California Resources (CRC) - 2023 Q2 - Earnings Call Presentation

Financial Performance & Guidance - CRC delivered $108 million in operating cash flow and $69 million in free cash flow in 2Q23[21] - The company returned $84 million to shareholders through SRP and fixed dividend payments[21] - CRC is on track to achieve over $50 million in year-end 2023 run rate reduction for non-energy operating costs and adjusted E&P Corp & Other G&A[12] - 2023E Free Cash Flow is guided at $380 million to $460 million[86] Carbon Management Business (CMB) & Carbon TerraVault (CTV) - CTV is targeting 5 MMTPA of injection by YE27 and has a designed capacity for 200 MMT for long-term success[22,66] - CTV has submitted Class VI permits to the EPA for 191 MMT of CO2 storage[12,67] - CTV JV is targeting $250 million - $675 million in EBITDA by YE28[66] - CTV signed a storage-only CDMA with Verde Clean Fuels Inc for a minimum volume commitment of 100 KMTPA of CO2 injection from a new renewable gasoline facility at CRC's Net Zero Industrial Park at Elk Hills Field[12] - The Lone Cypress blue hydrogen project was expanded by 105 KMTPA of CO2 injection for a total expected injection rate of 205 KMTPA[21] Operational Highlights - 2Q23 net production was 86 MBOE/D, with net oil production at 53 MBO/D[14] - The company bought back approximately 17% of CRC's common stock since the beginning of the SRP[32,54] - The company drilled 6 wells in 2Q23 and performed 679 well maintenance jobs[45]