California Resources updated select guidance ranges for the fourth quarter of 2023 in conjunction with its participation in various investor conferences later this month. CRC‘s fourth quarter of 2023 free cash flow is expected to range between $40M-$60M primarily due to higher margins earned from natural gas marketing activities and lower investments in carbon capture and storage related subsurface land easements. This free cash flow update exceeds the previously announced fourth quarter 2023 guidance range of (5M)-$30M. Total net production for the fourth quarter of 2023 is expected to range between 82-84 thousand barrels of oil equivalent per day, which falls in line with previously issued guidance. Approximately 60% of total net production for this period is expected to be oil. Capital investments for the fourth quarter of 2023 are expected to be in the $65M-$75M range from the previously announced guidance range of $65M-$81M. Reduced capital spend in the fourth quarter of 2023 was primarily related to timing of key projects and continued efficiency gains.
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