---
schema_version: "secwatch.filing_event.v1"
accession: "0001609253-24-000040"
form_type: "8-K"
ticker: "CRC"
cik: "0001609253"
company_name: "California Resources Corp"
filed_at: "2024-02-27T23:59:59+00:00"
generated_at: "2026-06-05T11:57:08.865241+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001609253-24-000040
- form_type: 8-K
- ticker: CRC
- cik: 0001609253
- company_name: California Resources Corp
- filed_at: 2024-02-27T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609253/000160925324000040/0001609253-24-000040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609253/000160925324000040/crc-20240227.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001609253-24-000040
- JSON: https://secwatch.observer/filing/0001609253-24-000040.json
- Plain text: https://secwatch.observer/filing/0001609253-24-000040.txt

## Key facts
- Earnings Releases
  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
  source text: Reported net income of $564 million, or $7.78 per diluted share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925324000040/0001609253-24-000040-index.htm

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