NYSE$CRC
California Resources Corporation · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
California Resources Corporation reported solid first quarter performance, committed to shareholder return strategy, and returned nearly $95 million year to date to shareholders via dividends and share repurchases.
California Resources Corporation reported a net loss of $10 million, or $0.14 per diluted share, but an adjusted net income of $54 million, or $0.75 per diluted share. The company generated $33 million of free cash flow and returned $79 million to shareholders through share repurchases and dividends. Average net production was 76 MBoe/d, including net oil production of 48 MBo/d.
- Returned $79 million to shareholders through share repurchases and dividends.
- Reported $87 million of net cash from operating activities.
- Reported net loss of $10 million, or $0.14 per diluted share; adjusted net income was $54 million, or $0.75 per diluted share.
- Generated an adjusted EBITDAX of $149 million and $33 million of free cash flow.
Headline financials
Revenue & EPS history
CRC · Revenue · Quarterly
$454M
Revenue by segment
CRC · $915M total across 4 segments · Q2 2025
- Oil sales$644M—70.4%
- Derivative gains$157M—17.2%
- Electricity revenue$58M—6.3%
- Marketing revenue$56M—6.1%
Forward guidance
CRC expects its second quarter capital program to range between $50 million to $57 million and to produce 74 to 78 MBoe/d (~61% oil).
Tailwinds
- Capital program includes $45 million to $49 million related to oil and natural gas development.
- Capital program includes $3 million to $5 million related to carbon management projects.
- Electricity Margin $34 - $42 millions.
- Margin from Marketing of Purchased Commodities $5 - $15 millions.
- Adjusted General and Administrative Expenses $49 - $57 millions.
Headwinds
- Net Production 74 - 78 MBoe/d.
- CMB Expenses & Operating Costs $170 - $183 millions.
- General and Administrative Expenses $56 - $64 millions.
- Capital $50 - $57 millions.
- Transportation Costs $14 - $17 millions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+0.2%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+10.7%
Avg return
30 days after
36%
8 / 22 earnings
Positive
+13.0%
Q2 2021
Best reaction
-12.4%
Q1 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -12.4% | -15.0% | -17.2% | |
| Q4 2025 | +4.8% | +10.0% | +12.2% | |
| Q3 2025 | -0.7% | +1.0% | +2.1% | |
| Q1 2025 | +8.3% | +18.7% | +25.7% | |
| Q4 2024 | -11.0% | -7.0% | +2.3% | |
| Q3 2024 | +7.5% | +7.7% | +4.7% | |
| Q2 2024 | +3.2% | +6.3% | +5.3% | |
| Q1 2024 | -4.9% | -7.4% | -10.5% | |
| Q4 2023 | -2.4% | -0.1% | +2.0% | |
| Q3 2023 | -0.2% | -3.5% | -1.7% | |
| Q2 2023 | -2.6% | +1.9% | +6.9% | |
| Q1 2023 | -0.7% | -3.1% | -7.3% | |
| Q4 2022 | +10.3% | +9.0% | -4.4% | |
| Q3 2022 | +10.4% | +8.6% | +0.9% | |
| Q2 2022 | -4.6% | +0.5% | +4.9% | |
| Q1 2022 | -2.7% | -10.5% | +2.8% | |
| Q4 2021 | -0.4% | +5.6% | +22.7% | |
| Q3 2021 | -1.9% | -0.5% | +1.0% | |
| Q2 2021 | +13.0% | +11.4% | +37.3% | |
| Q1 2021 | -1.4% | +17.3% | +36.0% | |
| Q4 2020 | +2.8% | -3.7% | -2.9% | |
| Q3 2020 | -9.8% | +2.3% | +111.6% | |
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