California Resources reports FY2023 net income $564M and record free cash flow $468M; Aera merger on track for H2 2024

California Resources Corp

2023-FY EPS reported $7.78 revenue$2,801,000,000

FY2023 net income $564M ($7.78 diluted EPS); adjusted net income $372M ($5.13 per share).
FY2023 net cash from ops $653M, free cash flow $468M; capital investments $185M, leverage ratio 0.1x.
Aera merger: all-stock with 21.2M CRC shares issued, assumption of $950M debt; closing expected H2 2024.
2024E capital $300-$340M; net production 78-82 MBoe/d; Q1 guidance 76-80 MBoe/d (60% oil).
Share repurchase program increased by $250M to $1.35B; quarterly dividend $0.31/share declared.

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 0.85

California Resources Corp reported the fourth quarter and full-year 2023 results: net income $564 million, EPS $7.78 per diluted share.

Period: the fourth quarter and full-year 2023
Net income: $564 million
EPS: $7.78 per diluted share
Result: reported results

Exact text from the filing

Reported net income of $564 million, or $7.78 per diluted share.

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Source: SEC EDGAR

accession 0001609253-24-000040

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