California Resources Corp (CRC)
NYSE:CRC
Want to see CRC full AI Analyst Report?
Top Page
California Resources Corp
(NYSE:CRC)
Select Model
Select Model
Rating:61Neutral
Price Target:
$60.00
▼(-4.37% Downside)
Action:Reiterated
Date:06/17/26
The score is driven primarily by mid-quality financial performance (solid operating cash flow and manageable leverage but a TTM net-loss swing and weaker FCF momentum) and a positive earnings-call outlook (raised 2026 guidance and strong cash-generation expectations). Offsetting these, technical indicators remain weak with the stock below key moving averages and negative MACD, while valuation is mixed due to a negative P/E alongside a moderate dividend yield.
Positive Factors
Strong cash generation
Sustained operating cash flow and a management-anchored expectation of >$800M free cash flow before working capital provide durable funding for capex, debt reduction, and shareholder returns. This cash-generation capacity supports strategic optionality through commodity cycles and funds reinvestment in high-IRR drilling.
Negative Factors
Volatile profitability
A large TTM net loss and negative net margin despite solid EBITDA indicate earnings are highly sensitive to non-cash items, derivatives, and timing effects. This volatility reduces return on equity, undermines earnings predictability, and can constrain capital allocation in weaker commodity environments.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained operating cash flow and a management-anchored expectation of >$800M free cash flow before working capital provide durable funding for capex, debt reduction, and shareholder returns. This cash-generation capacity supports strategic optionality through commodity cycles and funds reinvestment in high-IRR drilling.
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
$4.91B
Dividend Yield3.56%
Average Volume (3M)798.32K
Price to Earnings (P/E)―
Beta (1Y)0.69
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. Volume666,136
30 Day Avg. Volume798,322
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 Cap1.27
Enterprise Value/Revenue1.77
Enterprise Value/Gross Profit4.67
Enterprise Value/Ebitda19.98
Forecast
1Y Price Target
$80.25Price Target Upside27.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)6.37
Revenue Forecast (FY)$3.77B
California Resources Corp Business Overview & Revenue Model
Company Description
California Resources Corporation functions as an independent enterprise primarily engaged in oil and natural gas ventures. Its operations encompass the full spectrum from exploration and extraction of crude oil, natural gas, and natural gas liquid...
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 | 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
61.85
Negative
60.94
Negative
54.36
Positive
Market Momentum
-1.66
Positive
36.11
Neutral
14.84
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 59.23, above the 50-day MA of 61.85, and above the 200-day MA of 54.36, indicating a neutral trend. The MACD of -1.66 indicates Positive momentum. The RSI at 36.11 is Neutral, neither overbought nor oversold. The STOCH value of 14.84 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 | $5.03B | 15.02 | 16.38% | 2.74% | -1.98% | -14.47% | |
71 Outperform | $6.49B | 9.63 | 30.86% | ― | 66.68% | 44.46% | |
67 Neutral | $4.62B | 3.76 | 27.46% | ― | 38.39% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $4.92B | 58.30 | 1.64% | 4.15% | -5.06% | -77.54% | |
61 Neutral | $4.91B | -10.59 | -13.78% | 3.56% | 3.77% | -192.29% | |
60 Neutral | $3.85B | 5.84 | 26.11% | ― | 44.84% | ― |
* Energy Sector Average
CRC
California Resources Corp
55.30
10.59
23.69%
CRK
Comstock Resources
13.10
-17.40
-57.05%
CNX
CNX Resources
32.67
-1.72
-5.00%
MUR
Murphy Oil
34.29
10.31
43.00%
MGY
Magnolia Oil & Gas
26.41
2.93
12.47%
VIST
Vista Energy SAB de CV
68.55
17.46
34.17%
California Resources Corp Corporate Events
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...
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...
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.