California Resources reports Q1 adjusted EPS $2.63, consensus $1.96

Reports Q1 revenue $1.02B, consensus $702.47M. The company produced an average of 89,000 net barrels of oil equivalent per day. "We’re off to a great start this year with strong quarterly free cash flow driven by operational execution and natural gas markets in California, which underscores the quality of our asset portfolio and commodity diversification strategy," said Francisco Leon, President and Chief Executive Officer. "We made good progress in advancing the plan to reposition our business, reduce our costs by $25 to $50 million on an annual run-rate basis and expand our carbon management business. Our focus remains on driving cash flow generation, increasing our financial flexibility and delivering meaningful value to our shareholders while providing the energy that California needs."