$CRC
California Resources Corp

2022 Q1 Form 10-Q Financial Statement

#000160925322000028 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $153.0M $363.0M
YoY Change -57.85% -36.65%
Cost Of Revenue $182.0M $164.0M
YoY Change 10.98% -14.58%
Gross Profit -$29.00M $199.0M
YoY Change -114.57% -47.77%
Gross Profit Margin -18.95% 54.82%
Selling, General & Admin $48.00M $48.00M
YoY Change 0.0% -20.0%
% of Gross Profit 24.12%
Research & Development $1.000M $2.000M
YoY Change -50.0% -60.0%
% of Gross Profit 1.01%
Depreciation & Amortization $49.00M $52.00M
YoY Change -5.77% -56.3%
% of Gross Profit 26.13%
Operating Expenses $396.0M $436.0M
YoY Change -9.17% 626.67%
Operating Profit -$189.0M -$73.00M
YoY Change 158.9% -95.57%
Interest Expense -$13.00M -$13.00M
YoY Change 0.0% -85.06%
% of Operating Profit
Other Income/Expense, Net $1.000M -$1.000M
YoY Change -200.0% -98.96%
Pretax Income -$201.0M -$89.00M
YoY Change 125.84% -94.9%
Income Tax -$26.00M $0.00
% Of Pretax Income
Net Earnings -$175.0M -$94.00M
YoY Change 86.17% -94.77%
Net Earnings / Revenue -114.38% -25.9%
Basic Earnings Per Share -$2.23 -$1.13
Diluted Earnings Per Share -$2.23 -$1.13
COMMON SHARES
Basic Shares Outstanding 78.50M shares 83.30M shares
Diluted Shares Outstanding 78.50M shares 83.30M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $328.0M $130.0M
YoY Change 152.31% 68.83%
Cash & Equivalents $328.0M $130.0M
Short-Term Investments
Other Short-Term Assets $146.0M $71.00M
YoY Change 105.63% -15.48%
Inventory $56.00M $59.00M
Prepaid Expenses $18.00M $18.00M
Receivables $301.0M $201.0M
Other Receivables $62.00M $44.00M
Total Short-Term Assets $834.0M $461.0M
YoY Change 80.91% 29.49%
LONG-TERM ASSETS
Property, Plant & Equipment $2.684B $2.664B
YoY Change 0.75% -41.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $126.0M $94.00M
YoY Change 34.04% 17.5%
Total Long-Term Assets $3.198B $2.719B
YoY Change 17.62% -41.12%
TOTAL ASSETS
Total Short-Term Assets $834.0M $461.0M
Total Long-Term Assets $3.198B $2.719B
Total Assets $4.032B $3.180B
YoY Change 26.79% -36.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $287.0M $213.0M
YoY Change 34.74% -24.73%
Accrued Expenses $362.0M $409.0M
YoY Change -11.49% 57.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M
YoY Change 0.0%
Total Short-Term Liabilities $1.205B $622.0M
YoY Change 93.73% 14.55%
LONG-TERM LIABILITIES
Long-Term Debt $590.0M $588.0M
YoY Change 0.34% -88.23%
Other Long-Term Liabilities $178.0M $889.0M
YoY Change -79.98% 24.34%
Total Long-Term Liabilities $768.0M $1.477B
YoY Change -48.0% 106.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.205B $622.0M
Total Long-Term Liabilities $768.0M $1.477B
Total Liabilities $1.973B $2.099B
YoY Change -6.0% 66.85%
SHAREHOLDERS EQUITY
Retained Earnings $286.0M -$217.0M
YoY Change -231.8% -96.97%
Common Stock $1.294B $1.271B
YoY Change 1.81% -74.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $219.0M
YoY Change
Treasury Stock Shares 5.758M shares
Shareholders Equity $1.433B $1.046B
YoY Change
Total Liabilities & Shareholders Equity $4.032B $3.180B
YoY Change 26.79% -36.07%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$175.0M -$94.00M
YoY Change 86.17% -94.77%
Depreciation, Depletion And Amortization $49.00M $52.00M
YoY Change -5.77% -56.3%
Cash From Operating Activities $160.0M $147.0M
YoY Change 8.84% -35.53%
INVESTING ACTIVITIES
Capital Expenditures $99.00M $27.00M
YoY Change 266.67% -10.0%
Acquisitions $17.00M $0.00
YoY Change
Other Investing Activities $46.00M $0.00
YoY Change -100.0%
Cash From Investing Activities -$53.00M -$20.00M
YoY Change 165.0% 66.67%
FINANCING ACTIVITIES
Cash Dividend Paid $13.00M
YoY Change
Common Stock Issuance & Retirement, Net $71.00M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$84.00M -$25.00M
YoY Change 236.0% -83.97%
NET CHANGE
Cash From Operating Activities $160.0M $147.0M
Cash From Investing Activities -$53.00M -$20.00M
Cash From Financing Activities -$84.00M -$25.00M
Net Change In Cash $23.00M $102.0M
YoY Change -77.45% 70.0%
FREE CASH FLOW
Cash From Operating Activities $160.0M $147.0M
Capital Expenditures $99.00M $27.00M
Free Cash Flow $61.00M $120.0M
YoY Change -49.17% -39.39%

Facts In Submission

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CY2021Q1 crc Proceeds Payments On Derivative Settlements To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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31000000 USD
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12000000 USD
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11000000 USD
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11000000 USD
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30000000 USD
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30000000 USD
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57000000 USD
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59000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
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219000000 USD
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LeaseLiabilityNoncurrent
35000000 USD
CY2021Q4 crc Lease Liability Noncurrent
LeaseLiabilityNoncurrent
37000000 USD
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PremiumsReceivedOnDerivativeContractsNoncurrent
49000000 USD
CY2021Q4 crc Premiums Received On Derivative Contracts Noncurrent
PremiumsReceivedOnDerivativeContractsNoncurrent
5000000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Noncurrent
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6000000 USD
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178000000 USD
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145000000 USD
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InterestPaidNet
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CY2022Q1 us-gaap Dividends
Dividends
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CY2021Q1 us-gaap Dividends
Dividends
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CY2022Q1 us-gaap Long Term Debt
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590000000 USD
CY2021Q4 us-gaap Long Term Debt
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CY2022Q1 us-gaap Gain Loss On Sale Of Business
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2000000 USD
CY2020Q4 crc Number Of Offshore Platforms With Decommissioning Obligations Defaulted
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2 platform
CY2020Q4 crc Offshore Platforms With Decommissioning Obligations Defaulted Ownership Percent
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0.375
CY2020Q4 crc Off Shore Platforms With Decommissioning Obligations Defaulted Period Since Interest Sold
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P30Y
CY2022Q1 us-gaap Profit Loss
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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-2.23
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CY2021Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5400000 shares
CY2022Q1 us-gaap Treasury Stock Shares
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CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
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71000000 USD
CY2022Q1 us-gaap Defined Benefit Plan Contributions By Employer
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CY2022Q1 crc Defined Benefit Plan Plan Assets Contributions By Employer Amount Deferred
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1000000 USD
CY2021Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 USD
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.13
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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350000000 USD
CY2022Q1 us-gaap Treasury Stock Shares Acquired
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1668456 shares
CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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42.52
us-gaap Treasury Stock Acquired Average Cost Per Share
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37.95
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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0.17
CY2020Q4 crc Plan Of Reorganization Common Stock Capital Shares Reserved For Future Issuance
PlanOfReorganizationCommonStockCapitalSharesReservedForFutureIssuance
4384182 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
36
CY2020Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P4Y
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4295702 shares
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
628000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
432000000 USD

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