Shares of California Resources Corporation (CRC) soared over 5% in after-hours trading on November 5, 2024, following the company's strong third-quarter 2024 financial results. The independent energy and carbon management company reported better-than-expected earnings and revenue, driven by higher commodity prices and increased production.

For the third quarter, CRC posted an adjusted net income of $402 million, or $1.50 per share, surpassing analysts' estimates of $1.34 per share. Revenue came in at $1.35 billion, beating the consensus estimate of $968.78 million by a significant margin of 39.66%. This represents a staggering 194.13% year-over-year increase in revenue from $460 million in the same period last year.

The strong financial performance can be attributed to higher realized prices for oil, natural gas liquids (NGLs), and natural gas, coupled with increased production levels. CRC's total production for the quarter averaged 165,000 barrels of oil equivalent per day (Boe/d), up 62% from 101,000 Boe/d in the third quarter of 2023.

CRC's management expressed confidence in their ability to sustain strong performance, citing ongoing efforts to maximize the value of their land, mineral ownership, and energy expertise through the development of carbon capture and storage (CCS) and other emissions-reducing projects.