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EX - 99.1 2 a2021q2erex991.htm EX - 99.1 CALIFORNIA RESOURCES CORPORATION Exhibit 99.1 NEWS RELEASE California Resources Corporation Reports Second Quarter 2021 Results , Increases Free Cash Flow Guidance , Raises Share Repurchase Program to $ 250 Million and Announces Strategic A & D Transactions Santa Clarita , August 5 , 2021 - California Resources Corporation ( NYSE : CRC ) , an independent oil and natural gas company committed to energy transition in the sector , today reported second quarter 2021 operational and financial results . " CRC continued to deliver on its strategy with strong second quarter results driven by robust financial and operational performance , resulting in an increase in 2021 free cash flow¹ guidance to $ 400 to $ 500 million . Given our financial strength and low stock valuation relative to fundamentals , we are increasing our Share Repurchase Program from $ 150 million to $ 250 million , " said Mac McFarland , President and Chief Executive Officer . " I am also pleased to announce an acquisition of the 90 % working interest in the joint venture wells held by our partner as well as a planned divestiture of our non - core Ventura operations . These strategic A & D transactions will simplify our business model , lower our overall operating costs and provide positive net cash proceeds . " Mr. McFarland continued , " We continued to make strides on our ESG strategy and are pleased to announce we have identified approximately one billion metric tons of CO2 permanent storage capacity as well as up to 1,000 megawatts ( MW ) of front - of - the - meter solar opportunities which will help contribute to the decarbonization of California . As a first step , we are submitting permits for an ~ 40 million metric ton permanent storage CCS project , Carbon TerraVault I. Further , we are advancing arrangements with SunPower for an initial 12 MW and up to 45 MW of behind - the - meter solar projects . " I'm also excited to announce the appointment of Nicole Neeman Brady to our Board and look forward to her contributions , particularly on the Sustainability Committee . " Second Quarter 2021 Highlights Financial • • • Reported a net loss attributable to common stock of $ 111 million , or $ 1.34 per diluted share . Adjusted net income¹ was $ 78 million , or $ 0.94 per diluted share Generated net cash provided by operating activities of $ 127 million , adjusted EBITDAX¹ of $ 169 million and free cash flow¹ of $ 77 million Closed the quarter with $ 151 million of cash on hand , an undrawn credit facility and $ 518 million of liquidity² • Sustained non - energy operating costs and general and administrative ( G & A ) expense improvements achieved earlier in 2021 Page 1