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EX - 99.1 2 a2021q3erex991.htm EX - 99.1 CALIFORNIA RESOURCES CORPORATION Exhibit 99.1 NEWS RELEASE California Resources Corporation Reports Third Quarter 2021 Results , Declares Inaugural Quarterly . Dividend and Announces 2045 Full - Scope Net Zero Goal Santa Clarita , November 11 , 2021 - California Resources Corporation ( NYSE : CRC ) , an independent oil and natural gas company committed to energy transition in the sector , today reported third quarter 2021 operational and financial results . " Third quarter results continued to reflect strong operational performance and represented our best quarter this year in terms of free cash flow generation . These financial results enabled CRC to further enhance our shareholder return strategy by initiating a quarterly cash dividend . Additionally , we tightened our full year free cash flow guidance toward the high end of the range to $ 460 to $ 510 million , " said Mac McFarland , President and Chief Executive Officer . " Given the strength of our 2021 drilling program and the current commodity environment , we added a fourth rig in Buena Vista Shale in October . Additionally , we expect to have more than $ 325 million of cash on hand at year end after share repurchases and a cash dividend payment . " Mr. McFarland continued , " As we continue to make progress on our ESG strategy , we are excited to announce a 2045 Full - Scope Net Zero Goal which targets Scope 1 , Scope 2 and Scope 3 emissions . As planned , we also submitted our second permit to the EPA for the 26R reservoir , which when combined with our initial permit for the A1 / A2 reservoirs , makes up Carbon TerraVault I , an approximately 40 million metric ton storage capacity project . We are also happy to announce that we are progressing our partnership with SunPower on 24 MW of BTM solar projects at the Kern Front and North Shafter fields and continue to target projects in other fields to reduce our carbon footprint . With these efforts , CRC remains committed to maximize shareholder value while executing on our ESG strategy . " Primary Highlights • • • • Announced a 2045 Full - Scope Net Zero Goal for Scope 1 , 2 and 3 emissions Adopted and declared a quarterly dividend of $ 0.17 per share of common stock , totaling approximately $ 14 million payable in the fourth quarter , with subsequent quarterly dividend payments subject to final determination and Board approval Repurchased 3.1 million shares for $ 104 million through November 5 , 2021 under the share repurchase program ( SRP ) for an average share price of $ 33.99 per share Filed a Class VI permit for the 26R reservoir as part of the Carbon TerraVault I project which is targeting up to 40 million metric ton ( MMT ) CO2 permanent CCS storage • After the quarter - end , closings for the sale of our Ventura basin operations occurred with respect to the majority of the basin's assets and subsequent closings are expected to occur in the following quarters . Page 1