California Resources Corporation (CRC) Earnings Call Transcripts
California Resources Corporation's Latest Earnings Call - Q1 FY2026
California Resources Corporation (CRC) reported a strong first quarter for 2026, with adjusted EBITDAX of $304 million, exceeding guidance by approximately 17%. The company raised its full-year adjusted EBITDAX guidance by over 40%, reflecting improved oil prices and operational efficiencies. Revenue growth is supported by increased drilling activity, with a target of approximately 1% entry-to-exit gross production growth for the year, and a significant increase in capital deployment to $540 million, aimed at enhancing production capacity and operational efficiency.
Reported metrics
| Metric | Value |
|---|---|
| Adjusted EBITDAX | $304 million (beat) |
| Net Production | 154,000 BOE per day (inline) |
| Total Capital Guidance | $540 million (positive) |
| Free Cash Flow | $116 million (positive) |
| Net Debt | $1.3 billion (positive) |
| Cumulative Returns to Shareholders | $1.6 billion (positive) |
Guidance from management
Management raised its full-year adjusted EBITDAX guidance by over 40%, now expecting $1.45 billion at an average Brent price of $91 per barrel. They also indicated a capital deployment increase to $540 million to support production growth.
What management said
Good morning, and welcome to CRC's First Quarter 2026 Conference Call. Following prepared comments, members of our leadership team will be available to take your questions. I hope you have had a chance to review our earnings release and supplemental slides. We have also provided information reconciling non-GAAP financial measures to comparable GAAP measures on our website in our earnings release. Today we'll be maki...
Michael, so as I mentioned before, we want to build a company that the investors feel good about owning through the commodity cycle, the ups and downs of the cycle. So we see our hedging strategy as a great tool to deliver that and to ultimately lock in attractive economics so we can execute regardless of where prices go. I'll turn it to Clio for a little bit more details on the go-forward impact.
What analysts pressed on
Analysts expressed concerns regarding the timing of production growth and the impact of PSC effects on guidance. There were questions about the sustainability of capital efficiency improvements and how inflation might affect future costs.
Main topics on the call
- Increased Production Guidance — CRC is targeting approximately 1% entry-to-exit gross production growth for 2026, with net production averaging 154,000 BOE per day in Q1. Management stated, "We're now targeting approximately 1% entry-to-exit gross prod...
- Capital Deployment Increase — The company plans to increase total capital guidance to $540 million, reflecting a ramp-up in drilling activity to 7 rigs. Clio Crespy noted, "We are increasing full year midpoint of total capital guidance to $540 millio...
- Berry Merger Synergies — CRC has captured about 80% of the targeted synergies from the Berry merger and increased the synergy target by $10 million. Francisco Leon highlighted, "We have already implemented over 80% of our original target," showc...
- Carbon Capture Project Progress — The company is on the verge of a significant milestone with California's first commercial-scale carbon capture project at Elk Hills, awaiting final EPA approval. This project positions CRC as a leader in carbon managemen...
Read the full California Resources Corporation transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About California Resources Corporation
California Resources Corporation (CRC) is a publicly listed company in the Oil, Gas and Consumable Fuels industry, within the Energy sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 49 calls on record spanning February 26, 2020 to August 10, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 49 California Resources Corporation earnings call transcripts on record, spanning February 26, 2020 to August 10, 2026. Based on this history, California Resources Corporation reports quarterly. The most recent call on file is dated August 10, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- CRC
- Exchange
- NYSE
- Country
- US
- Sector
- Energy
- Industry
- Oil, Gas and Consumable Fuels
- Calls on record
- 49
- First call
- February 26, 2020
- Most recent
- August 10, 2026
- Reporting cadence
- quarterly