California Resources Corp (CRC)
NYSE:CRC
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Earnings Data
Report Date
Jul 30, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.48Last Year’s EPS
1.1Same Quarter Last Year
Strong Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple strong positive developments: beats to Q1 adjusted EBITDAX, upgraded full-year guidance, robust cash flow and a strengthened balance sheet, accelerating high-return activity, improved capital efficiency and clear progress on CCS and data center initiatives. Near-term headwinds include higher G&A timing items, Q2 production timing noise from PSC mechanics and a modest inflationary impact; Uinta remains an upside-with-uncertainty opportunity. On balance the positives (financial outperformance, upgraded guidance, major strategic milestones and significant synergy capture) materially outweigh the limited operational and timing challenges.Company Guidance
Strong Q1 Adjusted EBITDAX and Upgraded Full-Year Guidance
Adjusted EBITDAX of $304 million in Q1, approximately 17% above the midpoint of guidance; company raised full-year adjusted EBITDAX midpoint to $1.45 billion (assuming $91 Brent) and noted an overall EBITDAX outlook increase of ~42% versus a ~38% rise in Brent.
Robust Cash Generation and Free Cash Flow Outlook
Operating cash flow before working capital changes was $247 million in Q1; free cash flow before working capital was $116 million in Q1 and management now expects full-year free cash flow before working capital to exceed $800 million.
Production and Realizations
Net production averaged 154,000 BOE/d in Q1 with oil representing 81% of mix and realizations at ~96% of Brent pre-hedges; company targets roughly 1% entry-to-exit gross production growth with exit gross production of ~175,000 BOE/d.
Accelerated Activity and Capital Deployment
Total capital deployed in Q1 was $131 million (high end of guidance); company is increasing summer drilling cadence by 3 rigs (2 California, 1 Utah) and plans to ramp to a peak of 7 rigs, increasing full-year midpoint total capital guidance to $540 million.
Improved Capital Efficiency and Returns
Management expects to deliver entry-to-exit growth with an average of ~5 rigs and D&C and workover capital utilization under $400 million versus prior $485 million plan to hold flat (roughly $85 million lower); expected program-level MOIC ~4.5x (up from 3.8x) and IRR approaching ~70% (stated ~40% higher than prior estimate).
Stronger Balance Sheet and Liability Management
Priced a $350 million add-on to 2034 notes (upsized from $250 million, 5x oversubscribed) and used proceeds to redeem 2029 notes, extending weighted average maturity to ~6 years and lowering interest expense; net debt ended Q1 at $1.3 billion with net leverage ~1.1x LTM EBITDAX.
Shareholder Returns
Returned $46 million to shareholders in the quarter ($36 million dividends, $10 million buybacks); cumulative returns since mid‑2021 exceed $1.6 billion and dividend yields ~2.5% with a history of growth.
Berry Merger Synergy Progress
Captured >80% of original Berry synergy target, increased synergy target by 12% (additional $10 million), and now targets cumulative synergy/structural cost reduction through 2028 of upwards of ~$460 million.
Carbon Capture & Storage (CCS) Milestone at Elk Hills
Completed construction and commissioning of California's first commercial-scale CCS project at Elk Hills cryogenic gas plant; expect final EPA notice imminently to permit first CO2 injection, positioning CRC among a small group of U.S. oil & gas companies with active CCS operations and having submitted >350 million metric tons of storage capacity to EPA.
Data Center & Power Opportunity
Top-tier national data center developer investing several million dollars to accelerate site readiness at Elk Hills; CRC can offer land (~200,000 net acres of surface), firm gas supply, power assets (~1 GW under portfolio) and CCS pairing to address California demand for clean, firm power—RCPPP discussions advancing with 3 of 5 CPUC commissioners publicly supportive of including gas+CCS.
Hedging Position Provides Downside Protection
2026 hedges cover roughly two-thirds of volumes into the low- to mid-$80s Brent while leaving ~1/3 unhedged; unhedged exposure increases in later years (~40% unhedged in 2027, ~80% unhedged in 2028), allowing downside protection with material upside participation.
CRC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CRC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 05, 2026 | $70.13 | $61.46 | -12.36% |
Mar 02, 2026 | $58.46 | $61.11 | +4.54% |
Nov 04, 2025 | $45.95 | $45.58 | -0.82% |
Aug 05, 2025 | $46.72 | $47.69 | +2.07% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does California Resources Corp (CRC) report earnings?
California Resources Corp (CRC) is schdueled to report earning on Jul 30, 2026, After Close (Confirmed).
What is California Resources Corp (CRC) earnings time?
California Resources Corp (CRC) earnings time is at Jul 30, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CRC EPS forecast?
CRC EPS forecast for the fiscal quarter 2026 (Q2) is 1.48.