California Resources Corp (CRC)
NYSE:CRC
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California Resources Corp
(NYSE:CRC)
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Rating:58Neutral
Price Target:
$61.00
▼(-2.77% Downside)
Action:Downgraded
Date:05/09/26
The score is anchored by mid-quality financials: CRC still generates meaningful operating cash flow and maintains manageable leverage, but the TTM net loss and declining free cash flow reduce confidence in earnings stability. Technical signals are notably weak (below key moving averages with negative MACD and low RSI/Stoch), which pressures the score despite the earnings call’s strong upgraded guidance, improved efficiency, and balance-sheet/liability management.
Positive Factors
Strong operating cash generation
Sustained high operating profitability and meaningful free cash flow indicate the core California E&P operations generate durable cash to fund capex, dividends, buybacks and debt service. This cash cushion supports reinvestment and strategic optionality across commodity cycles.
Negative Factors
Earnings volatility and net loss
A sizable TTM net loss despite positive EBITDA exposes earnings to non-cash derivative swings and one-offs. Persisting negative net income erodes equity and ROE, constraining capital allocation and reducing investor confidence unless profitability normalizes.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating cash generation
Sustained high operating profitability and meaningful free cash flow indicate the core California E&P operations generate durable cash to fund capex, dividends, buybacks and debt service. This cash cushion supports reinvestment and strategic optionality across commodity cycles.
Read all positive factors
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 (CRC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.51B
Dividend Yield3.56%
Average Volume (3M)810.33K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth3.77%
EPS Growth-192.29%
CountryUS
Employees1,550
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-5.19
Shares Outstanding88,794,900
10 Day Avg. Volume809,746
30 Day Avg. Volume810,325
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 Cap1.24
Enterprise Value/Revenue1.94
Enterprise Value/Gross Profit5.12
Enterprise Value/Ebitda5.32
Forecast
1Y Price Target
$80.10Price Target Upside27.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)5.6
Revenue Forecast (FY)$3.78B
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 Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
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.Positive Updates
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.
Negative Updates
G&A Above Guidance
General & administrative expenses were higher than guidance in Q1 due to timing of legal expenses and elevated cash-settled equity compensation tied to share price appreciation; management expects G&A to trend down as Berry synergies are captured.
Read all updates
Q1-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
CRC raised its 2026 outlook while highlighting strong near-term cash generation and capital discipline: Q1 adjusted EBITDAX was $304M (≈17% above prior midpoint) with operating cash flow before working capital of $247M and free cash flow before working capital of $116M; Q1 net production averaged 154,000 BOE/d (oil 81% of mix) with realizations ~96% of Brent pre‑hedge and total Q1 capex of $131M. For Q2 the company expects 149,000 BOE/d net production, ~ $130M of capex, G&A of $95M and adjusted EBITDAX of $390M (assuming Brent $105/bbl). Full‑year 2026 guidance was raised to a midpoint adjusted EBITDAX of $1.45B (assumes Brent $91), exit gross production ~175,000 BOE/d (~1% entry‑to‑exit growth from a 174,000 BOE/d entry), total capex midpoint of $540M (D&C & workover up $100M vs. prior; facilities down $10M), an average FY rig count of ~5 (ramping to a 7‑rig peak later), D&C & workover spend under $400M (vs. prior ~$485M to maintain production), expected MOIC ≈4.5x and IRR approaching 70%, and full‑year free cash flow before working capital expected to exceed $800M; balance sheet actions included a $350M 2034 note add‑on (book >5x oversubscribed), redemption of 2029 notes, net debt $1.3B and net leverage ~1.1x LTM EBITDAX. Merger synergies are tracking ahead (over 80% captured), target raised by $10M (12%) with cumulative structural cost reductions through 2028 now upwards of $460M, and hedging leaves roughly two‑thirds of 2026 volumes participating to low‑mid $80s Brent with ~1/3 unhedged (unhedged exposure rises to ~40% in 2027 and ~80% in 2028).California Resources Corp Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.54B | 3.60B | 2.96B | 2.81B | 3.26B | 2.56B |
| Gross Profit | 1.34B | 1.43B | 1.20B | 1.33B | 1.74B | 1.25B |
| EBITDA | 1.29B | 1.48B | 1.08B | 1.07B | 1.05B | 546.00M |
| Net Income | -463.00M | 363.00M | 376.00M | 564.00M | 524.00M | 612.00M |
Balance Sheet | ||||||
| Total Assets | 7.15B | 7.40B | 7.13B | 4.00B | 3.97B | 3.85B |
| Cash, Cash Equivalents and Short-Term Investments | 40.00M | 132.00M | 372.00M | 496.00M | 307.00M | 305.00M |
| Total Debt | 1.38B | 1.36B | 1.22B | 610.00M | 662.00M | 637.00M |
| Total Liabilities | 4.23B | 3.73B | 3.60B | 1.78B | 2.10B | 2.16B |
| Stockholders Equity | 2.92B | 3.67B | 3.54B | 2.22B | 1.86B | 1.69B |
Cash Flow | ||||||
| Free Cash Flow | 390.00M | 543.00M | 350.00M | 460.00M | 311.00M | 466.00M |
| Operating Cash Flow | 788.00M | 865.00M | 605.00M | 645.00M | 690.00M | 660.00M |
| Investing Cash Flow | -792.00M | -725.00M | -1.08B | -175.00M | -317.00M | -161.00M |
| Financing Cash Flow | -170.00M | -380.00M | 348.00M | -281.00M | -371.00M | -222.00M |
California Resources Corp Technical Analysis
Positive
62.74
Price Trends
64.63
Negative
59.05
Positive
53.67
Positive
Market Momentum
-0.87
Negative
46.28
Neutral
68.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRC, the sentiment is Positive. The current price of 62.74 is below the 20-day moving average (MA) of 63.41, below the 50-day MA of 64.63, and above the 200-day MA of 53.67, indicating a neutral trend. The MACD of -0.87 indicates Negative momentum. The RSI at 46.28 is Neutral, neither overbought nor oversold. The STOCH value of 68.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $5.57B | 14.49 | 16.38% | 2.74% | -1.98% | -14.47% | |
71 Outperform | $7.24B | 18.32 | 30.86% | ― | 66.68% | 44.46% | |
67 Neutral | $5.00B | 3.75 | 27.46% | ― | 38.39% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $5.45B | 27.85 | 1.64% | 4.15% | -5.06% | -77.54% | |
58 Neutral | $5.51B | -2.16 | -13.78% | 3.56% | 3.77% | -192.29% | |
57 Neutral | $4.09B | 11.25 | 26.11% | ― | 44.84% | ― |
* Energy Sector Average
CRC
California Resources Corp
62.04
21.28
52.19%
CRK
Comstock Resources
13.94
-9.82
-41.33%
CNX
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35.31
3.67
11.60%
MUR
Murphy Oil
38.00
18.01
90.11%
MGY
Magnolia Oil & Gas
29.24
8.11
38.38%
VIST
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75.41
26.25
53.40%
California Resources Corp Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresShareholder Meetings
California Resources Highlights Strategic Progress and Shareholder Approvals
Positive
May 5, 2026
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 mil...
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.