Financial Performance - The company generated $324 million of Adjusted EBITDAX in 2Q25, exceeding guidance[8] - Operating cash flow for 2Q25 reached $165 million[4] - Free cash flow for 2Q25 was $109 million[5] - Shareholder returns totaled $287 million in 2Q25, including dividends of $35 million and share repurchases of $252 million[4] - $422 million was returned to shareholders in 1H25, and $1482 million since May 2021[16] Operational Highlights - Net production in 2Q25 was 137 thousand barrels of oil equivalent per day (MBOE/D), with 80% oil, 7% NGLs, and 13% gas[6, 7] - The company reduced 2025 estimated drilling & completion (D&C) and workover capital by approximately 3%[8] - The company raised the midpoints of 2025 estimated net production by approximately 1% and adjusted EBITDAX by approximately 7%[8] - Aera merger synergies of $235 million were implemented 3 months ahead of schedule[8, 26] Carbon Management - The CTV JV received authorization to construct from the U S EPA[8] - The company has 7 EPA Class VI permits in queue for approximately 287 million metric tons of storage[64]

Group 1: Earnings Performance - California Resources Corporation (CRC) reported quarterly earnings of $1.1 per share, exceeding the Zacks Consensus Estimate of $0.91 per share, and up from $0.6 per share a year ago, representing an earnings surprise of +20.88% [1] - The company posted revenues of $978 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 21.84%, compared to year-ago revenues of $514 million [2] - Over the last four quarters, California Resources has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - California Resources shares have declined approximately 9.1% since the beginning of the year, while the S&P 500 has gained 7.6% [3] - The current consensus EPS estimate for the coming quarter is $1.06 on revenues of $845.76 million, and for the current fiscal year, it is $3.71 on revenues of $3.32 billion [7] - The company's earnings outlook and estimate revisions will be crucial for future stock performance, with a current Zacks Rank of 3 (Hold), indicating expected performance in line with the market [6] Group 3: Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently in the bottom 31% of over 250 Zacks industries, which may impact the stock's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5]

Q2 2025 Financial and Operating Results [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%20Highlights) CRC reported strong Q2 2025 results with high production, record shareholder returns, and significant Aera merger synergies Q2 2025 Key Financial and Operating Metrics | Metric | Value | | :--- | :--- | | Average Net Production | 137 MBoe/d (80% oil) | | Net Income | $172 million | | Net Income per Diluted Share | $1.92 | | Adjusted Net Income | $98 million | | Adjusted Net Income per Diluted Share | $1.10 | | Net Cash from Operating Activities | $165 million | | Free Cash Flow | $109 million | | Adjusted EBITDAX | $324 million | | Shareholder Returns | $287 million (record) | - The company successfully implemented the targeted **$235 million** in annualized Aera merger-related synergies, expecting to realize **$185 million** in 2025 and the remaining **$50 million** in 2026[5](index=5&type=chunk) - CRC updated its 2025 outlook by lowering the drilling, completions, and workover capital program by **$5 million**, while raising the midpoint of net production guidance to **136 MBoe/d** and adjusted EBITDAX guidance to **$1,235 million**[5](index=5&type=chunk) - Carbon TerraVault received authorization from the U.S. EPA to construct CO2 injection wells for the 26R storage reservoir, a key milestone for its carbon management business[5](index=5&type=chunk) [Second Quarter 2025 Comparative Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Comparative%20Financial%20Results) Total operating revenues increased to **$978 million** and net income rose to **$172 million** quarter-over-quarter Q2 2025 vs Q1 2025 Financial Comparison | Metric ($ in millions, except per share) | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Net Total Production (MBoe/d) | 137 | 141 | | Total Operating Revenues | $978 | $912 | | Operating Income | $267 | $186 | | Net Income | $172 | $115 | | Net Income per Share - Diluted | $1.92 | $1.26 | | Adjusted Net Income | $98 | $98 | | Adjusted EBITDAX | $324 | $328 | | Free Cash Flow | $109 | $131 | 2025 Guidance [Updated 2025 Guidance](index=3&type=section&id=Updated%202025%20Guidance) CRC updated its 2025 guidance, raising full-year net production and Adjusted EBITDAX midpoints Select 2025 Guidance | Metric | 3Q25E | Full Year 2025E | | :--- | :--- | :--- | | Net Production (MBoe/d) | 135 - 139 | 134 - 138 | | Percentage Oil | ~79% | ~79% | | Capital Investments ($ millions) | $84 - $108 | $280 - $330 | | Adjusted EBITDAX ($ millions) | $310 - $340 | $1,195 - $1,275 | Shareholder Returns [Share Repurchase Program and Dividends](index=3&type=section&id=Share%20Repurchase%20Program%20and%20Dividends) CRC returned a record **$287 million** to shareholders in Q2 2025 and extended its share repurchase program - The Board of Directors extended the Share Repurchase Program through June 30, 2026, with **$205 million** remaining for repurchases as of June 30, 2025[9](index=9&type=chunk) Q2 2025 Shareholder Return Details | Activity | Value | | :--- | :--- | | Total Returned to Shareholders | $287 million | | Share Repurchases | $252 million (5.52M shares) | | Dividends Paid | $35 million | | Declared Quarterly Dividend | $0.3875 per share | - Since May 2021, the company has returned nearly **$1.5 billion** to shareholders, comprising approximately **$1.1 billion** in share repurchases and **$337 million** in dividends[10](index=10&type=chunk) Balance Sheet and Liquidity [Debt and Liquidity Position](index=3&type=section&id=Debt%20and%20Liquidity%20Position) CRC maintained a strong **$1,039 million** liquidity and plans to redeem **$122 million** in 2026 Senior Notes - CRC plans to redeem or refinance the **$122 million** outstanding balance of its 2026 Senior Notes in the second half of 2025[11](index=11&type=chunk) Liquidity as of June 30, 2025 | Component | Amount ($ millions) | | :--- | :--- | | Available Cash and Cash Equivalents | $56 | | Available Borrowing Capacity | $983 | | **Total Liquidity** | **$1,039** | Financial Statements and Key Metrics (Attachments) [Financial Statements](index=6&type=section&id=Attachment%201%3A%20Financial%20Statements) This section provides detailed unaudited financial statements, including operations, cash flow, and balance sheet data Statements of Operations Q2 2025 Statement of Operations Highlights ($ millions) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Total Operating Revenues | $978 | $912 | $514 | | Total Operating Expenses | $711 | $726 | $477 | | Operating Income | $267 | $186 | $38 | | Net Income | $172 | $115 | $8 | Cash Flow and Balance Sheet Data Cash Flow Data ($ millions) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $165 | $186 | $97 | | Net cash used in investing activities | $(51) | $(79) | $(33) | | Net cash (used in) financing activities | $(256) | $(265) | $564 | Select Balance Sheet Information ($ millions) | Line Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $728 | $1,024 | | Property, plant and equipment, net | $5,560 | $5,680 | | Long-term debt, net | $888 | $1,132 | | Total stockholders' equity | $3,407 | $3,538 | Capital Investments Capital Investments Breakdown ($ millions) | Category | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Oil and natural gas segment | $51 | $42 | $46 | | Carbon management segment | $5 | $2 | $(2) | | **Total capital investment** | **$56** | **$55** | **$34** | [Detailed Guidance](index=9&type=section&id=Attachment%202%3A%20Detailed%20Guidance) Detailed guidance for Q3 and full year 2025 includes production, costs, capital investments, and Adjusted EBITDAX projections Full Year 2025E Guidance by Segment ($ millions) | Metric | Consolidated | Oil and Natural Gas | Carbon Management | | :--- | :--- | :--- | :--- | | Capital Investments | $280 - $330 | $245 - $275 | $20 - $30 | | Adjusted EBITDAX | $1,195 - $1,275 | $1,210 - $1,340 | ($68) - ($64) | Full Year 2025E Commodity Assumptions | Commodity | Assumed Price | | :--- | :--- | | Brent | $68.00 /Bbl | | NYMEX | $3.65 /Mcf | [Non-GAAP Reconciliations](index=13&type=section&id=Attachment%203%3A%20Non-GAAP%20Reconciliations) This section provides detailed reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures Adjusted Net Income (Loss) Reconciliation of Net Income to Adjusted Net Income ($ millions) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net income (GAAP) | $172 | $115 | $8 | | Total unusual, infrequent and other items | $(103) | $(24) | $47 | | Income tax provision of adjustments | $29 | $7 | $(13) | | **Adjusted net income (Non-GAAP)** | **$98** | **$98** | **$42** | Adjusted EBITDAX Reconciliation of Net Income to Adjusted EBITDAX ($ millions) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net income (GAAP) | $172 | $115 | $8 | | Adjustments (Interest, Taxes, DD&A, etc.) | $152 | $213 | $131 | | **Adjusted EBITDAX (Non-GAAP)** | **$324** | **$328** | **$139** | Free Cash Flow Reconciliation of Net Cash from Operations to Free Cash Flow ($ millions) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities (GAAP) | $165 | $186 | $97 | | Capital investments | $(56) | $(55) | $(34) | | **Free cash flow (Non-GAAP)** | **$109** | **$131** | **$63** | [Production and Price Statistics](index=18&type=section&id=Attachment%204%3A%20Production%20and%20Price%20Statistics) This section details the company's production volumes by basin and provides statistics on realized commodity prices Net Production Per Day by Basin (Q2 2025) | Basin | Oil (MBbl/d) | NGLs (MBbl/d) | Natural Gas (MMcf/d) | | :--- | :--- | :--- | :--- | | San Joaquin Basin | 83 | 10 | 96 | | Los Angeles Basin | 17 | - | 1 | | Other Basins | 9 | - | 14 | | **Total** | **109** | **10** | **111** | Realized Prices (Q2 2025) | Commodity | Realized Price (with derivatives) | | :--- | :--- | | Oil | $66.73 /Bbl | | NGLs | $42.41 /Bbl | | Natural Gas | $2.79 /Mcf | [Drilling Activity](index=20&type=section&id=Attachment%206%3A%20Drilling%20Activity) This section summarizes the company's drilling activity for the second quarter and first six months of 2025 Drilling Activity | Period | Wells Drilled (Total) | | :--- | :--- | | Q2 2025 | 24 | | Six Months 2025 | 27 | Company and Investor Information [Company Overview](index=4&type=section&id=Company%20Overview) California Resources Corporation is an independent energy and carbon management company focused on the energy transition - CRC is an independent energy and carbon management company committed to the energy transition, focusing on providing responsibly sourced energy and developing decarbonization projects[16](index=16&type=chunk) - Carbon TerraVault (CTV) is CRC's carbon management business, focused on developing projects to capture, transport, and permanently store CO2 for CRC affiliates and customers[17](index=17&type=chunk) [Investor Conference and Call Details](index=4&type=section&id=Investor%20Conference%20and%20Call%20Details) CRC will participate in several investor conferences in August and September 2025 and hosted a Q2 results conference call - CRC plans to participate in investor conferences hosted by Citi, Barclays, Goldman Sachs, and PEP Energy in August and September 2025[13](index=13&type=chunk)[17](index=17&type=chunk) - A conference call to discuss Q2 2025 results was scheduled for August 6, 2025, with details provided for participation via phone and webcast[14](index=14&type=chunk)

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 ...