NYSE$CRC
California Resources Corporation · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Announced private offering of additional senior unsecured notes.
California Resources Corporation announced its intention to offer and sell $200 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029. Concurrently, they commenced a tender offer to purchase for cash up to $200 million aggregate principal amount of its 7.125% senior notes due 2026.
- Intends to offer $200 million in aggregate principal amount of 8.250% senior unsecured notes due 2029.
- Notes are offered as additional notes under the indenture dated as of June 5, 2024.
- Commenced a tender offer to purchase for cash up to $200 million of its 7.125% senior notes due 2026.
- Net proceeds will be used to fund the tender offer, reduce outstanding indebtedness, and for general corporate purposes.
Headline financials
Revenue & EPS history
CRC · Revenue · Quarterly
$514M
Revenue by segment
CRC · $342M total across 4 segments · Q3 2023
- Oil and liquids & gas sales$402M-18.6%117.5%
- Marketing of purchased natural gas$77M-31.9%22.5%
- Electricity sales$67M-23.9%19.6%
- Net gain from commodity derivatives-$204M-184.0%-59.6%
Forward guidance
The company expects activities, events or developments to occur in the future, such as the proposed offering and the intended use of proceeds, including the Tender Offer.
Tailwinds
- Proposed offering of senior unsecured notes.
- Intended use of proceeds for tender offer.
- Reduction of outstanding indebtedness.
- General corporate purposes.
- Focus on energy transition and carbon management.
Headwinds
- Subject to market and other conditions.
- Outcomes and results could materially differ from expectations.
- Subject to risks and uncertainties incident to the Company’s business.
- Risks described in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q.
- Forward-looking statements speak only as of the date of the release.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 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 |
|---|---|---|---|---|
| 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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