secwatch.observer — SEC 8-K summary
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Issuer:     California Resources Corp (CRC)
CIK:        0001609253
Form:       8-K
Filed at:   2024-02-27T23:59:59+00:00
Accession:  0001609253-24-000040
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609253/000160925324000040/0001609253-24-000040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609253/000160925324000040/crc-20240227.htm
  HTML page:      https://secwatch.observer/filing/0001609253-24-000040

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