CRC reported a solid Q2 driven by drilling efficiency gains and synergy capture, with advances in carbon management and two midstream deals, CEO Francisco Leon said.
California Resources Corp. reported a solid second quarter, with drilling efficiency gains and cost synergy capture driving the oil and gas business, CEO Francisco Leon said.
"We delivered a solid quarter in our oil and gas business, driven by strong operational execution, continued synergy capture and sustainable drilling efficiency gains," Leon told analysts on the Aug. 10 earnings call. He said the results strengthened the company's outlook.
CRC also advanced its carbon management and behind-the-meter power platforms during the period. Leon said the company announced two midstream transactions that build on its strategy to generate shareholder value from its California assets.
CFO Clio Crespy was scheduled to provide financial details in prepared remarks following Leon's opening statement.
Analysts from Barclays, Mizuho, UBS, JPMorgan, RBC Capital Markets, Texas Capital Securities and Jefferies participated in the question and answer session.
CRC focuses on oil and gas production in California and has been building out carbon capture and power generation businesses as long-term growth drivers. The midstream deals Leon cited are part of that push.
Leon did not provide specific production volumes or financial metrics in his opening remarks.
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