Joanna. a you, weeks about everyone, Thank with merge when us. for agreement Aera ago exciting announced to call we our X just we Energy. and I realize, joining Welcome, held thanks
comments have brief, share do we to will So keep our important some relatively information but we with you.
We will today. cover topics X
XXXX asset to carbon position our build our significant our in and value created These strengthen steps and lower to and strategy will took continue we us how XXXX We decisive our beyond. to business. First, steps results summarize our value management shareholders. to grow base, costs
real with cover an update business, estate and portfolio merger will Aera. Second, on our we CCS
deliver will of XXXX steps it another results. summarize outlook will take our we year Lastly, strong and to
talk about the a year. XXXX. over Let's lot last accomplished We
capital a strong low forecasted. we by we which achieved had base deploying operations a with decline, than year less had E&P Our
with enhance rate, recordable innovative these margins. team Our the during to total on period safety. In and XXXX, the cost the and reduce things We incident a team continued excluding continued to accomplished achieved ways lowest COVID. find focus company's new
carbon Class will Our reach as first for continued as first-mover of VI CCS state's build future the for the the management permits we EPA's decarbonization the of that milestones, business accelerate release California. such to
In were technology hub, air selected the such addition, California capture partnership in leading direct funding. DOE and Climeworks with Avnos for DAC as companies,
continue that We to is energy a prove kind company. different CRC of
annual production maintain can sheet and levels flow. cash asset our to combination, maintain that half be to also to quality We a base of half us declines, gas with to low other investors. This which, our cash generate have strong used using means cash meaningful and flow. have free coupled the allow is oil This a balance fields strong realizations, powerful discretionary us return about with allowing
Over building the of last over position. after-tax cash have returned X strong also billion while a we $XXX flows, cash which to years, shareholders, generated million of $X.XX we
once the cash peers. value further capabilities generation merger these completed, and with proposition differentiate Aera, Our CRC will from strengthen
an about launched to We across business. in and the $XX reduce streamline initiative achieved run we XXXX, annual cost During savings. cost sustainable rate million operations
our focused managing our operations. cost look and remain on we improvement continuous As existing ahead, structure we will of
no CRC with accomplish better state operate proven combination goals. Aera. than help successfully its has ability the anticipated its to California our in to example is There
out-of-state local will Aera is to post-close. environment. create out-of-country and and XX to good upside, on deliver will the and which footing for enterprise reduce California's scale, which us for the very breakevens company's stronger and will merger with we synergies supply, months a the million stronger against transaction energy put Our potential importantly, annual suppliers, compete within of $XXX fit, The with complementary
space, for own premium our decarbonize doubled than as emissions. more capture sectors well be the and better we'll to as hard-to-abate our economy to positioned we for Aera, With
us capacity the choice. pore will space increased partner Our of make
are our Basin, we state. well parts We sign management confident, and the brownfield expand carbon rapidly will other Joaquin as San in as business in additional both of greenfield to projects the from
XXXX, VI applications These storage strategically CTV CTV we tons for reservoirs, XX emission to in adding IV X located In major reservoirs new proximity submitted and California of Class EPA are Northern COX V, metric incremental sources. in an capacity. permit million storage
that greenfield XXX,XXX X CCS. tons projects metric Throughout year X and XXXX, of per added we advanced brownfield
California. X projects these and of proposed at in our Northern were clean were CTV Elk Hills, All energy park
the a week, for our Kern hold XXR EPA County will permit. hearing final This and draft
years, X we're injection final bring social receive final XXR preparing reservoir, project could team economic, with been capture gas of excited COX. it and for tons about metric past this make to the has pre-combustion Elk and announced the the we at benefits cryogenic the we our Once environmental California. for carefully plan permit Over previously the decision annual processing plant, to a investment XXX,XXX on of Hills expected our event,
an This and in will way for the the by project, power injection almost CRC's pave end enable CCS carbon will Elk emissions of plant reduction first COX Hills intensity X% of XXXX. and be from the the first
Hills and year XXR clean metric project tons XXX,XXX will also per tons hydrogen, for This permits COX provide CTV VI CRC Class at advance XX over project. sequester will Elk I. will hydrogen of nearly of of day Receipt our per
continue this this to FID Brookfield project. equity look second potential XXXX. We a will half investment to evaluate in in the of project and CRC
further forward We updates accretive CCS have later year. other this works look deals sharing the in and to
Before This me of Field. parcel, value into our about provides the X.X financial to estate we that to on million portfolio. estate we let announce give X potential Nelly real I cost developer. an transaction results, million. Huntington have some Apache cover I'm for real update to an good which sell and plug to Fort entered operations Beach happy known to a hand $X on remove indication as about $XX you wells agreement it finished Recently, of infrastructure, abandonment local a over a and surface us acre the
XX you Huntington we acres field barrels plan know, about There, X-mile Pacific about wells plug so We a track on have XXX of the Highway idle XXXX. XX that per along oil day. Beach. mature many permanently produces to active As a and or and we X,XXX at of operate Coast about located abandon during
to As are for to we unique road. the we and additional rezoning, today's advance acid continue property, diligence remediate sale deck. this down due other There the reentitlement in prepare details will
over cover to hand it Nelly financial now I'll And to results. Nelly?
