Earnings summaries and quarterly performance for California Resources.
Executive leadership at California Resources.
FL
Francisco Leon
Detailed
President and Chief Executive Officer
CEO
CG
Chris Gould
Detailed
Executive Vice President and Chief Sustainability Officer
CC
Clio Crespy
Detailed
Executive Vice President and Chief Financial Officer
JB
Jay Bys
Detailed
Executive Vice President and Chief Commercial Officer
MP
Michael Preston
Detailed
Executive Vice President, Chief Strategy Officer and General Counsel
Board of directors at California Resources.
Research analysts who have asked questions during California Resources earnings calls.
DD
David Deckelbaum
TD Cowen
4 questions for CRC
Also covers: ALB, ALTM, APA +17 more
Scott Hanold
RBC Capital Markets
4 questions for CRC
Also covers: APA, CHRD, CIVI +13 more
JS
Joshua Silverstein
UBS Group AG
3 questions for CRC
Also covers: AR, CHRD, COP +9 more
KA
Kaleinoheaokealaula Akamine
Bank of America
3 questions for CRC
Also covers: AR, COP, CRK +8 more
LM
Leo Mariani
ROTH MKM
3 questions for CRC
Also covers: APA, AR, CIVI +16 more
Betty Jiang
Barclays
2 questions for CRC
Also covers: APA, AR, BKV +14 more
Michael Scialla
Stephens Inc.
2 questions for CRC
Also covers: AESI, APA, CNX +10 more
NP
Nate Pendleton
Texas Capital
2 questions for CRC
Also covers: AROC, BRY, NGS +4 more
NP
Noel Parks
Tuohy Brothers
2 questions for CRC
Also covers: BE, BEEM, BLNK +19 more
SG
Scott Gruber
Citigroup
2 questions for CRC
Also covers: APA, BKR, BKV +24 more
WJ
Wei Jiang
Barclays
2 questions for CRC
Also covers: APA, AR, BKV +9 more
AM
Alejandra Magana
JPMorgan Chase & Co.
1 question for CRC
Also covers: PARR
JS
Josh Silverstein
UBS Group
1 question for CRC
Also covers: CIVI, CVX, EQT +4 more
Kalei Akamine
Bank of America
1 question for CRC
Also covers: COP, CRK, CTRA +8 more
Michael Furrow
Pickering Energy Partners
1 question for CRC
Also covers: CRGY, SM, TALO
NP
Nathaniel Pendleton
Stifel
1 question for CRC
Also covers: AROC, BRY, GEVO +1 more
ND
Neal Dingmann
Truist Securities
1 question for CRC
Also covers: APA, CHRD, CIVI +33 more
NK
Nitin Kumar
Mizuho Securities USA
1 question for CRC
Also covers: AR, BKV, CNX +8 more
PJ
Phillips Johnston
Capital One Securities, Inc.
1 question for CRC
Also covers: CHRD, COP, CRK +8 more
Zach Parham
JPMorgan Chase & Co.
1 question for CRC
Also covers: CIVI, CNX, EXE +7 more
Recent press releases and 8-K filings for CRC.
California Resources Corporation Closes Combination with Berry
CRC
M&A
Guidance Update
- California Resources Corporation (CRC) closed its all-stock combination with Berry Corporation (bry) on December 18, 2025.
- Under the terms of the agreement, Berry's former equity holders received approximately 5.6 million shares of CRC common stock, with an approximate aggregate value of $253 million based on CRC's closing share price on December 17, 2025.
- Concurrently with the merger, the aggregate elected commitment amount of lenders under CRC's Credit Agreement increased from $1.45 billion to $1.46 billion.
- CRC expects to provide full-year 2026 guidance in conjunction with its year-end and fourth quarter 2025 earnings release.
7 days ago
California Resources Corporation Closes Combination with Berry Corporation
CRC
M&A
Guidance Update
- California Resources Corporation (CRC) closed its all-stock combination with Berry Corporation (BRY) on December 18, 2025.
- Under the terms of the agreement, Berry's former equity holders received approximately 5.6 million shares of CRC common stock, valued at about $253 million based on CRC's closing share price on December 17, 2025.
- The transaction enhances CRC\u2019s portfolio with significant development upside and adds strategic optionality in the Uinta basin, with the combined company headquartered in Long Beach, California, and led by CRC\u2019s executive team.
- CRC expects to provide full-year 2026 guidance in conjunction with its year-end and fourth quarter 2025 earnings release.
7 days ago
CRC Reports Strong Q3 2025 Results, Announces BRY Merger, and Provides 4Q25 Guidance
CRC
Earnings
M&A
Guidance Update
- 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
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
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
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
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
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
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
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
Quarterly earnings call transcripts for California Resources.
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