California Resources (CRC) FY2023 results: revenue $2.8 billion, up 3.5% on the year
California Resources Corp. (CRC) reported revenue of $2.8 billion for fiscal 2023, the year ended 31 December 2023, up 3.5% on the year before. Net income was $564 million, up 7.6%, and diluted earnings per share $7.78. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.
Revenue
$2.8 billion
+3.5% on the year
FY2016FY2023
Operating margin
28.8%
30.0% a year earlier
FY2016FY2023
Net income
$564 million
+7.6% on the year
FY2016FY2023
Diluted EPS
$7.78
+15.3% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
653
690
660
-5.4%
Capital expenditure
185
379
194
-51.2%
Free cash flow
468
311
466
+50.5%
Free cash flow margin
16.7%
11.5%
24.7%
Cash from investing
-175
-317
-161
Cash from financing
-289
-371
-222
Depreciation and amortisation
225
198
213
+13.6%
Share-based compensation
48.0
30.0
19.0
+60.0%
Buybacks
143
313
148
-54.3%
Dividends paid
81.0
59.0
14.0
+37.3%
Dividend per share
$1.16
$0.79
$0.17
+46.1%
Diluted shares, weighted
72m
78m
83m
-6.6%
Shares outstanding at period end
69m
72m
79m
-4.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,219
1,864
1,688
+19.0%
Non-controlling interest
n/a
n/a
0.0
Debt
540
592
589
-8.8%
Operating lease liabilities
55.0
52.0
37.0
+5.8%
Finance lease liabilities
0.0
n/a
n/a
Other liabilities
1,184
1,459
1,532
-18.8%
Total liabilities and equity
3,998
3,967
3,846
+0.8%
Cash and equivalents
496
307
305
+61.6%
Receivables
216
326
245
-33.7%
Inventory
72.0
60.0
60.0
+20.0%
Other assets
3,214
3,274
3,236
-1.8%
Total assets
3,998
3,967
3,846
+0.8%
10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.