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California Resources Corp
(NYSE:CRC)
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Rating:60Neutral
Price Target:
$56.00
▼(-10.74% Downside)
Action:Reiterated
Date:06/27/26
CRC scores as mid-range. The biggest positive is the latest earnings call: upgraded 2026 guidance, strong near-term cash generation outlook, and continued synergy and balance-sheet progress. Offsetting that, the financial statements show a sharp TTM swing to a net loss and softer free-cash-flow momentum, and technical indicators point to weak price momentum with the stock trading below major moving averages. Valuation is mixed due to a negative P/E, partially balanced by a ~3% dividend yield.
Positive Factors
Robust cash generation and upgraded FCF outlook
Management's raised full-year free cash flow target (>$800M) and strong Q1 cash generation demonstrate durable operational cash conversion. Sustainable FCF supports debt reduction, reinvestment in high-return drilling, and ongoing shareholder distributions even through commodity cycles, improving long-term financial flexibility.
Negative Factors
TTM net loss and negative ROE
A sizable trailing-net loss and negative return on equity reflect earnings volatility and non-cash derivative impacts. Persistent or recurring losses erode equity cushions, constrain retained-capital availability for growth or buybacks, and increase sensitivity to commodity downturns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust cash generation and upgraded FCF outlook
Management's raised full-year free cash flow target (>$800M) and strong Q1 cash generation demonstrate durable operational cash conversion. Sustainable FCF supports debt reduction, reinvestment in high-return drilling, and ongoing shareholder distributions even through commodity cycles, improving long-term financial flexibility.
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
$4.55B
Dividend Yield3.56%
Average Volume (3M)814.61K
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue Growth3.77%
EPS Growth-192.29%
CountryUS
Employees2,500
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-5.19
Shares Outstanding88,794,900
10 Day Avg. Volume1,115,349
30 Day Avg. Volume814,610
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 Cap1.37
Enterprise Value/Revenue1.77
Enterprise Value/Gross Profit4.67
Enterprise Value/Ebitda19.98
Forecast
1Y Price Target
$79.25Price Target Upside26.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)5.99
Revenue Forecast (FY)$3.72B
California Resources Corp Business Overview & Revenue Model
Company Description
California Resources Corporation operates as an independent energy and carbon management company in the United States. The company operates in two segments, Oil and Natural Gas, and Carbon Management. It explores, develops, and produces crude oil,...
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:Aug 10, 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 | 313.00M | 1.23B | 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
Negative
62.74
Price Trends
59.55
Negative
60.93
Negative
54.45
Negative
Market Momentum
-2.43
Positive
27.13
Positive
11.07
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRC, the sentiment is Negative. The current price of 62.74 is above the 20-day moving average (MA) of 55.10, above the 50-day MA of 59.55, and above the 200-day MA of 54.45, indicating a bearish trend. The MACD of -2.43 indicates Positive momentum. The RSI at 27.13 is Positive, neither overbought nor oversold. The STOCH value of 11.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $4.80B | 14.37 | 16.38% | 2.74% | -1.98% | -14.47% | |
71 Outperform | $6.02B | 8.64 | 30.86% | ― | 66.68% | 44.46% | |
67 Neutral | $4.79B | 3.93 | 27.46% | ― | 38.39% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $4.57B | 53.76 | 1.64% | 4.15% | -5.06% | -77.54% | |
60 Neutral | $4.55B | -9.64 | -13.78% | 3.56% | 3.77% | -192.29% | |
60 Neutral | $4.31B | 6.31 | 26.11% | ― | 44.84% | ― |
* Energy Sector Average
CRC
California Resources Corp
50.32
4.31
9.37%
CRK
Comstock Resources
14.16
-8.96
-38.75%
CNX
CNX Resources
33.38
0.97
2.99%
MUR
Murphy Oil
31.72
6.95
28.04%
MGY
Magnolia Oil & Gas
25.01
1.96
8.50%
VIST
Vista Energy SAB de CV
61.21
12.91
26.73%
California Resources Corp Corporate Events
Business Operations and StrategyPrivate Placements and Financing
California Resources refinances debt with new 2035 notes
Positive
Jun 26, 2026
On June 26, 2026, California Resources Corporation completed a private offering of $550 million in 7.250% senior unsecured notes due January 15, 2035, with interest payable semi‑annually starting January 15, 2027, and guarantees provided by ...
Business Operations and StrategyPrivate Placements and Financing
California Resources Announces $550 Million Senior Notes Offering
Positive
Jun 16, 2026
California Resources Corporation announced on June 16, 2026, that it has priced a private offering of $550 million in senior unsecured notes due 2035, carrying a 7.250% coupon and issued at par. The notes will be guaranteed by certain existing and...
Business Operations and StrategyPrivate Placements and Financing
California Resources Announces $550 Million Senior Notes Offering
Positive
Jun 16, 2026
On June 16, 2026, California Resources Corporation announced a proposed private offering of $550 million in senior unsecured notes due 2035, to be sold to eligible institutional and non-U.S. investors under exemptions from U.S. securities registra...
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...
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.