Jun 2026 (Q2 FY26) — Aug 10, 2026
California Resources Corporation Q2 FY26 — Strategic Midstream Expansion & Operational Efficiency Gains
Read the full callCalifornia Resources (CRC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
California Resources earnings: last reported Mon, 10 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,297 | +32.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 39.4 | +12.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 514 | +198.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 15 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Berry merger annual run-rate synergies | about $80 million to $90 million | Dec 2025 | We have implemented more than 100% of our 2026 Berry synergy target 6 months ahead of schedule, representing approximately $103 million of annualized savings. | Achieved |
| First CO2 injection at Carbon TerraVault I (Elk Hills 26R) | inject CO2 into CTV 1 by the end of 2025 | Sep 2024 | we recently commenced CO2 injection and achieved first revenue at California's first CCS project at Elk Hills | Missed |
| 2026 operated drilling rig count | an average of 4 rigs | Sep 2025 | We now expect to operate an average of approximately 5 rigs in California during the second half of 2026, compared with 6 in our prior plan while maintaining nearly flat gross entry to exit production. | Revised Down |
4 of California Resources Corp's 35 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 32 more targets are in the full ledger.
Claimed
- Achieved over 100% of 2026 Berry synergy target 6 months ahead of schedule, representing approximately $103 million in annualized savings.
- Commenced CO2 injection and achieved first revenue at California's first commercial-scale CCS project at Elk Hills, capturing 270 tonnes/day.
- Refinanced 2029 senior notes with new 2035 notes, extending weighted average debt maturity from 5.5 to 8 years and reducing annual expenses by $5.5 million.
- Drilling efficiency improved significantly, with days to total depth down approximately 25% and 80% of wells outperforming type curve by over 10%.
- Acquired Crimson Midstream for approximately 4.4x estimated 2027 EBITDA, strengthening market access and commercial capabilities.
Qualified
- Experienced temporary takeaway capacity constraints due to marketing disputes, leading to an inventory build of approximately 1,500 barrels of oil per day and negatively impacting differentials.
- Temporary disruptions resulted in a total financial impact of approximately $25 million in the quarter, primarily from weaker differentials and increased operating costs.
- Uinta assets are deemed noncore due to higher capital intensity, higher breakevens, lower crude quality, and steeper declines, posing a drag of about 1% on realization.
- Q3 oil price realization is guided to approximately 93% of Brent, expected to be the low point for the year due to ongoing commercial and logistics actions.
Price
$54.38 +0.09% · +$0.05
Performance +15.0% 1Y
1Y: $47.28 on 17 Oct 2025 → $54.38. High $70.13 (5 May 2026), low $43.55 (22 Dec 2025).
- Previous close
- $54.33
- 52-week range
- $43.55 – $70.13
- One year
- +15.73%
Overview
- Symbol
- CRC
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 15 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Berry merger annual run-rate synergies | about $80 million to $90 million | Dec 2025 | We have implemented more than 100% of our 2026 Berry synergy target 6 months ahead of schedule, representing approximately $103 million of annualized savings. | Achieved |
| First CO2 injection at Carbon TerraVault I (Elk Hills 26R) | inject CO2 into CTV 1 by the end of 2025 | Sep 2024 | we recently commenced CO2 injection and achieved first revenue at California's first CCS project at Elk Hills | Missed |
| 2026 operated drilling rig count | an average of 4 rigs | Sep 2025 | We now expect to operate an average of approximately 5 rigs in California during the second half of 2026, compared with 6 in our prior plan while maintaining nearly flat gross entry to exit production. | Revised Down |
Claimed
- Achieved over 100% of 2026 Berry synergy target 6 months ahead of schedule, representing approximately $103 million in annualized savings.
- Commenced CO2 injection and achieved first revenue at California's first commercial-scale CCS project at Elk Hills, capturing 270 tonnes/day.
- Refinanced 2029 senior notes with new 2035 notes, extending weighted average debt maturity from 5.5 to 8 years and reducing annual expenses by $5.5 million.
- Drilling efficiency improved significantly, with days to total depth down approximately 25% and 80% of wells outperforming type curve by over 10%.
- Acquired Crimson Midstream for approximately 4.4x estimated 2027 EBITDA, strengthening market access and commercial capabilities.
Qualified
- Experienced temporary takeaway capacity constraints due to marketing disputes, leading to an inventory build of approximately 1,500 barrels of oil per day and negatively impacting differentials.
- Temporary disruptions resulted in a total financial impact of approximately $25 million in the quarter, primarily from weaker differentials and increased operating costs.
- Uinta assets are deemed noncore due to higher capital intensity, higher breakevens, lower crude quality, and steeper declines, posing a drag of about 1% on realization.
- Q3 oil price realization is guided to approximately 93% of Brent, expected to be the low point for the year due to ongoing commercial and logistics actions.
The full ledger
Open California Resources Corp’s full ledger
A free account opens 5 company ledgers a month. All 35 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
California Resources Corporation Q1 FY26 — Accelerated Activity and Enhanced Outlook
Read the full callDec 2025 (Q4 FY25) — Mar 2, 2026
California Resources Corporation Q4 FY25 — Record Performance, CCS Commissioning, and Permitting Progress
Read the full callEvery analysed call
California Resources earnings calls (CRC)
Financials
What the filings say
Net profit, year on year: +199% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,353 | 877 | 912 | 978 | 855 | 924 | 119 | 1,297 |
| Expenses | 835 | 813 | 726 | 711 | 756 | 877 | 830 | 786 |
| Operating profit | 518 | 68 | 186 | 267 | 98 | 47 | -711 | 511 |
| Operating margin | 38.3% | 7.8% | 20.4% | 27.3% | 11.5% | 5.1% | −597.5% | 39.4% |
| Other income | -35 | -27 | -24 | -25 | -23 | -24 | -49 | -53 |
| Interest | 29 | — | 27 | 25 | 25 | — | 29 | 28 |
| Profit before tax | 483 | 41 | 162 | 242 | 75 | 23 | -760 | 458 |
| Tax rate | 28.6% | 19.5% | 29.0% | 28.9% | 14.7% | 47.8% | 6.5% | −12.2% |
| Net profit | 345 | 33 | 115 | 172 | 64 | 12 | -711 | 514 |
| EPS ($ per share) | 3.86 | — | 1.27 | 1.93 | 0.76 | — | -8.02 | 5.79 |
| Line item | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Reserves | -5,670 | -5,342 | -5,370 | 475 | 938 | 1,419 | 1,680 | 1,905 |
| Total liabilities | 6,927 | 7,405 | 7,254 | 2,158 | 2,103 | 1,779 | 3,597 | 3,729 |
| Fixed assets | 5,696 | 6,455 | 6,352 | 2,599 | 2,786 | 2,770 | 5,680 | 5,905 |
| Total assets | 6,207 | 7,158 | 6,958 | 3,846 | 3,967 | 3,998 | 7,135 | 7,403 |
| Line item | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 248 | 461 | 676 | 660 | 690 | 653 | 610 | 865 |
| Cash from investing | -313 | -1,156 | -394 | -161 | -317 | -175 | -1,077 | -725 |
| Cash from financing | 73 | 692 | -282 | -222 | -371 | -289 | 343 | -380 |
| Net cash flow | 8 | -3 | 0 | 277 | 2 | 189 | -124 | -240 |
| Capital expenditure | -371 | -690 | -455 | -194 | -379 | -185 | -255 | -322 |
| Free cash flow | -123 | -229 | 221 | 466 | 311 | 468 | 355 | 543 |
CRC revenue by segment
| Segment | Q1 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Oil and Natural Gas | — | — | 102% | 101% | 102% | 95% | 101% | 100% | +49.2% |
| Carbon Management | — | — | 0% | 0% | 0% | 0% | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CRC operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Production | 137K boe/dNet production averaged 137,000 barrels of oil equivalent per day with oil realizations at 97% of Brent before hedges.Source: earnings call transcript | 154K boe/dNet production averaged 154,000 BOE per day, with oil at 81% of the mix and realizations at 96% of Brent pre-hedged, in line with plan.Source: earnings call transcript | 149K boe/dNet production averaged 149,000 barrels of oil equivalent per day with oil representing 81% of total volume.Source: earnings call transcript | -3.2% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
65 filings between Nov 4, 2025 and Oct 12, 2026.
Open market
decisions to buy or sellPurchases
$281.0K
2 purchases by 2 insiders
Sales
$223.37M
11 sales by 7 insiders
45% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 28
- Award — granted as compensation
- 24
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CANADA PENSION PLAN INVESTMENT BOARD | — | $213.85M | Mar 12, 2026 |
| Bys Jay A. | — | $3.31M | Oct 12, 2026 |
| Preston Michael L. | — | $1.58M | May 12, 2026 |
| Hayat Omar | — | $1.51M | Mar 9, 2026 |
| Gould Christopher D. | — | $1.51M | Mar 11, 2026 |
| McFarland Mark Allen | — | $1.06M | Mar 6, 2026 |
| Repetti Noelle M. | — | $545.6K | Mar 5, 2026 |
| Leon Francisco | $258.8K | — | Nov 12, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Sale 10b5-1 plan | 11,907 | $643.0K |
| Sep 4, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Sale 10b5-1 plan | 11,907 | $643.0K |
| Aug 10, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Sale 10b5-1 plan | 11,907 | $643.0K |
| Jul 13, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Sale 10b5-1 plan | 11,907 | $643.0K |
| Jun 19, 2026 | Hayat Omar EVP & Chief Operating Officer | Award | 7,312 | $0 |
| Jun 19, 2026 | Hayat Omar EVP & Chief Operating Officer | Tax withheld | 2,139 | $118.3K |
| Jun 19, 2026 | Hayat Omar EVP & Chief Operating Officer | Tax withheld | 3,945 | $218.2K |
| Jun 4, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Sale 10b5-1 plan | 11,907 | $734.4K |
| May 12, 2026 | Preston Michael L. EVP, Chf Strategy Officer & GC | Sale | 26,409 | $1.58M |
| May 8, 2026 | Hayat Omar EVP & Chief Operating Officer | Award | 173 | $0 |
| May 8, 2026 | Hayat Omar EVP & Chief Operating Officer | Tax withheld | 51 | $3.0K |
| May 8, 2026 | Hayat Omar EVP & Chief Operating Officer | Tax withheld | 94 | $5.5K |
| Apr 30, 2026 | Kendall Christian S Director | Award | 3,091 | $0 |
| Apr 30, 2026 | CHAPMAN JAMES N Director | Award | 3,091 | $0 |
| Apr 30, 2026 | McFarland Mark Allen Director | Award | 3,091 | $0 |
| Apr 30, 2026 | CEPAK TIFFANY THOM Director | Award | 5,023 | $0 |
| Apr 30, 2026 | Roby William B Director | Award | 3,091 | $0 |
| Apr 30, 2026 | Veltmann Alejandra Director | Award | 3,091 | $0 |
| Apr 30, 2026 | Bremner Andrew B. Director | Award | 3,091 | $0 |
| Mar 12, 2026 | CANADA PENSION PLAN INVESTMENT BOARD 10% owner | Sale | 3,500,000 | $213.85M |
| Mar 11, 2026 | Gould Christopher D. EVP & Chief Sustainability Off | Sale | 24,347 | $1.51M |
| Mar 9, 2026 | Hayat Omar EVP & Chief Operating Officer | Sale | 23,000 | $1.51M |
| Mar 6, 2026 | McFarland Mark Allen Director | Sale | 16,372 | $1.06M |
| Mar 5, 2026 | Repetti Noelle M. Senior VP and Controller | Sale | 8,564 | $545.6K |
| Mar 2, 2026 | Crespy Clio C. EVP and CFO | Award | 17,462 | $0 |
| Mar 2, 2026 | Repetti Noelle M. Senior VP and Controller | Award | 3,638 | $0 |
| Mar 2, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Award | 15,957 | $0 |
| Mar 2, 2026 | Leon Francisco President and CEO | Award | 43,833 | $0 |
| Mar 2, 2026 | Hayat Omar EVP & Chief Operating Officer | Award | 16,327 | $0 |
| Mar 2, 2026 | Preston Michael L. EVP, Chf Strategy Officer & GC | Award | 19,166 | $0 |
| Mar 2, 2026 | Gould Christopher D. EVP & Chief Sustainability Off | Award | 17,462 | $0 |
| Feb 25, 2026 | Crespy Clio C. EVP and CFO | Tax withheld | 3,404 | $197.8K |
| Feb 25, 2026 | Gould Christopher D. EVP & Chief Sustainability Off | Tax withheld | 3,147 | $182.9K |
| Feb 25, 2026 | Repetti Noelle M. Senior VP and Controller | Tax withheld | 764 | $44.4K |
| Feb 25, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Tax withheld | 2,809 | $163.3K |
| Feb 25, 2026 | Preston Michael L. EVP, Chf Strategy Officer & GC | Tax withheld | 4,074 | $236.8K |
| Feb 25, 2026 | Leon Francisco President and CEO | Tax withheld | 9,317 | $541.5K |
| Feb 25, 2026 | Hayat Omar EVP & Chief Operating Officer | Tax withheld | 3,471 | $201.7K |
| Feb 23, 2026 | Repetti Noelle M. Senior VP and Controller | Tax withheld | 2,474 | $143.9K |
| Feb 23, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Award | 13,113 | $0 |
| Feb 23, 2026 | Preston Michael L. EVP, Chf Strategy Officer & GC | Tax withheld | 11,314 | $657.9K |
| Feb 23, 2026 | Preston Michael L. EVP, Chf Strategy Officer & GC | Award | 13,599 | $0 |
| Feb 23, 2026 | Leon Francisco President and CEO | Tax withheld | 22,729 | $1.32M |
| Feb 23, 2026 | Leon Francisco President and CEO | Award | 27,320 | $0 |
| Feb 23, 2026 | Hayat Omar EVP & Chief Operating Officer | Tax withheld | 1,451 | $84.4K |
| Feb 23, 2026 | Repetti Noelle M. Senior VP and Controller | Award | 2,914 | $0 |
| Feb 23, 2026 | Hayat Omar EVP & Chief Operating Officer | Award | 1,744 | $0 |
| Feb 23, 2026 | Gould Christopher D. EVP & Chief Sustainability Off | Tax withheld | 9,276 | $539.4K |
| Feb 23, 2026 | Gould Christopher D. EVP & Chief Sustainability Off | Award | 13,186 | $0 |
| Feb 23, 2026 | Bys Jay A. EVP & Chief Commercial Officer | Tax withheld | 9,033 | $525.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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