• California Resources Corporation Reports Second Quarter 2025 Financial and Operating Results

    Источник: Nasdaq GlobeNewswire / 05 авг 2025 16:31:01   America/New_York

    Company Raises 2025E Production and Adjusted EBITDAX Guidance, Reduces Drilling, Completions and Workover Capital Program

    Returned Quarterly Record of $287 Million to Shareholders

    LONG BEACH, Calif., Aug. 05, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) reported financial and operating results for the second quarter of 2025. The Company is hosting a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, August 6, 2025. Conference call details can be found within this release.

    Second Quarter Highlights

    • Delivered average net production of 137 thousand barrels of oil equivalent per day (MBoe/d) (80% oil), at the high end of guidance, with drilling, completions and workover capital of $34 million, and added a second rig in Kern County
    • Reported net income of $172 million and net income per diluted share of $1.92; reported adjusted net income1 of $98 million and adjusted net income per diluted share of $1.10
    • Generated net cash provided by operating activities of $165 million, $109 million in free cash flow1 and $324 million in adjusted EBITDAX1, exceeding quarterly guidance
    • Ended the second quarter of 2025 with $56 million in available cash3 (excluding restricted cash), $983 million in available borrowing capacity and $1,039 million of liquidity1
    • Returned a record $287 million to shareholders2, including $252 million in share repurchases and $35 million in dividends

    Other Highlights

    • Implemented the targeted $235 million in annualized Aera merger-related synergies since July 2024; expecting to realize $185 million in 2025 and the remaining $50 million in 2026
    • Lowered 2025 drilling, completions and workover capital program by $5 million, and raised the midpoint of 2025 net production and adjusted EBITDAX1 guidance to 136 MBoe/d (79% oil) and $1,235 million, respectively
    • Received authorization to construct from the U.S. Environmental Protection Agency (EPA) for carbon dioxide (CO2) injection wells for the 26R storage reservoir. See Carbon TerraVault's Second Quarter 2025 Update for additional information

    "We delivered a very solid second quarter that reflects the strength of our assets, the discipline of our execution, and our focus on long-term value creation," said CRC President and CEO Francisco Leon. “Our team's ability to scale efficiently has nearly doubled our revenue and strengthened profitability – while fully implementing merger synergies ahead of schedule. That performance gives us the flexibility to sharpen our focus on what matters most: driving returns, building resilience, and setting up CRC for continued success. I want to thank all CRC employees for their dedication and efforts that continue to make CRC a different kind of energy company.”

    Second Quarter 2025 Comparative Financial Results

    Selected Production, Price and Financial Results and non-GAAP measures 2nd Quarter  1st Quarter
    ($ in millions except production and prices) 2025  2025
    Net oil production per day (MBbl/d)                 109    111
    Realized oil price with derivative settlements ($ per Bbl) $          66.73   $72.01
    Net NGL production per day (MBbl/d)                   10    10
    Realized NGL price ($ per Bbl) $          42.41   $54.64
    Net natural gas production per day (Mmcf/d)                 111    117
    Realized natural gas price with derivative settlements ($ per Mcf) $            2.79   $4.12
    Net total production per day (MBoe/d)                 137    141
          
    Margin from purchased commodities1 $               15   $14
    Electricity margin1  $               53   $12
    Net gain from commodity derivatives $             157   $6
    Other operating expenses net of other revenue1 $               60   $27
            


    Selected Financial Statement Data and non-GAAP measures: 2nd Quarter  1st Quarter
    ($ and shares in millions, except per share amounts) 2025  2025
    Statements of Operations:     
    Total operating revenues $             978   $912
          
    Operating costs $             295   $316
    General and administrative expenses $               79   $72
    Adjusted general and administrative expenses1 $               72   $                66
    Taxes other than on income $               47   $70
    Transportation costs $               20   $20
    Operating income $             267   $186
    Interest and debt expense, net $               25   $27
    Income tax provision $               70   $47
    Deferred income tax provision $                 6   $35
    Net income  $             172   $115
    Weighted-average common shares outstanding - diluted                89.4    91.2
    Net income per share - diluted $            1.92   $1.26
          
    Non-GAAP Measures, Cash Flow and Select Balance Sheet Data     
    Adjusted net income1 $               98   $98
    Adjusted net income per share1 - diluted $            1.10   $1.07
    Adjusted EBITDAX1 $             324   $328
    Net cash provided by operating activities $             165   $186
    Capital investments $               56   $55
    Free cash flow1 $             109   $131
    Cash and cash equivalents $               72   $214
            

    Guidance

    The following table provides select third quarter 2025E and full year 2025E guidance4. CRC expects to run a two-rig program in the second half of 2025. CRC currently holds permits in excess of its planned 2025 capital program requirements. See Attachment 2 for CRC's third quarter 2025E and full year 2025E guidance.

     3Q25ETotal Year
    2025E
    Net Production (MBoe/d)135-139134 - 138
    Percentage Oil~79%~79%
    Capital Investments ($ millions)$84 - $108$280 - $330
    Adjusted EBITDAX1 ($ millions)$310 - $340$1,195 - $1,275
       

    Shareholder Returns

    CRC is committed to returning cash to shareholders through dividends and repurchases of its common stock. In line with this strategy, CRC’s Board of Directors has extended its Share Repurchase Program through June 30, 2026. As of June 30, 2025, CRC had $205 million remaining for share repurchases under its authorized Share Repurchase Program.

    During the second quarter of 2025, CRC paid dividends of $35 million and repurchased 5.52 million common shares for $252 million (an average price of $45.73 per share)2. Share repurchases include 4.95 million shares from IKAV Impact S.a.r.l (IKAV), representing 23% of the total shares issued in the Aera Merger, at $46.00 per share, for $228 million. CRC funded shareholder returns with cash on hand.

    On August 5, 2025, CRC's Board of Directors declared a quarterly cash dividend2 of $0.3875 per share of common stock, payable to shareholders of record on August 27, 2025. The dividend is expected to be paid on September 12, 2025.

    Since May 2021, the Company has returned nearly $1.5 billion to shareholders2, including approximately $1.1 billion in share repurchases and $337 million in dividends. 

    Balance Sheet and Liquidity

    CRC plans to redeem or refinance the $122 million outstanding balance of its 2026 Senior Notes in the second half of 2025.

    CRC's borrowing base under its Revolving Credit Facility is $1,500 million. As of June 30, 2025, CRC had $56 million in available cash and cash equivalents4, $983 million of available borrowing capacity under its Revolving Credit Facility (which reflects $1,150 million of borrowing capacity less $167 million of outstanding letters of credit) and liquidity1 of $1,039 million.

    Participation in Upcoming Investor Conference

    CRC plans to participate in the following events in August and September 2025:

    • Citi’s 2025 Global Energy & Power Conference, August 13 - 14, Las Vegas, NV
    • Barclays 39th Annual CEO Energy-Power Conference, September 2 - 4, New York, NY
    • Goldman Sachs Global Sustainability Forum, September 25, New York, NY
    • PEP Energy Conference September 29 - 30, Austin, TX

    CRC’s presentation materials will be available on the day of the event on its website. See "Events and Presentations" under the Investor Relations section on www.crc.com.

    Conference Call Details

    A conference call and webcast is scheduled for 1 p.m. ET (10 a.m. PT) on Wednesday, August 6, 2025. To participate in the call, dial (877) 328-5505 (International calls dial +1 (412) 317-5421) or access via webcast at www.crc.com. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10200260/ff49e72f54. A digital replay of the conference call will be available for approximately 90 days.

    1 See Attachment 3 for the non-GAAP financial measures of operating costs per BOE, adjusted net income (loss), adjusted net income (loss) per share - basic and diluted, net cash provided by operating activities before net changes in operating assets and liabilities, adjusted EBITDAX, free cash flow, liquidity and adjusted general and administrative expenses including reconciliations to their most directly comparable GAAP measure, where applicable. See Attachment 2 for the 3Q25E and 2025E estimates of the non-GAAP measures of adjusted EBITDAX and adjusted general and administrative expenses, including reconciliations to its most directly comparable GAAP measure.
    2 All of CRC’s future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors' approval. The total value of shares purchased excludes excise taxes. Commissions paid on share repurchases were not significant in all periods presented.
    3 Excludes restricted cash of $16 million at June 30, 2025.
    4 3Q25E guidance assumes Brent price of $66.00 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $3.40 per mcf. Total year 2025E guidance assumes Brent price of $68.00 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $3.65 per mcf. CRC's share of production under PSC contracts decreases when commodity prices rise and increases when prices fall.

    About California Resources Corporation

    California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

    About Carbon TerraVault

    Carbon TerraVault (CTV), CRC’s carbon management business, is developing projects to capture, transport and permanently store CO2 for its CRC affiliates and its customers. CTV is engaged in a series of proposed CCS projects that if developed will inject CO2 captured from industrial sources into depleted oil and gas reservoirs deep underground for permanent sequestration. For more information, visit carbonterravault.com.

    Forward-Looking Statements

    This document contains statements that CRC believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts are forward-looking statements, and include statements regarding CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.

    Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC, OPEC+ or U.S. producers; government policy, war and political conditions and events; integration efforts and projected benefits in connection with the Aera Merger and other acquisitions, divestitures and joint ventures; regulatory actions and changes that affect the oil and gas industry generally and us in particular; the efforts of activists to delay prevent oil and gas activities or the development of CRC’s carbon management segment; changes in business strategy and capital plan; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC’s ability to successfully identify, develop and finance carbon capture and storage projects, power projects and other renewable energy efforts; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events.

    CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the filing date, and CRC undertakes no obligation to update this information. This document may also contain information from third party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.

    Contacts:

    Joanna Park (Investor Relations)
    818-661-3731
    Joanna.Park@crc.com    		Daniel Juck (Investor Relations)
    818-661-6045
    Daniel.Juck@crc.com    		Hailey Bonus (Media)
    714-874-7732
    Hailey.Bonus@crc.com
       


    Attachment 1
    STATEMENTS OF OPERATIONS, SELECT FINANCIAL INFORMATION
               
      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ and shares in millions, except per share amounts)  2025   2025   2024   2025   2024 
               
    Statements of Operations:          
    Revenues          
    Oil, natural gas and natural gas liquids sales $702  $814  $412  $1,516  $841 
    Net gain (loss) from commodity derivatives  157   6   5   163   (66)
    Revenue from marketing of purchased commodities  56   64   51   120   125 
    Electricity sales  58   22   36   80   51 
    Other revenue  5   6   10   11   17 
    Total operating revenues  978   912   514   1,890   968 
               
    Operating Expenses          
    Operating costs  295   316   156   611   332 
    General and administrative expenses  79   72   63   151   120 
    Depreciation, depletion and amortization  128   131   53   259   106 
    Asset impairment  —   —   13   —   13 
    Taxes other than on income  47   70   39   117   77 
    Costs related to marketing of purchased commodities  41   50   43   91   97 
    Electricity generation expenses  5   10   14   15   22 
    Transportation costs  20   20   17   40   37 
    Accretion expense  28   29   13   57   25 
    Net loss (gain) on natural gas purchase derivatives  3   (6)  1   (3)  2 
    Measurement period adjustments, net  —   1   —   1   — 
    Other operating expenses, net  65   33   65   98   110 
    Total operating expenses  711   726   477   1,437   941 
    Net gain on asset divestitures  —   —   1   —   7 
    Operating Income   267   186   38   453   34 
               
    Non-Operating (Expenses) Income          
    Interest and debt expense, net  (25)  (27)  (17)  (52)  (30)
    Loss from investment in unconsolidated subsidiaries  —   (1)  (4)  (1)  (7)
    Loss on early extinguishment of debt  —   (1)  —   (1)  — 
    Other non-operating income (loss), net  —   5   (6)  5   (5)
               
    Income Before Income Taxes  242   162   11   404   (8)
    Income tax (provision) benefit  (70)  (47)  (3)  (117)  6 
    Net Income  $172  $115  $8  $287  $(2)
               
    Net income per share - basic $1.93  $1.27  $0.12  $3.20  $(0.03)
    Net income per share - diluted $1.92  $1.26  $0.11  $3.18  $(0.03)
               
    Adjusted net income $98  $98  $42  $196  $96 
    Adjusted net income per share - basic $1.10  $1.08  $0.62  $2.18  $1.40 
    Adjusted net income per share - diluted $1.10  $1.07  $0.60  $2.17  $1.35 
               
    Weighted-average common shares outstanding - basic  89.0   90.6   68.1   89.8   68.6 
    Weighted-average common shares outstanding - diluted  89.4   91.2   70.0   90.3   68.6 
               
    Effective tax rate  29%  29%  27%  29%  75%
               
      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ in millions)  2025   2025   2024   2025   2024 
    Cash Flow Data:          
    Net cash provided by operating activities $165  $186  $97  $351  $184 
    Net cash used in investing activities $(51) $(79) $(33) $(130) $(82)
    Net cash (used in) provided by financing activities $(256) $(265) $564  $(521) $433 
               
      June 30, December 31,      
    ($ in millions)  2025   2024       
    Select Balance Sheet Information:          
    Total current assets $728  $1,024       
    Property, plant and equipment, net $5,560  $5,680       
    Deferred tax asset $33  $73       
    Total current liabilities $928  $980       
    Long-term debt, net $888  $1,132       
    Noncurrent asset retirement obligations $969  $995       
    Deferred tax liability $185  $113       
    Total stockholders' equity $3,407  $3,538       
               


    GAINS AND LOSSES FROM COMMODITY DERIVATIVES  
     
      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions)  2025   2025   2024   2025   2024 
               
    Non-cash commodity derivative gain (loss) $                140   $                  22   $                  11   $                162   $                (48)
    Net received (paid) on settled commodity derivatives                      17                      (16)                      (6)                        1                      (18)
    Net gain (loss) from commodity derivatives $                157   $                    6   $                    5   $                163   $                (66)
               
         
    Non-cash derivative (gain) loss $                  (4) $                (18) $                  (3) $                (22) $                  (4)
    Net paid on settled commodity derivatives                        7                        12                          4                        19                          6  
    Net loss (gain) on natural gas purchase derivatives $                    3   $                  (6) $                    1   $                  (3) $                    2  
               


    CAPITAL INVESTMENTS    
               
      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions)  2025   2025   2024   2025   2024 
               
    Facilities $                  17   $                    8   $                  17   $                  25   $                  31  
    Drilling and completions                      19                        15                        18                        34                        33  
    Workovers                      15                        19                        11                        34                        18  
    Oil and natural gas segment                      51                        42                        46                        93                        82  
    Carbon management segment                        5                          2                        (2)                        7                          2  
    Corporate and other                      —                        11                      (10)                      11                          4  
    Total capital investment $                  56   $                  55   $                  34   $                111   $                  88  
                         


          Attachment 2
    THIRD QUARTER 2025E GUIDANCE Consolidated
    3Q25E    		 Oil and Natural Gas
    Segment    		 Carbon Management
    Segment
    Net production (MBoe/d) 135-139    
    Net oil production (%) ~79%    
    Operating costs ($ millions) $300 - $330 $300 - $330  
    General and administrative expenses ($ millions) $74 - $88 $10 - $14 $2 - $4
    Adjusted general and administrative expenses ($ millions) $70 - $80 $10 - $14 $2 - $4
    Depreciation, depletion and amortization ($ millions) $131 - $135 $112 - $118  
    Capital investments ($ millions) $84 - $108 $71 - $89 $8 - $10
    Drilling, completion and workover ($ millions) $46 - $54 $46 - $54  
    Adjusted EBITDAX ($ millions) $310 - $340 $280 - $305 $(15) - $(11)
           
    Margin from purchased commodities ($ millions) (1) $17 - $25    
    Electricity margin ($ millions) (2) $75 - $100    
    Other operating expenses net of other revenue ($ millions) (3) $0 - $20   $7 - $13
    Transportation costs ($ millions) $20 - $26 $9 - $13  
    Taxes other than on income ($ millions) $64 - $74 $52 - $57  
    Interest and debt expense ($ millions) $25 - $29    
           
    Other Assumptions:      
    Brent ($/Bbl) $66.00    
    NYMEX ($/Mcf) $3.40    
    Price realization oil - % of Brent: 94% to 100%    
    Price realization NGLs - % of Brent: 54% to 60%    
    Price realization natural gas - % of NYMEX: 94% to 104%    
           
    Deferred income taxes 95% - 105%    
    Effective tax rate 29%    
           


    THIRD QUARTER 2025E GUIDANCE Consolidated
    2025E    		 Oil and Natural Gas
     2025E    		 Carbon Management
    2025E
    Net production (MBoe/d) 134 - 138    
    Net oil production (%) ~79%    
    Operating costs ($ millions) $1,220 - $1,280 $1,220 - $1,280  
    General and administrative expenses ($ millions) $310 - $335 $40 - $55 $10 - $15
    Adjusted general and administrative expenses ($ millions) $290 - $310 $40 - $55 $10 - $15
    Depreciation, depletion and amortization ($ millions) $515 - $530 $447 - $462  
    Capital investments ($ millions) $280 - $330 $245 - $275 $20 - $30
    Drilling, completion and workover ($ millions) $160 - $175 $160 - $175  
    Adjusted EBITDAX ($ millions) $1,195 - $1,275 $1,210 - $1,340 ($68) - ($64)
           
    Margin from purchased commodities ($ millions) (1)  $65 - $80    
    Electricity margin ($ millions) (2)  $175 - $190    
    Other operating expenses net of other revenue ($ millions) (3) $80 - $135   $45 - $60
    Transportation costs ($ millions) $82 - $94 $39 - $43  
    Taxes other than on income ($ millions) $235 - $260 $190 - $220  
    Interest and debt expense ($ millions) $100 - $110    
           
    Commodity Assumptions:      
    Brent ($/Bbl) $68.00    
    NYMEX ($/Mcf) $3.65    
    Price realization oil - % of Brent: 95% to 99%    
    Price realization NGLs - % of Brent: 60% to 68%    
    Price realization natural gas - % of NYMEX: 90% to 110%    
           
    Deferred income taxes 43% - 49%    
    Effective tax rate 29%    

    (1) Margin from purchased commodities is calculated as the difference between revenue from marketing of purchased commodities and costs related to marketing of purchased commodities, and excludes costs of transportation.
    (2) Electricity margin is calculated as the difference between electricity sales and electricity generation expenses.
    (3) Other operating revenue and expenses, net is calculated as the difference between other revenue and other operating expenses, net and includes exploration expense and CMB expenses. CMB expenses includes lease cost for sequestration easements, advocacy, and other startup related costs.
    See Attachment 3 for management's disclosure of its use of these non-GAAP measures and how these measures provide useful information to investors about CRC's results of operations and financial condition.

         

    FORWARD LOOKING NON-GAAP RECONCILIATIONS
    A reconciliation of the non-GAAP measure of segment adjusted EBITDAX cannot be reconciled to the comparable measure of operating cash flow prepared in accordance with GAAP without unreasonable effort. We have included a reconciliation of the GAAP measure of segment profit to segment adjusted EBITDAX.

      3Q25E
      Consolidated Oil and Natural Gas
    Segment    		 Carbon Management
    Segment
    ($ millions) Low High Low High Low High
    General and administrative expenses $74  $88  $10  $14  $2  $4 
    Equity-settled stock-based compensation  (4)  (8)  —   —   —   — 
    Estimated adjusted general and administrative expenses $70  $80  $10  $14  $2  $4 
                 
      Total Year 2025E
      Consolidated Oil and Natural Gas Segment Carbon Management Segment
    ($ millions) Low High Low High Low High
    General and administrative expenses $310  $335  $40  $55  $10  $15 
    Equity-settled stock-based compensation  (20)  (25)  —   —   —   — 
    Estimated adjusted general and administrative expenses $290  $310  $40  $55  $10  $15 
                 


      Consolidated
      3Q25E 2025E
    ($ millions) Low High Low High
    Net income $75  $79  $375  $405 
    Interest and debt expense  25   28   100   110 
    Interest income  (1)  (3)  (5)  (13)
    Depreciation, depletion and amortization  131   135   515   530 
    Income taxes  29   32   150   170 
    Exploration expense  —   —   —   6 
    Loss from investment on unconsolidated subsidiaries  —   —   (5)  5 
    Unusual, infrequent and other items  21   31   (60) $(80)
    Other non-cash items        
    Accretion expense  26   30   105   117 
    Stock-settled compensation  4   8   20   25 
    Estimated adjusted EBITDAX $310  $340  $1,195  $1,275 
             
    Net cash provided by operating activities $303  $323  $820  $860 
    Cash interest  6   8   88   108 
    Cash income taxes  4   6   45   53 
    Working capital changes  (3)  3   242   254 
    Estimated adjusted EBITDAX $310  $340  $1,195  $1,275 
                     


      Oil and Natural Gas Segment
      3Q25E 2025E
    ($ millions) Low High Low High
    Segment profit $140  $150  $650  $750 
    Depreciation, depletion and amortization  112   118   447   462 
    Unusual, infrequent and other items  3   7   3   8 
    Other non-cash items        
    Accretion expense  25   30   110   120 
    Estimated adjusted EBITDAX $280  $305  $1,210  $1,340 
             


      Carbon Management Segment
      3Q25E 2025E
    ($ millions) Low High Low High
    Segment loss $(23) $(13) $(92) $(72)
    Interest and debt expense, net  5   1   14   5 
    Loss from investment on unconsolidated subsidiary  3   1   10   3 
    Other non-cash items        
    Stock-settled compensation  —   —   —   — 
    Estimated adjusted EBITDAX $(15) $(11) $(68) $(64)
             


      Consolidated
      3Q25E 2025E
    ($ millions) Low High Low High
    Revenue from marketing of purchased commodities $50  $65  $218  $256 
    Costs related to marketing of purchased commodities  (33)  (40)  (153)  (176)
    Margin from purchased commodities $17  $25  $65  $80 
             


      Consolidated
      3Q25E 2025E
    ($ millions) Low High Low High
    Electricity sales $83  $115  $213  $235 
    Electricity generation expenses  (8)  (15)  (38)  (45)
    Electricity margin $75  $100  $175  $190 
             


      Consolidated
      3Q25E 2025E
    ($ millions) Low High Low High
    Other operating expenses, net $—  $25  $90  $160 
    Other revenue  —   (5)  (10)  (25)
    Operating expenses net of other revenue $—  $20  $80  $135 
             


    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
     

    To supplement the presentation of its financial results prepared in accordance with U.S generally accepted accounting principles (GAAP), management uses certain non-GAAP measures to assess its financial condition, results of operations and cash flows. The non-GAAP measures include adjusted net income (loss), adjusted net income (loss) per share, adjusted EBITDAX, adjusted EBITDAX per Boe, adjusted EBITDAX for the oil and natural gas segment, adjusted EBITDAX for the carbon management business, net cash provided by operating activities before net changes in operating assets and liabilities, free cash flow, liquidity, adjusted general and administrative expenses and adjusted G&A per Boe. These measures are also widely used by the industry, the investment community and CRC's lenders. Although these are non-GAAP measures, the amounts included in the calculations were computed in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing CRC's financial performance, such as CRC's cost of capital and tax structure, as well as the effect of acquisition and development costs of CRC's assets. Management believes that the non-GAAP measures presented, when viewed in combination with CRC's financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the Company's performance. The non-GAAP measures presented herein may not be comparable to other similarly titled measures of other companies. Below are additional disclosures regarding each of these non-GAAP measures, including reconciliations to their most directly comparable GAAP measure where applicable.

    ADJUSTED NET INCOME (LOSS)
     

    Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. CRC defines adjusted net income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Management believes these non-GAAP measures provide useful information to the industry and the investment community interested in comparing CRC's financial performance between periods. Reported earnings are considered representative of management's performance over the long term. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. The following table presents a reconciliation of the GAAP financial measure of net income and net income attributable to common stock per share to the non-GAAP financial measures of adjusted net income and adjusted net income per share.  

      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions, except per share amounts)  2025   2025   2024   2025   2024 
    Net income $                172   $                115   $                    8   $                287   $                  (2)
    Unusual, infrequent and other items:          
    Non-cash derivative (gain) loss                  (140)                    (22)                    (11)                  (162)                      48  
    Asset impairment                      —                        —                        13                        —                        13  
    Severance and termination costs                        6                          2                          1                          8                          1  
    Aera merger-related costs                      —                          3                        13                          3                        26  
    Increased power and fuel costs due to power plant maintenance                      —                        —                        15                        —                        36  
    Net gain on asset divestitures                      —                        —                        (1)                      —                        (7)
    Loss on early extinguishment of debt                      —                          1                        —                          1                        —  
    Litigation and settlement related expenses                      25                        —                          7                        25                          7  
    Measurement period adjustments                      —                          1                        —                          1                        —  
    Other, net                        6                        (9)                      10                        (3)                      12  
    Total unusual, infrequent and other items                  (103)                    (24)                      47                    (127)                    136  
    Income tax provision (benefit) of adjustments at the blended tax rate                      29                          7                      (13)                      36                      (38)
               
    Adjusted net income $                  98   $                  98   $                  42   $                196   $                  96  
               
    Net income (loss) per share – basic $               1.93   $               1.27   $               0.12   $               3.20   $             (0.03)
    Net income (loss) per share – diluted $               1.92   $               1.26   $               0.11   $               3.18   $             (0.03)
    Adjusted net income per share – basic $               1.10   $               1.08   $               0.62   $               2.18   $               1.40  
    Adjusted net income per share – diluted $               1.10   $               1.07   $               0.60   $               2.17   $               1.35  
                         


    ADJUSTED EBITDAX  
     

    CRC defines adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other non-cash items. CRC believes this measure provides useful information in assessing its financial condition, results of operations and cash flows and is widely used by the industry, the investment community and its lenders. Although this is a non-GAAP measure, the amounts included in the calculation were computed in accordance with GAAP. Certain items excluded from this non-GAAP measure are significant components in understanding and assessing CRC’s financial performance, such as its cost of capital and tax structure, as well as depreciation, depletion and amortization of CRC's assets. This measure should be read in conjunction with the information contained in CRC’s financial statements prepared in accordance with GAAP. A version of adjusted EBITDAX is a material component of certain of its financial covenants under CRC's Revolving Credit Facility and is provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP.

    The following table represents a reconciliation of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measure of adjusted EBITDAX. CRC has included non-GAAP measures of adjusted EBITDAX for its oil and gas segment and its carbon management segment. Management believes these segment non-GAAP measures are useful for investors to understand the results of the oil and gas business and its developing carbon management business.

      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions, except per BOE amounts)  2025   2025   2024   2025   2024 
    Net income $                172   $                115   $                    8   $                287   $                  (2)
    Interest and debt expense                      25                        27                        17                        52                        30  
    Depreciation, depletion and amortization                    128                      131                        53                      259                      106  
    Income tax provision                      70                        47                          3                      117                        (6)
    Exploration expense                        1                        —                        —                          1                          1  
    Interest income                      (2)                      (3)                      (8)                      (5)                    (14)
    Loss from investment in unconsolidated subsidiaries                      —                          1                        —                          1    
    Unusual, infrequent and other items (1)                  (103)                    (24)                      47                    (127)                    136  
    Non-cash items          
    Accretion expense                      28                        29                        13                        57                        25  
    Stock-based compensation                        7                          6                          6                        13                        11  
    Pension and post-retirement benefits                      (2)                      (1)                      —                        (3)                        1  
    Adjusted EBITDAX $                324   $                328   $                139   $                652   $                288  
               
    Net cash provided by operating activities $                165   $                186   $                  97   $                351   $                184  
    Cash interest payments                      39                        11                          1                        50                        22  
    Cash interest received                      (2)                      (3)                      (8)                      (5)                    (14)
    Cash income taxes                      39                        —                          4                        39                        26  
    Exploration expenditures                        1                        —                        —                          1                          1  
    Adjustments to working capital changes                      82                      134                        45                      216                        69  
    Adjusted EBITDAX $                324   $                328   $                139   $                652   $                288  
               
    Adjusted EBITDAX per Boe $             25.95   $             25.92   $             20.23   $             25.93   $             20.86  

    (1) See Adjusted Net Income (Loss) reconciliation.

    SEGMENT ADJUSTED EBITDAX
     

    CRC defines segments adjusted EBITDAX as segment profit adjusted for depreciation, depletion and amortization; exploration expense, other unusual, infrequent and out-of-period items and other non-cash items. CRC believes this segment measure provides useful information in assessing the financial results of each segment. Although this is a non-GAAP measure, the amounts included in the calculation were computed in accordance with GAAP. This measure should be read in conjunction with Note 16 Segment Information in CRC’s 2024 Annual Report. A reconciliation of the non-GAAP measure of segment adjusted EBITDAX cannot be reconciled to the comparable measure of operating cash flow prepared in accordance with GAAP without unreasonable effort.  

    Oil & Natural Gas Segment 2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions, except per BOE amounts)  2025   2025   2024   2025   2024 
    Segment profit $                194   $                266   $                117   $                460   $                249  
    Depreciation, depletion and amortization                    121                      126                        47                      247                        96  
    Exploration expense                        1                        —                        —                          1                          1  
    Accretion expense                      28                        29                        13                        57                        25  
    Adjusted income items                        2                          1                        28                          3                        42  
    Adjusted EBITDAX - Oil and Natural Gas $                346   $                422   $                205   $                768   $                413  
               
    Carbon Management Segment          
    Segment loss $                (20) $                (25) $                (24) $                (45) $                (38)
    Interest on contingent liability (related to Carbon TerraVault JV)                        2                          3                          2                          5                          3  
    Loss from investment in unconsolidated subsidiaries                        1                          1                        —                          2                        —  
    Adjusted income items                      —                        —                          1                        —                          1  
    Adjusted EBITDAX - Carbon Management $                (17) $                (21) $                (21) $                (38) $                (34)
               


    FREE CASH FLOW
     

    Management uses free cash flow, which is defined by CRC as net cash provided by operating activities less capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC's net cash provided by operating activities to free cash flow. CRC defines free cash flow after special items as free cash flow before transaction and integration costs from the Aera Merger.  

      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions)  2025   2025   2024   2025   2024 
               
    Net cash provided by operating activities $                165   $                186   $                  97   $                351   $                184  
    Capital investments                    (56)                    (55)                    (34)                  (111)                    (88)
    Free cash flow $                109   $                131   $                  63   $                240   $                  96  
    Add: Aera merger-related costs                      —                          3                        13                          3                        26  
    Free cash flow after special items $                109   $                134   $                  76   $                243   $                122  
               


    ADJUSTED GENERAL & ADMINISTRATIVE EXPENSES
     

    Management uses a measure called adjusted general and administrative (G&A) expenses and adjusted G&A per BOE to provide useful information to investors interested in comparing CRC's costs between periods and performance to its peers.  

      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions)  2025   2025   2024   2025   2024 
    General and administrative expenses $                  79   $                  72   $                  63   $                151   $                120  
    Stock-based compensation                      (7)                      (6)                      (6)                    (13)                    (11)
    Information technology infrastructure                      —                        —                        (1)                        (3)
    Other                      —                        —                        —                        —                        (1)
    Adjusted G&A expenses $                  72   $                  66   $                  56   $                138   $                105  
               
    Adjusted G&A per BOE $               5.77   $               5.22   $               8.15   $               5.49   $               7.60  
               


    MARGIN FROM PURCHASED COMMODITIES
     

    Management uses a measure called margin from purchased commodities, which is calculated as the difference between revenue from purchased commodities and costs related to purchased commodities and exudes transportation costs.

      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions)  2025   2025   2024   2025   2024 
    Revenue from purchased commodities $                  56   $                  64   $                  51   $                120   $                125  
    Costs related to purchased commodities                    (41)                    (50)                    (43)                    (91)                    (97)
    Margin from purchased commodities $                  15   $                  14   $                    8   $                  29   $                  28  
               


    ELECTRICITY MARGIN
     

    Management uses a measure called electricity margin, which is calculated as the difference between electricity sales and electricity generation expenses.

      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions)  2025   2025   2024   2025   2024 
    Electricity sales $                  58   $                  22   $                  36   $                  80   $                  51  
    Electricity generation expenses                      (5)                    (10)                    (14)                    (15)                    (22)
    Electricity margin $                  53   $                  12   $                  22   $                  65   $                  29  
               


    OTHER OPERATING EXPENSES NET OF OTHER REVENUE  
     

    Management uses a measure called other operating expenses net of other revenue, which is calculated as the difference between other operating expenses, net and other revenue.  

      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    ($ millions)  2025   2025   2024   2025   2024 
    Other operating expenses, net $                  65   $                  33   $                  65   $                  98   $                110  
    Other revenue                      (5)                      (6)                    (10)                    (11)                    (17)
    Other operating expenses net of other revenue $                  60   $                  27   $                  55   $                  87   $                  93  
               


    LIQUIDITY
     

    Management uses a measure called liquidity, which is defined as available cash and available borrowing capacity under our Revolving Credit Facility. CRC believes this measure provides a more comprehensive assessment of the Company’s immediate access to capital than cash alone and reflects management’s emphasis on maintaining financial flexibility and prudent liquidity risk management.  

    ($ millions) June 30, 2025 December 31, 2024
    Available cash and cash equivalents(1) $56  $354 
         
    Revolving credit facility:    
    Borrowing capacity  1,150   1,150 
    Outstanding letters of credit  (167)  (167)
    Availability $983  $983 
         
    Liquidity $1,039  $1,337 
         

    (1) Excludes restricted cash of $16 million and $18 million at June 30, 2025 and December 31, 2024, respectively.

    Attachment 4
    PRODUCTION STATISTICS          
               
      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    Net Production Per Day 2025 2025 2024 2025 2024
    Oil (MBbl/d)          
    San Joaquin Basin                     83                      84                      30                      84                      30
    Los Angeles Basin                     17                      18                      17                      17                      17
    Other Basins                       9                        9                      —                        9                      —
    Total                   109                    111                      47                    110                      47
               
    NGLs (MBbl/d)          
    San Joaquin Basin                     10                      10                      10                      10                      11
    Total                     10                      10                      10                      10                      11
               
    Natural Gas (MMcf/d)          
    San Joaquin Basin                     96                    101                      99                      99                      94
    Los Angeles Basin                       1                        1                        1                        1                        1
    Sacramento Basin                     12                      12                      14                      12                      14
    Other Basins                       2                        3                      —                        2                      —
    Total                   111                    117                    114                    114                    109
               
    Total Net Production (MBoe/d)                   137                    141                      76                    139                      76
               


    Gross Operated and Net Non-Operated 2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
    Production Per Day 2025 2025 2024 2025 2024
    Oil (MBbl/d)          
    San Joaquin Basin                     89                      90                      33                      90                      33
    Los Angeles Basin                     21                      22                      24                      21                      24
    Other Basins                     11                      11                      —                      11                      —
    Total                   121                    123                      57                    122                      57
               
    NGLs (MBbl/d)          
    San Joaquin Basin                     11                      10                      11                      11                      11
    Other Basins                     —                      —                      —                      —                      —
    Total                     11                      10                      11                      11                      11
               
    Natural Gas (MMcf/d)          
    San Joaquin Basin                   134                    134                    125                    134                    127
    Los Angeles Basin                       6                        7                        7                        6                        7
    Sacramento Basin                     14                      15                      17                      15                      17
    Other Basins                       4                        3                      —                        3                      —
    Total                   158                    159                    149                    158                    151
               
    Total Gross Production (MBoe/d)                   158                    160                      93                    159                      93
               


              Attachment 5
    PRICE STATISTICS          
      2nd Quarter 1st Quarter 2nd Quarter Six Months Six Months
       2025   2025   2024   2025   2024 
    Oil ($ per Bbl)          
    Realized price with derivative settlements $66.73  $72.01  $81.29  $69.39  $79.20 
    Realized price without derivative settlements $65.07  $73.57  $83.14  $69.34  $81.63 
               
    NGLs ($/Bbl) $42.41  $54.64  $46.96  $48.60  $48.76 
               
    Natural gas ($/Mcf)          
    Realized price with derivative settlements $2.79  $4.12  $1.78  $3.46  $2.81 
    Realized price without derivative settlements $2.79  $4.12  $1.78  $3.46  $2.81 
               
    Index Prices          
    Brent oil ($/Bbl) $66.76  $74.92  $85.00  $70.84  $83.42 
    WTI oil ($/Bbl) $63.74  $71.42  $80.57  $67.58  $78.77 
    NYMEX average monthly settled price ($/MMBtu) $3.44  $3.65  $1.89  $3.55  $2.07 
               
    Realized Prices as Percentage of Index Prices          
    Oil with derivative settlements as a percentage of Brent   100 %   96 %   96 %   98 %   95 %
    Oil without derivative settlements as a percentage of Brent   97 %   98 %   98 %   98 %   98 %
               
    Oil with derivative settlements as a percentage of WTI   105 %   101 %   101 %   103 %   101 %
    Oil without derivative settlements as a percentage of WTI   102 %   103 %   103 %   103 %   104 %
               
    NGLs as a percentage of Brent   64 %   73 %   55 %   69 %   58 %
    NGLs as a percentage of WTI   67 %   77 %   58 %   72 %   62 %
               
    Natural gas with derivative settlements as a percentage of NYMEX contract month average   81 %   113 %   94 %   97 %   136 %
               
    Natural gas without derivative settlements as a percentage of NYMEX contract month average   81 %   113 %   94 %   97 %   136 %
                         


              Attachment 6
    SECOND QUARTER 2025 DRILLING ACTIVITY          
      San Joaquin Los Angeles Ventura Sacramento  
    Wells Drilled Basin Basin Basin Basin Total
               
    Development Wells          
    Primary 1 — — — 1
    Waterflood 23 — — — 23
    Steamflood — — — — —
    Total (1) 24 — — — 24
               
               
    SIX MONTHS 2025 DRILLING ACTIVITY          
      San Joaquin Los Angeles Ventura Sacramento  
    Wells Drilled Basin Basin Basin Basin Total
               
    Development Wells          
    Primary 4 — — — 4
    Waterflood 23 — — — 23
    Steamflood — — — — —
    Total (1) 27 — — — 27
               

    (1) Includes steam injectors and drilled but uncompleted wells, which are not included in the SEC definition of wells drilled.

    This press release was published by a CLEAR® Verified individual.


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