California Resources Corp. Files 8-K

TL;DR

CRC filed an 8-K on March 8, 2024, detailing a material definitive agreement.

AI Summary

California Resources Corp. (CRC) entered into a Material Definitive Agreement on March 8, 2024, related to its business operations. The filing also includes Regulation FD Disclosures and Financial Statements and Exhibits. The company is incorporated in Delaware and headquartered in Long Beach, California.

Why It Matters

This 8-K filing indicates a significant event or agreement for California Resources Corp., which could impact its financial standing and operational strategy.

Risk Assessment

Risk Level: medium — 8-K filings often signal material events that can introduce volatility and uncertainty for investors.

Key Numbers

• 001-36478 — SEC File Number (Identifies the company's filing with the SEC.)
• 46-5670947 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• California Resources Corp. (company) — Registrant
• March 8, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• Long Beach (location) — Principal Executive Offices City

FAQ

Key Financial Figures

• $1.1 billion — aggregate elected commitment amount to $1.1 billion and increase its borrowing base to $1.5
• $1.5 billion — lion and increase its borrowing base to $1.5 billion. These commitments are subject to satis

Filing Documents

• crc-20240308.htm (8-K) — 28KB
• a20240308exhibit101.htm (EX-10.1) — 130KB
• 0001609253-24-000048.txt ( ) — 295KB
• crc-20240308.xsd (EX-101.SCH) — 2KB
• crc-20240308_lab.xml (EX-101.LAB) — 22KB
• crc-20240308_pre.xml (EX-101.PRE) — 13KB
• crc-20240308_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On March 8, 2024, California Resources Corporation (the "Company" or "CRC") entered into a third amendment (the "Amendment") to its Amended and Restated Credit Agreement, dated as of April 26, 2023, with Citibank, N.A., as administrative agent, collateral agent and issuing bank, and the several lenders party thereto (as amended, the "Revolving Credit Facility"). The purpose of the Amendment was to facilitate certain matters with respect to its pending merger with Aera Energy, LLC (the "Aera Merger"), including the postponement of its regular spring borrowing base redetermination until the fall of 2024 and certain other amendments. The above description of the Amendment is not complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. In connection with the abovementioned Amendment, the Company separately received commitments from new and existing lenders under its Revolving Credit Facility to increase the aggregate elected commitment amount to $1.1 billion and increase its borrowing base to $1.5 billion. These commitments are subject to satisfaction of certain conditions precedent, including closing of the Aera Merger. The information contained in this report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing. Forward-Looking Statement Disclosure This document contains statements that CRC believes to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts are forward-looking statements, and include statements regarding CRC's capital program and drilling program. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Although CRC believes the expectations reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. CRC cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to its business, most of which are difficult to predict and many of which a

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Third Amendment to Amended and Restated Credit Agreement, entered into effective as of March 8, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. California Resources Corporation /s/ Michael L. Preston Name: Michael L. Preston Title: Executive Vice President, Chief Strategy Officer and General Counsel DATED: March 11, 2024

View Full Filing

View this 8-K filing on SEC EDGAR