California Resources Corp Reports Strong Q4, 2024 Financial Results

California Resources Corporation (CRC) released its fourth-quarter and full-year financial results for 2024, reporting a net income of $376 million and significant achievements in capital efficiency and carbon management following its merger with Aera Energy. The company generated $206 million in net cash flow from operating activities with an average production of 141 thousand barrels of oil equivalent per day. Despite missing earnings expectations of $0.96 per share, posting $0.91 instead, CRC emphasized the successful realization of over 70% of targeted synergies from the merger. In total, CRC returned $303 million to shareholders, equating to approximately 85% of its free cash flow. Looking ahead to 2025, CRC plans to invest between $285 million and $335 million, aiming to maintain production levels and continue its focus on environmental stewardship. The company remains optimistic about its integrated asset portfolio and sustainable cash flow generation.