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California Resources Corp
(NYSE:CRC)
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Rating:67Neutral
Price Target:
$58.00
▲(8.47% Upside)
Action:Reiterated
Date:08/11/26
Overall score reflects strong cash flow generation and manageable leverage reinforced by a positive earnings-call outlook (synergy delivery, operational efficiency, and improved debt maturity profile). Offsetting these strengths are the sharp TTM profitability decline (negative net margin) and only neutral-to-weak technical trend signals, while valuation is less supportive due to a negative P/E despite a moderate dividend yield.
Positive Factors
Free Cash Flow Generation
Consistent, sizable free cash flow and high FCF growth provide durable internal funding for capex, debt service, and shareholder returns. This cash cushion reduces refinancing risk, supports cyclical resilience in E&P, and underpins strategic optionality over the next several years.
Negative Factors
Profitability Weakness
A swing to negative net margins and sharply compressed gross margins signal structural earnings volatility from cost pressures or non-recurring items. Sustained weaker profitability can erode ROE, limit reinvestment capacity, and increase sensitivity to lower commodity prices over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Generation
Consistent, sizable free cash flow and high FCF growth provide durable internal funding for capex, debt service, and shareholder returns. This cash cushion reduces refinancing risk, supports cyclical resilience in E&P, and underpins strategic optionality over the next several years.
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
$4.75B
Dividend Yield3.04%
Average Volume (3M)813.14K
Price to Earnings (P/E)―
Beta (1Y)0.65
Revenue Growth2.33%
EPS Growth-117.79%
CountryUS
Employees2,500
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-1.33
Shares Outstanding88,819,890
10 Day Avg. Volume729,419
30 Day Avg. Volume813,143
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$76.56Price Target Upside43.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)4.37
Revenue Forecast (FY)$3.61B
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 upstream operations. Revenue is largely driven by (1) sales volumes (barrels of oil and cubic feet of gas produced and so...
California Resources Corp Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational execution, meaningful synergy capture (delivering >$100M annualized Berry savings and ~ $400M of ~$470M target), solid cash flow and balance sheet improvements, strategic midstream and carbon/power milestones (Crimson acquisition, first CO2 injection, Beacon partnership). Near-term challenges included temporary takeaway constraints that reduced Q2 results by about $25M and pressured near-term realizations (Q3 expected ~93% of Brent), plus non-core Uinta economics and multi-year permitting timelines for certain projects. Overall, the positive operational, financial, and strategic developments materially outweigh the temporary and manageable near-term challenges.Positive Updates
Strong Production and Product Mix
Net production averaged 149,000 BOE/d in Q2 2026, with oil representing 81% of volumes; full-year net production target of ~153,000 BOE/d and ~1% entry-to-exit production growth including Uinta.
Negative Updates
Temporary Takeaway Constraints and Inventory Build
Temporary transportation and marketing disputes led to a required inventory build of ~1,500 barrels/day during the quarter and contributed to weaker differentials; total estimated financial impact was ~$25 million (less than $2/BOE), roughly half timing-related inventory.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Production and Product Mix
Net production averaged 149,000 BOE/d in Q2 2026, with oil representing 81% of volumes; full-year net production target of ~153,000 BOE/d and ~1% entry-to-exit production growth including Uinta.
Read all positive updates
Company Guidance
CRC's 2026 guidance calls for full‑year net production averaging 153 thousand BOE/d, total 2026 capital spending of $520–$560 million, and full‑year oil realizations around 94% of Brent (Q2 realized ~95%, Q3 guided ~93%); Q2 results included 149 thousand BOE/d (81% oil), operating costs of $347 million, adjusted EBITDAX $338 million, operating cash flow before working capital $300 million, free cash flow before working capital $151 million and Q2 capital spend $149 million. Management expects to average ~5 rigs in California in H2 2026 (vs. 6 previously) while maintaining near‑flat entry‑to‑exit production, and believes normalized California production can be sustained with 6 rigs going forward (one fewer than prior), implying roughly 5% lower D&C and workover maintenance capital (maintenance capex guidance ~$450–$475 million). The company has implemented >100% of its 2026 Berry synergy target (~$103 million annualized), is pursuing up to $470 million of cumulative synergies/structural cost reductions through 2028 (roughly $400 million realized to date), and cited operational gains — ~25% faster time to market and ~80% of wells outperforming type curves with IPs >10% above expectations. CRC also extended weighted‑average debt maturity from 5.5 to 8 years, cut annual expense by $5.5 million, and noted a temporary ~1.5 mbbls/day inventory build that reduced Q2 results by about $25 million (≈$2/BOE) but was largely sold in July.California Resources Corp Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
71
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.01B | 3.60B | 2.96B | 2.81B | 3.26B | 2.56B |
| Gross Profit | 1.86B | 1.43B | 1.20B | 1.33B | 1.74B | 1.25B |
| EBITDA | 507.00M | 1.23B | 1.08B | 1.07B | 1.05B | 546.00M |
| Net Income | -121.00M | 363.00M | 376.00M | 564.00M | 524.00M | 612.00M |
Balance Sheet | ||||||
| Total Assets | 7.10B | 7.40B | 7.13B | 4.00B | 3.97B | 3.85B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 132.00M | 372.00M | 496.00M | 307.00M | 305.00M |
| Total Debt | 1.35B | 1.36B | 1.22B | 610.00M | 662.00M | 637.00M |
| Total Liabilities | 3.70B | 3.73B | 3.60B | 1.78B | 2.10B | 2.16B |
| Stockholders Equity | 3.40B | 3.67B | 3.54B | 2.22B | 1.86B | 1.69B |
Cash Flow | ||||||
| Free Cash Flow | 544.00M | 543.00M | 350.00M | 460.00M | 311.00M | 466.00M |
| Operating Cash Flow | 886.00M | 865.00M | 605.00M | 645.00M | 690.00M | 660.00M |
| Investing Cash Flow | -894.00M | -725.00M | -1.08B | -175.00M | -317.00M | -161.00M |
| Financing Cash Flow | -8.00M | -380.00M | 348.00M | -281.00M | -371.00M | -222.00M |
California Resources Corp Technical Analysis
Negative
53.47
Price Trends
53.86
Negative
58.90
Negative
54.69
Negative
Market Momentum
-0.16
Negative
49.18
Neutral
62.38
Neutral
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 53.47 is above the 20-day moving average (MA) of 52.45, below the 50-day MA of 53.86, and below the 200-day MA of 54.69, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 49.18 is Neutral, neither overbought nor oversold. The STOCH value of 62.38 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.29B | 5.17 | 21.19% | ― | 16.21% | 487.92% | |
68 Neutral | $6.25B | 11.24 | 28.75% | 2.49% | 11.35% | 18.91% | |
67 Neutral | $4.75B | -39.66 | -3.60% | 3.00% | 2.33% | -117.79% | |
66 Neutral | $7.35B | 8.35 | 31.04% | ― | 78.68% | 34.53% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
60 Neutral | $5.06B | 16.97 | 5.71% | 3.47% | 7.73% | 5.87% | |
56 Neutral | $4.09B | 7.72 | 20.78% | ― | 17.31% | ― |
* Energy Sector Average
CRC
California Resources Corp
52.75
5.19
10.91%
CRK
Comstock Resources
13.58
-2.35
-14.75%
CNX
CNX Resources
35.38
6.66
23.19%
MUR
Murphy Oil
34.79
12.57
56.58%
MGY
Magnolia Oil & Gas
25.86
2.67
11.52%
VIST
Vista Energy SAB de CV
66.19
24.77
59.80%
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...
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.