California Resources Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

Core Insights - California Resources Corporation (CRC) reported significant financial improvements and operational results for 2024, highlighting the successful integration of the Aera merger and achieving over 70% of targeted synergies [5][6][9]. Fourth Quarter 2024 Highlights - Generated $206 million in net cash flow from operating activities and$118 million in free cash flow, with a reported net income of $33 million and adjusted net income of$84 million [5][7]. - Average net production was 141 thousand barrels of oil equivalent per day (MBoe/d), with 79% being oil [5][7]. - Returned $92 million to shareholders, approximately 78$610 million, with free cash flow of $355 million and a net income of$376 million [5][7]. - Average net production for the year was 110 MBoe/d, with 73% being oil [5][7]. - Returned $303 million to shareholders, about 85$285 million and $335 million, with net production projected at 132 to 138 MBoe/d [5][11]. - The company aims to achieve the remaining$65 million in Aera-related synergies by year-end 2025 [5][11]. - CRC plans to run a one rig program in the first half of 2025, increasing to two rigs in the second half [10][11]. Shareholder Returns and Dividend Announcements - Since mid-2021, CRC has returned approximately $1,060 million to shareholders, including$793 million in share repurchases and $267 million in dividends [12][13]. - A quarterly cash dividend of$0.3875 per share was declared, payable on March 21, 2025 [14]. Balance Sheet and Liquidity - As of year-end 2024, CRC had $354 million in available cash and$983 million in available borrowing capacity, totaling liquidity of $1,337 million [16][17]. - The company reaffirmed its$1,500 million borrowing base under its Revolving Credit Facility, extending its maturity date to March 2029 [15][16]. 2024 Sustainability Highlights - CRC achieved a 'Grade A' certification for methane emissions performance and eliminated 311 gas venting pneumatics, aligning with 2030 methane reduction goals [18][25]. - The company delivered over 112 million barrels of water for agricultural use, supporting local agriculture [25].