California Resources Corporation Announces First Quarter 2021 Results
and $150 Million Share Repurchase Program
Santa Clarita, May 13, 2021 - California Resources Corporation (NYSE: CRC), an independent oil and natural gas exploration and production company, today reported first quarter 2021 operational and financial results.
“CRC delivered on its strategy with strong first quarter results while maintaining solid environmental and safety records,” said Mac McFarland, President and Chief Executive Officer. "Given the positive first quarter results, supported by the previously announced capital structure simplification through a senior debt offering and the recent amendment to our Revolving Credit Facility, CRC’s Board of Directors authorized a $150 million Share Repurchase Program. This promising step underpins our robust financial fundamentals which are further strengthened by CRC's 2021 projected free cash flow1. As CRC is tracking to the high end of 2021 free cash flow1 guidance, we will look for additional ways to return capital to our shareholders as the year progresses.”
First Quarter 2021 Highlights
•Reported a net loss attributable to common stock of $94 million, or $1.13 per diluted share. Adjusted net income1 was $102 million, or $1.22 per diluted share
•Generated adjusted EBITDAX1 of $189 million and free cash flow1 of $120 million
•Reaffirmed 2021 free cash flow1 guidance and optimized CRC investment dollars by shifting $15 million from drilling and completions to downhole maintenance projects which provide efficiencies and faster payouts
•Closed the quarter with $130 million of cash on hand, an undrawn credit facility and $545 million of liquidity2
•Simplified CRC's capital structure with a senior unsecured $600 million debt offering
•Subsequent to quarter end, signed an amendment to its Revolving Credit Facility which provides CRC with additional strategic flexibility with regard to returning capital to shareholders and to future hedging levels, and completed the borrowing base review which set the borrowing base at $1.2 billion
•Quarterly operating costs were $164 million and general and administrative (G&A) expenses were $48 million, a reduction of 15% and 20%, respectively, as compared to 1Q20
•Generated net cash provided by operating activities of $147 million with quarterly capital expenditures of $27 million
•Produced an average of 99,000 net barrels of oil equivalent (BOE) per day, including 60,000 barrels per day of oil
•Maintained industry leading HSE standards
The following information was filed by California Resources Corp (CRC) on Thursday, May 13, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.