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California Resources Corp (CRC) Q2 2021 Earnings Call Transcript
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Operator
Good morning, and welcome to the California Resources Corporation First Quarter Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today s presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Joanna Park. Please go ahead.
Joanna Park
Vice President of Investor Relations & Treasurer
Thank you. I m Joanna Park, Vice President of Investor Relations and Treasurer. Welcome to California Resources Corporation first quarter conference call. Participating on today s call is Mac McFarland, President and Chief Executive Officer; Francisco Leon, Executive Vice President and Chief Financial Officer; Shawn Kerns, Executive Vice President of Operations and Engineering; Mike Preston, Senior Executive Vice President, CAO and General Counsel; and Jay Bys, Chief Commercial Officer, as well as several other members of the CRC executive team.
California Resources Corp. reported its fourth quarter earnings on Thursday after emerging from Chapter 11 bankruptcy in October.
The Santa Clarita oil and gas production company entered Chapter 11 bankruptcy in August and emerged88 days later. As a result, the quarterly report includes both the “before” and “after” company, because “under fresh start accounting, the reorganized entity is considered a new reporting entity,” according to the company. Also, California Resources received $4.4 billion through a debt-to-equity swap, an amount considered income during the quarter.
As a result of the financial reorganization, the company reported a net income of $3.86 billon ($8 a share) on revenue of only $301 million for the quarter ending Dec. 31.
California Resources Corporation Announces Fourth Quarter 2020 and Full Year Results
By
Staff
3 weeks ago
SANTA CLARITA, Calif.–(BUSINESS WIRE)–California Resources Corporation (NYSE: CRC), an independent California-based oil and natural gas exploration and production company, today reported fourth quarter and full year 2020 results. Operational and financial highlights were as follows:
2020 Fourth Quarter and Full Year Highlights
For the full year of 2020, CRC reported net income of $1,871 million and an adjusted net loss attributable to common stock
1 of $257 million, excluding unusual and infrequent items primarily related to CRC’s bankruptcy proceedings and asset impairments
For the full year of 2020, reported net cash provided by operating activities of $106 million while generating free cash flow
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