California Resources (CRC) Tops Q3 EPS by $1.13

California Resources (NYSE: CRC) reported Q3 EPS of $1.83, $1.13 better than the analyst estimate of $0.70. Revenue for the quarter came in at $588 million versus the consensus estimate of $483.6 million.

Guidance:

• Tightened 2021 free cash flow1 guidance to $460 to $510 million
• Raised 2021 adjusted EBITDAX1 guidance to $840 to $900 million
• Added a drilling rig in the fourth quarter of 2021 that was planned for 2022 due to success of the drilling program to date and continued strong commodity prices; raising 2021 capital guidance to $180 to $200 million
• Increased 2021 operating costs guidance to $700 to $720 million due to rising natural gas prices, which is more than offset by gas revenues due to CRC's net long natural gas position

For earnings history and earnings-related data on California Resources (CRC) click here.

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