California Resources Corporation

Good day and welcome to the California Resources Corporation third quarter 2024 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Joanna Park, Vice President of Investor Relations and Treasurer. Please go ahead.

Good morning and welcome to California Resources Corporation's third quarter conference call. Following our brief prepared remarks, members of our leadership team will be available to take your questions. By now, I hope you have had a chance to review our earnings release and supplemental slides. We've also provided information reconciling non-GAAP financial measures discussed to the most directly comparable GAAP financial measures on our website, as well as in our earnings release. Today, we will be making some forward-looking statements based on current expectations. Actual results may differ due to factors described in our earnings release and in our periodic SEC filings. As a reminder, please limit your questions to one primary and one follow-up, as this allows us to get more of you on today. I will now turn the call over to Francisco.

Thanks, Joanna. Good day, everyone. By all accounts, this has been a very strong year for CRC with excellent progress on several fronts. We are bigger and financially stronger following our combination with Aera Energy. We have successfully integrated Aera's talented workforce into CRC to form California's largest producer with a portfolio of high-quality, low decline, and low capital intensity conventional fields. Our statewide portfolio of assets and long-duration development inventory allows for flexible capital allocation opportunities through workovers and sidetracks to offset natural declines in our reservoirs. We have executed on our business strategy, demonstrating an ability to acquire assets and rapidly capture synergies to enhance returns and grow cash flows. In regards to ERA, we are ahead of schedule, as we have already implemented more than 55% of the $235 million in annual synergies. Our track record of growing cash flow per share is a core competency in the rapidly consolidating industry. We are an innovative energy solutions provider, helping California decarbonize, essential and hard to evade industries while attracting new partners and green capital to the state. And we offer a very compelling investment proposition for existing and prospective shareholders. Our equity is underpinned by the PEP value of our conventional assets and our carbon business is gaining momentum with multiple projects in various stages of development. In addition, the combination of our natural gas production with power generation, has us well positioned to monetize excess power capacity to meet this rapidly accelerating electricity demand in California. CRC has a very bright future. Before taking your specific questions, there are three things I want to discuss. First, Nelly will give us a summary of our third quarter results. Second, I will provide an update on our carbon management business and the key projects we're advancing. CRC is a sustainability leader, and our assets are uniquely positioned to provide efficient, reliable, and near-term energy solutions. Lastly, I will share some early thoughts on 2025. Although full guidance will come out in normal course next February, we wanted to highlight our top priorities. Let's get started with a recap of our third quarter results. Nelly?