secwatch.observer — SEC 8-K summary
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Issuer:     California Resources Corp (CRC)
CIK:        0001609253
Form:       8-K
Filed at:   2023-05-02T23:59:59+00:00
Accession:  0001609253-23-000037
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609253/000160925323000037/0001609253-23-000037-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609253/000160925323000037/crc-20230501.htm
  HTML page:      https://secwatch.observer/filing/0001609253-23-000037

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