California Resources (CRC) Q1 2025 Earnings Call May 07, 2025 01:00 PM ET Speaker0 Good day, and welcome to the California Resources Corporation First Quarter twenty twenty five Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Joanna Park, Vice President of Investor Relations and Treasurer. Please go ahead. Speaker1 Good morning, and welcome to California Resources Corporation's first quarter twenty twent ...

3. BALANCE SHEET & HEDGE BOOK STRENGTH REDUCE 2025 RISK ~70% of remaining 2025E net production hedged at a floor price of ~$67/bbl Brent drives cash flow stability Integrated strategy provides revenue diversification (power and natural gas marketing with CMB in development) Strengthened financial position – 0.7x 2025E Net Leverage*, 4: redeemed $123MM of 2026 Senior Notes in February 2025, targeting to address the balance in 2025 See slide 25 for "Assumptions, Estimates and Endnotes". 2 First Quarter 2025 R ...

California Resources Reports First Quarter 2025 Financial and Operating Results Returned $258 Million to Stakeholders, Maintained Balance Sheet Strength, Delivered Flat Quarter-Over- Quarter Total Net Production Company Reaffirms its 2025 Production, Capital Investment and Adjusted EBITDAX Guidance LONG BEACH, California, May 6, 2025 - California Resources Corporation (NYSE: CRC) today reported financial and operating results for the first quarter of 2025. The Company plans to host a conference call and web ...

Returned $258 Million to Stakeholders, Maintained Balance Sheet Strength, Delivered Flat Quarter-Over-Quarter Total Net Production Company Reaffirms its 2025 Production, Capital Investment and Adjusted EBITDAX Guidance LONG BEACH, Calif., May 06, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) today reported financial and operating results for the first quarter of 2025. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, May 7, 2025. Particip ...

On Track to Inject CO2 at California's First CCS Project by Year-End LONG BEACH, Calif., May 06, 2025 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE: CRC), provided an update on its first quarter 2025 operations. California Resources Corporation (NYSE: CRC) conducts its carbon management business through CTV which pursues carbon capture and sequestration (CCS) projects that are directly sited or within close proximity to si ...

California Resources Corporation (CRC) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be rel ...

Vancouver, British Columbia--(Newsfile Corp. - April 15, 2025) - Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) (FSE: 6O1) ("Canter" or the "Company") is pleased to announce the appointment of Warwick Smith as Executive Chairman of the Board of Directors, effective immediately. Mr. Smith brings more than 25 years of leadership experience in corporate finance and mergers and acquisitions (M&A). His proven track record of successful deal-making and value creation aligns well with Canter's current focus a ...

Financial Results Announcement - California Resources Corporation (CRC) plans to release its first quarter 2025 financial results on May 6th after market close [1] - A conference call to discuss these results will be held on May 7th at 1:00 p.m. Eastern Time [1] Conference Call Participation - Participants are encouraged to pre-register for the conference call via a provided link [2] - Callers who pre-register will receive a conference passcode and unique PIN for immediate access [2] - To join the call, participants can dial (877) 328-5505 or access the webcast at www.crc.com [3] Company Overview - California Resources Corporation is an independent energy and carbon management company focused on energy transition [4] - The company emphasizes environmental stewardship while providing responsibly sourced energy [4] - CRC aims to maximize the value of its land and mineral ownership through carbon capture and storage (CCS) and emissions-reducing projects [4]

Group 1 - J.P. Morgan analyst Alejandra Magana maintained a Neutral rating on California Resources Corporation (CRC) with a price forecast of $63 [1] - California Resources reported fourth-quarter 2024 adjusted EPS of $0.91, missing the $0.97 estimate, and revenue of $877 million, falling short of the $897.75 million expectation [1] - The company delivered a strong fourth quarter, with EBITDA beating estimates, solid operations, and continued momentum in CCS volume agreements [1] Group 2 - The company faces challenges maintaining output due to strict California regulations [2] - The Aera acquisition bolstered the business, but concerns remain about oil exposure amid potential oversupply in 2025 [2] - The company's permit inventory rebuild is stalled as CalGEM revises well procedures, and a new bill may allow local governments to impose further restrictions [2] Group 3 - The company is exploring clean power, aiming to connect Elk Hills to a CCS vault [3] - While CRC has unique CCS and power opportunities, regulatory uncertainty and ongoing permitting challenges keep the analyst cautious [3] - Investors can gain exposure to the stock via Invesco S&P SmallCap Energy ETF PSCE and Innovator U.S. Small Cap Managed Floor ETF RFLR [3] Group 4 - CRC shares are up 2.59% at $43.14 at the last check [3]

Financial Data and Key Metrics Changes - The company reported net production of 141,000 BOE per day and realized oil prices at 99% of Brent, leading to $316 million in adjusted EBITDAX and $118 million in free cash flow for Q4 2024 [19][20] - For the year 2024, the company achieved over $1 billion in adjusted EBITDAX and generated $355 million in free cash flow, returning about 85% of free cash flow to shareholders through dividends and share repurchases [24][31] - The company ended 2024 with gross production of 163,000 BOE per day and maintained a low annual gross decline of about 6% [23][24] Business Line Data and Key Metrics Changes - The conventional oil and gas business continues to deliver robust cash flow, supported by quality proved reserves and a deep inventory, unlocking significant synergies from low decline, low capital intensity assets [8][19] - The carbon management business is rapidly expanding, with nearly nine million metric tons per annum of carbon management projects under consideration, including the first EPA class six permits for California's first TCS project at Elk Hills [12][16] Market Data and Key Metrics Changes - The company expects to benefit from new sustainable efficiencies in 2025, with an estimated controllable cost structure of $220 million, nearly 16% lower than the pro forma combined 2023 organization [25] - The resource adequacy power capacity payments are expected to increase by 50% to $150 million, with new power purchase agreements being assessed [28] Company Strategy and Development Direction - The company is focused on building a sustainable future through carbon management and power, actively pursuing agreements with well-capitalized parties for new AI data centers in California [9][10] - The recent agreement with National Cement is seen as a major milestone in domestic industrial decarbonization, validating the company's CCS strategy and expertise in carbon management [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position entering 2025, highlighting the importance of maintaining a strong balance sheet and the ability to invest in high-return opportunities [29][30] - The management team emphasized the significant near-term value drivers and the company's commitment to shareholder returns, with a focus on disciplined capital allocation [33][34] Other Important Information - The company has more than $1 billion in liquidity and has rebuilt cash on hand from nearly zero to over $350 million post-merger [30][90] - The company plans to redeem the remaining $122 million of 2026 senior notes later this year, maintaining a leverage ratio of less than one [31][90] Q&A Session Summary Question: Stock price underperformance compared to peers - Management acknowledged the stock's underperformance but highlighted a strong track record of returning capital to shareholders, with over $1 billion returned since 2021 [41][42] Question: Details on the data center agreements - Management discussed ongoing talks with multiple parties for data centers, emphasizing the strategic infrastructure advantage and the potential for long-term contracts [49][51] Question: Power redundancy and modular generation - Management confirmed that their plant operates 24/7 and has standby agreements for backup power, ensuring reliability [56][58] Question: Update on the MOU with National Cement - Management expressed excitement about the partnership, highlighting the significant market opportunity in California's cement industry and the need for CO2 transportation solutions [76][78] Question: Financial priorities going forward - The CFO outlined priorities including maintaining a strong balance sheet, driving sustainable cash flow, and creating long-term shareholder value [84][86]