California Resources Corporation plans to redeem $123 million of its 7.125% Senior Notes due 2026 on February 28, 2025.
Quiver AI Summary
California Resources Corporation (CRC) announced a partial redemption of its 7.125% Senior Notes due 2026, totaling $123 million, effective February 28, 2025. The redemption will occur at 100% of the principal amount plus any accrued interest, leaving a remaining balance of $122.5 million in outstanding notes. CRC emphasizes its commitment to energy transition and environmental stewardship, focusing on carbon management and reducing emissions through various projects. The company also included a cautionary note about forward-looking statements, highlighting the inherent risks and uncertainties in its business operations.
Potential Positives
- California Resources Corporation announced a partial redemption of $123 million of its 7.125% Senior Notes due 2026, indicating strong financial management and discipline.
- The planned redemption will reduce the outstanding principal amount of the Notes to $122.5 million, potentially improving the company's financial position and reducing interest expense.
- This redemption aligns with the company's commitment to energy transition and carbon management, reflecting a strategic focus on operational efficiency and sustainability.
Potential Negatives
- The issuance of a partial redemption notice for the senior notes could indicate potential liquidity issues or cash flow constraints within California Resources Corporation.
- The upcoming reduction of the total outstanding amount of Notes may raise concerns among investors regarding the company's long-term debt management strategy.
- The cautionary note regarding forward-looking statements underscores the uncertainty and risks associated with the company's future actions and financial outcomes.
FAQ
What is the notice of partial redemption issued by CRC?
California Resources Corporation announced a partial redemption of $123 million of its 7.125% Senior Notes due 2026 on February 28, 2025.
When will the redemption of the Senior Notes take place?
The redemption will occur on February 28, 2025, the designated Redemption Date set by the company.
What will be the redemption price for the Senior Notes?
The redemption price will be 100% of the principal amount plus any accrued and unpaid interest up to the Redemption Date.
How much will remain outstanding after the redemption?
After the redemption, California Resources Corporation will have an aggregate principal amount of $122.5 million of Notes outstanding.
What is California Resources Corporation's focus in the energy sector?
CRC focuses on environmental stewardship, energy transition, and maximizing the value of its land and mineral ownership while reducing emissions.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CRC Insider Trading Activity
$CRC insiders have traded $CRC stock on the open market 10 times in the past 6 months. Of those trades, 0 have been purchases and 10 have been sales.
Here’s a breakdown of recent trading of $CRC stock by insiders over the last 6 months:
- MICHAEL L. PRESTON (EVP, Chf Strategy Officer & GC) has made 0 purchases and 2 sales selling 83,000 shares for an estimated $4,580,558.
- FRANCISCO LEON (President and CEO) has made 0 purchases and 4 sales selling 20,000 shares for an estimated $1,069,676.
- NOELLE M. REPETTI (Senior VP and Controller) has made 0 purchases and 2 sales selling 18,770 shares for an estimated $1,018,927.
- OMAR HAYAT (EVP - Operations) has made 0 purchases and 2 sales selling 16,016 shares for an estimated $883,820.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CRC Hedge Fund Activity
We have seen 160 institutional investors add shares of $CRC stock to their portfolio, and 128 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARES MANAGEMENT LLC removed 1,990,709 shares (-73.7%) from their portfolio in Q4 2024, for an estimated $103,297,890
- UBS GROUP AG added 1,075,257 shares (+1272.3%) to their portfolio in Q4 2024, for an estimated $55,795,085
- FIRST TRUST ADVISORS LP added 845,694 shares (+14.2%) to their portfolio in Q4 2024, for an estimated $43,883,061
- LSV ASSET MANAGEMENT removed 758,780 shares (-28.2%) from their portfolio in Q4 2024, for an estimated $39,373,094
- HENNESSY ADVISORS INC removed 583,000 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $30,251,870
- WEISS ASSET MANAGEMENT LP removed 534,450 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $27,732,610
- BLACKROCK, INC. added 509,845 shares (+4.8%) to their portfolio in Q4 2024, for an estimated $26,455,857
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
LONG BEACH, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) (the “Company”) today announced that it has issued a notice of partial redemption (the “Notice”) with respect to its 7.125% Senior Notes due 2026 (the “Notes”). On February 28, 2025 (the “Redemption Date”), the Company will redeem an aggregate principal amount of $123 million of Notes in accordance with the terms set forth in the indenture governing the Notes.
The Notes will be redeemed at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (the “Redemption”). Following the Redemption, there will be an aggregate principal amount of $122.5 million of Notes outstanding. Additional information concerning the terms of the Redemption is contained in the Notice.
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects.
Cautionary Note Regarding Forward-Looking Statements
All statements, except for statements of historical fact, made in this release regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as statements regarding the Redemption, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, the Company expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the Company’s business, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to, the risks described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and its subsequently filed Quarterly Reports on Form 10-Q.
Contacts:
Joanna Park (Investor Relations)
(818) 661-3731
[email protected]
Richard Venn (Media)
(818) 661-6014
[email protected]
Source: California Resources Corporation
This press release was published by a CLEAR® Verified individual.
