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Dec 31, 2025
CRC Q4 2025 Earnings Report
California Resources Corporation reported fourth quarter 2025 results with solid production, positive free cash flow and continued shareholder returns.
Key Takeaways
CRC generated total operating revenues of 924000000 and net income of 12000000 in Q4 2025. The company produced 137000 barrels of oil equivalent per day, generated 115000000 of free cash flow and maintained strong liquidity with 132000000 in cash and cash equivalents at quarter end.
Average net production was 137000 BOE per day, with 109000 barrels per day of oil.
Net income totaled 12000000 and diluted EPS was 0.14.
Free cash flow reached 115000000 in the quarter.
Realized oil price with derivatives was 64.27 per barrel.
Revenue by Segment
Forward Guidance
For 2026, CRC expects average production of 152000 to 157000 BOE per day, capital investments of 430000000 to 470000000 and adjusted EBITDAX of 970000000 to 1070000000.
Positive Outlook
- Targeting approximately 12% year-over-year production growth in 2026.
- Expecting 970000000 to 1070000000 of adjusted EBITDAX in 2026.
- Strong liquidity of 1401000000 at year-end 2025.
- Majority of permits secured for 2026 capital program.
- Continued shareholder returns through dividends and buybacks.
Challenges Ahead
- Exposure to commodity price volatility.
- Capital investment program of up to 470000000 in 2026.
- Interest and debt expense expected between 125000000 and 135000000 in 2026.
- Carbon management segment expected to generate adjusted EBITDAX loss in 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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