California Resources Expects Q2 Capital Program To Range $50M-$57M
Portfolio Pulse from Benzinga Newsdesk
California Resources (CRC) anticipates its Q2 capital program to be between $50M-$57M, excluding impacts from the pending Aera Merger. Post-merger, CRC plans to update its guidance. Additionally, following a Court of Appeals decision, CRC's 2024 capital program is expected to range from $200M to $240M, contingent on current permitting conditions.
May 07, 2024 | 9:59 pm
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CRC expects Q2 capital program to be $50M-$57M, excluding Aera Merger impacts. 2024 capital program projected at $200M-$240M after court ruling.
The announcement of a defined capital program range for Q2 and the future projection for 2024, excluding the Aera Merger impacts, indicates a clear strategic direction and financial planning by CRC. This clarity and forward-looking guidance are likely to be viewed positively by investors, potentially leading to a short-term uptick in CRC's stock price. The exclusion of the Aera Merger from current guidance suggests significant updates post-merger, hinting at strategic growth and expansion plans.
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