California Resources (CRC) Company Report

CRC reported strong Q3 2025 financial results, with Adjusted EBITDAX of $338MM and Net Operating Cash Flow Before Working Capital Changes of $322MM.
The company announced a strategic merger with BRY, anticipated to close in Q1 2026, projecting $80 - $90MM in annual synergies within 12 months post-close.
CRC returned $454MM to shareholders year-to-date 2025 through dividends and buybacks, and increased its dividend by 5% for the fourth consecutive year.
The company maintained a strong balance sheet, repaying $122MM of 2026 Senior Notes and achieving a Leverage Ratio of 0.6x at the end of Q3 2025.
For 4Q25E, CRC provided guidance for Net Production of 131-135 MBOE/d and Adjusted EBITDAX of $220 - $260MM.

Nov 5, 2025, 6:00 PM

Presentation

California Resources Corporation Reports Strong Q3 2025 Results, Advances Berry Merger and CCS Project

CRC

Earnings

M&A

New Projects/Investments

California Resources Corporation reported Q3 2025 net production of 137,000 boe per day, with 78% oil, and generated adjusted EBITDAX of $338 million and free cash flow before changes in working capital of $231 million. Full year capital expenditures are still expected to remain within the $280 million-$330 million guidance range.
The company's Berry merger is progressing as planned, and the first CO2 injection at its Elk Hills carbon capture and sequestration (CCS) project is expected in early 2026, pending regulatory approval, which will be California's first commercial-scale CCS project.
CRC maintains a strong financial position with net leverage at 0.6 times and total liquidity exceeding $1.1 billion at quarter-end. The company increased its dividend by 5% and has returned over $450 million to shareholders year-to-date through dividends and share repurchases.
For 2026, CRC's preliminary plan assumes an average of four rigs with an estimated $280 million-$300 million in D&C plus workover capital, and approximately two-thirds of its expected production is hedged at a Brent floor price of $64 per barrel.

Nov 5, 2025, 6:00 PM

Transcript

California Resources Corporation Reports Q3 2025 Results, Announces Berry Merger, and Raises Dividend

CRC

Earnings

M&A

Dividends

California Resources Corporation (CRC) reported net income of $64 million, adjusted net income of $123 million, and adjusted EBITDAX of $338 million for the third quarter of 2025. The company generated $188 million of free cash flow and delivered 137 thousand barrels of oil equivalent per day (MBoe/d) in production.
CRC announced a definitive agreement to combine with Berry Corporation in an all-stock transaction, which is expected to close in the first quarter of 2026. In October 2025, CRC completed a private offering of $400 million in 7.000% senior notes due 2034 to repay Berry's outstanding debt and redeemed all remaining $122 million of its 2026 Senior Notes.
The company increased its quarterly dividend by 5% to $0.405 per share, with the Q4 2025 dividend declared payable on December 15, 2025. CRC also has $205 million remaining for share repurchases under its authorized program through June 30, 2026.
As of September 30, 2025, CRC maintained strong liquidity with $180 million in available cash and cash equivalents and $1,154 million of total liquidity.

Nov 4, 2025, 9:45 PM

8-K

California Resources Corporation's Carbon TerraVault Updates on Q3 2025 Performance and CCS Project Progress

CRC

Earnings

Guidance Update

New Projects/Investments

Carbon TerraVault (CTV), a carbon management subsidiary of California Resources Corporation (CRC), provided an update on its third quarter 2025 operating and financial results for its Carbon Management Business (CMB).
CTV is on track for completion of construction of California's first carbon capture and storage (CCS) project at CRC's Elk Hills cryogenic gas plant around year-end 2025, with first CO2 injection expected in early 2026, pending regulatory approvals. The company also plans to submit additional Class VI permits for approximately 100 million metric tons of CO2 storage in Central California.
A memorandum of understanding (MOU) was signed with Capital Power to provide carbon management services for up to 3 million metric tons per annum of CO2 emissions.
For Q3 2025, CMB reported capital investments of $15 million and an Adjusted EBITDAX of ($14 million), and provided 4Q 2025 guidance including capital of $15 - $20 million and Adjusted EBITDAX of ($19) - ($15) million.

Nov 4, 2025, 9:31 PM

Press Release

California Resources Corporation Amends Credit Agreement, Increases Commitment and Borrowing Base

CRC

Debt Issuance

California Resources Corporation entered into a Seventh Amendment to its Amended and Restated Credit Agreement effective October 29, 2025.
The amendment increased the aggregate elected commitment amount of the lenders from $1.15 billion to $1.45 billion.
The Borrowing Base was confirmed at $1.50 billion as of the Seventh Amendment Effective Date, which also served as the semi-annual Scheduled Redetermination for October 2025.
The amendment also facilitated the addition of new lenders to the facility.

Oct 31, 2025, 8:30 PM

8-K

California Resources Corporation Issues $400 Million Senior Notes Due 2034

CRC

Debt Issuance

M&A

California Resources Corporation completed a private offering of $400.0 million aggregate principal amount of its 7.000% senior notes due 2034.
The notes mature on January 15, 2034, with interest accruing from October 8, 2025, and payable semi-annually commencing July 15, 2026.
These senior unsecured notes are guaranteed by existing and future subsidiaries, including those involved in the pending Berry Merger.
A special mandatory redemption at 100% of the initial issue price plus accrued interest will occur if the Berry Merger is not completed by March 14, 2026, or if the merger agreement is terminated.
The company may optionally redeem the notes on or after January 15, 2029, at prices starting at 103.500% in 2029 and decreasing to 100.000% in 2031 and thereafter.

Oct 8, 2025, 8:07 PM

8-K

California Resources Corporation Announces Pricing of Senior Unsecured Notes Offering

CRC

Debt Issuance

M&A

California Resources Corporation (CRC) announced the pricing of a private offering of $400 million in aggregate principal amount of its 7.000% senior unsecured notes due 2034 at par.
The offering is expected to close on October 8, 2025, with estimated net proceeds of approximately $394 million.
The company intends to use the net proceeds to repay existing indebtedness of Berry Corporation (bry) in connection with the pending Berry Merger, and to pay related fees and expenses.
The Notes are subject to a special mandatory redemption if the Berry Merger does not occur by March 14, 2026, or if the merger agreement is terminated.

Sep 24, 2025, 8:55 PM

8-K

California Resources Corporation Announces Senior Unsecured Notes Offering to Fund Berry Acquisition

CRC

Debt Issuance

M&A

California Resources Corporation (CRC) announced a private offering of $400 million of senior unsecured notes due 2034.
The net proceeds from this offering, combined with cash on hand and revolving credit facility borrowings, are intended to repay Berry Corporation's existing indebtedness as part of the pending business combination with Berry.
CRC entered into an agreement to acquire Berry Corporation on September 14, 2025, for a total purchase consideration of $750 million, which includes $309 million in CRC common stock and $428 million for debt repayment.
The notes are subject to a special mandatory redemption if the Berry Merger is not consummated by March 14, 2026, or if the merger agreement is terminated.

Sep 24, 2025, 12:16 PM

8-K

California Resources Corporation announces merger agreement with Berry Corporation

CRC

M&A

Takeover Bid

On September 14, 2025, California Resources Corporation (CRC) entered into an Agreement and Plan of Merger with Berry Corporation (bry).
Under the terms of the agreement, each share of Berry Corporation common stock will be converted into 0.0718 shares of CRC common stock.
Upon the effective time of the merger, Berry Corporation will survive as a direct, wholly-owned subsidiary of CRC.
The merger is subject to certain conditions and has an "Outside Date" for completion of March 14, 2026, which may be extended.

Sep 17, 2025, 8:50 PM

8-K

California Resources Corporation Announces All-Stock Combination with Berry Corporation

CRC

M&A

New Projects/Investments

California Resources Corporation (CRC) announced an all-stock combination with Berry Corporation, aiming to enhance scale and create significant operating and cost synergies.
The transaction is valued at approximately 2.9 times 2025 consensus EBITDAX and about $30,000 per flowing barrel.
It is expected to deliver accretion of more than 10% to second-half 2025 operating cash flow and free cash flow and targets annual synergies of $80 million to $90 million within 12 months.
Berry Corporation contributes approximately 20,000 barrels of oil per day of California-based production and 20,000 mostly adjacent net acres, along with C&J Well Services and Uinta Basin assets.
Upon closing, expected in 2026, CRC shareholders will own 94% of the combined company, and the pro forma last twelve months leverage ratio is anticipated to be about 0.8 times, making it essentially credit neutral.

Sep 15, 2025, 1:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for California Resources.

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