California Resources Corporation (CRC) saw a decrease of 8.75% in aftermarket. However, the last trading session concluded at $40.55 with a decline of 1.51%.
Additional Investor Conference Participation – Updates
On 19th November 2021, CRC announced that certain company executives will take part in conferences. The Pickering Energy Partners’ Technology, Energy & Mobility Festival will be held on 14-15th December 2021 while Goldman Sachs’ Global Energy and Clean Technology Conference will be organized on 5th-6th January 2022.
Third Quarter 2021 Results by CRC – How was the quarter?
CRC announced third quarter 2021 results on 11th November 2021. The company reported a net income of $103 million. Not only this, but the company generated $182 million in net cash from operations. In addition, CRC stated about $242 million in adjusted EBITDAX, and $131 million in free cash flow. The company has happily announced a Full-Scope Net-Zero Goal for 2045, which targets Scope 1, Scope 2, and Scope 3 emissions.
Moreover, they have also filed second permission to the EPA for the 26R reservoir, which, when coupled with our first permit for the A1/A2 reservoirs, forms Carbon TerraVault. Lastly, CRC is trying to maximize shareholder value while implementing the ESG approach through these activities.
So what?
In terms of free cash flow generation, the third-quarter results managed to show solid operational performance and were the best of the year. As a consequence of these financial successes, CRC was able to implement a quarterly cash dividend to further strengthen the shareholder return plan. Furthermore, the company has raised full-year free cash flow projection from $460 to $510 million. Last but not least, CRC added a fourth rig in the Buena Vista Shale, due to the strength of the drilling plans for 2021.
Second Quarter 2021 Results – What’s new?
CRC reported second-quarter 2021 results on 5th August 2021. The company reported a net loss of $111 million. Moreover, the company generated $127 million in net cash from operations. Not only this but the company has made progress on the ESG approach. CRC is excited to share that they have discovered nearly one billion metric tons of CO2 permanent storage potential, as well as up to 1,000 megawatts (MW) of front-of-the-meter solar options. Lastly, the team is also working with SunPower on a 12-megawatt (MW) behind-the-meter solar project, with the potential to grow to 45-megawatts.
How’s the CRC’s quarter?
The company’s second-quarter results were fueled by solid financial and operational performance. Not only this, but CRC raised its 2021 free cash flow projection to $400 to $500 million. Lastly, the company is raising the Share Repurchase Program from $150 million to $250 million too.
