California Resources Corp

NYSE:CRCUnited States

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• -- Earnings Flash (CRC) CALIFORNIA RESOURCES CORPORATION Reports Q1 EPS $0.75, from 4:37PM ET on Tuesday May 07, 2024 by MT Newswires

  4:37PM ET on Tuesday May 07, 2024 by MT Newswires
  Companies Mentioned: CRC
  04:37 PM EDT, 05/07/2024 (MT Newswires) -- ...

• -- Earnings Flash (CRC) CALIFORNIA RESOURCES CORPORATION Reports Q1 Revenue $454M, vs. Street Est of $471M, from 4:37PM ET on Tuesday May 07, 2024 by MT Newswires

  4:37PM ET on Tuesday May 07, 2024 by MT Newswires
  Companies Mentioned: CRC
  04:37 PM EDT, 05/07/2024 (MT Newswires) -- ...

• Press Release: California Resources Reports First Quarter 2024 Financial and Operating Results, from 4:30PM ET on Tuesday May 07, 2024 by Dow Jones

  4:30PM ET on Tuesday May 07, 2024 by Dow Jones
  Companies Mentioned: CRC

• California Resources Reports First Quarter 2024 Financial and Operating Results, from 4:30PM ET on Tuesday May 07, 2024 by Dow Jones

  4:30PM ET on Tuesday May 07, 2024 by Dow Jones
  Companies Mentioned: CRC
  Other adjusted G&A expenses $ 47 $ 53 $ 52 CMB adjusted G&A expenses $ 2 $ 2 $ 3 OPERATING COSTS PER BOE The reporting of PSC-type contracts creates a difference between reported operating costs, which are for the full field, and reported volumes, which are only CRC's net share, inflating the per barrel operating costs. The following table presents operating costs after adjusting for the excess costs attributable to PSCs. 1st Quarter 4th Quarter 1st Quarter ($ per BOE) 2024 2023 2023 ------------------- ------------- ------------- ------------- Energy operating costs (1) $ 8.07 $ 8.65 $ 15.56 Gas processing costs (2) 0.58 0.60 0.62 Non-energy operating costs 17.15 15.24 15.43 -------- -------- -------- Operating costs $ 25.80 $ 24.49 $ 31.61 -------- -------- -------- Costs attributable to PSCs Excess energy operating costs attributable to PSCs $ (0.99) $ (1.01) $ (1.19) Excess non-energy operating costs attributable to PSCs (1.55) (1.32) (1.04) -------- -------- -------- Excess costs attributable to PSCs $ (2.54) $ (2.33) $ (2.23) -------- -------- -------- Energy operating costs, excluding effect of PSCs (1) $ 7.08 $ 7.64 $ 14.37 Gas processing costs, excluding effect of PSCs (2) 0.58 0.60 0.62 Non-energy operating costs, excluding effect of PSCs 15.60 13.92 14.39 -------- -------- -------- Operating costs, excluding effects of PSCs $ 23.26 $ 22.16 $ 29.38 ======== ======== ======== (1) Energy operating costs consist of purchased natural gas used to generate electricity for operations and steamfloods, purchased electricity and internal costs to generate electricity used in CRC's operations. (2) Gas processing costs include costs associated with compression, maintenance and other activities needed to run CRC's gas processing facilities at Elk Hills. Attachment 4 ======================================================================== PRODUCTION STATISTICS 1st Quarter 4th Quarter 1st Quarter Net Production Per Day 2024 2023 2023 ------------------------------- ----------- ----------- ----------- Oil (MBbl/d) San Joaquin Basin 30 32 35 Los Angeles Basin 18 18 20 ----------- ----------- ----------- Total 48 50 55 NGLs (MBbl/d) San Joaquin Basin 11 11 11 ----------- ----------- ----------- Total 11 11 11 Natural Gas (MMcf/d) San Joaquin Basin 90 114 119 Los Angeles Basin 1 1 1 Sacramento Basin 14 15 16 ----------- ----------- ----------- Total 105 130 136 Total Production (MBoe/d) 76 83 89 =========== =========== =========== Gross Operated and Net Non-Operated 1st Quarter 4th Quarter 1st Quarter Production Per Day 2024 2023 2023 ------------------------------- ----------- ----------- ----------- Oil (MBbl/d) San Joaquin Basin 34 36 39 Los Angeles Basin 24 25 26 ----------- ----------- ----------- Total 58 61 65 NGLs (MBbl/d) San Joaquin Basin 11 11 12 ----------- ----------- ----------- Total 11 11 12 Natural Gas (MMcf/d) San Joaquin Basin 128 129 135 Los Angeles Basin 7 8 7 Sacramento Basin 17 18 20 ----------- ----------- ----------- Total 152 155 162 Total Production (MBoe/d) 94 98 103 =========== =========== =========== Attachment 5 ================================================================== PRICE STATISTICS 1st Quarter 4th Quarter 1st Quarter 2024 2023 2023 --------------- --------------- --------------- Oil ($ per Bbl) Realized price with derivative settlements $ 77.17 $ 71.34 $ 63.04 Realized price without derivative settlements $ 80.16 $ 82.00 $ 78.68 NGLs ($/Bbl) $ 50.50 $ 49.08 $ 58.88 Natural gas ($/Mcf) Realized price with derivative settlements $ 3.90 $ 4.66 $ 21.56 Realized price without derivative settlements $ 3.90 $ 4.66 $ 21.56 Index Prices Brent oil ($/Bbl) $ 81.84 $ 82.69 $ 82.22 WTI oil ($/Bbl) $ 76.96 $ 78.32 $ 76.13 NYMEX average monthly settled price ($/MMBtu) $ 2.24 $ 2.88 $ 3.42 Realized Prices as Percentage of Index Prices Oil with derivative settlements as a percentage of Brent 94% 86% 77% Oil without derivative settlements as a percentage of Brent 98% 99% 96% Oil with derivative settlements as a percentage of WTI 100% 91% 83% Oil without derivative settlements as a percentage of WTI 104% 105% 103% NGLs as a percentage of Brent 62% 59% 72% NGLs as a percentage of WTI 66% 63% 77% Natural gas with derivative settlements as a percentage of NYMEX contract month average 174% 162% 630% Natural gas without derivative settlements as a percentage of NYMEX contract month average 174% 162% 630% Attachment 6 ============= ========== ========== ======= ========== ========== FIRST QUARTER 2024 DRILLING ACTIVITY San Los Joaquin Angeles Ventura Sacramento Wells Drilled Basin Basin Basin Basin Total ------------- ---------- ---------- ------- ---------- ---------- Development Wells Primary 2 -- -- -- 2 Waterflood -- -- -- -- -- Steamflood -- -- -- -- -- ---------- ---------- ------- ---------- ---------- Total (1) 2 -- -- -- 2 ========== ========== ======= ========== ========== (1) Includes steam injectors and drilled but uncompleted wells, which are not included in the SEC definition of wells drilled. Attachment 7 =================== ======= ======= ======= ================ OIL HEDGES AS OF MARCH 31, 2024 Q2 2024 Q3 2024 Q4 2024 1H 2025 2H 2025 ------------------- ------- ------- ------- ------- ------- Sold Calls Barrels per day 30,000 30,000 29,000 28,000 27,500 Weighted-average Brent price per barrel $90.07 $90.07 $90.07 $86.88 $86.90 Swaps Barrels per day 8,875 8,875 5,500 3,500 3,250 Weighted-average Brent price per barrel $79.28 $80.10 $77.45 $72.81 $72.50 Purchased Puts Barrels per day 30,000 30,000 29,000 28,000 27,500 Weighted-average Brent price per barrel $65.17 $65.17 $65.17 $61.43 $61.45