California Resources Corporation operates as an independent oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities. It holds interests in approximately 2.1 million net acres of mineral acreage. As of December 31, 2020, the company had proved reserves of 442 million barrels of oil equivalent. It also engages in the generation and sale of electricity to the local utility, other third parties, and the grid. The company was founded in 2014 and is based in Santa Clarita, California.
IPO Year: 2020
Exchange: NYSE
Website: crc.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 1/13/2025 | $75.00 | Buy | Truist |
| 12/20/2024 | $63.00 | Neutral | Analyst |
| 10/24/2024 | $64.00 | Buy | Jefferies |
| 10/22/2024 | $73.00 | Overweight | Stephens |
| 10/16/2024 | $68.00 | Buy | UBS |
| 8/21/2024 | $57.00 → $65.00 | Neutral → Buy | BofA Securities |
| 8/2/2024 | $65.00 | Buy | TD Cowen |
| 7/19/2024 | $63.00 | Buy | Citigroup |
| 4/10/2024 | $62.00 | Equal Weight | Barclays |
| 1/5/2024 | $64.00 → $60.00 | Buy → Neutral | BofA Securities |
LONG BEACH, Calif., Jan. 15, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) plans to release its fourth quarter and full year 2024 financial results on Monday, March 3rd before market hours. The Company will hold a conference call to discuss these financial results on Monday, March 3rd at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time). We encourage participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10194600/fe015c8aa0. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, includin
Project to Capture and Store up to 100 Thousand Metric Tons of CO2 Annually From the Elk Hills Cryogenic Gas Plant LONG BEACH, Calif., Jan. 06, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) and its carbon management business, Carbon TerraVault (CTV), today announced approval of the Golden State's first carbon capture and storage (CCS) project, located at CRC's Elk Hills cryogenic gas plant in Kern County, California. "We are pleased to advance California's first CCS project to the next stage of its development highlighting our ability to deliver carbon management solutions while reducing our own emissions," said Francisco Leon, CRC's President and Chief Executive
Represents Nation's First Class VI Permits to Sequester CO2 in Depleted Oil and Natural Gas Fields LONG BEACH, Calif., Dec. 31, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) and its carbon management business, Carbon TerraVault (CTV), today announced receipt of final Class VI well permits from the Environmental Protection Agency (EPA) for underground injection and storage of carbon dioxide (CO2) into the 26R reservoir, located at CRC's Elk Hills Field in Kern County, California. The 26R reservoir is part of CTV's joint venture with Brookfield. "We are proud to have received the state's first Class VI permits, enabling us to advance critical clean en
LONG BEACH, Calif., Dec. 16, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC), an independent energy and carbon management company committed to energy transition, announced today that the Company's executives will be participating in the following events in January 2025: Goldman Sachs Energy, CleanTech & Utilities Conference 2025 on January 7 to 8 in Aventura, FLStoneX Natural Resources Day 3.0 on January 9 in New York, NYUBS Winter Infrastructure & Energy Conference on January 13 to 15 in Deer Valley, UTJefferies CCS Conference on January 14 held virtually CRC's presentation materials will be available the day of the event on the Earnings and Presentations page i
Net Power's Greenfield Facilities Initially Target up to 1GW of Reliable, Low Carbon Baseload Power Carbon TerraVault Expected to Transport and Sequester up to 3.6 Million Metric Tons of CO2 Emissions Annually LONG BEACH, Calif. and DURHAM, N.C., Dec. 09, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC), and its carbon management business, Carbon TerraVault (CTV), today announced the signing of a Memorandum of Understanding (MOU) with Net Power Inc. (NYSE:NPWR), to develop Net Power's ultra-low emission power plants in California1. Under the terms of the MOU, the parties plan to conduct feasibility studies on locating Net Power's facilities in proximity t
LONG BEACH, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC), an independent energy and carbon management company committed to energy transition, today announced that Clio C. Crespy will join the Company as Executive Vice President and Chief Financial Officer, effective January 1, 2025. CRC's current CFO Nelly Molina will be stepping down at the end of the year. Ms. Crespy brings to CRC an extensive background as an investment banker in energy, power, carbon management and sustainability. She most recently was Senior Managing Director, Investment Banking, Global Energy & Power at Guggenheim Securities, where she also led the sustainability practice.
LONG BEACH, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) today reported financial and operating results for the third quarter of 2024. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, November 6, 2024. Participation details can be found within this release. In addition, supplemental slides are available on CRC's website at www.crc.com. Highlights Generated $345 million of net income, $137 million of adjusted net income1 and $402 million of adjusted EBITDAX1Generated $220 million of net cash provided by operating activities, $249 million of net cash provided by operating activities before changes in op
Received Kern County Board of Supervisors' Conditional Use Permits Approval for CTV I CCS projectSigned a Brownfield MOU for up to ~1.5 MMTPA of CO2 Emissions LONG BEACH, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE:CRC), today provided a third quarter 2024 update. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, November 6, 2024. Participation details can be found within this release. In addition, supplemental slides are available on CRC's website at www.crc.com. Highlights Received Kern County Board of Supervisors' approval of the
LONG BEACH, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) today announced the publication of its 2023 Sustainability Report detailing the Company's sustainability initiatives and strategy as well as progress toward its environmental, social and governance (ESG) goals. "CRC is committed to supporting the energy transition, decarbonizing our local economies and helping California achieve its climate goals," said Francisco Leon, CRC President and Chief Executive Officer. "Our 2023 performance reflects our progress as we continue to reliably deliver sustainable and affordable energy products critical to our communities and develop innovative carbon ma
LONG BEACH, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) and its carbon management business, Carbon TerraVault, today announced the Kern County Board of Supervisors' unanimous approval of the conditional use permit for the Carbon TerraVault I (CTV I) carbon capture and storage project. This permit authorizes the construction activities necessary for the development of the project, which would be the first of its kind in California. This decision follows the Kern County Planning Commission's recommendation in September and marks a key milestone in CRC's efforts to develop its first carbon capture and storage project. "We are pleased the Board of S
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Truist initiated coverage of California Resources Corp with a rating of Buy and set a new price target of $75.00
Analyst initiated coverage of California Resources Corp with a rating of Neutral and set a new price target of $63.00
Jefferies initiated coverage of California Resources Corp with a rating of Buy and set a new price target of $64.00
Stephens initiated coverage of California Resources Corp with a rating of Overweight and set a new price target of $73.00
UBS initiated coverage of California Resources Corp with a rating of Buy and set a new price target of $68.00
BofA Securities upgraded California Resources Corp from Neutral to Buy and set a new price target of $65.00 from $57.00 previously
TD Cowen initiated coverage of California Resources Corp with a rating of Buy and set a new price target of $65.00
Citigroup resumed coverage of California Resources Corp with a rating of Buy and set a new price target of $63.00
Barclays initiated coverage of California Resources Corp with a rating of Equal Weight and set a new price target of $62.00
BofA Securities downgraded California Resources Corp from Buy to Neutral and set a new price target of $60.00 from $64.00 previously
California Resources Corporation (NYSE:CRC), an independent energy and carbon management company committed to energy transition, today announced that Nicole Parra has been appointed as Vice President of Community Affairs, effective July 6, 2023. In this role, she will be responsible for engaging community stakeholders to help further strengthen CRC's local partnerships and enact regional Community Benefits Plans for CRC's low-carbon oil and natural gas and carbon management businesses. Ms. Parra has spent most of her life in public service with 30 years of extensive legislative and political experience. Most recently, she served as Director of the California Renewable Energy Laboratory at
California Resources Corporation (NYSE:CRC) (the "Company") today announced that Chris Gould has been appointed as the Company's first ever Executive Vice President and Chief Sustainability Officer. "Bringing Chris on board reflects the importance of our ESG initiatives and our commitment to decarbonization and a realistic energy transition," said Mac McFarland, CEO and President. "His considerable leadership skills and experience in climate change and implementation of new technologies will help the Company deliver on our goals while maintaining ESG leadership." For the past decade, Mr. Gould has served as Senior Vice President Corporate Strategy and Chief Innovation and Sustainability Of
California Resources Corporation (NYSE:CRC) (the "Company") announced today that Tiffany (TJ) Thom Cepak has been appointed as the Chair of the Board of Directors of the Company. Ms. Cepak replaces Mark A. (Mac) McFarland as the Chair following his appointment as the permanent President and Chief Executive Officer of the Company on March 22, 2021. Mr. McFarland will continue to serve as a director the Company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210415005357/en/Tiffany (TJ) Thom Cepak, Chair of the Board of Directors of California Resources Corporation (Photo: Business Wire) Mr. McFarland, President and Chief Executive
SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) (the “Company”) announced today the appointment of Mark A. (“Mac”) McFarland as the Company’s permanent President and Chief Executive Officer, effective immediately. Mr. McFarland has served on the Company’s board since its emergence from bankruptcy in October 2020, as its Executive Chairman from November 2020 through December 31, 2020 and as its Chairman of the Board and interim Chief Executive Officer since December 31, 2020. James N. Chapman, lead independent director, said, “In his role as interim CEO, Mac has been instrumental in repositioning the Company post its bankruptcy exit, including th
LONG BEACH, Calif., Jan. 15, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) plans to release its fourth quarter and full year 2024 financial results on Monday, March 3rd before market hours. The Company will hold a conference call to discuss these financial results on Monday, March 3rd at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time). We encourage participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10194600/fe015c8aa0. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, includin
Project to Capture and Store up to 100 Thousand Metric Tons of CO2 Annually From the Elk Hills Cryogenic Gas Plant LONG BEACH, Calif., Jan. 06, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) and its carbon management business, Carbon TerraVault (CTV), today announced approval of the Golden State's first carbon capture and storage (CCS) project, located at CRC's Elk Hills cryogenic gas plant in Kern County, California. "We are pleased to advance California's first CCS project to the next stage of its development highlighting our ability to deliver carbon management solutions while reducing our own emissions," said Francisco Leon, CRC's President and Chief Executive
Represents Nation's First Class VI Permits to Sequester CO2 in Depleted Oil and Natural Gas Fields LONG BEACH, Calif., Dec. 31, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) and its carbon management business, Carbon TerraVault (CTV), today announced receipt of final Class VI well permits from the Environmental Protection Agency (EPA) for underground injection and storage of carbon dioxide (CO2) into the 26R reservoir, located at CRC's Elk Hills Field in Kern County, California. The 26R reservoir is part of CTV's joint venture with Brookfield. "We are proud to have received the state's first Class VI permits, enabling us to advance critical clean en
Net Power's Greenfield Facilities Initially Target up to 1GW of Reliable, Low Carbon Baseload Power Carbon TerraVault Expected to Transport and Sequester up to 3.6 Million Metric Tons of CO2 Emissions Annually LONG BEACH, Calif. and DURHAM, N.C., Dec. 09, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC), and its carbon management business, Carbon TerraVault (CTV), today announced the signing of a Memorandum of Understanding (MOU) with Net Power Inc. (NYSE:NPWR), to develop Net Power's ultra-low emission power plants in California1. Under the terms of the MOU, the parties plan to conduct feasibility studies on locating Net Power's facilities in proximity t
LONG BEACH, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) today reported financial and operating results for the third quarter of 2024. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, November 6, 2024. Participation details can be found within this release. In addition, supplemental slides are available on CRC's website at www.crc.com. Highlights Generated $345 million of net income, $137 million of adjusted net income1 and $402 million of adjusted EBITDAX1Generated $220 million of net cash provided by operating activities, $249 million of net cash provided by operating activities before changes in op
Received Kern County Board of Supervisors' Conditional Use Permits Approval for CTV I CCS projectSigned a Brownfield MOU for up to ~1.5 MMTPA of CO2 Emissions LONG BEACH, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE:CRC), today provided a third quarter 2024 update. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, November 6, 2024. Participation details can be found within this release. In addition, supplemental slides are available on CRC's website at www.crc.com. Highlights Received Kern County Board of Supervisors' approval of the
LONG BEACH, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) today announced the publication of its 2023 Sustainability Report detailing the Company's sustainability initiatives and strategy as well as progress toward its environmental, social and governance (ESG) goals. "CRC is committed to supporting the energy transition, decarbonizing our local economies and helping California achieve its climate goals," said Francisco Leon, CRC President and Chief Executive Officer. "Our 2023 performance reflects our progress as we continue to reliably deliver sustainable and affordable energy products critical to our communities and develop innovative carbon ma
LONG BEACH, Calif., Oct. 07, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) plans to release its third quarter 2024 financial results on Tuesday, November 5th after market close. The Company will hold a conference call to discuss these financial results on Wednesday, November 6th at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time). We encourage participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10192326/fd6685ad6e. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up t
Increasing quarterly dividend by 25%, enhancing cash returns to shareholders Targeting $235 million in Aera merger synergies New EPA Class VI permit application to expand Company's carbon platform, doubling Central California CO2 potential storage capacity California Resources Corporation (NYSE:CRC) today reported financial and operating results for the second quarter of 2024. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, August 7, 2024. Participation details can be found within this release. In addition, supplemental slides have been posted to CRC's website at www.crc.com. Highlights: Aera Merger Successfully closed the merger
Doubled Central California CO2 potential storage capacity with new EPA Class VI permit application Nearly tripled storage-only project with NLC Energy Carbon TerraVault Holdings, LLC (CTV) today provided a second quarter 2024 update. California Resources Corporation (NYSE:CRC) conducts its carbon management business through CTV and its subsidiaries, which pursues carbon capture and sequestration (CCS) projects that are directly sited or within close proximity to significant sources of carbon dioxide (CO2) emissions in California. "Our Carbon TerraVault team continues to advance its business, recently submitting an application to the EPA for a new Class VI permit for CTV VI, which upon