California Resources sees FY23 capital program $200M-$245M

The company said, "CRC expects its 2023 capital program to range between $200 and $245 million. The program includes $154 to $184 million of adjusted capital for oil and natural gas development4, $15 to $25 million of adjusted capital for carbon management projects4 and $31 to $36 million for corporate and other activities, including procuring long-lead time items for planned maintenance at CRC’s Elk Hills power plant in 2024. The foregoing amounts related to carbon management projects does not include amounts funded by Brookfield through the Carbon TerraVault JV. See Part II, Item 8 – Financial Statements and Supplementary Data, Note 8 Investment in Unconsolidated Subsidiary and Related Party Transactions for more information on CRC’s joint venture with Brookfield. The actual amount of spending under CRC’s 2023 capital program will depend on a variety of factors including regulatory and permitting status. CRC expects to produce between 85,000 and 91,000 Boe/d3 (~60% oil) in 2023. CRC plans to run a development program averaging 1.5 rigs in 2023 for drilling locations for which we already have permits and will otherwise focus on workover and maintenance activity to offset base decline following the ongoing impact of the Kern County EIR litigation. On a go-forward basis utilizing a 1.5 rig program, CRC would expect to spend ~$155 million in E&P drilling and completions and workover capital. This level of spending excludes one-time items and CMB capital which is expected to be funded by projected CTV JV contributions."