California Resources Corp (CRC)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	748,000	598,000	1,207,000	1,338,000	761,000	962,000	486,000	109,000	216,000	-225,000	-357,000	-517,000	-2,219,000	-2,162,000	-2,039,000	-1,756,000	-27,000	385,000	357,000	263,000
Revenue (ttm)	US$ in thousands	2,801,000	2,757,000	3,422,000	3,578,000	2,707,000	2,659,000	2,122,000	1,679,000	1,889,000	1,407,000	1,228,000	1,200,000	1,410,000	1,868,000	2,140,000	2,517,000	2,634,000	3,102,000	3,249,000	3,145,000
Pretax margin		26.70%	21.69%	35.27%	37.40%	28.11%	36.18%	22.90%	6.49%	11.43%	-15.99%	-29.07%	-43.08%	-157.38%	-115.74%	-95.28%	-69.77%	-1.03%	12.41%	10.99%	8.36%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $748,000K ÷ $2,801,000K
= 26.70%

The pretax margin for California Resources Corporation has fluctuated over the past five quarters. In Q2 2023, the company achieved its highest pretax margin of 35.27%, indicating that for every dollar of revenue earned, the company retained 35.27 cents before accounting for taxes. This was followed by a decline in Q3 2023 to 21.69%. However, in Q4 2023, the pretax margin improved to 26.70%, though still below the peak in Q2.

Comparing the latest quarter to the prior year, there has been a slight increase in pretax margin from 28.11% in Q4 2022 to 26.70% in Q4 2023. This implies that the company has managed its operating expenses more efficiently in the most recent quarter.

Overall, while there have been fluctuations in the pretax margin over the quarters, the trend seems to indicate some variability in the company's ability to generate earnings before taxes, with Q2 2023 being a standout quarter in terms of profitability in comparison to the other quarters.