California Resources Corp(DE:1CLD)
€43.21+0.65 (+1.53%)
DE:1CLD
California Resources Corp earnings date
€43.21
At close:+0.65 (+1.53%)
California Resources Corp (1CLD) Q3 2026 Earnings Report
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DE:1CLD Q3 2026 EPS Results
- Actual EPS
- EUR 1.06
- Consensus EPS
- EUR 0.90
- Beat/Miss
- Beat by +EUR 0.15
- One Year Ago EPS
- EUR 1.32
DE:1CLD Q3 2026 Revenue Results
- Actual Revenue
- EUR 990.71M
- Expected Revenue
- EUR 874.74M
- Beat/Miss
- Beat by +EUR 115.96M
- YoY Revenue Growth
- +24.83%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/02/2026
- Time
- After Close
- Conference Call
- Monday, November 2, 2026
DE:1CLD Upcoming Earnings
California Resources Corp's next earnings date is estimated for March 8, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:1CLD Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. CRC reported production growth, adjusted EBITDAX above guidance, record full-year expectations, substantial realized synergies, strong liquidity, attractive drilling economics, and continued shareholder returns. The company also highlighted progress across pipelines, power, carbon management, and redevelopment opportunities. Key challenges included below-normal oil realizations, higher operating costs caused by energy prices, unresolved transportation issues, and legal or permitting uncertainty around certain projects, but management characterized these issues as manageable or non-material to current financial condition.
Company Guidance
For the fourth quarter, at $102 Brent, CRC expects net production of about 151,000 barrels of oil equivalent per day, adjusted EBITDAX of about $316 million, total capital of approximately $120 million including $8 million for 2027 drilling preparation, oil realizations of about 92%, and to remain within its full year guidance; for the full year, it is targeting adjusted EBITDAX of roughly $1.34 billion at $92 Brent with net production averaging about 152,000 barrels of oil equivalent per day. For 2027, CRC plans to run the 6-rig California maintenance program, targeting flat gross production from entry to exit on $450 million to $475 million of D&C and workover capital, with production expected to be second half weighted; it expects approximately $10 million of fourth-quarter operating-cost reductions, approximately $30 million to $40 million of annual electricity margin as a normalized reference for the existing business, approximately $30 million to $50 million of annual gas marketing margin as a reasonable normalized reference, and a more meaningful San Pablo Bay financial contribution in the second half of 2027.
- Strong Third-Quarter Operating and Financial ResultsNet production averaged 152,000 barrels of oil equivalent per day, with oil representing 80% of the mix; production increased 2% quarter-over-quarter and was ahead of expectations. Adjusted EBITDAX was $341 million, above the top end of guidance and consensus. Operating cash flow before changes in working capital was $300 million, free cash flow on that same basis was $142 million, and total capital spend was $158 million, within guidance.
- Record Full-Year OutlookCRC is targeting full-year adjusted EBITDAX of roughly $1.34 billion at $92 Brent, with net production averaging about 152,000 barrels of oil equivalent per day. Management stated that this would be a record for CRC, reflecting its larger portfolio and structurally improved economics.
- California-Focused Strategic ProgressCRC closed the Crimson acquisition, signed a deal to sell the Uinta assets, announced a strategic collaboration with Bloom Energy, and raised its dividend. Management said these actions sharpen the company’s California focus and support its long-term strategic priorities.
- Largest Drilling Program in a DecadeCRC is running its largest drilling program in a decade, with most 2027 permit applications already submitted and a deep inventory of drilling opportunities intended to meet California’s continued need for locally produced oil.
- Crimson Infrastructure and Market AccessThe Crimson acquisition added roughly 2,000 miles of pipeline, including Line 100 and its storage, giving CRC control of critical infrastructure through its production areas. CRC is targeting a restart of the San Pablo Bay pipeline in the first quarter of 2027; management said the pipeline is ready to restart, requires no additional permits or capital to return to service, and is expected to improve access to higher-value markets.
- Potential Oil Realization and Midstream BenefitsAs San Pablo Bay and the Northern and Southern systems are restored, CRC expects oil price realizations to improve toward normalized levels in the mid-90s. Management said the Crimson benefits include better oil realizations, lower transportation costs, and earnings from moving third-party barrels. At approximately 120,000 barrels of oil per day and $90 Brent, each percentage-point improvement in realizations represents roughly $40 million of annual EBITDA, excluding transportation savings and third-party midstream earnings.
- More Than $400 Million of Synergies and Structural Cost ReductionsOver the past four years, CRC implemented more than $400 million of cumulative synergies and structural cost reductions across G&A, operating costs, and capital, ahead of schedule and above its initial targets for both Aera and Berry. Since 2023, adjusted EBITDAX has grown about 15% per year, cash flow before working capital has nearly doubled, and the company has returned nearly 75% of free cash flow to shareholders.
- Phase Two Optimization and Digital Productivity ProgramWith integration substantially complete, CRC is beginning an organization-wide review focused on organic cost reductions in 2027 and 2028. The plan includes standardizing and connecting core systems, removing redundancies, and using AI and digital tools to improve productivity while maintaining safe, reliable operations and the ability to grow production. Management expects savings to build in 2027, with most of the impact reflected in 2028.
- Belridge-Elk Hills Integration Increased NGL ProductionSince early July, CRC has processed additional Belridge gas at the Elk Hills cryogenic plant, supported by its first CCS project. This increased NGL production by approximately 1,000 net barrels per day, or about 10% quarter-over-quarter, approximately double the company’s initial expectation. CRC is evaluating additional opportunities to connect upstream processing, power, and carbon-management assets.
- Strong Gas and Power PerformanceNatural gas realizations were about 119% of NYMEX Henry Hub, and electricity margin was $35 million; both exceeded guidance. Management attributed the electricity performance to stronger power demand and favorable market conditions. For the existing power business, before any new PPA or contribution from Golden Valley or RCPPP, CRC cited approximately $30 million to $40 million of annual electricity margin as a normalized reference.
- Bloom Energy Collaboration Expands Clean Power OpportunityCRC signed an MOU with Bloom Energy to enable development of 1 gigawatt or more of clean firm power using fuel cells with carbon capture and storage capabilities. The collaboration combines Bloom’s fuel-cell technology with CRC’s land, natural gas infrastructure, and carbon storage, while third-party power developers are expected to own and finance the fuel cells. CRC is considering sites across the CTV platform and cited interest from investor-owned utilities, municipal utilities, community choice aggregators, and hyperscalers.
- Golden Valley Technology Hub ProgressCRC submitted its project permit application for the Golden Valley Technology Hub and said the permitting process is advancing. The project initially targets a 275-megawatt campus at Elk Hills using behind-the-meter power from CRC’s operating plant, with existing land, gas supply, infrastructure, and a PG&E interconnection for backup. CRC is targeting an MOU with a hyperscaler in early 2027 and a draft PPA later in 2027.
- Expansion of Carbon Management PortfolioCRC submitted a new Class VI permit application to the EPA for its CTV VIII project, bringing total submitted carbon-storage volumes to more than 400 million metric tons. Management described CTV as one of the country’s leading carbon-management businesses.
- Capital Returns and Share RepurchasesCRC returned $66 million to shareholders during the quarter, consisting of $36 million in dividends and $30 million in share repurchases, or nearly half of free cash flow before changes in working capital. The company increased its dividend by 4%, its fifth consecutive annual increase, and said it remained prepared to repurchase shares because of the gap between its share price and management’s assessment of long-term value. Approximately $570 million remained under the buyback authorization through the end of 2027.
- Strong Liquidity and Extended Debt MaturitiesCRC ended the quarter at 1x net leverage with $1.3 billion of liquidity. The company extended senior note maturities to 2034 and 2035 through long-term fixed-rate funding and extended its $1.5 billion credit facility to 2030, reducing near-term refinancing requirements.
- Attractive 2027 California Investment EconomicsCRC plans to run a six-rig California maintenance program in 2027, targeting flat gross production from entry to exit on $450 million to $475 million of drilling, completion, and workover capital. Management said new production is being developed at approximately $27,000 per flowing barrel, with expected IRRs of about 70% and a 4x MOIC. The company also stated that it is drilling 25% faster with dedicated rigs and crews and has a corporate pre-capital decline of 8% to 13%.
- Uinta Sale Provides Capital FlexibilityCRC agreed to sell the Uinta assets, with a base price of around $90 million and expected net proceeds of about $100 million after post-closing settlement adjustments. Management expects to use the proceeds across higher-return California investment and shareholder returns.
- Huntington Beach Redevelopment ProgressCRC is advancing redevelopment of its 90-acre Huntington Beach property. The proposal includes up to 800 homes, 350 hotel rooms, retail, dining, and public open space. A planning commission hearing is expected in December, a city council vote is targeted for January, and a subsequent Coastal Commission review is expected to run through 2028. CRC has completed about $30 million of plugging and abandonment work since 2024 and remains on track to plug all idle wells by year-end 2028.
- Potential Benefit from Well Stimulation Treatment RulingThe Kern County Superior Court issued a tentative ruling setting aside CalGEM’s denial of certain well stimulation treatment permits and a subsequent 2024 rule prohibiting approval of those permits. CRC said the development could be a meaningful win for California producers, although the case remains subject to appeal.
- Capital-Light Partnership StrategyManagement said CRC intends to use partners to help fund and develop opportunities across carbon storage, data-center power, and fuel cells. The company expects to capture value from its land, gas supply, power, infrastructure, carbon storage, and operating expertise through commercial agreements, partnerships, or ownership participation, while remaining selective about committing additional capital.
DE:1CLD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 08, 2027 | 2026 (Q4) | 1.33- | 0.42 | ― | ― |
| Nov 02, 2026 | 2026 (Q3) | 0.901.06 | 1.32 | -19.86% (-0.26) | |
| Aug 10, 2026 | 2026 (Q2) | 1.230.89 | 0.99 | -10.00% (-0.10) | |
| May 05, 2026 | 2026 (Q1) | 0.800.80 | 0.97 | -17.76% (-0.17) | |
| Mar 02, 2026 | 2025 (Q4) | 0.460.42 | 0.82 | -48.35% (-0.40) | |
| Nov 04, 2025 | 2025 (Q3) | 1.141.32 | 1.36 | -2.67% (-0.04) | |
| Aug 05, 2025 | 2025 (Q2) | 0.810.99 | 0.54 | 83.33% (+0.45) | |
| May 06, 2025 | 2025 (Q1) | 0.730.97 | 0.68 | 42.67% (+0.29) | |
| Mar 03, 2025 | 2024 (Q4) | 0.890.82 | 0.84 | -2.15% (-0.02) | |
| Nov 05, 2024 | 2024 (Q3) | 1.141.36 | 0.92 | 47.06% (+0.43) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
