California Resources Corporation (CRC) reported its fourth‑quarter and full‑year 2025 results on March 2, 2026. Revenue reached $924 million, a 5.3% year‑over‑year increase from $877 million in Q4 2024 and a significant beat against consensus estimates of $777–$790 million. Adjusted earnings per share were $0.47, missing the consensus estimate of $0.49 (Zacks) and $0.51 (FactSet) by $0.02–$0.04. Net income fell to $12 million from $33 million in the prior quarter, reflecting higher operating costs that offset the revenue gain.
The company declared a quarterly cash dividend of $0.405 per share, payable to shareholders of record on March 13 and paid on March 20. In February 2026, CRC repurchased $377 million of common stock, bringing its total share‑repurchase program to $1.78 billion after the Board approved an increase to the program’s cap.
CRC also confirmed the completion of its all‑stock combination with Berry Corporation on December 18, 2025. The merger is expected to deliver production synergies and broaden CRC’s asset base, supporting the company’s 2026 growth strategy.
Management guided for 2026 production growth of approximately 12% year‑over‑year, with average production projected at 152–157 million barrels of oil equivalent per day. Capital expenditures are expected to range between $430 million and $470 million, and adjusted EBITDAX is forecast at $970–$1,070 million.
President and Chief Executive Officer Francisco Leon said, “CRC delivered a landmark year in 2025, driven by strong financial performance, robust cash flow generation, and disciplined execution, while returning substantial cash to shareholders.” He added, “Our 2026 priorities are clear: safely and efficiently operate our core businesses, deliver on the synergies from the Berry merger, and continue to advance high‑return opportunities across our portfolio while maintaining financial discipline. With a resilient asset base and a strong hedge position, CRC is well positioned to manage near‑term volatility and generate strong cash flows from which to enhance shareholder returns.”
The revenue beat was largely driven by robust demand in CRC’s core exploration and production segments, while the EPS miss reflects margin compression from higher operating costs and a shift in the asset mix. The decline in net income, despite higher revenue, underscores the impact of cost pressures. The company’s forward guidance signals confidence in sustaining production growth and maintaining disciplined capital allocation, reinforcing its commitment to shareholder value while pursuing strategic growth opportunities.
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