California Resources H2 2024 Guidance Includes $30M Aera Merger Synergies And $60M Interest Savings; CRC Increases Annual Dividend To $1.55 Per Share
Portfolio Pulse from Benzinga Newsdesk
California Resources Corporation (CRC) has provided its H2 2024 guidance, highlighting $30M in synergies from the Aera merger and $60M in interest savings. CRC has increased its annual dividend to $1.55 per share. The company expects Q3 net production of 141-145 MBoe/d with $90M-$110M in capital expenditures and $375M-$415M in adjusted EBITDAX. CRC repurchased 0.7M shares for $35M in Q2 and completed a $600M senior notes offering to repay debt.

August 06, 2024 | 8:40 pm
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California Resources Corporation (CRC) has announced its H2 2024 guidance, including $30M in synergies from the Aera merger and $60M in interest savings. The company has increased its annual dividend to $1.55 per share and expects Q3 net production of 141-145 MBoe/d. CRC repurchased 0.7M shares for $35M in Q2 and completed a $600M senior notes offering to repay debt.
The announcement of $30M in synergies from the Aera merger and $60M in interest savings is positive for CRC's financial health. The increase in annual dividend to $1.55 per share is likely to attract income-focused investors. The expected Q3 net production and the repurchase of shares indicate strong operational performance and shareholder value return. The completion of a $600M senior notes offering to repay debt further strengthens the company's balance sheet.
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