California Resources Corp. launched a share repurchase program to acquire up to $150 million of its common stock, which its CEO said was the result of the company’s “positive first-quarter results.”

“This promising step underpins our robust financial fundamentals which are further strengthened by CRC’s 2021 projected free cash flow,” Mac McFarland, president and CEO of California Resources, said in a statement.

“As CRC is tracking to the high end of 2021 free cash flow guidance, we will look for additional ways to return capital to our shareholders as the year progresses,” McFarland added.

For the first quarter, California Resources reported a net loss attributable to common stock of $94 million, or $1.13 per diluted share. Adjusted net income was $102 million, or $1.22 per diluted share.

California Resources also reported a generated adjusted EBITDAX of $189 million and free cash flow of $120 million. The company said it reaffirmed 2021 free cash flow guidance and optimized investment dollars by shifting $15 million from drilling and completions to downhole maintenance projects, which it noted provides efficiencies and faster payouts.

During the quarter, California Resources produced an average of 99,000 net boe/d, including 60,000 bbl/d of oil. The company said this represented a decrease of 18% from 121,000 boe/d a year ago. The decrease was primarily due to limited drilling activity and capital investment during the prior 12 months, according to the company release.

Production was also negatively impacted by approximately 1,000 boe/d in the first quarter due to downtime at one of California Resources’ gas processing plants, the company added.

California Resources operated one drilling rig in the San Joaquin Basin and 30 maintenance rigs during the first quarter. The company drilled 17 wells—15 online in first quarter and final two online in the second quarter—and completed 40 capital workovers.

Based in Santa Clarita, Calif., California Resources describes itself as an E&P company committed to environmentally sustainable and responsible development of its properties. The company has a large portfolio of lower-risk conventional opportunities in each of California’s four major oil and gas basins: San Joaquin, Los Angeles, Ventura and Sacramento.