NYSE$CRC
California Resources Corporation · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported financial and operating results for Q4 2023, showcasing record cash flow and free cash flow per share.
California Resources Corporation (CRC) reported strong Q4 2023 results, including net income of $188 million, or $2.60 per diluted share, and adjusted net income of $67 million, or $0.93 per diluted share. The company generated $131 million in net cash from operating activities and $65 million in free cash flow. Daily gross production averaged 98 MBoe/d, while net production averaged 83 MBoe/d, including 50 MBo/d. CRC also realized approximately $15 million in savings in the fourth quarter from cost-cutting initiatives.
- Generated $131 million of net cash from operating activities and $65 million of free cash flow.
- Reported net income of $188 million, or $2.60 per diluted share, and adjusted net income of $67 million, or $0.93 per diluted share.
- Daily gross production averaged 98 MBoe/d, with net production averaging 83 MBoe/d, including 50 MBo/d.
- Realized approximately $15 million of savings in the fourth quarter from cost-cutting initiatives, expected to result in $65 million in annualized savings.
Headline financials
Revenue & EPS history
CRC · Revenue · Quarterly
$607M
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
CRC expects its first quarter capital program to range between $65 million to $75 million and expects to produce 76 to 80 MBoe/d (~60% oil) in the first quarter of 2024.
Tailwinds
- Capital program includes $36 million to $42 million for oil and natural gas, and facilities development.
- Capital program includes $4 million to $6 million for carbon management projects.
- Natural Gas Marketing Margin is expected to be $8 million to $13 million
- Electricity Margin is expected to be $5 million to $10 million
- Adjusted General and Administrative Expenses are expected to be $48 million to $58 million
Headwinds
- General and Administrative Expenses are expected to be $61 million to $72 million
- CMB Expenses and Operating Costs are expected to be $175 million to $185 million
- Transportation Expense is expected to be $16 million to $21 million
- Taxes Other Than on Income are expected to be $35 million to $50 million
- Interest and Debt Expense is expected to be $12 million to $14 million
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 Q4 2023
+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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