CRC Q2 adj net income $42M; closes Aera merger, raises dividend 25%, synergies to $235M

California Resources Corp

2024-Q2 EPS reported -$0.03 revenue$968,000,000

Closed Aera merger July 1, 2024; synergy target raised to $235M including $60M interest savings and $25M operational synergies.
Q2 net production 76 MBoe/d; adjusted EBITDAX $139M; free cash flow $63M; net income $8M, adjusted net income $42M.
Dividend increased 25% to $0.3875/quarter ($1.55 annualized); payable Sept 16 to holders of record Aug 30.
Submitted EPA Class VI permit for 102 MMT CO2 storage, doubling total potential capacity to ~320 MMT.
H2 2024 guidance: net production 140-146 MBoe/d, capex $170-210M, adj EBITDAX $720-760M.

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