California Resources sees FY24 capital program $300M-$340M

CRC’s 2024 guidance estimates exclude the pending merger with Aera. The Company intends to update guidance after the transaction closes. CRC expects its total 2024 capital program $300M-$340M assuming normal operating conditions. Of this amount, $250M-$260M is related to oil and natural gas development, $30M-$40M is related to maintenance of one of its gas processing facilities and a power plant, both of which are located in CRC’s Elk Hills field, $15M-$25M is for carbon management projects and $5M-$15M is for corporate and other activities. Through 2024, CRC expects to run a one rig program executing projects using existing permits. Subject to the availability of well permits, the Company expects to increase to a four rig program in the second half of 2024. The actual amount of spending related to oil and gas development under CRC’s 2024 capital program will depend on a variety of factors. In particular, the rate and amount of this spending depends on its ability to obtain new well permits in the second half of the year.