California Resources launches strategic realignment; Leon to become CEO (NYSE:CRC)
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California Resources (NYSE:CRC) said Friday that current CFO Francisco Leon will succeed Mark McFarland as its new President and CEO, effective at the annual meeting in April, as part of a strategic realignment of its business operations and structure.
McFarland will continue as a non-executive director and chair the board of Carbon TerraVault, the company’s carbon management business.
CRC (CRC) said it will manage its carbon management business on a standalone basis over time, providing the flexibility to consider strategic options including a potential separation from the E&P business.
CRC (CRC) also will target a 5%-10% reduction in non-energy operating costs excluding downhole maintenance; the company also will reduce its rig count to 1.5 this year.
The company also reported Q4 adjusted earnings of $1.24/share and raised its stock buyback program by nearly 30% to $1.1B.
