Core Viewpoint - Sourcerock Group has significantly increased its stake in California Resources Corporation, indicating strong confidence in the company's long-term potential despite recent stock performance [1][2][10]. Group 1: Investment Activity - Sourcerock Group added 1.18 million shares of California Resources Corporation, raising its total holdings to 3.18 million shares, valued at $169.14 million as of September 30 [2][3]. - The increase in stake represents 11.5% of Sourcerock's 13F assets under management [3][8]. Group 2: Company Financials - California Resources Corporation reported a revenue of $3.51 billion and a net income of $384 million for the trailing twelve months [4]. - The company generated $279 million in operating cash flow and $188 million in free cash flow in the third quarter, with capital expenditures of only $91 million [10][11]. - The quarterly dividend was raised by 5% to $0.405 per share, and the company has approximately $1.15 billion in liquidity [11]. Group 3: Business Model and Market Position - California Resources Corporation operates as an independent energy company focused on oil and gas extraction, processing, and marketing, while also generating electricity [6][9]. - The company serves the California market, leveraging its integrated infrastructure to meet local demand and navigate regulatory dynamics [6][9].