CRC posts record Q1 net income $301M; raises 2023 free cash flow guidance 8%

California Resources Corp

2023-Q1 EPS reported $4.09 revenue$1,024,000,000

Net income $301M ($4.09/diluted); adjusted net income $193M ($2.63/diluted). Revenue $1,024M.
Free cash flow $263M; raised 2023 FCF guidance to $360-$470M; lowered op costs to $815-$865M.
Produced 89,000 Boe/d (55,000 bbl/d oil); E&P capex $40M in Q1; maintained 85-91 MBoe/d 2023 guidance.
Declared $0.2825 dividend payable June 16; repurchased 1.4M shares for $59M in Q1; $519M total returned.
Appointed Manuela Molina as CFO (May 8); Francisco Leon became CEO Feb 24; hired A&M for $25-50M cost cuts.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

California Resources Corp reported first quarter 2023 results: net income $301 million, EPS $4.09 per diluted share. Guidance raised.

Period: first quarter 2023
Net income: $301 million
EPS: $4.09 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

Reported net income of $301 million, or $4.09 per diluted share.

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Source: SEC EDGAR

accession 0001609253-23-000037

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