secwatch.observer — SEC 8-K summary
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Issuer:     California Resources Corp (CRC)
CIK:        0001609253
Form:       8-K
Filed at:   2024-08-06T23:59:59+00:00
Accession:  0001609253-24-000100
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609253/000160925324000100/0001609253-24-000100-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609253/000160925324000100/crc-20240806.htm
  HTML page:      https://secwatch.observer/filing/0001609253-24-000100

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