---
schema_version: "secwatch.filing_event.v1"
accession: "0001609253-23-000037"
form_type: "8-K"
ticker: "CRC"
cik: "0001609253"
company_name: "California Resources Corp"
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T03:33:17.545256+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001609253-23-000037
- form_type: 8-K
- ticker: CRC
- cik: 0001609253
- company_name: California Resources Corp
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000037/0001609253-23-000037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000037/crc-20230501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001609253-23-000037
- JSON: https://secwatch.observer/filing/0001609253-23-000037.json
- Plain text: https://secwatch.observer/filing/0001609253-23-000037.txt

## Key facts
- Earnings Releases
  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
  source text: Reported net income of $301 million, or $4.09 per diluted share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000037/0001609253-23-000037-index.htm

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