California Resources Corp (CRC)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	540,000	589,000	593,000	592,000	592,000	591,000	591,000	590,000	589,000	589,000	589,000	588,000	597,000	0	0	1,000,000	4,877,000	3,900,000	4,600,000	4,800,000
Total stockholders’ equity	US$ in thousands	2,219,000	2,050,000	2,110,000	2,092,000	1,864,000	1,855,000	1,517,000	1,433,000	1,688,000	1,052,000	893,000	1,046,000	1,138,000	-2,341,000	-2,452,000	-2,183,000	-389,000	-308,000	-408,000	-426,000
Debt-to-capital ratio		0.20	0.22	0.22	0.22	0.24	0.24	0.28	0.29	0.26	0.36	0.40	0.36	0.34	—	—	—	1.09	1.09	1.10	1.10

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $540,000K ÷ ($540,000K + $2,219,000K)
= 0.20

The debt-to-capital ratio of California Resources Corporation has been relatively stable over the past five quarters, ranging between 0.20 and 0.24. This ratio indicates that the company's level of debt in relation to its total capital has been consistently moderate during this period. A lower debt-to-capital ratio signifies a lower level of debt relative to the company's total capital, which can be viewed positively by investors and creditors as it indicates a lower financial risk. Overall, the trend in California Resources Corporation's debt-to-capital ratio suggests a prudent approach to managing their capital structure and debt levels.