📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

California Resources Corporation operates as an independent energy and carbon management company in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding CRC

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	187.2K	$13.0M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses precise figures and milestones: record $290 million shareholder returns, $235 million synergies achieved three months early, 7% increase in adjusted EBITDA guidance, and 9% improvement in free cash flow outlook. Language like 'extremely well,' 'phenomenal,' and 'very solid quarter' reinforces confidence.

Q3 2025

Confident Specific

Francisco Leon describes the quarter as 'another strong quarter' and 'exceptionally well', and highlights 'meaningful improvements' in the regulatory environment; Clio Crespy notes 'operating performance once again exceeded expectations' and underscores 'strong cash flow generation and low leverage'.

Q4 2025

Confident Specific

Management repeatedly uses phrases like 'record financial performance', 'stronger and more resilient', and 'meaningful progress' while citing specific numbers such as 25% production growth, $1.25 billion EBITDAX, and $543 million free cash flow, indicating strong conviction and specificity.

Q1 2026 latest

Confident Specific

The CEO describes a 'solid start' and 'unprecedented energy market volatility' creating tailwinds, and provides specific numbers: increasing drilling cadence by three rigs, raising adjusted EBITDAX guidance by over 40%, and targeting 1% production growth.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management demonstrated improved capital efficiency (flat to modest growth with fewer rigs and lower capital than previously expected), raised EBITDAX guidance by over 40% (outpacing the commodity price rise), and provided tangible progress on CCS (awaiting final EPA permit) and data center partnerships (a top-tier developer investing capital for site readiness). The key watch items are: (1) the timing of first CO2 injection at Elk Hills, (2) any binding data center agreements or power purchase contracts, (3) the trajectory of production growth into 2027 maintenance capital level, and (4) the allocation of excess free cash flow between buybacks and further investment.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED CRC raises 2026 EBITDAX guidance 40%, targets 1% production growth, launches CCS.

Revenue & Profitability

Q1 2026 adjusted EBITDA was $304 million, approximately 17% above the midpoint of guidance. Operating cash flow before working capital was $247 million. Full-year adjusted EBITDAX midpoint is raised to $1.45 billion, assuming $91/bbl Brent. Free cash flow before working capital is expected to exceed $800 million for 2026. Net debt stood at $1.3 billion with net leverage of 1.1x.

Outlook

Management sees a constructive macro backdrop: Middle East volatility, California's reliance on over 60% foreign oil, and state recognition of the need for local production to ensure affordability and reliability. Recent legislative efforts to improve permitting are progressing. The CPUC is considering including natural gas with CCS in the Reliable and Clean Power Procurement Program, which would be a game changer.

Growth Drivers

Growth is driven by accelerating drilling cadence to seven rigs (two in California, one in Utah), targeting 1% entry-to-exit gross production growth in 2026 (exit 175,000 BOE/d). The Uinta Basin offers over 200 gross Uteland Butte locations and additional benches under evaluation. Data center and CCS opportunities are gaining momentum, with CCS at Elk Hills expected to start CO2 injection soon.

Balance Sheet & CapEx

Full-year 2026 total capital guidance midpoint increased to $540 million. D&C and workover capital is $100 million above prior plan, reflecting a ramp to seven rigs in the second half. Facilities capital was reduced by $10 million due to field-level rationalization. Q2 capital expected at approximately $130 million, reflecting increased drilling activity in June.

Margins

Structural margin expansion is evident: EBITDAX growth of ~42% outpacing Brent's 38% increase, driven by high-return drilling, structural cost discipline, and incremental synergies. Program-level returns: approximately 4.5x MOIC and nearly 70% IRR. Inflation is modest (~$6-8 million impact in 2026) and more than offset by structural improvements. G&A is trending down with Berry synergies.

Key Risks

Management flagged commodity price volatility; hedging settlements on a monthly basis caused a $30-40 million EBITDA timing difference in Q1. Inflation is modest but present, primarily from fuel costs. Net production is affected by PSC mechanics in Long Beach. Regulatory risks remain but permitting is improving. In Q2, a short maintenance window at the Elk Hills power plant is planned.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-10

Strong operational execution and synergy capture drove a solid quarter, with production and cost efficiencies improving long-term outlook. Strategic midstream acquisitions and CCS milestones enhance integration and market access, while capital allocation remains balanced.

Q1 2026 Q1 2026 2026-05-06

Q1 2026 saw strong financial performance, with adjusted EBITDA 17% above guidance and a raised full-year outlook. Accelerated drilling, improved capital efficiency, and CCS milestones position the business for growth, while merger synergies and disciplined capital allocation enhance returns.

Q4 2025 Q4 2025 2026-03-02

Record 2025 results featured 25% production growth, $1.25B adjusted EBITDAX, and 94% of free cash flow returned to shareholders. 2026 guidance projects 12% production growth, $1B adjusted EBITDA, and continued capital discipline, with CCS and power platforms advancing.

Q3 2025 Q3 2025 2025-11-04

Q3 2025 saw strong operational and financial results, with stable production, robust cash flow, and a strengthened balance sheet. Regulatory improvements and strategic initiatives, including the Berry merger and CCS projects, position the company for continued growth and value creation.

Q2 2025 Q2 2025 2025-08-05

Record shareholder returns, strong operational execution, and early realization of merger synergies drove improved guidance and robust liquidity. Progress on CCS and power projects, plus regulatory momentum, position the company for growth and resilience.

📊 Analysis Methodology

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