CRC
California Resources Corporation44.64
-2.15-4.6%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details efficiencies, breakevens
Q&A unpacked capital efficiencies sharper than prepared remarks, spotlighting 2026's $9/boe development cost, 4x capital multiples, and mid-40% IRRs at $65 Brent on a flat production profile. Management detailed 2027 steady-state needs: 7 rigs, $485M D&C, $58 Brent oil/gas breakeven, $60 corporate. Berry synergies target $80-90M, en route to $500M cumulative by 2028. CCS captured first CO2, filed CTV VII for 27M tons; power RA dips to $25-50M amid softer market. Uinta must match California's 4x returns. Flat production takes just 7 rigs. Confident tone prevails; investors eye CCS deals, data center hubs.
Key Stats
Market Cap
3.74BP/E (TTM)
10.71Basic EPS (TTM)
4.17Dividend Yield
0.03%Recent Filings
8-K
Completes $350M note refinancing
California Resources completed a $350 million upsized private offering of 7.000% senior unsecured notes due 2034 on March 23, 2026. Proceeds will redeem $350 million of higher-rate 8.250% notes due 2029 at 100% plus premium, closing March 24. Refinancing lowers interest costs. Notes fungible with prior $400 million issuance.
8-K
Helm named principal accounting officer
California Resources appointed Michael Helm as VP-Finance and Controller—its principal accounting officer—effective March 16, 2026, succeeding retiring Noelle Repetti, whose departure stems from no disputes. Helm, 58, brings deep experience from leading Berry's accounting post-2025 merger and prior CRC roles. Smooth transition bolsters post-merger finance leadership. Indemnification agreement standard.
8-K
Launches $250M notes offering
California Resources launched a $250M private offering of 7.000% senior unsecured notes due 2034 to redeem $250M of higher-rate 8.250% notes due 2029 at 100% plus Applicable Premium. Proceeds, plus cash or revolver draws, extend maturities while trimming interest costs. Redemption hinges on offering close. Offering not contingent on redemption.
8-K
Upsized $350M notes pricing
California Resources priced an upsized $350 million private offering of 7.000% senior unsecured notes due 2034 at 100.500% of par, up from $250 million announced earlier. Proceeds, with cash or revolver borrowings, will redeem $350 million of higher-rate 8.250% notes due 2029 at 100% plus premium. Closing set for March 23, 2026. Notes fungible with prior $400 million issuance.
10-K
FY2025 results
California Resources boosted FY2025 production 25% y/y to 138 MBoe/d (79% oil), driven by the Aera Merger's full-year impact and Berry Merger's late addition of 56 MMBoe proved developed reserves that closed December 18. Q4 accelerated with Berry's oil-weighted assets in San Joaquin and Uinta basins, sustaining momentum amid lower Brent realizations of $66.52/Bbl (down from $76.92). Operating costs per Boe edged up to $25.42 while net income dipped to $363M from $376M, reflecting merger costs yet strong $865M operating cash flow. Berry integration targets $80M-$90M annual synergies from lower opex/G&A/financing; liquidity stands at $1.4B with $1.3B debt. Q4 margins held firm despite softer prices. Permitting delays risk drilling plans.
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