California Resources Upsizes Notes Offering to Refinance Debt

California Resources Corp ( (CRC) ) has issued an announcement.

On March 11, 2026, California Resources Corporation announced it had priced an upsized private offering of $350 million in additional 7.000% senior unsecured notes due 2034 at 100.500% of par, increased from a previously planned $250 million. The new notes, which align in terms with $400 million of existing 7.000% senior notes issued in 2025, will form a single series under the same indenture, with the offering expected to close on March 23, 2026, subject to customary conditions.

CRC plans to use the net proceeds from the new notes, together with cash on hand or borrowings under its revolving credit facility, to redeem $350 million of its higher-coupon 8.250% senior unsecured notes due 2029 at par plus an applicable premium and accrued interest. The move effectively refinances more expensive debt with longer-dated securities, which should lower the company’s interest burden over time and extend its debt maturity profile, while accessing capital through a Rule 144A/Reg S private placement aimed at institutional and non-U.S. investors.

The most recent analyst rating on (CRC) stock is a Buy with a $72.00 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 primarily on improving financial strength (notably balance sheet deleveraging and strong 2025 free cash flow) and a favorable earnings-call setup (disciplined 2026 plan with growth, liquidity, and shareholder returns). Technicals reinforce the positive setup with price above key moving averages and bullish momentum. Valuation is also supportive with a low P/E and a solid dividend, while the main offset remains cyclicality-driven margin and commodity/regulatory 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 and carbon management company focused on advancing the energy transition while providing locally sourced, responsibly produced energy in California. The company also seeks to leverage its land, mineral ownership and operational expertise to develop carbon capture, storage and other emissions-reducing projects that enhance decarbonization efforts.

Average Trading Volume: 908,588

Technical Sentiment Signal: Buy

Current Market Cap: $5.46B

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