California Resources Highlights Strategic Progress and Shareholder Approvals

An announcement from California Resources Corp ( (CRC) ) is now available.

California Resources Corporation reported first-quarter 2026 net production of 154,000 barrels of oil equivalent per day, 81% oil, and a net loss of $711 million driven largely by non-cash losses on commodity derivatives, while generating $304 million of adjusted EBITDAX and $79 million of adjusted net income. The company increased its 2026 capital budget to $520 million-$560 million to accelerate drilling in the second half, raised its estimated 2026 adjusted EBITDAX guidance midpoint by 42% to $1.45 billion, optimized its capital structure through refinancing activities, advanced its Elk Hills carbon capture project, and saw all nine director nominees elected and its auditor and executive compensation ratified at the April 30, 2026 annual shareholders’ meeting, underscoring strategic momentum and governance continuity for investors.

California Resources is boosting activity in 2026 to capture higher oil prices and merger-related synergies, targeting an exit production rate of about 175,000 Boe/d and modest production growth. The company returned $46 million to shareholders in the quarter through dividends and buybacks, maintained strong liquidity of about $1.28 billion, and increased its expected Berry merger synergy target, signaling confidence in its multi-decade resource inventory and its ability to grow cash flow while advancing California’s first commercial-scale CCS project.

The most recent analyst rating on (CRC) stock is a Buy with a $77.00 price target. To see the full list of analyst forecasts on California Resources Corp stock, see the CRC Stock Forecast page.

Spark’s Take on CRC Stock

According to Spark, TipRanks’ AI Analyst, CRC is a Outperform.

CRC scores well on improving financial strength (strong 2025 cash flow and a materially stronger balance sheet) and supportive technical trend (price above major moving averages with moderate momentum). Valuation is reasonable with a modest P/E, while the earnings call adds upside from guided production growth and disciplined capital returns, tempered by commodity sensitivity and California regulatory/permitting and CCS-approval execution risk.

To see Spark’s full report on CRC stock, click here.

More about California Resources Corp

California Resources Corporation is an independent energy company focused on the exploration and production of oil, natural gas and natural gas liquids, with a core operating footprint in California and Utah. The company leverages a low-decline, conventional asset base and is also developing carbon capture and storage projects, positioning itself as a key supplier of energy to California while pursuing lower-carbon initiatives.

Average Trading Volume: 936,963

Technical Sentiment Signal: Buy

Current Market Cap: $6.14B

See more insights into CRC stock on TipRanks’ Stock Analysis page.