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Why a California oil workers union is backing clean energy

CRC Turns Profit, Plans Stock Repurchase | San Fernando Valley Business Journal

California Resources Corp. beat Wall Street estimates on revenue for the first quarter. The Valencia oil and natural gas producer reported on Thursday adjusted net income of $102 million ($1.22 a share) for the quarter ending March 31, compared with an adjusted net loss of $8 million (-16 cents) in the same period a year earlier. Revenue decreased 37 percent to $363 million.    The single analyst who follows the company expected revenue of $285 million but did not forecast on earnings, according to Thomson Financial Network.  Mark McFarland, chief executive of the company, said during a conference call with analysts to discuss the quarterly earnings that the strong first quarter generated $120 million in free cash that will allow the company to start a $150 million stock repurchase program.  

BRIEF-California Resources Corp Announces $150 Mln Share Repurchase Program

BRIEF-California Resources Corp Announces $150 Mln Share Repurchase Program Reuters 3 hrs ago CALIFORNIA RESOURCES CORP ANNOUNCES FIRST QUARTER 2021 RESULTS AND $150 MILLION SHARE REPURCHASE PROGRAM Q1 ADJUSTED EARNINGS PER SHARE $1.22 Q1 LOSS PER SHARE $1.13 PRODUCED AVERAGE OF 99,000 NET BOE PER DAY IN QUARTER SEES 2021 FREE CASH FLOW TRENDING TOWARDS HIGH END OF STATED GUIDANCE RANGE SEES 2021 TOTAL PRODUCTION 96 - 99 MBOE/D QTRLY TOTAL REVENUES $363 MILLION Source text for Eikon: Further company coverage:

California Resources Corp (CRC) Q1 2021 Earnings Call Transcript

Operator Good morning, and welcome to the California Resources Corporation First Quarter Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today s presentation, there will be an opportunity to ask questions. [Operator Instructions] I would now like to turn the conference over to Joanna Park. Please go ahead. Joanna Park Vice President of Investor Relations & Treasurer Thank you. I m Joanna Park, Vice President of Investor Relations and Treasurer. Welcome to California Resources Corporation first quarter conference call. Participating on today s call is Mac McFarland, President and Chief Executive Officer; Francisco Leon, Executive Vice President and Chief Financial Officer; Shawn Kerns, Executive Vice President of Operations and Engineering; Mike Preston, Senior Executive Vice President, CAO and General Counsel; and Jay Bys, Chief Commercial Officer, as well as several other members of the CRC executive team.

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