Kimmeridge Energy Discloses 3.5M Share Stake in California Resources

TL;DR

**Kimmeridge Energy just revealed a big stake in California Resources, holding 3.5M shares.**

AI Summary

Kimmeridge Energy Management Company, LLC, a Delaware-based investment firm, reported owning 3,498,554 shares of California Resources Corporation (CRC) common stock as of December 31, 2023. This represents a significant stake, giving Kimmeridge sole voting and dispositive power over these shares. This matters to investors because a large institutional holder like Kimmeridge could influence company decisions or signal confidence in CRC's future, potentially impacting stock performance.

Why It Matters

This filing reveals a major institutional investor's significant ownership in California Resources Corp, which could signal a vote of confidence or potential for future activist involvement.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of ownership and does not inherently present new risks, but rather transparency.

Analyst Insight

Investors should note Kimmeridge Energy's significant stake as a potential indicator of institutional confidence in California Resources Corp, and monitor future filings for changes in their position, which could signal shifts in their outlook.

Key Numbers

• 3,498,554 — Shares Beneficially Owned (Represents the total number of California Resources Corp shares Kimmeridge Energy Management Company, LLC has sole voting and dispositive power over.)
• 0 — Shared Voting Power (Indicates Kimmeridge Energy Management Company, LLC has exclusive control over the voting rights of its shares, not sharing with any other entity.)
• 0 — Shared Dispositive Power (Indicates Kimmeridge Energy Management Company, LLC has exclusive control over the selling or transferring of its shares, not sharing with any other entity.)

Key Players & Entities

• Kimmeridge Energy Management Company, LLC (company) — the reporting person and beneficial owner
• California Resources Corporation (company) — the issuer of the securities
• 3,498,554 (dollar_amount) — shares beneficially owned
• December 31, 2023 (date) — date of event requiring filing
• Delaware (company) — place of organization for Kimmeridge Energy Management Company, LLC

Forward-Looking Statements

• Kimmeridge Energy Management Company, LLC will maintain or increase its stake in California Resources Corporation. (Kimmeridge Energy Management Company, LLC) — medium confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common stock, par value $0.01 per share (Title of Class of Securitie

Filing Documents

• p24-0138sc13g.htm (SC 13G) — 45KB
• 0000902664-24-000840.txt ( ) — 46KB

(a)

Item 1(a). NAME OF ISSUER: The name of the issuer is California Resources Corporation (the " Company ").

(b)

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Company's principal executive offices are located at 1 World Trade Center, Suite 1500, Long Beach, California 90831.

(a)

Item 2(a). NAME OF PERSON FILING: This Statement is filed on behalf of Kimmeridge Energy Management Company, LLC (the " Reporting Person "), a Delaware limited liability company, which is, directly or indirectly, the investment adviser to Kimmeridge Energy Engagement Partners II, L.P. (the " Kimmeridge Fund ") which holds the securities reported herein. The Reporting Person is managed by a board of managers consisting of Benjamin Dell, Henry Makansi, Neil McMahon, Noam Lockshin, Alexander Inkster, Neda Jafar and Denis Laloy (each such manager, a " Kimmeridge Principal ", and collectively, the " Kimmeridge Principals ").

(b)

Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The principal business office of the Reporting Person is 15 Little West 12 th Street, 5th Floor, New York, NY 10014.

(c)

Item 2(c). CITIZENSHIP: The Reporting Person is organized as a limited liability company under the laws of Delaware.

(d)

Item 2(d). TITLE OF CLASS OF SECURITIES: Common stock, par value $0.01 per share (the " Shares ")

(e)

Item 2(e). CUSIP NUMBER : 13057Q305 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO Rules 13d-1(b), OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) ¨ Broker or dealer registered under Section 15 of the Act; (b) ¨ Bank as defined in Section 3(a)(6) of the Act; (c) ¨ Insurance company as defined in Section 3(a)(19) of the Act; (d) ¨ Investment company registered under Section 8 of the Investment Company Act of 1940; CUSIP No. 13057Q305 13G Page 4 of 6 Pages (e) ¨ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) ¨ An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) ¨ A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) ¨ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) ¨ A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) ¨ A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Item 4. The percentage used herein is calculated based upon 68,619,851 Shares reported to be outstanding as of September 30, 2023, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, filed with the Securities and Exchange Commission on November 2, 2023. The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for the Reporting Person and is incorporated herein by reference. The filing of this statement should not be construed as an admission that the Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Sh

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. DATE: January 31, 2024 KIMMERIDGE ENErGY MANAGEMENT COMPANY, LLC By: /s/ Tamar Goldstein Name: Tamar Goldstein Title: General Counsel

View Full Filing

View this SC 13G filing on SEC EDGAR