California Resources (US:CRC)2025-05-07 11:05Financial Performance - The company generated $328 million of Adjusted EBITDAX, exceeding guidance[3] - Shareholder returns totaled $135 million, representing 103% of 1Q25 Free Cash Flow[3, 4] - Net leverage stands at 0.7x 2025E Net Leverage, reflecting a strengthened financial position[3] Operational Highlights - Net production reached 141 MBOE/D in 1Q25, with oil comprising 79% of the total[6, 7] - Non-energy operating costs decreased by 7% QoQ, achieving 74% of Aera merger-related synergies[3] - Approximately 70% of the remaining 2025 estimated net production is hedged at a floor price of around $67 per barrel Brent, ensuring cash flow stability[3] Synergies and Cost Structure - The company is targeting to realize $185 million of the $235 million of Aera merger-related synergies by the end of 2025[10] - A roughly 15% improvement in the 2025 estimated controllable cost structure is expected compared to the pro forma 2023 baseline[10] Carbon Management - The company is targeting first CO2 sequestration from the Elk Hills Cryogenic Gas Plant by the end of 2025[10] - The company received California's first EPA Class VI permits for CTV I – 26R, with permits becoming effective February 3, 2025[54]