California Resources Corporation (NYSE:CRC) Q2 2024 Earnings Conference Call August 7, 2024 1:00 PM ET

Company Participants

Joanna Park - Vice President, Investor Relations & Treasurer
Francisco Leon - Chief Executive Officer
Nelly Molina - Chief Financial Officer
Jay Bys - Executive Vice President & Chief Commercial Officer

Conference Call Participants

Scott Hanold - RBC
Kalei Akamine - Bank of America
Betty Jiang - Barclays
Scott Gruber - Citigroup
Kevin MacCurdy - Pickering Energy Partners
David Deckelbaum - TD Cowen
Leo Mariani - ROTH
Noel Parks - Tuohy Brothers Investment Research

Operator

Good day, and welcome to the California Resources Corporation Second Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. [Operator Instructions] Please note this event is being recorded.

At this time, I would now like to turn the conference over to Joanna Park, Vice President of Investor Relations and Treasurer. Please go ahead.

Joanna Park

Good morning and welcome to California Resources Corporation's second quarter conference call. This is our first call, following the closing of our Aera merger and we are excited to share our progress.

Prepared comments today will come from our CEO, Francisco Leon; and our CFO, Nelly Molina. Following their remarks, we will be available to take your questions. With us on the call, we also have other members of our senior leadership team.

By now, I hope you have had a chance to review our earnings release and our supplemental slides. 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 will be making some forward-looking statements based on current expectations. Actual results may differ due to factors described in our earnings release and in our periodic SEC filings.

Thank you for joining us today. I will now turn the call over to, Francisco.

Francisco Leon

Thanks, Joanna and welcome, everyone. We are incredibly excited about the road ahead and the value creation levers, we have for existing and future shareholders. CRC is a markedly stronger company today and we're demonstrating what it means to be a different kind of energy company.

Before discussing our second quarter financial and operating highlights, I want to spend a few minutes outlining the strength of our business strategy. We are committed to generating value for shareholders, and we do that by increasing our company's cash flow per share, despite California permitting headwinds, our focus on improving margins combined with our strong and consistent share repurchase program resulted in mid-teens cash flow per share growth from 2021 to 2023.