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 |
|---|---|---|---|
| 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 |
| 2/24/2023 | $51.00 → $60.00 | Neutral → Buy | BofA Securities |
| 1/10/2023 | $60.00 | Buy | Mizuho |
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
BofA Securities upgraded California Resources Corp from Neutral to Buy and set a new price target of $60.00 from $51.00 previously
Mizuho initiated coverage of California Resources Corp with a rating of Buy and set a new price target of $60.00
4 - California Resources Corp (0001609253) (Issuer)
4 - California Resources Corp (0001609253) (Issuer)
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
GOLDEN, Colo. and LONG BEACH, Calif., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Colorado School of Mines (Mines) and Carbon TerraVault Holdings, LLC (CTV), a subsidiary of California Resources Corporation (NYSE:CRC), today announced the award of $8.9 million from the U.S. Department of Energy (DOE) for a Carbon Storage Assurance Facility Enterprise (CarbonSAFE) project in California. The grant will allow Mines, CTV, and industry partners Blade Energy Partners and Providence Strategic Consulting to conduct a feasibility study on the CTV III CO2 Storage Project, an underground carbon storage reservoir in San Joaquin County, California. The project will store up to an expected 71 million metric tons
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
CRC Becomes Los Angeles Rams' Official Carbon Management Partner California Resources Corporation (NYSE:CRC) and the Los Angeles Rams today announced "Football Without the Footprint," a carbon management initiative that will allow the Rams to reduce or offset carbon emissions from the team's operations in coming years. CRC and the Rams will also invest in community impact efforts such as garden builds, beautification projects, and science, technology, engineering, art, and math (STEAM) initiatives that will integrate carbon management practices and education. Through this partnership, CRC will become the Rams' Official Carbon Management Partner. This press release features multimedia. View
Sage Geosystems, Inc. (Sage) and California Resources Corporation (NYSE:CRC) today announced the signing of a Memorandum of Understanding (MOU) to establish a collaborative framework for pursuing commercial projects and joint funding opportunities related to subsurface energy storage and geothermal power generation in California. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240923425222/en/ This strategic partnership between Sage and CRC will focus on developing clean and reliable energy solutions in the State of California. Current estimates are that the global electricity demand will double by 2050, and this does not include
Company's Local Investment to Provide Transformative Economic, Environmental and Social Benefits to Kern County Communities California Resources Corporation (NYSE:CRC), an independent energy and carbon management company, today announced the launch of its Carbon TerraVault I (CTV I) Elk Hills Community Benefits Plan (CBP) in Kern County, California. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240910230269/en/ CRC conducts its carbon management business through Carbon TerraVault and its subsidiaries, which pursue carbon capture and sequestration (CCS) projects that are directly sited or within proximity to significant sources
California Resources Corporation (NYSE:CRC) (the "Company") today announced the consideration payable as set forth in the table below in respect of the previously announced cash tender offer (the "Tender Offer") to purchase up to $300 million aggregate principal amount of its outstanding 7.125% senior notes due 2026 (the "2026 Notes") upon the terms and conditions described in the Company's Offer to Purchase, dated August 8, 2024, as amended (the "Offer to Purchase"). The consideration of $1,009.15 per $1,000 principal amount (the "Early Tender Consideration") of 2026 Notes that were validly tendered at or prior to the Early Tender Time (as defined below) and are accepted for purchase pur
California Resources Corporation (NYSE:CRC) (the "Company") today announced the early tender results in respect of the previously announced cash tender offer (the "Tender Offer") to purchase up to $300 million aggregate principal amount of its outstanding 7.125% senior notes due 2026 (the "2026 Notes") upon the terms and conditions described in the Company's Offer to Purchase, dated August 8, 2024, as amended (the "Offer to Purchase"). Early Tender Results As of 5:00 p.m., New York City time, on August 21, 2024 (such time and date, the "Early Tender Time"), according to information provided by D.F. King & Co., Inc., the depositary and information agent for the Tender Offer, the aggregat
California Resources Corporation (NYSE:CRC) (the "Company") previously announced the commencement of a cash tender offer (the "Tender Offer") to purchase up to $200 million aggregate principal amount of its outstanding 7.125% senior notes due 2026 (the "2026 Notes"). The Company hereby amends the Tender Offer to purchase for cash up to $300 million aggregate principal amount of the 2026 Notes (as such aggregate principal amount may be increased or decreased by the Company, the "Maximum Tender Amount"). The Tender Offer is being made pursuant to an Offer to Purchase, dated August 8, 2024, as amended by the terms set forth herein (the "Offer to Purchase"). Other than the increase to the Maxim
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., 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
California Resources Corporation (NYSE:CRC) plans to release its second quarter 2024 financial results on Tuesday, August 6th after market close. The Company will hold a conference call to discuss these financial results on Wednesday, August 7th 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/10189857/fcb0ff718c. 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 to and after the call start time. To participate in CRC'
Creates the Leading Energy Producer and Carbon Management Solutions Provider in California California Resources Corporation (NYSE:CRC) announced today the completion of the all-stock combination with Aera Energy, LLC (Aera). The issuance of shares was approved by CRC shareholders at a special meeting held on June 26, 2024, where CRC shareholders voted in favor of the stock issuance necessary for the closing of the combination of CRC and Aera. "We are very pleased to welcome Aera's team with decades of experience and a track record of successful, safe and environmentally sound operations into CRC," said Francisco Leon, CRC's President and Chief Executive Officer. "I want to thank the CRC
CRC Committed to Shareholder Return Strategy; Returned Nearly $95 million Year to Date to Shareholders via Dividends and Share Repurchases California Resources Corporation (NYSE:CRC) today reported financial and operating results for the first quarter 2024. The Company plans to host a conference call and webcast on Wednesday, May 8th at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time). Participation details can be found within this release. In addition, supplemental slides are posted to CRC's website at www.crc.com. First Quarter 2024 Highlights: Returned $79 million to shareholders through share repurchases and dividends Reported $87 million of net cash from operating activities
Carbon TerraVault (CTV) today provided an update on its first quarter 2024 operations. California Resources Corporation (NYSE:CRC) conducts its carbon management business through CTV 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. "We began our year by continuing to work closely with local communities and other stakeholders on advancing California's first Class VI draft permit through the public opinion period and further strengthening our leading carbon management platform," said Francisco Leon, CRC's President and Chief Executive Officer. "CRC's CCS pro
California Resources Corporation (NYSE:CRC) plans to release its first quarter 2024 financial results on Tuesday, May 7th after market close. The Company will hold a conference call to discuss these financial results on Wednesday, May 8th 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/10187009/fbc013eb9d. 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 to and after the call start time. To participate in CRC's confe
CRC Delivers Record Cash Flow and Free Cash Flow per Share Annual Results California Resources Corporation (NYSE:CRC) today reported financial and operating results for the fourth quarter and full-year 2023. The Company plans to host a conference call and webcast on Wednesday, February 28th at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time). Participation details can be found within this release. In addition, supplemental slides are posted to CRC's website at www.crc.com. 2023 Highlights: Generated $653 million of net cash from operating activities and $468 million of free cash flow1 Demonstrated strong capital efficiency with lower-than-expected total capital of $185 million del
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4 - California Resources Corp (0001609253) (Issuer)
4 - California Resources Corp (0001609253) (Issuer)
4 - California Resources Corp (0001609253) (Issuer)
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4 - California Resources Corp (0001609253) (Issuer)
3 - California Resources Corp (0001609253) (Issuer)
4 - California Resources Corp (0001609253) (Issuer)
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4 - California Resources Corp (0001609253) (Issuer)
4 - California Resources Corp (0001609253) (Issuer)
Ratings for California Resources (NYSE:CRC) were provided by 5 analysts in the past three months, showcasing a mix of bullish and bearish perspectives. The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 3 2 0 0 0 Last 30D 1 0 0 0 0 1M Ago 0 0 0 0 0 2M Ago 0 2 0 0 0 3M Ago 2 0 0 0 0 Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $65.2, along with a high estimate of $69.00 and a low estimate of $63.00. A negative shift in sentiment is evid
Citigroup analyst Scott Gruber reinstates California Resources (NYSE:CRC) with a Buy and announces $63 price target.
Shares of California Resources Corp. (NYSE:CRC) closed higher on Thursday after Hunterbrook Media alleged that a California oil and gas regulator has not enforced a new environmental law in a merger between California Resources and Aera Energy LLC. California Resources is a 2014 spinoff of oil major Occidental Petroleum Corp. (NYSE:OXY) that declared bankruptcy in 2020 before restructuring months later. Aera is a former joint venture of oil majors Shell plc (NYSE:SHELL) and ExxonMobil Corp. (NYSE:XOM) that German private equity group Institut fur Kapitalanlagen und Versicherungslosungen GmbH, known as IKAV, bought in 2022 for $4 billion. CRC acquired Aera two years later from IKAV for
RBC Capital analyst Scott Hanold reiterates California Resources (NYSE:CRC) with a Outperform and maintains $65 price target.
Across the recent three months, 6 analysts have shared their insights on California Resources (NYSE:CRC), expressing a variety of opinions spanning from bullish to bearish. The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 4 1 1 0 0 Last 30D 0 1 0 0 0 1M Ago 1 0 0 0 0 2M Ago 1 0 0 0 0 3M Ago 2 0 1 0 0 In the assessment of 12-month price targets, analysts unveil insights for California Resources, presenting an average target of $65.17, a high estimate of $69.00, and a low estimate of
RBC Capital analyst Scott Hanold reiterates California Resources (NYSE:CRC) with a Outperform and maintains $65 price target.
Mizuho analyst Nitin Kumar maintains California Resources (NYSE:CRC) with a Buy and raises the price target from $63 to $64.
CRC's 2024 guidance estimates exclude the pending Aera Merger. The Company intends to update guidance after the transaction closes. Following the March 2024 Court of Appeals decision in the Kern County Environmental Impact Report matter, CRC expects its 2024 capital program to range between $200 million and $240 million under current permitting conditions.
California Resources (NYSE:CRC) reported quarterly earnings of $0.75 per share which beat the analyst consensus estimate of $0.63 by 19.05 percent. The company reported quarterly sales of $454.000 million which missed the analyst consensus estimate of $483.310 million by 6.06 percent. This is a 55.66 percent decrease over sales of $1.024 billion the same period last year.