California Resources Corp (CRC) Form 10-Q — Aug 10, 2026

$CRCForm 10-QFiled Aug 10, 2026, 3:08 PM ET0001609253-26-000130Original filing

California Resources reported Q2 2026 net income of $514 million ($5.79 basic EPS) on total operating revenues of $1,297 million, up from $172 million and $978 million a year earlier, as oil, gas and NGL sales jumped to $1,056 million on Berry merger volumes and Brent averaging $96.87. The six-month period still shows a net loss of $197 million, driven by $643 million of commodity sales derivative losses mostly booked in Q1. The Berry Merger closed December 18, 2025 for $709 million in total consideration (5,572,115 CRC shares, with former Berry holders now owning 6% of CRC), lifting six-month production to 152 MBoe/d from 139 MBoe/d a year ago.

Key figures

Eps: $5.79 basic / $5.76 diluted Q2 2026; $(2.22) for 6M 2026
Revenue: $1,297 million Q2 2026 total operating revenues ($1,416 million for 6M 2026)
Guidance: 2026 capital program of $520-$560 million; average of 5 rigs in 2H 2026, up from 4 in 1H 2026
Net Income: $514 million Q2 2026 (vs $172 million Q2 2025); $(197) million net loss for 6M 2026
Total Debt: $1,300 million senior notes ($750M 2034 notes + $550M 2035 notes) following full redemption of 2029 Senior Notes
Debt Amount: $550 million 2035 Senior Notes issued June 2026 (net proceeds $543 million); $750 million 2034 Senior Notes outstanding
Revenue Yoy: +32.6% Q2 YoY ($1,297M vs $978M); -25.1% six-month YoY ($1,416M vs $1,890M, swings driven by commodity derivatives)
Total Assets: $7,403 million at June 30, 2026
Cash Position: $56 million at June 30, 2026 (vs $132 million at December 31, 2025); liquidity of $1,322 million including $1,279 million revolver availability
Interest Rate: 7.250% (2035 Senior Notes); 7.000% (2034 Senior Notes)
Shares Outstanding: 88819893
Q2 2025 revenue: $978 million
Buyback remaining: $600 million under $1.78 billion authorization through December 31, 2027; zero repurchased in Q2 2026
Dividend per share: $0.4050 quarterly, declared August 10, 2026 (vs $0.3875 in 2025)
Oil hedge coverage: approximately 64% of expected 2H 2026 oil production at $64.88 weighted-average floor
Q2 2025 net income: $172 million
Brent average q2 2026: $96.87 per barrel
Crude inventory build: approximately 137,000 barrels from pipeline proration, majority sold in July 2026
Net production q2 2026: 149 MBoe/d (vs 154 MBoe/d Q1 2026; 152 MBoe/d for 6M 2026 vs 139 MBoe/d prior year, +22 MBoe/d from Berry)
Pipeline dispute impact: approximately $25 million negative impact to Q2 2026 pre-tax income
Derivative net liability: $198 million at June 30, 2026
Crimson acquisition price: approximately $63 million cash, expected to close later in 2026
Oil gas ngl sales q2 2026: $1,056 million (up from $702 million in Q2 2025)
Cost inflation impact 2026: approximately $9 million full-year impact from high fuel costs
Capital investments 6m 2026: $280 million (vs $111 million prior year)
Operating cash flow 6m 2026: $362 million (vs $351 million prior year)
Berry merger total consideration: $709 million (5,572,115 shares at $45.49 fair value plus $449 million Berry debt settlement)
Berry pro forma q2 2025 net income: $220 million
Loss on early debt extinguishment 6m: $49 million

Price after filing

1 day: 0.0%7 days: +2.8%30 days: +6.7%

Close on the filing date to close N calendar days later (from $52.08). Historical, not a forecast.

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