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 ...

Core Viewpoint - Canter Resources Corp. has appointed Warwick Smith as Executive Chairman, aiming to leverage his extensive experience in corporate finance and M&A to support the company's growth strategy in the critical metals sector [1][2][3]. Company Overview - Canter Resources Corp. is a junior mineral exploration company focused on advancing the Columbus Lithium-Boron Project and the Railroad Valley Lithium-Boron Project in Nevada, USA [6]. - The company is employing a phased drilling approach at Columbus to explore brine targets for lithium-boron enrichment [6]. Leadership Appointment - Warwick Smith brings over 25 years of leadership experience in corporate finance and M&A, with a successful track record in deal-making and value creation [2]. - Smith has previously collaborated with Canter's CEO, Joness Lang, at American Pacific Mining, where they secured major partnerships and strategic investments [4]. Strategic Focus - Canter is actively engaging with potential strategic partners at both project and corporate levels, emphasizing the importance of securing domestic supplies of critical minerals [3]. - The company is currently reviewing an amended Notice of Intent (NOI) with the Bureau of Land Management (BLM) for its Columbus Lithium-Boron Project [2].

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]

Executing Today, Building for Tomorrow Fourth Quarter and Full Year 2024 Results March 3, 2025 Delivered on All Fronts in 2024 California's Premier Energy Platform $1,006MM Delivered Adj. EBITDAX* $355MM $303MM Generated Free Cash Flow* Returned Dividends and SRP1 73% 9% 18% Oil NGLs Gas 110MBOE/D (90% Average NRI) 2024 TOTAL NET PRODUCTION2 1 1 1H24 2H24 2024 ACTIVE DRILLING RIGS Southern California Central California Northern California 85% 8% 7% PDP PDNP PUD $8.9B PV-10 OF 2024 PROVED RESERVES3 545 MMBOE ...

Aera Merger Impact - The Aera Merger added significant oil-weighted production and proved developed reserves, with 21,315,707 shares issued to former Aera owners and approximately $990 million paid to extinguish Aera's outstanding debt[15]. - For the year ended December 31, 2024, the company generated $376 million in net income, including Aera's operations for the second half of the year[18]. - The company expects to implement annual cost savings of $170 million from synergies in 2024 and an additional $65 million in 2025 following the Aera Merger[18]. - Acquisitions during the year included 236 MMBoe from the Aera Merger, significantly impacting total proved reserves[50]. - The Aera Merger, completed on July 1, 2024, added significant oil-weighted production and proved developed reserves, primarily in the San Joaquin and Ventura basins, with existing stockholders owning 76% and former Aera owners 24% of CRC[15]. Financial Performance - As of December 31, 2024, the company had $1,337 million in liquidity, consisting of $983 million available for borrowing and $354 million in cash[19]. - The company expects to generate reliable cash flows by maintaining high operational performance standards and driving efficiencies through innovation[18]. - Oil sales for the year ended December 31, 2024, amounted to $2,255 million, while total oil, natural gas, and NGL sales reached $2,537 million, an increase from $2,155 million in 2023[74]. - The PV-10 of cash flows as of December 31, 2024, was $8,877 million, based on average realized prices of $77.91 per barrel for oil and $2.71 per Mcf for natural gas[57]. - The present value of future income taxes discounted at 10% is $2,175 million[57]. Production and Reserves - Total net production for the year ended December 31, 2024, was 40 MMBoe, with an average daily net production of 110 MBoe/d, representing a 28% increase from 86 MBoe/d in 2023[36]. - Proved reserves as of December 31, 2024, included 443 MMBbl of oil, 34 MMBbl of NGLs, and 409 Bcf of natural gas, totaling 545 MMBoe[20]. - The reserves to production ratio was 14 years for total proved reserves as of December 31, 2024[45]. - Proved undeveloped reserves decreased to 39 MMBoe as of December 31, 2024, primarily due to regulatory challenges and performance-related revisions[51]. - The company anticipates that approximately 9,000 net mineral acres will expire in 2025, representing 2% of total net undeveloped acreage, but does not expect a material adverse effect from these expirations[34]. Operational Efficiency - Operating costs per Boe decreased to $24.51 in 2024 from $26.24 in 2023, indicating improved cost efficiency[36]. - Operating costs for 2024 were $983 million, with a per barrel cost of $24.51, compared to $822 million and $26.24 per barrel in 2023[41]. - The company operates 65 producing fields, with 38 in the San Joaquin Basin, 4 in the Los Angeles Basin, and 21 in the Sacramento Basin[20]. - The company holds 1,863 thousand net mineral acres, with 79% held in fee and 85% of leased acreage held by production[33]. - The company plans to maintain a disciplined capital program, focusing on workovers and sidetracks in the short term, and investing in high-return wells when permitting resumes[18]. Carbon Management and Environmental Initiatives - The company aims to advance its carbon management business, leveraging the Carbon TerraVault joint venture with Brookfield to reduce capital investments in decarbonization projects[19]. - The company is committed to reducing CO and methane emissions and managing idle wells while maintaining transparency in its environmental stewardship efforts[19]. - The company is developing carbon capture and sequestration (CCS) projects, with the first EPA Class VI permits issued in California for underground injection and storage of CO2 at the Elk Hills field[89]. - The company announced a capital investment of $14 million to $18 million for the installation of carbon capture equipment at the Elk Hills facility, with operations expected to commence in late 2025[90]. - The company expects growth in projects related to carbon management services, reflecting its strategic expansion in this segment[90]. Regulatory Environment - The company emphasizes proactive engagement with regulators to minimize adverse impacts from new legislation and regulations on its operations[19]. - California's Senate Bill No. 1137 establishes a minimum setback of 3,200 feet for new oil and natural gas production wells from sensitive receptors, effective June 27, 2024[121]. - Assembly Bill 1866 increases annual fees for idle wells based on the duration of idleness, effective January 1, 2025, and mandates operators to submit plans for idle well management[123]. - The company is subject to numerous federal and state regulations that may restrict operations and increase costs, including those related to health, safety, and environmental protection[134]. - Recent litigation against the company regarding environmental compliance is not expected to have a material adverse effect on operations following a favorable court ruling[132]. Workforce and Safety - The company had approximately 1,550 employees as of December 31, 2024, a significant increase from approximately 970 employees as of December 31, 2023, primarily due to the Aera Merger[102]. - The company achieved a 99.999% oil spill prevention rate in 2024 and a total recordable incident rate (TRIR) of 0.39, reflecting strong safety performance[105]. - The company plans to operate one active drilling rig in Kern County in the first half of 2025, with plans to increase to two rigs in the second half of 2025[118]. - The company has submitted applications for conditional use permits for projects in Kern County, with uncertain timelines for approval that could extend into the first half of 2026[111]. - The company is evaluating the feasibility of developing a carbon capture system for its 550 MW Elk Hills power plant, indicating a focus on carbon management expansion[90].

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]

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 full 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, with 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 and the first EPA class six permits received for the Elk Hills project [12][10] Market Data and Key Metrics Changes - The company expects to benefit from enhanced revenue streams in natural gas marketing and power, with resource adequacy power capacity payments projected to increase by 50% to $150 million [28] - More than 70% of expected 2025 oil production is hedged at an average price of $67 per barrel, reducing commodity price risk [27] Company Strategy and Development Direction - The company is focused on sustainable efficiencies and plans to invest $285 million to $335 million in 2025, with a targeted controllable cost structure estimated to be nearly 16% lower than the pro forma combined 2023 organization [25][29] - The company aims to lead California's decarbonization efforts, with significant projects in carbon capture and storage (CCS) and partnerships with industrial players like National Cement [16][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position and ability to deliver significant near-term value drivers, emphasizing the importance of shareholder returns and maintaining a strong balance sheet [34][36] - The management team highlighted the importance of carbon management as a growing sector, with increasing demand for innovative solutions to complex challenges [10][16] 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 within six months post-merger [30][90] - The company redeemed roughly half of its 2026 senior notes at par, maintaining a leverage ratio of less than one [31][88] 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 and emphasized the company's intrinsic value [39][42] Question: Details on the buyback program - Management confirmed a buyback program with over $550 million remaining and noted that they have repurchased 18.5 million shares since the program's inception [45][46] Question: Update on data center agreements - Management discussed ongoing talks with multiple parties for data centers, emphasizing the strategic infrastructure advantage and potential for long-term contracts [49][51] Question: Addressing power redundancy in colocated opportunities - Management confirmed that their plant operates 24/7 and has standby agreements to ensure backup power, enhancing reliability [56][58] Question: Clarification on synergies and financial guidance - Management provided details on the targeted synergies from the merger, indicating that they expect to achieve significant cost improvements in 2025 [60][66] Question: Milestones for the National Cement project - Management expressed excitement about the partnership and outlined the importance of CO2 transportation solutions as part of the project [75][78] Question: Financial priorities of the new CFO - The CFO outlined priorities including maintaining a strong balance sheet, driving sustainable cash flow, and disciplined capital allocation [84][86] Question: Update on the Brookfield JV - Management reported that the JV is progressing well, with a focus on capital allocation and project execution [94][96] Question: Future outlook for oil and gas operations - Management indicated confidence in maintaining production levels and achieving a normalized investment cadence as permitting improves [113][130]

California Resources Corporation (CRC) came out with quarterly earnings of $0.91 per share, missing the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $0.93 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.21%. A quarter ago, it was expected that this company would post earnings of $0.89 per share when it actually produced earnings of $1.50, delivering a surprise of 68.54%.Over the last four quarte ...

California Resources Reports Fourth Quarter and Full Year 2024 Financial and Operating Results Achieves Meaningful Capital Efficiency Improvements and Significant Cost Reductions Following Aera Merger 1 LONG BEACH, California, March 3, 2025 - 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 ...