California Resources Corp (NYSE:CRC) Q4 2022 Earnings Conference Call February 24, 2023 1:00 PM ET
Company Participants
Joanna Park - VP, IR
Mark McFarland - President, CEO & Director
Francisco Leon - EVP & CFO
Chris Gould - EVP & Chief Sustainability Officer
Jay Bys - EVP & Chief Commercial Officer
Conference Call Participants
Scott Hanold - RBC Capital Markets
Nathaniel Pendleton - Stifel, Nicolaus & Company
Leo Mariani - ROTH MKM Partners
Kalei Akamine - Bank of America Merrill Lynch
Eric Seeve - GoldenTree Asset Management
Operator
Good day, and welcome to the California Resources Corporation Fourth Quarter Earnings Conference Call. [Operator Instructions].
And now I would like to turn the conference over to Joanna Park. Please, Joanna, go ahead.
Joanna Park
Welcome to California Resources Corporation's Fourth Quarter 2022 Conference Call. Participating on today's call are Mark McFarland, President and Chief Executive Officer; Francisco Leon, Executive Vice President and Chief Financial Officer; as well as the entire Executive Committee. I'd like to highlight that we have provided slides on our Investor Relations section of our website, www.crc.com. These slides provide additional information into our operations and fourth quarter results.
We have also provided information reconciling non-GAAP financial measures discussed to the most directly comparable GAAP financial measures on our website as well as in our earnings release.
Today, we are making some forward-looking statements based on current expectations. Actual results could differ due to risk factors described in our earnings release and in our 10-K and other periodic SEC filings. As a reminder, we have allotted additional time for Q&A at the end of our prepared remarks. [Operator Instructions].
With that, I will now turn the call over to Mac.
Mark McFarland
Well, great. Thank you, Joanna. Good morning, everyone, and thank you for joining us today. Over the past 2-plus years, following the company's emergence from its financial restructuring, we have evolved CRC into an enterprise focused on generating the highest cash flow from our assets and returning that cash to shareholders. Case in point, in 2022, we returned 120% of free cash flow to shareholders through share repurchases and dividends. And we bought back 14% of the company's outstanding shares since our emergence in late 2020.
We also saw a tremendous opportunity for carbon management and have built a solid business around that. As any company -- as any focused company should do, we continue to evolve.