California Resources Corporation (NYSE:CRC) Q3 2022 Earnings Conference Call November 3, 2022 1:00 PM ET
Company Participants
Joanna Park - Vice President, Investor Relations and Treasurer
Mac McFarland - President and Chief Executive Officer
Francisco Leon - Executive Vice President and Chief Financial Officer
Shawn Kerns - Executive Vice President & Chief Operating Officer
Chris Gould - Executive Vice President and Chief Sustainability Officer
Conference Call Participants
Scott Hanold - RBC Capital Markets
Kalei Akamine - Bank of America
Leo Mariani - MKM Partners
Nathaniel Pendleton - Stifel
Eric Seeve - GoldenTree
Operator
Good day, and welcome to the California Resources Corporation Third Quarter Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Joanna Park, VP of Investor Relations and Treasurer. Please go ahead.
Joanna Park
Thanks. Welcome to California Resources Corporation third quarter 2022 conference call. Participating on today's call are Mac 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 our third 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 factors described in our earnings release and in our periodic SEC filings. As a reminder, we have allotted additional time for Q&A at the end of our prepared remarks, and we ask that participants limit their questions to a primary and 1 follow-up.
With that, I will now turn the call over to Mac.
Mac McFarland
Great. And thank you, Joanna. At CRC, we are a different kind of energy company. We are focused on delivering consistent and predictable free cash flow. We are focused on disciplined capital allocation and shareholder returns from the free cash that we generate, and we are focused on advancing and accelerating our carbon management business, a simple but focused strategy.
So let's discuss each of these in greater detail. First, consistent and predictable cash flow. During the third quarter, we continued to deliver strong results by producing 92,000 barrels of oil equivalent per day and $128 million of after-tax free cash flow. We did this despite externalities, including the continued litigation of the current County EIR, which has been recently resolved in the courts as well as ongoing inflationary pressures. We were able to accomplish these results because we have a robust portfolio of assets that allows us to adapt to the ever-changing landscape. Our portfolio allowed us to ramp up the 5 D&C rigs during the year and increase our downhole maintenance activity to deliver on our production goals.