California Resources reports Q1 adjusted EPS $1.07, consensus 77c

Reports Q1 revenue $912M, consensus $861.62M. Delivered average net production of 141 thousand barrels of oil equivalent per day, flat quarter-over-quarter production, with drilling, completions and workover capital of $34M. “We delivered a strong start to 2025, executing our business plan that allows us to create value in a volatile macro environment while returning a record quarterly amount of capital to shareholders,” said CRC President and CEO Francisco Leon. “Our integrated strategy-anchored by low-decline conventional assets, a scalable carbon management platform, and power solutions-positions us to generate sustainable free cash flow across cycles. We are pleased with the Aera integration as the team works to realize the $185 million of synergies through the balance of this year. With 70% of our oil production hedged for 2025, a right-sized cost structure following the Aera merger, and expected progress in our CCS and power initiatives, we remain confident in our performance in 2025. We are building a different kind of energy company-one that’s resilient, returns-focused, and critical to California’s decarbonization.”