain flexibility in its 2026 capital plan to adjust for changes in commodity prices and market factors[199].

Financial Data and Key Metrics Changes - For Q3 2025, the company reported net production of 137,000 boe per day, with 78% being oil, remaining roughly flat quarter over quarter [12] - Adjusted EBITDAX was $338 million, and free cash flow before changes in working capital was $231 million, indicating strong cash flow generation [12] - The company raised $400 million to refinance Berry's debt ahead of the merger, demonstrating financial agility [13] - Net leverage stood at 0.6 times, with total liquidity exceeding $1.1 billion, showcasing a robust balance sheet [14] - The company increased its dividend by 5%, reflecting confidence in its business and cash generation [15] Business Line Data and Key Metrics Changes - The exploration and production (E&P) business continues to perform well, with a revised annual base decline assumption of 8%-13%, down from 10%-15% [4][12] - The carbon capture and storage (CCS) business is advancing, with the first CO2 injection expected in early 2026 at the Elk Hills project [6][8] Market Data and Key Metrics Changes - California's energy and regulatory environment is improving, with new legislation supporting oil and gas permitting and extending the Cap and Invest program through 2045 [3][4] - The California Public Utilities Commission estimates that power capacity needs to double by 2035 to meet demand, indicating a significant opportunity for the company [8][10] Company Strategy and Development Direction - The company is focused on disciplined growth, operational efficiency, and capital allocation to enhance shareholder value [15][19] - The merger with Berry Corporation is expected to create meaningful synergies and enhance operational scale [5][17] - The company aims to play a leading role in California's energy transition, focusing on clean, reliable power solutions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in California's energy revival, citing improved regulatory frameworks and strong production performance [3][4] - The company anticipates continued stable production and lower costs in Q4 2025, with a modest increase in capital spending [16][17] - The preliminary 2026 plan includes hedging two-thirds of expected production at a Brent floor price of $64 per barrel, ensuring cash flow stability [17] Other Important Information - The company has seven Class VI permits under active review with the EPA, aiming to expand its statewide storage network for CCS [8] - The company is exploring partnerships to develop carbon management solutions and enhance its power generation capabilities [11][60] Q&A Session Summary Question: Can you discuss the MOU with Capital Power and the next steps for the PPA? - Management noted that the market is heating up with more opportunities, and they are focused on building a hub to serve data centers and the grid at scale [23][24] Question: What is driving the improvement in PDP decline rates? - The improvement is attributed to owning high-quality conventional assets and effective management practices, including injection and surveillance technologies [28][29] Question: Can you elaborate on the decarbonized power opportunity in Kern County? - Management highlighted the potential for retrofitting existing power plants for CCS and the ability to connect these plants with storage sites, creating a decarbonized power hub [34][35] Question: How does the company plan to ramp up production for gas assets? - The focus will primarily be on oil production, with natural gas being a secondary priority depending on market demand and capital allocation [68][69] Question: What is the capital plan for 2026? - The preliminary plan includes running four rigs with a capital expenditure of $280 million-$300 million, focusing on workovers and sidetracks [72][74]

Financial Performance & Strategy - CRC's 3Q25 net total production was 137 MBOE/D, with 78% oil[12] - 3Q25 Adjusted EBITDAX was $338 million[12] - Net Operating Cash Flow Before WC Changes was $322 million in 3Q25[12] - Shareholder returns YTD25 totaled $454 million[12], including $32 million in dividends in 3Q25[23] - The company repaid $122 million of 2026 Senior Notes at par[12] - CRC exited 3Q25 with a leverage ratio of 0.6x[12] - The company raised its dividend by 5% for the 4th consecutive annual increase[12] Merger & Synergies - CRC announced a strategic merger with BRY, expected to close in 1Q26[12] - The BRY merger is estimated to generate annual synergies of $80-$90 million within 12 months post-close[12] - To refinance BRY's debt at close, CRC raised $231 million[12] Carbon Management & Power - CRC is working with MiQ to expand ICG certifications across its operations in California[12] - A new agreement with Capital Power includes up to 3 MMTPA of CO2 emissions[12] - CTV and CPX plan to jointly evaluate and develop CCS solutions for Capital Power's La Paloma facility[33] Guidance & Hedging - 4Q25E net production is guided at 131-135 MBOE/D, with approximately 78% oil[52] - Approximately 70% of remaining 2025E net oil production is hedged with an average Brent floor price of ~$67 per barrel[49] - Approximately 70% of remaining 2025E internal fuel consumption is hedged at an average natural gas price of ~$4 per MMBtu[51]

California Resources Corporation (CRC) came out with quarterly earnings of $1.46 per share, beating the Zacks Consensus Estimate of $1.31 per share. This compares to earnings of $1.5 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +11.45%. A quarter ago, it was expected that this company would post earnings of $0.91 per share when it actually produced earnings of $1.1, delivering a surprise of +20.88%.Over the last four quarte ...

Financial Performance - Reported net income of $64 million, adjusted net income of $123 million, and $338 million of adjusted EBITDAX for Q3 2025[5] - Total operating revenues for Q3 2025 were $855 million, a decrease of 37% compared to $1,353 million in Q3 2024[31] - Net income for Q3 2025 was $64 million, down from $345 million in Q3 2024, representing an 81% decline[31] - Adjusted net income for Q3 2025 was $123 million, compared to $137 million in Q3 2024, a decrease of 10%[31] - Operating income for Q3 2025 was $98 million, down from $518 million in Q3 2024, a decline of 81%[31] - Total operating expenses for Q3 2025 were $756 million, an increase from $835 million in Q3 2024[31] - The effective tax rate for Q3 2025 was 15%, compared to 29% in Q3 2024[31] - Adjusted EBITDAX for Q3 2025 was $338 million, compared to $324 million in Q2 2025 and $402 million in Q3 2024[48] Cash Flow and Liquidity - Generated $279 million in net cash provided by operating activities and $188 million in free cash flow[5] - Ended Q3 2025 with $180 million in available cash and cash equivalents, $974 million in available borrowing capacity, and total liquidity of $1,154 million[5] - Net cash provided by operating activities for Q3 2025 was $279 million, up from $165 million in Q2 2025 and $220 million in Q3 2024[32] - Liquidity as of September 30, 2025, was $1,154 million, down from $1,337 million as of December 31, 2024[36] Production and Capital Expenditures - Delivered 137 MBoe/d of total production, with 78% being oil, and total capital expenditures of $91 million[5] - Total gross production for Q3 2025 was 155 MBoe/d, a decrease from 165 MBoe/d in Q3 2024, but consistent with the production levels seen in Q2 2025[62] - The company drilled a total of 20 wells in Q3 2025, including 2 primary development wells and 12 steamflood wells, indicating ongoing investment in production capacity[66] - Total capital investment in Q3 2025 was $91 million, compared to $56 million in Q2 2025 and $79 million in Q3 2024[34] Shareholder Returns - Increased quarterly dividend by 5% to $0.405 per share, reinforcing commitment to shareholder returns[5] - Committed to returning $454 million to shareholders in the first nine months of 2025, including $352 million in share repurchases and $102 million in dividends[15] Mergers and Acquisitions - Announced a definitive agreement to merge with Berry Corporation in an all-stock transaction, with a 15% premium over Berry's closing price prior to the announcement[8] - Completed a private offering of $400 million in senior notes due 2034 to repay Berry's outstanding debt and cover transaction costs[9] Sustainability and Environmental Performance - Received "Grade A" certification for methane emissions performance, highlighting commitment to sustainability[18] Segment Performance - Segment profit for the Oil & Natural Gas segment in Q3 2025 was $182 million, down from $194 million in Q2 2025 and $298 million in Q3 2024[50] - Adjusted EBITDAX for the Oil & Natural Gas segment was $332 million in Q3 2025, compared to $346 million in Q2 2025 and $474 million in Q3 2024[50] - The Carbon Management segment reported a loss of $21 million in Q3 2025, compared to a loss of $20 million in Q2 2025 and $25 million in Q3 2024[50] Sales and Pricing - Oil, natural gas, and natural gas liquids sales in Q3 2025 were $715 million, a 18% decrease from $870 million in Q3 2024[31] - The realized price of oil with derivative settlements in Q3 2025 was $67.04 per Bbl, compared to $75.38 per Bbl in Q3 2024, showing a decrease of 11% year-over-year[63] - The realized price of natural gas with derivative settlements in Q3 2025 was $3.47 per Mcf, up from $2.68 per Mcf in Q3 2024, reflecting a 30% increase year-over-year[63] Operating Expenses - General and administrative expenses increased to $87 million in Q3 2025 from $106 million in Q3 2024[31] - Other operating expenses net of other revenue for Q3 2025 totaled $25 million, down from $60 million in Q2 2025 and $71 million in Q3 2024, reflecting a 65% decrease year-over-year[60] - The company reported a total electricity generation expense of $11 million in Q3 2025, compared to $5 million in Q2 2025 and $9 million in Q3 2024, indicating increased operational costs[58]

Raised Quarterly Dividend by 5% Early Redemption of All Remaining 2026 Senior Notes LONG BEACH, Calif, Nov. 04, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) (CRC) today reported financial and operating results for the third quarter of 2025. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, November 5, 2025. Conference call details can be found within this release. Third Quarter Highlights Reported net income of $64 million, adjusted net ...

Expands Power-To-CCS Story: Signs Carbon Management MOU with Capital Power for Up to 3 Million Metric Tons Per Annum of CO2 Emissions LONG BEACH, Calif., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE: CRC), today provided an update on third quarter 2025 operating and financial results. “We are encouraged by and commend the state’s recent actions to advance CCS development in California and support decarboniza ...

CRC’s Carbon TerraVault and Capital Power Sign MOU to Explore Transportation and Sequestration of up to 3 Million Metric Tons of CO2 Emissions Per Year New MOU Demonstrates Rising Interest in Carbon TerraVault’s Power-to-CCS Solution LONG BEACH, Calif., Nov. 04, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) and its carbon management business, Carbon TerraVault (CTV), today announced a Memorandum of Understanding1 (MOU) with Capital Power (TSX: CPX) to provide carbon management servic ...

Francisco Leon is the CEO of California Resources Corporation. Joins us now for a Power Lunch exclusive and I think is this your first ever CNBC interview. >> It is. It is.Thanks for having me. >> Well, I'm I'm glad you could do it. Thank you for coming on.This is interesting. Um before we get into sort of your company in general, 550 a gallon. I'm driving around here.I'm thinking, okay, there's a refinery going to be shut down, I think later this year. They're talking about shutting down a refinery across ...