California Resources Corporation (NYSE:CRC) Q4 2023 Earnings Conference Call February 28, 2024 1:00 PM ET
Company Participants
Joanna Park - Vice President, Investor Relations and Treasurer
Francisco Leon - Chief Executive Officer
Nelly Molina - Chief Financial Officer
Chris Gould - Chief Sustainability Officer
Conference Call Participants
Scott Hanold - RBC Capital Markets
Kalei Akamine - Bank of America
Nate Pendleton - Stifel
Leo Mariani - ROTH MKM
Noel Parks - Tuohy Brothers Investment Research
Operator
Good day and welcome to the California Resources Corporation Fourth Quarter and Year End 2023 Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Joanna Park, Vice President of Investor Relations and Treasurer. Please go ahead.
Joanna Park
Welcome to California Resources Corporation’s fourth quarter and year end 2023 conference call. Prepared comments today will come from our CEO, Francisco Leon; and our CFO, Nelly Molina. Following our prepared remarks, we will all be available to take your questions. Please limit your questions to one primary and one follow-up.
Our remarks today include forward-looking statements based on current expectations. Actual results may differ materially due to factors described in our earnings release and in our SEC filings. We undertake no obligation to update these statements as a result of new information or future events. We will also discuss our pending merger with Aera. We encourage you to read our merger proxy statement when available because they will contain important information. Copies of this and other relevant documents will be available free of charge on our website and on the SEC’s website. Additional information about the individuals participating in our proxy solicitation such as our directors and officers and their interests, will be provided in our merger proxy statement. We have also provided information reconciling non-GAAP financial measures discussed today to the most directly comparable GAAP financial measures on our website as well as in our earnings release.
I will now turn the call over to Francisco.
Francisco Leon
Thank you, Joanna. Welcome, everyone, and thanks for joining us. I realize, we just held a call about 2 weeks ago when we announced our exciting agreement to merge with Aera Energy. So we will keep our comments relatively brief, but we do have some important information to share with you.
We will cover three topics today. First, we will summarize our 2023 results and how our strategy created significant value to shareholders. We took decisive steps to strengthen our asset base, lower our costs and grow our carbon management business. These steps position us to continue to build value in 2024 and beyond. Second, we will cover an update on our CCS business, real estate portfolio and merger with Aera. Lastly, we will summarize our 2024 outlook and steps it will take to deliver another year of strong results.