CRC Completes Asset Acquisition, Reports Financials
Ticker: CRC · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1609253
| Field | Detail |
|---|---|
| Company | California Resources CORP (CRC) |
| Form Type | 8-K |
| Filed Date | Jul 1, 2024 |
| Risk Level | medium |
| Pages | 13 |
| Reading Time | 15 min |
| Key Dollar Amounts | $630 million, $1.1 billion, $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, debt, equity-sale, financial-condition
TL;DR
CRC just bought assets, took on debt, and sold stock. Big moves happening.
AI Summary
California Resources Corp. (CRC) announced on June 28, 2024, the completion of its acquisition of assets from 01 Energy & Transportation. The company also entered into a material definitive agreement related to this transaction and reported on its results of operations and financial condition. Additionally, CRC disclosed the creation of a direct financial obligation and an unregistered sale of equity securities.
Why It Matters
This filing indicates significant operational and financial activity for California Resources Corp., including asset acquisition and potential new debt obligations, which could impact its future performance and investor outlook.
Risk Assessment
Risk Level: medium — The filing details a material definitive agreement, completion of an acquisition, and creation of financial obligations, all of which carry inherent business and financial risks.
Key Players & Entities
- California Resources Corp (company) — Registrant
- 01 Energy & Transportation (company) — Seller of acquired assets
- June 28, 2024 (date) — Date of earliest event reported
- 20240628 (date) — Conformed period of report
FAQ
What specific assets were acquired from 01 Energy & Transportation?
The filing does not specify the exact assets acquired from 01 Energy & Transportation, only that the acquisition was completed on June 28, 2024.
What is the nature of the material definitive agreement entered into by California Resources Corp.?
The filing indicates a material definitive agreement was entered into, but its specific terms and purpose are not detailed in the provided text.
What is the direct financial obligation created by California Resources Corp.?
The filing states the creation of a direct financial obligation, but the details of this obligation, including its amount and terms, are not provided.
When did the unregistered sale of equity securities occur?
The filing mentions an unregistered sale of equity securities, but the date of this sale is not specified in the provided text.
What are the key results of operations and financial condition reported by California Resources Corp.?
The filing notes that results of operations and financial condition are reported, but the specific details of these results are not included in the provided excerpt.
Filing Stats: 3,807 words · 15 min read · ~13 pages · Grade level 12.6 · Accepted 2024-07-01 16:32:57
Key Financial Figures
- $630 million — nder the Revolving Credit Facility from $630 million to $1.1 billion. As a condition to th
- $1.1 billion — ng Credit Facility from $630 million to $1.1 billion. As a condition to the effectiveness
- $0.01 — hares of common stock of CRC, par value $0.01 per share (" Common Stock "). -3- T
Filing Documents
- d845209d8k.htm (8-K) — 64KB
- d845209dex101.htm (EX-10.1) — 159KB
- d845209dex102.htm (EX-10.2) — 81KB
- d845209dex103.htm (EX-10.3) — 81KB
- d845209dex105.htm (EX-10.5) — 88KB
- d845209dex106.htm (EX-10.6) — 21KB
- d845209dex107.htm (EX-10.7) — 21KB
- d845209dex991.htm (EX-99.1) — 38KB
- g845209g0630011750313.jpg (GRAPHIC) — 3KB
- 0001193125-24-173343.txt ( ) — 809KB
- crc-20240628.xsd (EX-101.SCH) — 3KB
- crc-20240628_lab.xml (EX-101.LAB) — 18KB
- crc-20240628_pre.xml (EX-101.PRE) — 11KB
- d845209d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits (a) Financial statements of business acquired The audited consolidated and combined financial information of (i) the combined activity of the Aera Companies in respect of the period prior to February 28, 2023 and (ii)(x) the combined activity of Green Gate Holdings, LLC (" GGR Holdings ") and its consolidated subsidiaries in respect of the period subsequent to the incorporation of GGR Holdings on August 31, 2022 through December 28, 2023 and (y) the combined activity of Green Gate Resources Parent, LLC (" GGR Parent ") and its consolidated subsidiaries with respect to the period from and after December 29, 2023 (the entities described in clauses (i) and (ii) on an individual basis and collective basis, as the context requires, " Aera Parent "), as of and for the fiscal years ended December 31, 2023 and 2022, and the notes related thereto, is included in CRC's Definitive Proxy Statement on Schedule 14A, filed on May 7, 2024 (the " Transaction Proxy Statement "), beginning on page F-4 thereof, and is incorporated herein by reference. The unaudited condensed combined financial information of Aera Parent, which includes condensed consolidated and combined (i) statements of operations for the three-month periods ending on March 31, 2024 and March 31, 2023, (ii) balance sheets as of March 31, 2024 and December 31, 2023, (iii) statements of members' and stockholders' equity as of March 31, 2024, and (iii) statements of cash flows for the three-month periods ending on March 31, 2024 and March 31, 2023, and the notes related thereto, is included in the offering memorandum excerpts filed as Exhibit 99.2 to CRC's Current Report on Form 8-K, filed on May 20, 2024, beginning on page 18 thereof, and is incorporated herein by reference. (b) Pro forma financial information The unaudited pro forma condensed combined financial information of CRC and Aera Parent for the fiscal year ended December 31, 2023 is included in the Transaction Proxy