---
schema_version: "secwatch.filing_event.v1"
accession: "0001609253-23-000015"
form_type: "8-K"
ticker: "CRC"
cik: "0001609253"
company_name: "California Resources Corp"
filed_at: "2023-02-24T23:59:59+00:00"
generated_at: "2026-06-19T00:45:09.246652+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# CRC reports record 2022 operating cash flow of $690M, raises buyback to $1.1B

## Summary
- Full-year 2022 net income $524M ($6.75 diluted EPS); adjusted net income $384M ($4.95 diluted EPS).
- Record operating cash flow $690M, free cash flow $311M; returned $372M to shareholders in 2022.
- Share repurchase program increased by $250M to $1.1B, extended through June 30, 2024; $640M remaining.
- 2023 guidance: production 85-91 MBoe/d, capital $200-245M, free cash flow $330-440M.
- Carbon management: signed two CDMAs for 470,000 MT CO2/year; formed consortium for California DAC Hub.

## SEC filing metadata
- accession: 0001609253-23-000015
- form_type: 8-K
- ticker: CRC
- cik: 0001609253
- company_name: California Resources Corp
- filed_at: 2023-02-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000015/0001609253-23-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000015/crc-20230224.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001609253-23-000015
- JSON: https://secwatch.observer/filing/0001609253-23-000015.json
- Plain text: https://secwatch.observer/filing/0001609253-23-000015.txt

## Key facts
- Earnings Releases
  California Resources Corp reported twelve months ended December 31, 2022 results: net income $524 million, EPS $6.75 per diluted share. Guidance initiated.
  - Period: twelve months ended December 31, 2022
  - Net income: $524 million
  - EPS: $6.75 per diluted share
  - Guidance: initiated
  - Result: reported results
  source text: Annual Highlights • Reported net income attributable to common stock of $524 million, or $6.75 per diluted share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000015/0001609253-23-000015-index.htm
- Earnings Releases
  California Resources Corp reported three months ended December 31, 2022 results: net income $83 million, EPS $1.11 per diluted share. Guidance initiated.
  - Period: three months ended December 31, 2022
  - Net income: $83 million
  - EPS: $1.11 per diluted share
  - Guidance: initiated
  - Result: reported results
  source text: Fourth Quarter 2022 Highlights Financial • Reported net income of $83 million, or $1.11 per diluted share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000015/0001609253-23-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.