Highest-materiality recent filing
CRC issues $550M 7.250% notes due 2035 to redeem higher-coupon 8.250% notes due 2029
Issued $550M aggregate principal of 7.250% senior unsecured notes due Jan 15, 2035; interest payable semi-annually starting Jan 15, 2027.
$550M aggregate principal of 7.250% senior unsecured notes due 2035 priced at par; net proceeds ~$541M.
CRC launches $550M private note offering to refinance 8.25% 2029 notes at 104.125%
CRC announces private offering of $550M senior unsecured notes due 2035, proceeds to redeem existing $550M 8.250% notes due 2029.
CRC Q1 net loss $711M from derivatives; adjusted EBITDAX $304M; raises 2026 guidance 42%
Q1 net loss $711M primarily from non-cash loss in fair value of commodity derivatives; adjusted net income $79M, adjusted EBITDAX $304M.
CRC offers $250M additional 7.000% notes due 2034 to redeem 8.250% notes due 2029
Private offering of $250M in 7.000% senior unsecured notes due 2034 priced as additional series under existing indenture.
CRC reports Q4 net income $12M, 2025 net income $363M; 2026 production growth guidance 12%
Q4 net income $12M, adjusted net income $40M; full-year net income $363M, adjusted $359M. Adjusted EBITDAX $251M Q4, $1,241M full year.
CRC completes all-stock merger with Berry for ~$253M in CRC shares
CRC closed all-stock merger with Berry; Berry holders received ~5.6M CRC shares valued at ~$253M based on Dec 17 close.
HSR waiting period expires for CRC-Berry combination; deal still subject to other conditions
Hart-Scott-Rodino waiting period expired at 11:59 p.m. ET on November 10, 2025, for CRC's acquisition of Berry.
CRC posts Q3 net income $64M, raises dividend 5%, updates on Berry merger
Net income $64M ($0.76 dil. EPS); adjusted net income $123M ($1.46 dil. EPS); adjusted EBITDAX $338M.
CRC increases credit facility commitment to $1.45B, adds new lenders
Aggregate elected commitment raised from $1.15B to $1.45B via Seventh Amendment.
CRC issues $400M 7% senior notes due 2034 tied to Berry merger
Issued $400M aggregate principal of 7.000% senior notes due Jan 15, 2034.
CRC announces $400M senior unsecured notes due 2034 to fund Berry merger debt repayment
$400M aggregate principal senior unsecured notes due 2034; guaranteed by existing subsidiaries that also back CRC's revolving facility and 7.125%/8.250% notes.
CRC prices $400M 7.000% senior notes due 2034 to fund Berry merger
Private offering of $400M aggregate principal at par; 7.000% coupon, maturity 2034.
CRC to acquire Berry Corp (bry); Berry shareholders get 0.0718 CRC shares per share
CRC to merge with Berry; each Berry share converts to 0.0718 shares of CRC common stock.
CRC to acquire Berry in all-stock deal valued at ~$717M; 94% ownership for CRC shareholders
Berry shareholders get 0.0718 CRC shares per BRY share, a 15% premium based on 9/12/25 closing prices.
CRC Q2 net income $172M, adj. EBITDAX $324M; raises 2025 production and EBITDAX guidance
Net income $172M ($1.92 diluted EPS); adjusted net income $98M ($1.10 adjusted diluted EPS).
CRC to repurchase 4.95M shares from IKAV for $227.7M; director Saadati to resign
Bobby Saadati will resign from CRC board upon closing of $227.7M share repurchase from IKAV.
CRC reports Q1 net income of $115M, returns $258M to stakeholders, reaffirms 2025 guidance
Net income $115M ($1.26 diluted EPS); adjusted net income $98M ($1.07 adjusted EPS).
CRC reports Q4 net income $33M; full-year $376M, 2025 production guidance 132-138 MBoe/d
Q4 net income $33M ($0.36 diluted EPS); adjusted net income $84M ($0.91), adjusted EBITDAX $316M.
California Resources names Clio Crespy as CFO effective Jan 1, 2025; Nelly Molina departs
Appoints Clio Crespy EVP & CFO effective Jan 1, 2025; succeeds Nelly Molina who departs Dec 31, 2024.
CRC reports Q3 net income $345M, adj EPS $1.50, free cash flow $141M; guides Q4 EBITDAX $260-300M
Net income $345M ($3.78 diluted EPS); adjusted net income $137M ($1.50); adjusted EBITDAX $402M.
CRC launches $200M note offering at 8.250% and tender offer for up to $200M of 2026 notes
Issues $200M additional 8.250% senior notes due 2029, fungible with existing $600M notes.
CRC Q2 adj net income $42M; closes Aera merger, raises dividend 25%, synergies to $235M
Closed Aera merger July 1, 2024; synergy target raised to $235M including $60M interest savings and $25M operational synergies.
CRC closes Aera Energy acquisition; issues 21.3M shares worth ~$1.13B
Combination creates California's leading energy producer/CMS provider; $150M annual synergies targeted within 15 months.
CRC shareholders approve share issuance for Aera Energy acquisition at special meeting
Special meeting held June 26, 2024; 64,284,719 shares represented, quorum achieved.
California Resources closes $600M 8.250% senior notes offering due 2029
Issued $600M aggregate principal of 8.250% senior notes due June 15, 2029.
CRC prices $600M upsized 8.250% senior notes due 2029 to fund Aera merger debt repayment
$600M aggregate principal at par, 8.250% coupon, due 2029, closing June 5, 2024.
CRC Launches $500M Senior Notes Offering to Repay Aera Debt Upon Merger Close
CRC announces private offering of $500M senior unsecured notes due 2029, guaranteed by existing credit facility guarantors.
CRC reports Q1 net loss of $10M, adj. EPS $0.75; returns $79M to shareholders
Net loss of $10M ($0.14 loss per share); adjusted net income $54M ($0.75 per share).
CRC amends credit facility to boost borrowing base to $1.5B ahead of Aera merger
Spring 2024 borrowing base redetermination postponed to fall 2024.
On March 7, 2024, California appellate court found deficiencies in Kern County EIR and enjoined its use for oil/gas permit approvals.
FY2023 net income $564M ($7.78 diluted EPS); adjusted net income $372M ($5.13 per share).
CRC amends credit agreement to permit up to $500M bridge loan for Petra acquisition
Second Amendment dated Feb 9, 2024 amends existing credit agreement to enable bridge loan facility.
CRC to acquire energy companies for 21.17M shares plus $500M bridge loan
Aggregate consideration of 21,170,357 CRC common shares; additional shares for dividends declared Jan 1 to closing.
CRC to acquire Aera Energy in $2.1B all-stock merger; pro forma production ~150 MBoe/d
Deal values Aera at ~$2.1B; CRC issues 21.2M shares (22.9% fully diluted) to Aera owners IKAV (51%) and CPP Investments (49%).
CRC updates Q4 guidance, expects $40-60MM FCF; EPA issues first CA Class VI draft permit
Q4 guidance: FCF $40-60MM, production 82-84 MBOE/d (~60% oil), capex $65-75MM.
CRC Q3 adj. net income $74M ($1.02/diluted); dividend raised 10% to $0.31
Net loss $22M ($0.32 loss/diluted); adjusted net income $74M ($1.02/diluted).
CRC Q2 net income $97M ($1.35 EPS); adjusted EPS $0.53; narrows FCF guidance to $380-460M
Net income $97M ($1.35 diluted EPS); adjusted net income $38M ($0.53 diluted EPS).
CRC COO Shawn Kerns to retire July 31; Omar Hayat named EVP-Operations
Shawn Kerns, EVP and COO, retires effective July 31, 2023; departure not due to any dispute.
CRC posts record Q1 net income $301M; raises 2023 free cash flow guidance 8%
Net income $301M ($4.09/diluted); adjusted net income $193M ($2.63/diluted). Revenue $1,024M.
CRC appoints Nelly Molina as EVP & CFO effective May 8, replacing Francisco Leon who became CEO
Molina joins from Sempra Energy, previously CFO of IEnova and VP Audit Services/IR at Sempra.
CRC reports record 2022 operating cash flow of $690M, raises buyback to $1.1B
Full-year 2022 net income $524M ($6.75 diluted EPS); adjusted net income $384M ($4.95 diluted EPS).
Mr. Saadati will resign from the Company’s Board of Directors (the “ Board ”), effective upon consummation of the Stock Repurchase.
Clio C. Crespy will join the Company as Executive Vice President and Chief Financial Officer, effective January 1, 2025.
On June 28, 2024, Ms. Nicole Neeman Brady notified CRC of her intent to resign from the Board effective as of July 1, 2024.
Effective July 1, 2024, pursuant to the terms of the Stockholder Agreements, our Board of Directors (the “ Board ”) appointed Bobby Saadati and James Jackson as directors.
Effective July 1, 2024, pursuant to the terms of the Stockholder Agreements, our Board of Directors (the “ Board ”) appointed Bobby Saadati and James Jackson as directors.
On June 16, 2023, California Resources Corporation (the “Company”) announced that Shawn Kerns, Executive Vice President and Chief Operating Officer, will retire from the Company effective as of July 31, 2023.
On June 16, 2023, Omar Hayat was appointed as Executive Vice President – Operations, effective as of June 19, 2023.
On May 1, 2023, California Resources Corporation (the “ Company ”) announced that Manuela (Nelly) Molina has been appointed as Executive Vice President and Chief Financial Officer, effective May 8, 2023.
On December 14, 2021, the Board of Directors (the “Board”) of California Resources Corporation (the “Company”) elected Ms. Alejandra Veltmann to fill a vacancy on the Board.
On August 5, 2021, the Board of Directors (the “Board”) of the Company elected Ms. Nicole Neeman Brady to fill a vacancy on the Board.
Max materiality 1.00 · Median 0.70 · Most common event debt