California Resources Corp (NYSE:CRC) stock fell 2.92% (As on March 5, 11:16:22 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the fourth quarter of FY 24. For the quarter, the company has generated $206 million of net cash flow provided by operating activities, $258 million of operating cash flow before changes in operating assets and liabilities and $118 million in free cash flow. The company has reported net income of $33 million, adjusted net income of $84 million and adjusted EBITDAX of $316 million. The company has delivered average net production of 141 thousand barrels of oil equivalent per day (MBoe/d) (79% oil); exited 2024 with 163 MBoe/d of gross production. The company has returned $92 million to shareholders (~78% of fourth quarter free cash flow) via share repurchases and dividends. The company has received California’s first Environmental Protection Agency (EPA) Class VI well permits for underground carbon dioxide (CO2) injection and storage into the 26R reservoir. In fiscal 2024, the company has Transformed and scaled the business through successful Aera merger, and achieved more than 70% of its targeted $235 million in merger-related synergies. The company has  exited 2024 with $354 million in available cash, $983 million in available borrowing capacity and liquidity of $1,337 million. The company has sold 0.9 acre Fort Apache real estate property in Huntington Beach for approximately $10 million. Further, the company has signed new CO2 management agreements (CDMA) and memoranda of understanding (MOU) to sequester up to 5.4 million metric tons per annum (MMTPA) of CO2 emissions with reputable national partners and approved California’s first carbon capture and storage (CCS) project.

CRC in the fourth quarter of FY 24 has reported the adjusted earnings per share of 91 cents, missing the analysts’ estimates for the adjusted earnings per share of 99 cents, according to FactSet. The company had reported the adjusted revenue of $877 million in the fourth quarter of FY 24, missing the analysts’ estimates for revenue of $896.2 million.

For the quarter, the company expects Net Production of 138 MBoe/d to 142 MBoe/d and Net Oil Production of 79%. For the year, the company expects Net Production of 132 MBoe/d to 138 MBoe/d and Net Oil Production of 79%. For fiscal 2025, capital investments expected to range between $285 – $335 million, including drilling, completions and workover capital of $165 – $180 million and carbon management capital of $20 – $30 million.