LONG BEACH, Calif.–(BUSINESS WIRE)–California Resources Corporation (NYSE: CRC), an independent energy and carbon management company committed to energy transition, today reported first quarter 2023 operational and financial results.
“We’re off to a great start this year with strong quarterly free cash flow driven by operational execution and natural gas markets in California, which underscores the quality of our asset portfolio and commodity diversification strategy,” said Francisco Leon, President and Chief Executive Officer. “We made good progress in advancing the plan to reposition our business, reduce our costs by $25 to $50 million on an annual run-rate basis and expand our carbon management business. Our focus remains on driving cash flow generation, increasing our financial flexibility and delivering meaningful value to our shareholders while providing the energy that California needs.”
Primary Highlights
- Named Manuela (Nelly) Molina as the new Executive Vice President and Chief Financial Officer, effective May 8, 2023 (see press release on May 1, 2023 for additional details around Nelly’s appointment)
- Achieved record quarterly financial results driven by natural gas realizations of 630% of NYMEX during the first quarter of 2023
- Increased 2023 free cash flow1 guidance to reflect strong first quarter performance by 8% and lowered 2023 operating costs guidance by 3% to reflect lower natural gas outlook, at midpoint of ranges respectively
- Engaged Alvarez & Marsal (A&M) to assist with the execution of cost savings initiatives targeting $25 million to $50 million of sustainable annual run rate savings by the end of 2023
- Successfully amended the RBL credit facility – extended its term to July 31, 2027, improved financial flexibility and reaffirmed the $1.2 billion borrowing base
- Declared a quarterly dividend of $0.2825 per share of common stock, totaling ~$20 million payable on June 16, 2023 to shareholders of record on June 1, 2023, with subsequent quarterly dividends subject to final determination and Board approval
- Repurchased 1,423,764 common shares for $59 million during the first quarter of 2023; repurchased an aggregate 12,880,024 shares for $519 million at an average price of $40.31 per share since the inception of the Share Repurchase Program in May 2021 through March 31, 2023
- Submitted a Class VI permit to the EPA for 34 million metric tons (MMT) for CTV IV CO2 reservoir
- Signed two new storage-only Carbon Dioxide Management Agreements (CDMAs) with Yosemite Clean Energy, LLC and InEnTec Inc. for 40,000 and 100,000 metric tons per annum (MTPA) of CO2 injection, respectively
Financial Highlights
- Reported net income of $301 million, or $4.09 per diluted share. When adjusted for items analysts typically exclude from estimates including mark-to-market adjustments and gains on asset divestitures, the Company’s adjusted net income1 was $193 million, or $2.63 per diluted share
- Generated net cash provided by operating activities of $310 million, adjusted EBITDAX1 of $358 million and free cash flow1 of $263 million
- Ended the quarter with $477 million of cash and cash equivalents and an undrawn $454 million Revolving Credit Facility, (net of $148 million of letters of credit), representing $931 million of total liquidity2
Operational Highlights
- Produced an average of 89,000 net barrels of oil equivalent per day (Boe/d), including 55,000 barrels of oil per day (Bo/d), with E&P capital expenditures of $40 million during the quarter
- Operated ~1.5 drilling rigs across CRC’s asset base; drilled 9 wells and brought 10 wells online in 1Q23
- Operated 35 maintenance rigs in the first quarter
Total Year 2023 Guidance and Capital Program3
CRC is reaffirming its total year 2023 capital program to a range between $200 and $245 million. The program includes $15 to $25 million of adjusted capital for carbon management projects4 and $185 to $220 million of E&P, Corporate and other adjusted capital, including procuring long-lead time items for planned maintenance at CRC’s Elk Hills power plant in 2024. CRC’s 2023 capital program related to oil and natural gas development to be focused primarily on executing projects using permits outside of Kern County.
CRC estimates average production between 85,000 and 91,000 Boe/d3 (~60% oil) for 2023. CRC expects to run a development program averaging 1.5 rigs for drilling locations where CRC has permits and plans to focus on workover and maintenance activity.
As a result of higher-than-expected natural gas market prices in the first quarter of 2023, CRC is raising its free cash flow1 and lowering its operating costs guidance by 8% (to a range of $360 to $470 million) and 3% (to a range of $815 to $865 million) at the midpoint, respectively.
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CRC GUIDANCE3 |
Total 2023E |
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CMB 2023E |
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E&P, Corp. & Other 2023E |
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Net Total Production (MBoe/d) |
85 – 91 |
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85 – 91 |
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Net Oil Production (MBbl/d) |
51 – 55 |
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51 – 55 |
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Operating Costs ($ millions) |
$815 – $865 |
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$815 – $865 |
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CMB Expenses5 ($ millions) |
$25 – $35 |
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$25 – $35 |
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Adjusted General and Administrative Expenses1 ($ millions) |
$195 – $225 |
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$10 – $15 |
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$185 – $210 |
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Adjusted Total Capital1,4 ($ millions) |
$200 – $245 |
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$15 – $25 |
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$185 – $220 |
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Drilling & Completions |
$67 – $77 |
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$66 – $76 |
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Workovers |
$44 – $54 |
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$44 – $54 |
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Adjusted Facilities |
$44 – $54 |
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$44 – $54 |
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Corporate & Other |
$30 – $35 |
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$30 – $35 |
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Adjusted CMB |
$15 – $25 |
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$15 – $25 |
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Free Cash Flow1 ($ millions) |
$360 – $470 |
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Adjusted Free Cash Flow1 ($ millions) |
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($60) – ($80) |
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$440 – $530 |
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Marketing & Trading, Net ($ millions) |
$80 – $110 |
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$80 – $110 |
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Net Electricity ($ millions) |
$70 – $110 |
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$70 – $110 |
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Transportation Expense ($ millions) |
$50 – $70 |
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$50 – $70 |
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ARO Settlement Payments* ($ millions) |
$55 – $60 |
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$55 – $60 |
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Taxes Other Than on Income* ($ millions) |
$175 – $185 |
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$175 – $185 |
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Interest and Debt Expense* ($ millions) |
$55 – $60 |
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$55 – $60 |
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Cash Income Taxes* ($ millions) |
$100 – $120 |
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$100 – $120 |
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Commodity Realizations: |
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Oil – % of Brent: |
97% – 99% |
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97% – 99% |
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NGL – % of Brent: |
58% – 64% |
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58% – 64% |
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Natural Gas – % of NYMEX: |
150% – 250% |
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150% – 250% |
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*Notes:
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Second Quarter 2023 Guidance and Capital Program3
CRC expects its second quarter 2023 total capital program to range between $46 and $62 million under current operating conditions. This includes $1 to $2 million of adjusted capital1 for carbon management projects.
At this level of spending, CRC expects to produce on average between 86,000 and 88,000 Boe/d3 (~61% oil) in the second quarter of 2023 and plans to run 1 drilling rig in the Los Angeles basin, where CRC plans to develop drilling locations for which it already has permits.
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CRC GUIDANCE3 |
Total 2Q23E |
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CMB 2Q23E |
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E&P, Corp. & Other 2Q23E |
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Net Total Production (MBoe/d) |
86 – 88 |
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86 – 88 |
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Net Oil Production (MBbl/d) |
54 – 52 |
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54 – 52 |
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Operating Costs ($ millions) |
$175 – $195 |
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$175 – $195 |
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CMB Expenses5 ($ millions) |
$5 – $10 |
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$5 – $10 |
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Adjusted General and Administrative Expenses1 ($ millions) |
$52 – $60 |
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$2 – $5 |
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$50 – $55 |
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Adjusted Total Capital1,4 ($ millions) |
$46 – $62 |
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$1 – $2 |
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$45 – $60 |
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Free Cash Flow1 ($ millions) |
$45 – $ 65 |
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Adjusted Free Cash Flow1 ($ millions) |
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($10) – ($15) |
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$60 – $75 |
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Marketing & Trading, Net ($ millions) |
$17 – $22 |
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$17 – $22 |
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Net Electricity ($ millions) |
$12 – $17 |
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$12 – $17 |
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Transportation Expense ($ millions) |
$10 – $15 |
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$10 – $15 |
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Cash Income Taxes ($ millions) |
$50 – $60 |
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$50 – $60 |
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Commodity Realizations: |
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Oil – % of Brent: |
94% – 98% |
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94% – 98% |
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NGL – % of Brent: |
55% – 60% |
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55% – 60% |
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Natural Gas – % of NYMEX: |
150% – 160% |
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150% – 160% |
First Quarter 2023 E&P Operational Results
Total daily net production for the three months ended March 31, 2023, compared to the three months ended December 31, 2022 decreased by approximately 2 MBoe/d, or 2% largely due to higher amounts of rain and colder seasonal temperatures than normal in California, resulting in increased downtime in CRC’s operations. Production-sharing contracts (PSCs) did not have an impact on production for the three months ended March 31, 2023 compared to the three months ended December 31, 2022.
During the first quarter of 2023, CRC operated an average of ~1.5 drilling rigs in the Los Angeles basin, drilled 9 wells and brought online 10 wells. See Attachment 3 for further information on CRC’s production results by basin and Attachment 5 for further information on CRC’s drilling activity.
First Quarter Financial Results
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1st Quarter |
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4th Quarter |
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($ and shares in millions, except per share amounts) |
2023 |
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2022 |
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Statements of Operations: |
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Revenues |
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Total operating revenues |
$ |
1,024 |
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$ |
682 |
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Operating Expenses |
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Total operating expenses |
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638 |
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549 |
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Gain on asset divestitures |
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7 |
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(1 |
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Operating Income |
$ |
393 |
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$ |
132 |
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Net Income Attributable to Common Stock |
$ |
301 |
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$ |
83 |
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Net income attributable to common stock per share – basic |
$ |
4.22 |
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$ |
1.14 |
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Net income attributable to common stock per share – diluted |
$ |
4.09 |
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$ |
1.11 |
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Adjusted net income1 |
$ |
193 |
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$ |
93 |
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Adjusted net income1 per share – diluted |
$ |
2.63 |
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$ |
1.24 |
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Weighted-average common shares outstanding – basic |
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71.3 |
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72.7 |
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Weighted-average common shares outstanding – diluted |
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73.5 |
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75.0 |
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Adjusted EBITDAX1 |
$ |
358 |
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$ |
208 |
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Review of First Quarter 2023 Financial Results
Realized oil prices, excluding the effects of cash settlements on CRC’s commodity derivative contracts, decreased by $8.47 per barrel from $87.15 per barrel in the fourth quarter of 2022 to $78.68 per barrel in the first quarter of 2023. The decrease was primarily due to recession concerns across Western economies and disappointment at the pace and scale of the post-COVID-19 reopening in China.
Realized oil prices, including the effects of cash settlements on CRC’s commodity derivative contracts, increased by $1.71 from $61.33 in the fourth quarter of 2022 to $63.04 in the first quarter of 2023.
Adjusted EBITDAX1 for the first quarter of 2023 was $358 million. See table below for the Company’s net cash provided by operating activities, capital investments and free cash flow1 during the same periods.
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FREE CASH FLOW |
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Management uses free cash flow, which is defined by CRC as net cash provided by operating activities less capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC’s net cash provided by operating activities to free cash flow. CRC supplemented its non-GAAP measure of free cash flow with free cash flow of CRC’s exploration and production and corporate items (Free Cash Flow for E&P, Corporate & Other) which it believes is a useful measure for investors to understand the results of its core oil and gas business. CRC defines Free Cash Flow for E&P, Corporate & Other as consolidated free cash flow less results attributable to its carbon management business (CMB). |
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1st Quarter |
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4th Quarter |
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($ millions) |
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2023 |
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2022 |
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Net cash provided by operating activities |
$ |
310 |
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$ |
114 |
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Capital investments |
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(47 |
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(75 |
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Free cash flow1 |
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263 |
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39 |
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E&P, corporate & other free cash flow1 |
$ |
270 |
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$ |
61 |
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CMB free cash flow1 |
$ |
(7 |
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$ |
(22 |
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The following table presents key operating data for CRC’s oil and gas operations, on a per BOE basis, for the periods presented below. Energy operating costs consist of purchased natural gas used to generate electricity for CRC’s operations and steam for its steamfloods, purchased electricity and internal costs to generate electricity used in CRC’s operations. Gas processing costs include costs associated with compression, maintenance and other activities needed to run CRC’s gas processing facilities at Elk Hills. Non-energy operating costs equal total operating costs less energy operating costs and gas processing costs.
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OPERATING COSTS PER BOE |
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The reporting of PSCs 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. |
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1st Quarter |
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4th Quarter |
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($ per Boe) |
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2023 |
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2022 |
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Energy operating costs |
$ |
15.56 |
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$ |
9.56 |
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Gas processing costs |
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0.62 |
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0.48 |
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Non-energy operating costs |
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15.43 |
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13.82 |
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Operating costs |
$ |
31.61 |
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$ |
23.86 |
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Excess costs attributable to PSCs |
$ |
(2.23 |
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$ |
(1.90 |
) |
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Operating costs, excluding effects of PSCs (1) |
$ |
29.38 |
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$ |
21.96 |
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Energy operating costs for the first quarter of 2023 were $125 million, or $15.56 per Boe, an increase of $45 million or 56% from $80 million, or $9.56 per Boe, for the fourth quarter of 2022. This increase includes $38 million for purchased electricity and purchased natural gas, which CRC uses to generate electricity for its operations, and $7 million for purchased natural gas used to generate steam for its steamfloods. Natural gas used in CRC’s operations is purchased at first-of-the-month prices, which were higher than average daily prices during the period due to significant volatility in the natural gas market during the first quarter of 2023.
Non-energy operating costs for the first quarter of 2023 were $124 million, or $15.43 per Boe, which was an increase of $8 million or 7% from $116 million, or $13.82 per Boe, for the fourth quarter of 2022. This increase was primarily a result of increased downhole maintenance activity from the prior quarter.
Carbon Management Business Update
In April 2023, CRC applied for a Class VI permit for 34 MMT of permanent CO2 storage for a new CTV VI in the Sacramento basin, which, subject to approval, brings CTV’s total potential permitted storage to 174 MMT.
Additionally, in April 2023, Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, reached new storage-only CDMAs for 40,000 and 100,000 MTPA of CO2 injection, at CTV carbon storage vaults from two new facilities to be constructed in Northern and Central California. See CTV’s 1Q23 press release for further information on these CDMA’s.
The CDMA frames the contractual terms between parties by outlining the material economics and terms of the project and includes conditions precedent to close. The CDMA provides a path for the parties to reach final definitive documents and FID.
Balance Sheet and Liquidity Update
On April 26, 2023, CRC amended its existing Revolving Credit Facility. The amended Revolving Credit Facility provides for an initial aggregate commitment of $592 million and a borrowing base of $1.2 billion. CRC’s borrowing base for the Revolving Credit Facility was also reaffirmed at $1.2 billion on April 26, 2023. The amendments included, among other things:
- Extending the maturity date to July 31, 2027 (subject to a springing maturity to August 4, 2025 if any of our Senior Notes are outstanding on that date);
- Increasing CRC’s ability to make certain restricted payments (such as dividends and share repurchases) and certain investments (including in its carbon management business);
- Releasing liens on certain assets securing the loans made under the Revolving Credit Facility, including CRC’s Elk Hills power plant;
- Extending the period for which we can enter into hedges on our production from 48 months to 60 months; and
- Increasing CRC’s capacity to issue letters of credit from $200 million to $250 million.
CRC also amended the interest rates and fees it pays under its Revolving Credit Facility. At CRC’s election, borrowings under the amended Revolving Credit Facility may be alternate base rate (ABR) loans or term SOFR loans, plus an applicable margin. ABR loans bear interest at a rate equal to the highest of (i) the federal funds effective rate plus 0.50%, (ii) the administrative agent prime rate and (iii) the one-month SOFR rate plus 1%. Term SOFR loans bear interest at term SOFR, plus an additional 10 basis points per annum credit spread adjustment. The applicable margin is adjusted based on the commitment utilization percentage and will vary from (i) in the case of ABR loans, 1.50% to 2.50% and (ii) in the case of term SOFR loans, 2.50% to 3.50%. CRC also pays customary fees and expenses. Interest is payable quarterly for ABR loans and at the end of the applicable interest period for term SOFR loans, but not less than quarterly. We also pay a commitment fee on unused capacity ranging from 37.5 to 50 basis points per annum, depending on the percentage of the commitment utilized.
As of March 31, 2023, CRC had liquidity of $931 million, which consisted of $477 million in unrestricted cash and $454 million of available borrowing capacity under its Revolving Credit Facility which is net of $148 million of letters of credit.
Leadership Changes
On February 24, 2023, CRC announced that Francisco J. Leon, its current Executive Vice President and Chief Financial Officer, will succeed Mark A. (Mac) McFarland as its President and Chief Executive Officer, and joined CRC’s Board of Directors. Mr. McFarland will continue to serve as a non-executive member of CRC’s Board of Directors and Chair of the Board of its Carbon TerraVault subsidiary. Manuela (Nelly) Molina has been appointed Executive Vice President and Chief Financial Officer, effective May 8, 2023.
Shareholder Return Strategy
CRC continues to prioritize shareholder returns and therefore dedicates a significant portion of its free cash flow to shareholders in the form of dividends and share repurchases.
During the first quarter of 2023, CRC repurchased 1.4 million shares for $59 million or an average price of $41.25 per share. Since the inception of the Share Repurchase Program in May 2021 through March 31, 2023, 12,880,024 shares have been repurchased for $519 million at an average price of $40.31 per share. These total repurchases represent 15% of CRC’s shares outstanding at its bankruptcy emergence in October 2020.
On April 28, 2023, CRC’s Board of Directors declared a quarterly cash dividend of $0.2825 per share of common stock. The dividend is payable to shareholders of record on June 1, 2023 and will be paid on June 16, 2023.
Through March 31, 2023, CRC has returned $612 million of cash to its shareholders, including $519 million in share repurchases and $93 million of dividends. These figures exclude share repurchases made after March 31, 2023 as well as the $20 million second quarter dividend declared and payable in June 2023.
Upcoming Investor Conference Participation
CRC’s executives will be participating in the following events in May through July of 2023:
- 2023 Citi Energy & Climate Technology Conference on May 9 to 10 in Boston, MA
- Goldman Sachs Eighth Annual Leveraged Finance and Credit Conference on May 22 to 24 in Rancho Palos Verdes, CA
- MS Sustainable Finance Summit on May 24 in New York City, NY
- Stifel 2023 Cross Sector Insight Conference on June 6 in Boston, MA
- 2023 RBC Capital Markets Global Energy, Power & Infrastructure Conference on June 7 in New York City, NY
- 2023 BofA Securities Energy Credit Conference on June 8 in New York City, NY
- 2023 JP Morgan Energy, Power & Renewables Conference on June 21 to 22 in New York City, NY
- 2023 TD Calgary Energy Conference on July 11 to 12 in Calgary, AB, Canada
CRC’s presentation materials will be available the day of the events on the Events and Presentations page in the Investor Relations section on www.crc.com.
Conference Call Details
To participate in the conference call scheduled for May 2, 2023, at 1:00 p.m. Eastern Time, please dial (877) 328-5505 (International calls please dial +1 (412) 317-5421) or access via webcast at www.crc.com 15 minutes prior to the scheduled start time to register. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10177066/f8cf780338. A digital replay of the conference call will be archived for approximately 90 days and supplemental slides for the conference call will be available online in the Investor Relations section of www.crc.com.
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(1) See Attachment 2 for the non-GAAP financial measures of adjusted EBITDAX, operating costs per BOE (excluding effects of PSCs), adjusted net income (loss), adjusted net income (loss) per share – basic and diluted, free cash flow, adjusted G&A and adjusted capital, including reconciliations to their most directly comparable GAAP measure, where applicable. For the full year 2023 and 2Q23 estimates of the non-GAAP measure of free cash flow, adjusted G&A and adjusted capital, including reconciliations to their most directly comparable GAAP measure, see Attachment 7. |
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(2) Calculated as $477 million of available cash plus $602 million of capacity on CRC’s Revolving Credit Facility less $148 million in outstanding letters of credit. |
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(3) Current guidance assumes a 2023 Brent price of $79.54 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $2.92 per mcf and a 2Q23 Brent price of $79.69 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $2.22 per mcf. CRC’s share of production under PSC contracts decreases when commodity prices rise and increases when prices fall. |
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(4) Adjusted E&P Capital and Adjusted CMB Capital are Non-GAAP measures. These measures reflect the reclassification of certain E&P, Corporate & Other Capital to CMB Capital related to the investment in facilities to advance carbon sequestration activities. For the full year 2023 and 2Q23 estimates of the non-GAAP measure of free cash flow, including reconciliations to their most directly comparable GAAP measure, see Attachment 7. |
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(5) CMB Expenses includes lease cost for sequestration easements, advocacy, and other startup related costs. |
About Carbon TerraVault
Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, provides services that include the capture, transport and storage of carbon dioxide for its customers. CTV is engaged in a series of CCS projects that inject CO2 captured from industrial sources into depleted underground reservoirs and permanently store CO2 deep underground. For more information about CTV, please visit www.carbonterravault.com.
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC produces some of the lowest carbon intensity oil in the US and is focused on maximizing the value of its land, mineral and technical resources for decarbonization efforts. For more information about CRC, please visit www.crc.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. Such 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 CRC’s control.
Contacts
Joanna Park (Investor Relations)
818-661-3731
[email protected]
Richard Venn (Media)
818-661-6014
[email protected]
