CRC issues Q4 2023 guidance: FCF $40-60MM, production 82-84 MBOE/d; EPA issues draft Class VI carbon storage permit

California Resources Corp

4Q23E FCF guidance $40-60MM; production 82-84 MBOE/d (~60% oil); total capital $65-75MM.
EPA released first draft Class VI permit in California for CRC's 26R reservoir (CTV I); 90-day public comment period started.
CTV injection rate target 5MMTPA by YE27; storage capacity target 200MMT.
Management expects to exceed Q4 FCF guidance and meet production guidance.

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