California Resources (US:CRC)2025-11-05 18:00Financial Performance & Strategy - CRC's 3Q25 net total production was 137 MBOE/D, with 78% oil[12] - 3Q25 Adjusted EBITDAX was $338 million[12] - Net Operating Cash Flow Before WC Changes was $322 million in 3Q25[12] - Shareholder returns YTD25 totaled $454 million[12], including $32 million in dividends in 3Q25[23] - The company repaid $122 million of 2026 Senior Notes at par[12] - CRC exited 3Q25 with a leverage ratio of 0.6x[12] - The company raised its dividend by 5% for the 4th consecutive annual increase[12] Merger & Synergies - CRC announced a strategic merger with BRY, expected to close in 1Q26[12] - The BRY merger is estimated to generate annual synergies of $80-$90 million within 12 months post-close[12] - To refinance BRY's debt at close, CRC raised $231 million[12] Carbon Management & Power - CRC is working with MiQ to expand ICG certifications across its operations in California[12] - A new agreement with Capital Power includes up to 3 MMTPA of CO2 emissions[12] - CTV and CPX plan to jointly evaluate and develop CCS solutions for Capital Power's La Paloma facility[33] Guidance & Hedging - 4Q25E net production is guided at 131-135 MBOE/D, with approximately 78% oil[52] - Approximately 70% of remaining 2025E net oil production is hedged with an average Brent floor price of ~$67 per barrel[49] - Approximately 70% of remaining 2025E internal fuel consumption is hedged at an average natural gas price of ~$4 per MMBtu[51]