California Resources Corp (CRC)
NYSE:CRC
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California Resources Corp
(NYSE:CRC)
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Rating:76Outperform
Price Target:
$76.00
▲(21.13% Upside)
Action:ReiteratedDate:04/18/26
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.
Positive Factors
Balance sheet strength & liquidity
CRC’s materially reduced leverage and larger equity base improve financial flexibility and lower refinancing risk. With ~1x leverage exit, $1.4B liquidity and recent refinancing steps, the company can fund capex, maintain buybacks and withstand commodity stress without urgent capital markets dependence.
Negative Factors
Commodity sensitivity & margin volatility
CRC’s earnings and margins remain highly linked to commodity prices, producing meaningful year-to-year volatility. Sustained weaker hydrocarbons realizations compress corporate margins and ROE, making long-term returns and payout capacity sensitive to multi-year price environments despite operational gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength & liquidity
CRC’s materially reduced leverage and larger equity base improve financial flexibility and lower refinancing risk. With ~1x leverage exit, $1.4B liquidity and recent refinancing steps, the company can fund capex, maintain buybacks and withstand commodity stress without urgent capital markets dependence.
Read all positive factors
California Resources Corp (CRC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.06B
Dividend Yield3.56%
Average Volume (3M)1.16M
Price to Earnings (P/E)10.7
Beta (1Y)0.75
Revenue Growth15.08%
EPS Growth-2.06%
CountryUS
Employees1,550
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.47
Shares Outstanding88,736,890
10 Day Avg. Volume820,384
30 Day Avg. Volume1,155,174
Financial Highlights & Ratios
PEG Ratio-0.89
Price to Book (P/B)1.06
Price to Sales (P/S)1.08
P/FCF Ratio7.16
Enterprise Value/Market Cap1.20
Enterprise Value/Revenue2.09
Enterprise Value/Gross Profit5.59
Enterprise Value/Ebitda5.42
Forecast
1Y Price Target
$78.90Price Target Upside25.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)4.97
Revenue Forecast (FY)$3.94B
California Resources Corp Business Overview & Revenue Model
Company Description
California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and ...
How the Company Makes Money
CRC primarily makes money by producing and selling crude oil, natural gas, and natural gas liquids (NGLs) from its California oil and gas fields. Revenue is generated through (1) sales of crude oil to refiners and other purchasers, typically price...
California Resources Corp Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across the company’s business lines (oil, gas, NGLs, midstream), revealing which areas drive cash generation. Segment mix highlights where profits come from, how exposed CRC is to specific commodity cycles, and where capital is being allocated.
Breaks down revenue across the company’s business lines (oil, gas, NGLs, midstream), revealing which areas drive cash generation. Segment mix highlights where profits come from, how exposed CRC is to specific commodity cycles, and where capital is being allocated.
Data provided by:
The Fly
The FlyCalifornia Resources Corp Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, record financial results, meaningful cost-synergy progress, resumed permitting, balance sheet strength and advancing CCS/power platforms — all supporting durable cash flow and shareholder returns. Headwinds include a ~14% YoY commodity price decline, softer resource adequacy payments, remaining regulatory approvals for CCS, gas-price weakness in California, and timing risk related to permits and multi-year redevelopment projects. On balance, the positive operational and financial developments, clear capital allocation discipline, and derisking of strategic initiatives outweigh the listed challenges.Positive Updates
Production Growth and Guidance
Net production increased 25% year-over-year to ~138,000 Boe/d for the full year (Q4 ~137,000 Boe/d). 2026 guidance targets ~155,000 Boe/d (midpoint), a ~12% year-over-year increase, supported by a 4-rig program and a mix weighted toward low-risk development and workovers.
Negative Updates
Commodity Price Headwind
Reported commodity prices declined ~14% year-over-year in 2025, pressuring top-line realizations and requiring cost & efficiency offset actions despite record company results.
Read all updates
Q4-2025 Updates
Positive
Negative
Production Growth and Guidance
Net production increased 25% year-over-year to ~138,000 Boe/d for the full year (Q4 ~137,000 Boe/d). 2026 guidance targets ~155,000 Boe/d (midpoint), a ~12% year-over-year increase, supported by a 4-rig program and a mix weighted toward low-risk development and workovers.
Read all positive updates
Company Guidance
CRC's 2026 guidance targets roughly $1.0 billion of adjusted EBITDAX at $65 Brent, with total capital spending of about $450 million (including $280–300 million of drilling, completions and workover capital to support a 4‑rig program), net production up ~12% year‑over‑year to ~155,000 Boe/d (≈81% oil) with ~2/3 of expected oil hedged at $65 Brent, and a program designed to cut corporate decline to roughly 2% (≈0.5% QoQ) to keep production effectively flat during the year; project-level economics are ~$9/Boe of development cost, ~4x MOIC, mid‑40% IRR at $65 Brent and ~3‑year payout, the company plans to reinvest <50% of cash flow while maintaining ~1x leverage and ~$1.4 billion liquidity (remaining buyback capacity ≈$600 million after a $430 million increase), and key breakevens are competitive — upstream maintenance in the low‑ to mid‑$50s WTI (~$54 WTI / ~$58 Brent) with a fully burdened corporate breakeven near $60 Brent (on‑hedge corporate maintenance mid‑$50s WTI); holding 2026 exit flat into steady state would require ~7 rigs and ~$485 million of D&C/workover.California Resources Corp Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.60B | 2.96B | 2.81B | 3.26B | 2.56B |
| Gross Profit | 1.43B | 1.20B | 1.33B | 1.74B | 1.25B |
| EBITDA | 1.48B | 1.08B | 1.07B | 1.05B | 546.00M |
| Net Income | 363.00M | 376.00M | 564.00M | 524.00M | 612.00M |
Balance Sheet | |||||
| Total Assets | 7.40B | 7.13B | 4.00B | 3.97B | 3.85B |
| Cash, Cash Equivalents and Short-Term Investments | 132.00M | 372.00M | 496.00M | 307.00M | 305.00M |
| Total Debt | 1.36B | 1.22B | 610.00M | 662.00M | 637.00M |
| Total Liabilities | 3.73B | 3.60B | 1.78B | 2.10B | 2.16B |
| Stockholders Equity | 3.67B | 3.54B | 2.22B | 1.86B | 1.69B |
Cash Flow | |||||
| Free Cash Flow | 543.00M | 350.00M | 460.00M | 311.00M | 466.00M |
| Operating Cash Flow | 865.00M | 605.00M | 645.00M | 690.00M | 660.00M |
| Investing Cash Flow | -725.00M | -1.08B | -175.00M | -317.00M | -161.00M |
| Financing Cash Flow | -380.00M | 348.00M | -281.00M | -371.00M | -222.00M |
California Resources Corp Technical Analysis
Neutral
62.74
Price Trends
62.19
Positive
54.61
Positive
51.63
Positive
Market Momentum
0.74
Positive
44.55
Neutral
41.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRC, the sentiment is Neutral. The current price of 62.74 is below the 20-day moving average (MA) of 66.36, above the 50-day MA of 62.19, and above the 200-day MA of 51.63, indicating a neutral trend. The MACD of 0.74 indicates Positive momentum. The RSI at 44.55 is Neutral, neither overbought nor oversold. The STOCH value of 41.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CRC.
California Resources Corp Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.06B | 10.72 | 10.34% | 3.56% | 15.08% | -2.06% | |
75 Outperform | $5.78B | 12.49 | 16.76% | 2.74% | -0.31% | -11.02% | |
71 Outperform | $7.09B | 18.32 | 37.31% | ― | 52.24% | 41.74% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $5.52B | 3.75 | 15.52% | ― | 38.39% | ― | |
65 Neutral | $5.99B | 42.92 | 2.03% | 4.15% | -10.87% | -73.21% | |
54 Neutral | $5.12B | 17.04 | 16.88% | ― | 59.93% | ― |
* Energy Sector Average
CRC
California Resources Corp
68.37
34.53
102.04%
CRK
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CNX
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MGY
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VIST
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71.64
28.87
67.50%
California Resources Corp Corporate Events
Business Operations and StrategyPrivate Placements and Financing
California Resources Amends Credit Facility to Cut Borrowing Costs
Positive
Apr 17, 2026
On April 14, 2026, California Resources Corporation executed a Ninth Amendment to its existing credit agreement with Citibank, N.A., and a syndicate of lenders. The amendment primarily revises the pricing grid to lower the company’s borrowin...
Business Operations and StrategyPrivate Placements and Financing
California Resources Announces Upsized Senior Notes Refinancing Transaction
Positive
Mar 23, 2026
On March 23, 2026, California Resources Corporation completed an upsized private offering of an additional $350 million of 7.000% senior unsecured notes due 2034, which form a single series with the $400 million of existing 2034 notes. The new not...
Executive/Board Changes
California Resources Announces New Finance Chief, Controller Transition
Neutral
Mar 16, 2026
California Resources Corp. announced that Michael Helm has been appointed Vice President – Finance and Controller and will serve as principal accounting officer effective March 16, 2026, following his role as Vice President – Finance, ...
Business Operations and StrategyPrivate Placements and Financing
California Resources Upsizes Notes Offering to Refinance Debt
Positive
Mar 12, 2026
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 ...
Business Operations and StrategyPrivate Placements and Financing
California Resources Announces $250 Million Senior Notes Offering
Positive
Mar 11, 2026
On March 11, 2026, California Resources Corporation announced a private offering of $250 million of additional 7.000% senior unsecured notes due 2034, which will be fungible with its existing $400 million 7.000% senior notes under the same indentu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.