Core Viewpoint - California Resources Corporation (CRC) reported strong financial results for Q2 2025, demonstrating efficient scaling and profitability while returning a record $287 million to shareholders through share repurchases and dividends [5][7][12]. Financial Performance - Net income for Q2 2025 was $172 million, with diluted earnings per share of $1.92, compared to $115 million and $1.26 in Q1 2025 [7][30]. - Total operating revenues reached $978 million in Q2 2025, up from $912 million in Q1 2025 [8][30]. - Adjusted EBITDAX for Q2 2025 was $324 million, slightly down from $328 million in Q1 2025 [7][30]. Production and Pricing - Average net production was 137 thousand barrels of oil equivalent per day (MBoe/d), with 80% being oil, at the high end of guidance [7][10]. - Realized oil price was $66.73 per barrel, down from $72.01 in Q1 2025, while natural gas price realized was $2.79 per Mcf, down from $4.12 [6][7]. Capital Investments and Guidance - The company lowered its 2025 drilling, completions, and workover capital program by $5 million, now totaling $34 million [7][10]. - CRC raised its midpoint guidance for 2025 net production to 136 MBoe/d and adjusted EBITDAX to $1,235 million [7][10]. Shareholder Returns - CRC returned a record $287 million to shareholders in Q2 2025, including $252 million in share repurchases and $35 million in dividends [7][12][13]. - The Board declared a quarterly cash dividend of $0.3875 per share, payable on September 12, 2025 [13]. Balance Sheet and Liquidity - As of June 30, 2025, CRC had $56 million in available cash and $983 million in available borrowing capacity, totaling $1,039 million in liquidity [7][15]. - The company plans to redeem or refinance $122 million of its 2026 Senior Notes in the second half of 2025 [14]. Future Outlook - CRC expects to run a two-rig program in the second half of 2025, with guidance for Q3 2025 net production between 135-139 MBoe/d [9][10]. - The company anticipates realizing $185 million in merger-related synergies in 2025, with the remaining $50 million expected in 2026 [7].

Core Viewpoint - Carbon TerraVault Holdings, LLC (CTV), a subsidiary of California Resources Corporation (CRC), has received authorization from the U.S. EPA to construct CO2 injection wells, marking a significant step in California's carbon capture and storage (CCS) initiatives [1][2]. Financial Performance - In the second quarter of 2025, CTV reported other operating expenses of $14 million, down from $18 million in the first quarter. General and administrative expenses remained stable at $3 million for both quarters [4]. - Capital investments increased to $5 million in Q2 2025 from $2 million in Q1 2025. Adjusted EBITDAX improved to $(17) million in Q2 from $(21) million in Q1 [4]. Guidance - For the third quarter of 2025, CTV expects capital expenditures to be between $8 million and $10 million, with total year guidance set at $20 million to $30 million. Other operating expenses are projected to range from $7 million to $13 million for Q3 and $45 million to $60 million for the full year [6]. - Adjusted EBITDAX for Q3 is anticipated to be between $(15) million and $(11) million, with a full-year estimate of $(68) million to $(64) million [6]. Project Development - CTV is focused on completing California's first CCS project at the Elk Hills cryogenic gas plant by year-end 2025, with CO2 injection expected to begin in early 2026, pending final regulatory approvals [7][9]. - The company is in discussions with potential partners to supply power from the Elk Hills power plant, utilizing a carbon capture and storage pathway to support decarbonized energy solutions [7]. Company Overview - Carbon TerraVault is dedicated to developing projects for capturing, transporting, and permanently storing CO2, aiming to support CRC's affiliates and customers in achieving decarbonization goals [9][11]. - The Carbon TerraVault Joint Venture, formed between CTV and Brookfield, focuses on developing the necessary infrastructure and storage assets for CCS in California, with CRC holding a 51% stake [10].

California Resources belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Mach Natural Resources LP (MNR) , closed the last trading session 0.1% lower at $14.7. Over the past month, MNR has returned -4.2%. This company is expected to post quarterly earnings of $0.83 per share in its upcoming report, which represents a year-over-year change of +38.3%. Revenues are expected to be $826.49 million, up 60.8% from the year-ago quarter. For M ...

Core Points - Canter Resources Corp. has issued 2,200,000 common shares at a deemed price of $0.07 per share to settle debts totaling $154,000 related to past management and consulting services [1][2][3] - The debt settlements are classified as related party transactions, with key executives receiving shares through their respective companies [2][3] - The shares issued are subject to a statutory hold period of four months following the debt settlements [4] Company Overview - Canter Resources Corp. is focused on critical mineral exploration, specifically advancing the Columbus Lithium-Boron Project and the Railroad Valley Lithium-Boron Project in Nevada, USA [5] - The company is employing a phased drilling approach at Columbus to explore brine targets for lithium-boron enrichment and aims to build a portfolio of high-quality projects to support technology and clean energy supply chains in North America [5]

Core Points - Canter Resources Corp. has amended underlying agreements to reduce property carrying costs by approximately 50% and extend major cash or exploration work obligations to 2027 and 2028 [1][2] - The company is focused on domestic lithium production through brine resources and sustainable extraction methods, viewing the Columbus Project as a significant opportunity for discovery [2] - The company is retaining 379 claims covering a core mineralized system at Columbus, resulting in annual cost savings of $130,000 [7] Financial Adjustments - The company plans to settle debts totaling $154,000 through the issuance of 2,200,000 common shares at a deemed price of $0.07 per share [4] - A cash payment obligation of $250,000 due on May 9, 2026, has been reduced to $25,000 in cash and $40,000 in shares, resulting in a $225,000 reduction [7] - A $600,000 payment due on November 9, 2026, has been extended to December 1, 2027, and reduced to $450,000, with $150,000 payable in shares [7]

Financial Results Announcement - California Resources Corporation (CRC) plans to release its second quarter 2025 financial results on August 5 after market close [1] - A conference call to discuss these results will be held on August 6 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]

Canter Resources Advances Railroad Valley Project with Integration of Historical Data Sets Figure 2. Railroad Valley Data Compilation - Oblique view with historical vertical drill holes surrounding the project integrated using legacy drill hole logs. June 03, 2025 7:00 AM EDT | Source: Canter Resources Corp. Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) (FSE: 6O1) ("Canter" or the "Company") is pleased to announce the successful integratio ...

Part I - Financial Information [Financial Statements](index=7&type=section&id=Item%201) The company's Q1 2025 financial statements reflect a significant revenue increase and a shift to net income from a prior-year loss, driven by the Aera Merger [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $6.83 billion as of March 31, 2025, primarily due to a reduction in cash, while total liabilities also decreased, driven by lower long-term debt Condensed Consolidated Balance Sheet (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $799 | $1,024 | | Cash and cash equivalents | $214 | $372 | | **Total Assets** | **$6,827** | **$7,135** | | **Total Current Liabilities** | $961 | $980 | | Long-term debt, net | $888 | $1,132 | | **Total Liabilities** | **$3,311** | **$3,598** | | **Total Stockholders' Equity** | **$3,516** | **$3,538** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, the company reported a net income of $115 million, a significant turnaround from a $10 million net loss in Q1 2024, driven by the Aera Merger Condensed Consolidated Statements of Operations (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total operating revenues | $912 | $454 | | Oil, natural gas and NGL sales | $814 | $429 | | Net gain (loss) from commodity derivatives | $6 | $(71) | | Total operating expenses | $726 | $464 | | Operating Income (Loss) | $186 | $(4) | | **Net Income (Loss)** | **$115** | **$(10)** | | **Diluted EPS** | **$1.26** | **$(0.14)** | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net operating cash flow more than doubled to $186 million in Q1 2025, while significant financing outflows for debt redemption and stock buybacks led to a $158 million cash decrease Condensed Consolidated Statements of Cash Flows (in millions) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$186** | **$87** | | **Net cash used in investing activities** | **$(79)** | **$(49)** | | Capital investments | $(55) | $(54) | | **Net cash used in financing activities** | **$(265)** | **$(131)** | | Repurchases of common stock | $(101) | $(58) | | Debt redemption | $(123) | $— | | **Decrease in cash and cash equivalents** | **$(158)** | **$(93)** | | Cash and cash equivalents—end of period | $214 | $403 | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the significant impact of the Aera Merger on financial comparability, key accounting policies, and segment reporting for Oil & Gas and Carbon Management - The **Aera Merger**, closed on July 1, 2024, **significantly impacted the comparability of financial results** for Q1 2025 versus Q1 2024[24](index=24&type=chunk) - The company's business is conducted through **two reportable segments**: (1) oil and natural gas and (2) carbon management (Carbon TerraVault)[68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202) Management attributes improved Q1 2025 performance to the Aera Merger, discusses the commodity price environment, and outlines its new 'Responsible Net Zero' goal [Business Environment and Industry Outlook](index=32&type=section&id=Business%20Environment%20and%20Industry%20Outlook) The business environment is marked by commodity price volatility from OPEC+ actions and potential cost increases from U.S. tariffs on imported goods - **OPEC+ began unwinding production cuts** in early 2025, adding supply and contributing to a decline in global oil prices during Q1 2025[100](index=100&type=chunk) - New **U.S. tariffs on imported goods**, including steel and aluminum, could increase the cost of oilfield goods and delivery lead times[100](index=100&type=chunk)[107](index=107&type=chunk) - The planned closures of two California refineries are **not expected to negatively impact** CRC's ability to market its crude oil production[102](index=102&type=chunk) [Regulatory Updates](index=33&type=section&id=Regulatory%20Updates) The company faces ongoing delays from CalGEM for new well permits but holds sufficient permits for its 2025 capital program and one drilling rig through 2026 - In Q1 2025, CRC received permits for 53 workovers and 21 sidetracks, but **continued to face delays from CalGEM** for new well and deepening permits[103](index=103&type=chunk)[104](index=104&type=chunk) - The company holds **enough permits to maintain its 2025 capital program** and operate one active drilling rig throughout 2026[105](index=105&type=chunk) [Responsible Net Zero Goal](index=34&type=section&id=Responsible%20Net%20Zero%20Goal) The Board adopted a new 'Responsible Net Zero' goal to reduce absolute Scope 1 and 2 GHG emissions by 80% by 2045, driven by the Aera Merger - A new **'Responsible Net Zero' goal** was adopted in May 2025, aiming for an **80% reduction in absolute Scope 1 and 2 GHG emissions by 2045** and neutralizing the remainder[108](index=108&type=chunk) - The change from the previous goal was primarily driven by the **Aera Merger**, which nearly doubled the asset base and altered the company's carbon intensity profile[109](index=109&type=chunk) [Statements of Operations Analysis](index=35&type=section&id=Statements%20of%20Operations%20Analysis) Quarter-over-quarter, operating revenues and net income increased, driven by higher derivative gains and lower G&A expenses from post-merger synergies Consolidated Results of Operations (in millions) | Metric | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Total operating revenues | $912 | $877 | | Total operating expenses | $726 | $813 | | Operating income | $186 | $68 | | Net income | $115 | $33 | - **G&A expenses decreased by $23 million** from Q4 2024 to Q1 2025, primarily due to lower compensation-related expenses following the Aera Merger[117](index=117&type=chunk) - **Non-energy operating costs decreased by $16 million** quarter-over-quarter due to lower maintenance activity and more favorable vendor pricing[116](index=116&type=chunk) [Results of Our Oil and Natural Gas Operations](index=39&type=section&id=Results%20of%20Our%20Oil%20and%20Natural%20Gas%20Operations) The oil and gas segment maintained stable production of 141 MBoe/d in Q1 2025 with a segment profit of $266 million and an average realized oil price of $73.57 per barrel Oil and Natural Gas Segment Key Data | Metric | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Net production sold (MBoe/d) | 141 | 141 | | Segment profit (in millions) | $266 | $268 | | Operating costs ($ per Boe) | $25.60 | $25.35 | Realized Prices (Q1 2025) | Commodity | Realized Price (w/o derivatives) | Realization vs. Brent | | :--- | :--- | :--- | | Oil ($/Bbl) | $73.57 | 98% | | NGLs ($/Bbl) | $54.64 | 73% | | Natural Gas ($/Mcf) | $4.12 | 113% of NYMEX | [Results of Our Carbon Management Segment](index=42&type=section&id=Results%20of%20Our%20Carbon%20Management%20Segment) The early-stage Carbon TerraVault segment reported no revenue and a segment loss of $25 million for Q1 2025, an improvement from the prior quarter - The carbon management segment is in its **early development stages** and had **no revenue** for Q1 2025[138](index=138&type=chunk) Carbon Management Segment Results (in millions) | Metric | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Segment loss | $(25) | $(31) | | Carbon management expenses | $18 | $20 | | Segment G&A expenses | $3 | $5 | [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained total liquidity of $1.18 billion, redeemed $123 million in debt, repurchased $101 million in stock, and projects a 2025 capital program of $285-$335 million Liquidity Summary (as of March 31, 2025, in millions) | Component | Amount | | :--- | :--- | | Available cash and cash equivalents | $199 | | Revolving Credit Facility Availability | $983 | | **Total Liquidity** | **$1,182** | - In February 2025, the company **redeemed $123 million** of its 7.125% senior notes due 2026[145](index=145&type=chunk) - The **2025 capital program is expected to be $285 million to $335 million**, with the majority allocated to the oil and natural gas segment[150](index=150&type=chunk) - Integration of Aera is expected to result in approximately **$80 million of annual savings** ($50M in G&A, $30M in operating costs)[154](index=154&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203) The company's primary market risks are commodity prices, counterparty credit, and interest rates, which are managed through extensive hedging and fixed-rate debt - As of March 31, 2025, the company has **hedged approximately 70% of its expected oil production** for the rest of 2025 at a weighted average floor price of $67.07[168](index=168&type=chunk) - Approximately **70% of expected fuel use** in oil and gas operations for the remainder of 2025 is **hedged at a fixed price of $3.41**[168](index=168&type=chunk) - **Interest-rate risk is minimal** as the company had no variable-rate debt outstanding as of March 31, 2025; both the 2026 and 2029 Senior Notes are fixed-rate[172](index=172&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204) The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[173](index=173&type=chunk) - **No material changes** were made to the company's internal controls over financial reporting during the first quarter of 2025[174](index=174&type=chunk) Part II - Other Information [Legal Proceedings](index=50&type=section&id=Item%201) The company is involved in various routine lawsuits and claims, referring to Note 5 and its 2024 Annual Report for details - For information on legal proceedings, the company refers to **Note 5 in the financial statements** and its **2024 Annual Report**[177](index=177&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A) No material changes to the risk factors disclosed in the company's 2024 Annual Report occurred during the first quarter of 2025 - **No material changes** to the company's risk factors occurred during the first quarter of 2025[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202) The company issued deferred consideration shares for the Aera merger and repurchased approximately $101 million of its common stock in Q1 2025 - On February 24, 2025, the company **issued 107,265 shares of common stock** to former Aera owners as deferred consideration for the merger[179](index=179&type=chunk) Share Repurchase Activity (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 336,665 | $52.74 | | Feb 2025 | — | $— | | Mar 2025 | 1,935,254 | $42.47 | | **Total** | **2,271,919** | **$44.00** | - As of March 31, 2025, **$457 million remained available** for purchase under the authorized Share Repurchase Program[181](index=181&type=chunk) [Other Disclosures](index=50&type=section&id=Item%205) No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2025 - **No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement** during Q1 2025[182](index=182&type=chunk) [Exhibits](index=51&type=section&id=Item%206) This section lists the exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - Lists various filed exhibits, including **officer certifications and Inline XBRL documents**[184](index=184&type=chunk)

Financial Data and Key Metrics Changes - The company reported flat net production quarter over quarter at 141,000 barrels of oil equivalent per day, with realized prices at 98% of Brent [12] - Adjusted EBITDAX was $328 million, net cash flow before changes in working capital was $252 million, and free cash flow totaled $131 million, all exceeding consensus expectations [12] - Operating and G&A costs were $388 million, approximately 5% better than guidance, with expectations to reduce operating costs by nearly 10% in the first half of 2025 compared to the second half of 2024 [13] Business Line Data and Key Metrics Changes - The company achieved over 70% of its total $235 million in announced annual synergies from the Era merger, with full target expected by early 2026 [7] - The integrated strategy of power and natural gas marketing is delivering meaningful margins, supporting cash generation and shareholder returns [8] Market Data and Key Metrics Changes - Approximately 70% of oil production and natural gas consumption is hedged at attractive levels relative to current market prices [7] - The company can generate free cash flow at Brent prices down to approximately $34 per barrel, indicating resilience against commodity price fluctuations [8] Company Strategy and Development Direction - The company is focused on mitigating commodity price volatility, generating cash flow, maintaining a strong balance sheet, and sustainably returning cash to shareholders [5] - The strategic steps taken to strengthen the business include achieving critical scale through the Era merger, which has provided opportunities for cost savings and improved returns [6] - The company is pursuing multiple new opportunities in carbon management and power generation, with a focus on integrating gas to power and carbon capture strategies [17][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its strategy despite macroeconomic uncertainties, highlighting a strong balance sheet and quality assets [22] - The management noted that the regulatory environment in California is improving, which supports the company's growth and permitting efforts [20][100] Other Important Information - The company returned a record $258 million to stakeholders through dividends, share buybacks, and debt redemption in the first quarter [10] - The company is actively working on California's first carbon capture and storage project at the Elk Hills Cryogenic Gas Plant, with construction expected to begin in the second quarter [20] Q&A Session Summary Question: How is the company achieving similar EBITDA with a lower Brent assumption? - Management attributed the achievement to synergy targets and strong execution in integrating Era assets, along with cost savings from supply chain advantages and infrastructure consolidation [25][26] Question: What does the breakeven look like on an unhedged basis? - The corporate breakeven is around $34 Brent or about $30 WTI, achieved through low decline, predictable assets and proactive cost management [31] Question: What is the political landscape regarding CO2 pipeline regulation and gas permitting? - Management noted encouraging progress in California and Washington, with constructive engagement on CO2 pipelines and oil and gas permitting [41][43] Question: Update on Huntington Beach real estate marketing and remediation timeline? - The company is preparing to market the property for optimal use, with a timeline of about three years for approvals [49] Question: Thoughts on the Elk Hills PPA and funding for carbon capture? - Management is focused on securing a long-term partner for the Elk Hills project, with various clean energy incentives in play [53][56] Question: Update on synergies and potential for pulling them forward? - Management indicated that while some synergies may be realized earlier, there are timing components tied to specific projects [64][70] Question: Will the company pursue bolt-on acquisitions in California? - Management is open to bolt-on acquisitions if they are significantly accretive to cash flow, but the focus remains on executing the current business strategy [77] Question: Recent advancements in carbon capture technology? - The company is agnostic to technology advancements but focuses on land and mineral ownership for carbon capture opportunities [81] Question: Update on base decline and maintenance capital? - Management highlighted that maintenance capital could potentially decrease in an unconstrained permitting environment, but specific guidance is not yet available [85][87] Question: Clarification on the potential PPA discussions? - Management confirmed ongoing discussions with multiple large-scale industrial customers for power purchase agreements, emphasizing the interest in clean baseload power [102]

Financial Data and Key Metrics Changes - The company reported flat net production quarter over quarter at 141,000 barrels of oil equivalent per day, with realized prices at 98% of Brent [11] - Adjusted EBITDAX was $328 million, net cash flow before changes in working capital was $252 million, and free cash flow totaled $131 million, all exceeding consensus expectations [11] - Operating and G&A costs were $388 million, approximately 5% better than guidance, with expectations to reduce operating costs by nearly 10% in the first half of 2025 compared to the second half of 2024 [12] Business Line Data and Key Metrics Changes - The company achieved over 70% of its total $235 million in announced annual synergies from the Era merger, with full target expected by early 2026 [6][8] - The integrated strategy in power and natural gas marketing is delivering meaningful margins, supporting debt service and shareholder returns [6] Market Data and Key Metrics Changes - Approximately 70% of oil production and natural gas consumption is hedged at attractive levels relative to current market prices [6] - The company can generate free cash flow at Brent prices down to approximately $34 per barrel, indicating resilience against commodity price fluctuations [6] Company Strategy and Development Direction - The company is focused on mitigating commodity price volatility, generating cash flow, maintaining a strong balance sheet, and sustainably returning cash to shareholders [4] - The strategic steps taken to strengthen the business include achieving critical scale through the Era merger, which has provided opportunities for cost savings and improved returns [5] - The company is pursuing multiple new opportunities in carbon management and power generation, including California's first CCS project at the Elk Hills Cryogenic Gas Plant [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to withstand macroeconomic uncertainties and highlighted the strength of its business model [5][20] - The company is optimistic about the progress in permitting and regulatory environments, which are expected to support future growth [94] Other Important Information - The company returned a record $258 million to stakeholders through dividends, share buybacks, and debt redemption in the first quarter [8] - The company has more than $1 billion in liquidity and nearly $200 million in available cash, indicating strong financial health [14] Q&A Session Summary Question: How is the company achieving similar EBITDA with lower Brent assumptions? - Management highlighted that synergy targets and cost savings from the Era merger are key factors, with ongoing integration efforts exceeding expectations [23][25] Question: What does the breakeven look like on an unhedged basis? - The corporate breakeven is around $34 Brent or about $30 WTI, supported by low decline, predictable assets and proactive cost management [28] Question: Is there concern about refinery shutdowns affecting sales? - Management indicated no concern, as existing refineries are built for California crude, and the company is positioned to meet local demand [32] Question: What progress is being made on CO2 pipeline regulation and permitting? - Management reported encouraging progress in both Sacramento and Washington, with constructive engagement on CO2 pipelines and oil and gas permitting [40] Question: Update on Huntington Beach real estate marketing and remediation timeline? - The company is preparing to market the property for mixed-use development, with a timeline of approximately three years for approvals [46] Question: Insights on the Elk Hills PPA and funding for carbon capture? - Management emphasized the importance of securing a long-term partner for the Elk Hills project, with ongoing discussions to optimize costs and funding [50][56] Question: What is the outlook for maintenance capital in an unconstrained permitting environment? - Management stated that while they are not ready to guide on unconstrained scenarios, they are seeing strong performance with low capital expenditures [82] Question: Clarification on the potential PPA discussions? - The company is engaged with multiple large-scale industrial customers for PPAs, expanding interest beyond data centers [99]