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    Alejandra Magana • JPMorgan Chase & Co.

    Alejandra Magana's questions to California Resources Corp (CRC) leadership

    Alejandra Magana's questions to California Resources Corp (CRC) leadership • Q4 2024

    Question

    Alejandra Magana from JPMorgan Chase & Co. noted the significant increase in free cash flow returned to shareholders in 2024 and asked about the company's directional thinking on the payout percentage for 2025, considering other demands on cash.

    Answer

    CEO Francisco Leon explained that while CRC is not formulaic, it intends to be a top performer in shareholder returns. He highlighted the "tremendous value" in the stock, signaling aggressive buybacks, and noted the business's strong cash generation allows it to simultaneously return capital, pay down debt, and fund growth. He pointed to the rapid rebuild of the cash balance in the second half of 2024 as proof of this capability.

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    Alejandra Magana's questions to Par Pacific Holdings Inc (PARR) leadership

    Alejandra Magana's questions to Par Pacific Holdings Inc (PARR) leadership • Q3 2024

    Question

    Alejandra Magana of JPMorgan Chase & Co. inquired about Par Pacific's approach to share buybacks amid a challenging crack spread environment and asked if the company would leverage its balance sheet for repurchases. She also questioned the sustainability of the Logistics segment's strong quarterly EBITDA performance.

    Answer

    SVP and CFO Shawn Flores stated that Par Pacific maintains a strong liquidity position and will remain opportunistic with share buybacks, balancing attractive stock prices with the need to fund strategic growth. Regarding logistics, an executive clarified that while recent performance was strong due to peak summer utilization, the sustainable mid-cycle guidance implies a quarterly EBITDA of around $29 million, making the $30+ million level repeatable primarily in peak seasons.

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