California Resources (California Resources) Operating Income : $791 Mil (TTM As of Dec. 2023)

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What is California Resources Operating Income?

California Resources's Operating Income for the three months ended in Dec. 2023 was $139 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $791 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. California Resources's Operating Income for the three months ended in Dec. 2023 was $139 Mil. California Resources's Revenue for the three months ended in Dec. 2023 was $607 Mil. Therefore, California Resources's Operating Margin % for the quarter that ended in Dec. 2023 was 22.90%.

California Resources's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. California Resources's annualized ROC % for the quarter that ended in Dec. 2023 was 11.72%. California Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 39.77%.

California Resources Operating Income Historical Data

The historical data trend for California Resources's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

California Resources Operating Income Chart

California Resources Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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488.00

873.00

1,306.00

791.00

California Resources Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															265.00	347.00	116.00	189.00	139.00

California Resources Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $791 Mil.

California Resources (OTCPK:CRCQQ) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

California Resources's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	556 * ( 1 - 29.59% )	/	( (3374	+	3307)	/ 2 )
=	391.4796	/	3340.5
=	11.72 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	3952	-	343	-	( 479	-	max(0, 694	-	929	+	479	))
=	3374

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	3998	-	378	-	( 496	-	max(0, 616	-	929	+	496	))
=	3307

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

California Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1120	/	( ( (2790 + max(-302, 0))	+	(2843 + max(-230, 0)) )	/	2 )
=	1120	/	( ( 2790	+	2843 )	/	2 )
=	1120	/	2816.5
=	39.77 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(243	+	71	+	65)	-	(343	+	0	+	338)
=	-302

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(216	+	72	+	83)	-	(378	+	0	+	223)
=	-230

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

California Resources's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	139	/	607
	=	22.90 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

California Resources Operating Income Related Terms

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California Resources (California Resources) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » California Resources Corp (OTCPK:CRCQQ) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

CRC:USA 1CLD:Germany

Address

1 World Trade Center, Suite 1500, Long Beach, CA, USA, 90831

Website

https://www.crc.com

California Resources Corp is an independent oil and natural gas exploration and production company operating properties exclusively within California. It provides affordable and reliable energy in a safe and responsible manner, to support and enhance the quality of life of Californians and the local communities in which the company operates. It has some of the lowest carbon intensity production in the United States and is focused on maximizing the value of its land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. CRC has a large portfolio of lower-risk conventional opportunities in the following California oil and gas basins: San Joaquin, Los Angeles, Ventura, and Sacramento.

Executives

Roy Pineci	officer: SVP - Finance	10889 WILSHIRE BOULEVARD, LOS ANGELES CA 90024
William E Albrecht	director	9200 OAKDALE AVENUE, SUITE 900, LOS ANGELES CA 91311
Marshall D Smith	officer: Senior EVP & CFO	9200 OAKDALE AVENUE, SUITE 900, LOS ANGELES CA 91311
Avedick Baruyr Poladian	director	701 WESTERN AVENUE, GLENDALE CA 91201
Harry T. Mcmahon	director	9200 OAKDALE AVENUE, SUITE 900, LOS ANGELES CA 91311
Laurie Siegel	director	C/O VOLT INFORMATION SCIENCES, INC., 1133 AVENUE OF THE AMERICAS, 15TH FLOOR, NEW YORK NY 10036
Harold M Korell	director	9200 OAKDALE AVENUE, SUITE 900, LOS ANGELES CA 91311
Justin A. Gannon	director	3 CHESTER DOWNS, SAN ANTONIO TX 78257
Anita M. Powers	director	9200 OAKDALE AVENUE, SUITE 900, LOS ANGELES CA 91311
Robert V Sinnott	director	1800 AVENUE OF THE STARS, 3RD FLOOR, LOS ANGELES CA 90067
Michael S. Helm	officer: Vice President and Controller	5201 TRUXTUN AVE, BAKERSFIELD CA 93309
Havner Ronald L Jr	director	701 WESTERN AVENUE, GLENDALE CA 91201
Timothy J Sloan	director	333 S GRAND AVENUE, LOS ANGELES CA 90071
Catherine A Kehr	director	10000 ENERGY DRIVE, P. O. BOX 12359, SPRING TX 77391
Occidental Petroleum Corp /de/	10 percent owner	5 GREENWAY PLAZA, SUITE 110, HOUSTON TX 77046