Earnings Releases·Nov 2, 2026, 4:45 PM ET

California Resources Corporation — Third Quarter 2026 Earnings Summary

Reported a net loss of $315 million driven by a $675 million non-cash loss on commodity derivatives, while adjusted net income rose to $104 million ($1.17/share) and adjusted EBITDAX reached $341 million, exceeding guidance.
Delivered strong operational performance with 152 MBoe/d production (2% QoQ growth) and generated $147 million in free cash flow, supported by a $90 million asset divestiture and a completed acquisition of Crimson Midstream.
Announced a 4% dividend increase to $0.42 per share and returned $66 million to shareholders in the quarter, while extending the Revolving Credit Facility maturity to March 2030 with increased commitments.
Provided Q4 2026 guidance for adjusted EBITDAX of $340–$380 million and capital investments of $110–$130 million, with a 2027 outlook targeting six rigs and $450–$475 million in capital spending.
Strategic focus for 2027 shifts to optimization and cost efficiency, including a new MOU with Bloom Energy for carbon capture and fuel cell development, alongside plans to provide full-year 2027 guidance in the upcoming earnings release.