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California Resources Corporation (CRC) USD

California-focused independent oil E&P with thermal and conventional recovery assets.

At a glance: strengths & risks
✓Revenue growing (+33% y/y, Q2 2026)✓Profit growing (+199% y/y, Q2 2026)✓Margins improving (40%→49%, Q2 2026)✓Commodity price +27% vs 1-yr · +5% vs 3-yr✓Model upside +35%✗Only 10 years of reserves✗Pricier than own history (EV/EBITDA 13.2 vs avg 5.0)

Sector: United States — oil & gas exploration & production

Geography: United States (California)

US_EP_CRC

Price chart

54.22 USDDay 1.50%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
54.22 USD · 1.50%
Market cap
4.8 bn USD

Growth

Δ revenue y/y
32.6%
Δ EBITDA y/y
62.5%

Multiples

P/E (LTM)
13.3x
3y avg: 10.7x
P/B (FY)
1.3x
P/E (ann.)
2.3x
EV/EBITDA (LTM)
13.2x
3y avg: 5.0x
EV/EBITDA (ann.)
2.4x

Cash return

Dividend yield
3.0%
FCF yield (LTM)
5.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+35.1%
↓ details

Liquidity

Daily turnover (listing)
53.4 mln USD

Shares: sec_companyfacts/1609253

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1297.0
y/y 32.6%
511.0
y/y 91.4%
131.0
y/y 2.3%
642.0
y/y 62.5%
514.0
y/y 198.8%
263.0-149.07103.0
y/y 5.8%
3402.0
y/y -0.1%
65.1%1291.0Link
2026-03-31Q1 2026 (3M)OK119.0
y/y -87.0%
-711.0
y/y -482.3%
133.0
y/y 1.5%
-578.0
y/y -282.3%
-711.0
y/y -718.3%
99.0-131.07149.0
y/y 4.7%
2918.0
y/y -17.0%
-86.3%1338.0Link
2025-12-31Q4 2025 (3M)OK924.0
y/y 5.4%
47.0
y/y -30.9%
129.0
y/y -9.2%
176.0
y/y -16.2%
12.0
y/y -63.6%
235.0-560.07403.0
y/y 3.8%
3674.0
y/y 3.8%
10.2%1229.0Link
2025-09-30Q3 2025 (3M)OK855.0
y/y -36.8%
98.0
y/y -81.1%
123.0
y/y -12.1%
221.0
y/y -66.4%
64.0
y/y -81.4%
279.0-91.06751.0
y/y -5.3%
3443.0
y/y -1.7%
2.5%904.0Link
2025-06-30Q2 2025 (3M)OK978.0
y/y 90.3%
267.0
y/y 602.6%
128.0
y/y 141.5%
395.0
y/y 334.1%
172.0
y/y 2050.0%
165.0-56.06712.0
y/y 49.5%
3407.0
y/y 66.0%
19.9%1020.0Link
2025-03-31Q1 2025 (3M)OK912.0
y/y 100.9%
186.0
y/y —
131.0
y/y 147.2%
317.0
y/y 546.9%
115.0
y/y —
186.0-55.06827.0
y/y 74.6%
3516.0
y/y 68.0%
13.0%882.0Link
2024-12-31Q4 2024 (3M)OK877.0
y/y 20.8%
68.0
y/y -76.0%
142.0
y/y 158.2%
210.0
y/y -37.9%
33.0
y/y -82.4%
206.0-82.07135.0
y/y 78.5%
3538.0
y/y 59.4%
10.7%854.0Link
2024-09-30Q3 2024 (3M)OK1353.0
y/y 194.1%
518.0
y/y —
140.0
y/y 150.0%
658.0
y/y 1504.9%
345.0
y/y —
220.0-932.07128.0
y/y 80.4%
3501.0
y/y 70.8%
16.6%981.0Link
2024-06-30Q2 2024 (3M)OK514.0
y/y -13.0%
38.0
y/y -74.1%
53.0
y/y -5.4%
91.0
y/y -55.2%
8.0
y/y -91.8%
97.0-40.04490.0
y/y 15.1%
2052.0
y/y -2.7%
1.5%204.0Link
2024-03-31Q1 2024 (3M)OK454.0
y/y -55.7%
-4.0
y/y -101.0%
53.0
y/y -8.6%
49.0
y/y -89.1%
-10.0
y/y -103.3%
87.0-54.03910.0
y/y -2.2%
2093.0
y/y 0.0%
-1.9%157.0Link
2023-12-31Q4 2023 (3M)OK726.0
y/y —
283.0
y/y —
55.0
y/y —
338.0
y/y —
188.0
y/y —
131.0-70.03998.0
y/y —
2219.0
y/y —
26.4%114.0Link
2023-09-30Q3 2023 (3M)OK460.0
y/y —
-15.0
y/y —
56.0
y/y —
41.0
y/y —
-22.0
y/y —
104.0-34.03952.0
y/y —
2050.0
y/y —
-1.4%176.0Link
2023-06-30Q2 2023 (3M)OK591.0
y/y —
147.0
y/y —
56.0
y/y —
203.0
y/y —
97.0
y/y —
108.0-39.03900.0
y/y —
2110.0
y/y —
18.5%194.0Link
2023-03-31Q1 2023 (3M)OK1024.0
y/y —
393.0
y/y —
58.0
y/y —
451.0
y/y —
301.0
y/y —
310.0-47.04000.0
y/y —
2092.0
y/y —
—177.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)13
Long-term debt (incl. LT leases)1 334
− Cash & equivalents56
Net debt1 291

Net debt / LTM EBITDA: 2.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 000-50005001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-400%-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-800-600-400-20002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 1.62x of reported net profit; after capex, 0.94x.
year202320242025
cash flow / profit1.16x1.62x2.38x
accruals, % of assets-2.2%-3.3%-6.8%
net debt / EBITDA 1.1x · capex 0.7x of depreciation · dividends 24% of free cash flow · share count +9.8% a year
● Diluted share count grew 9.8% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
654 mln boe
2025
Reserve life (R/P)
10.2 yrs
reserves ÷ annual output
Annual production
64.02 mln boe
2025

Production, mln boe

40.52202036.50202133.49202231.84202349.34202464.022025

Proved reserves

YearReserves, mln boe
2025654
2024545
2023377
2022417
2021480
2020448

Production

YearProduction, mln boeper day, mln boe
202564.02
+29.8%		0.18
202449.34
+54.9%		0.14
202331.84
−4.9%		0.09
202233.49
−8.3%		0.09
202136.50
−9.9%		0.10
202040.520.11
201923.39 * (6M)0.13

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 97spot vs LTM +26%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +35.1% ▲ +2.1 pp 1d

Main driver: Brent +27% vs LTM; revenue ×1.21 vs costs ×1.04; EBITDA 461→734; at 10.9× EV/EBITDA → +35%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+85%96.8776.5180.57+27%+5%
Henry Hub Gas (rev)+15%2.933.383.12-13%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 195
LTM EBITDA461
LTM cash costs (revenue − EBITDA)2 734
2 · Revenue projection
Revenue multiplier — spot×1.206 (+21%)
= Spot revenue3 854
Revenue multiplier — 3y price×1.033 (+3%)
= 3-year-price revenue3 301
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 843
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 843
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 010
= 3-year-price EBITDA458
Conservative EBITDA = min(spot, avg)734
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)10.9x
Target EV = EV/EBITDA × conservative EBITDA8 018
Net debt1 291
Target market cap = EV − net debt6 727
Current market cap4 981

Upside = target market cap ÷ current − 1 = +35.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q1454673-32.5%49220-77.7%
2024 Q2514568-9.5%91158-42.4%
2024 Q31 353502+169.5%65883+692.0%
2024 Q4877726+20.8%210236-11.1%
2025 Q1912829+10.0%317268+18.2%
2025 Q2978836+17.0%395226+74.7%
2025 Q3855961-11.0%221310-28.7%
2025 Q4924849+8.9%176214-17.6%
2026 Q11191 020-88.3%-578364-258.7%
2026 Q21 297947+36.9%642265+142.1%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

138.0131.0124.0117.0110.020242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 13.0 yr

654.0626.8599.5572.2545.020242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31138654——
2024-12-31110545——

2025-12-31 · FY

Production & proved reserves

FY2025 average net production and year-end proved reserves per CRC FY2025 results release.

Line itemAmount
Crude oil equivalent (net, Mboe/d)138
Proved reserves (net, MMboe)654

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1, Average daily net production & Average realized prices tables (crc-20251231.htm). Volumes annualised (×365) from company-reported MBbl/d and MMcf/d; realized prices are without derivative settlements.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil39.8 MMBbls66.52 USD/bbl2,646.589.4%
Natural gas41,610 MMcf3.57 USD/Mcf148.55.0%
NGLs3.6 MMBbls45.30 USD/bbl165.35.6%
Total (implied product revenue)2,960.4100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)3,669USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)145USD mln
Depreciation, depletion & amortization511USD mln
Impairment — oil & gas properties57USD mln
Income tax expense (benefit)139USD mln
Total costs and expenses (consolidated)3,070USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 production per CRC FY2025 results release table; proved reserves approximated from +20% YoY to 654 MMBoe.

Line itemAmount
Crude oil equivalent (net, Mboe/d)110
Proved reserves (net, MMboe)545

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)3,198USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)77USD mln
Depreciation, depletion & amortization388USD mln
Income tax expense (benefit)140USD mln
Total costs and expenses (consolidated)2,589USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

No production / reserves detail wired for this fiscal year yet.

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,801USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)75USD mln
Depreciation, depletion & amortization225USD mln
Exploration expense3USD mln
Income tax expense (benefit)184USD mln
Total costs and expenses (consolidated)2,025USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +15% vs +14% the year before — a +0.6 pp move. 3-year CAGR —.
revenue growth by year: 2024 +14% · 2025 +15%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.6x · target 75th pct (3y) 4.1x · LTM avg 6.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-040.405 USDEx-dividend: 0.405 USD per sharePaidYahoo Finance (ex-div)
2026-05-290.405 USDEx-dividend: 0.405 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.405 USDEx-dividend: 0.405 USD per sharePaidYahoo Finance (ex-div)
2025-12-010.405 USDEx-dividend: 0.405 USD per sharePaidYahoo Finance (ex-div)
2025-08-270.388 USDEx-dividend: 0.388 USD per sharePaidYahoo Finance (ex-div)
2025-05-300.388 USDEx-dividend: 0.388 USD per sharePaidYahoo Finance (ex-div)
2025-03-100.388 USDEx-dividend: 0.388 USD per sharePaidYahoo Finance (ex-div)
2024-12-020.388 USDEx-dividend: 0.388 USD per sharePaidYahoo Finance (ex-div)
2024-08-300.388 USDEx-dividend: 0.388 USD per sharePaidYahoo Finance (ex-div)
2024-05-310.31 USDEx-dividend: 0.31 USD per sharePaidYahoo Finance (ex-div)
2024-03-050.31 USDEx-dividend: 0.31 USD per sharePaidYahoo Finance (ex-div)
2023-11-300.31 USDEx-dividend: 0.31 USD per sharePaidYahoo Finance (ex-div)
2023-08-310.283 USDEx-dividend: 0.283 USD per sharePaidYahoo Finance (ex-div)
2023-05-310.283 USDEx-dividend: 0.283 USD per sharePaidYahoo Finance (ex-div)
2023-03-030.283 USDEx-dividend: 0.283 USD per sharePaidYahoo Finance (ex-div)
2022-11-300.283 USDEx-dividend: 0.283 USD per sharePaidYahoo Finance (ex-div)
2022-08-310.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2022-05-310.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2022-03-040.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2021-11-300.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://ir.crc.com/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of California Resources Corporation (CRC) — from primary filings.

Frequently asked questions

What is California Resources Corporation (CRC)'s P/E ratio?
California Resources Corporation (CRC) trades at a P/E of 13.3x (price to trailing 12-month earnings).
What is California Resources Corporation (CRC)'s EV/EBITDA?
California Resources Corporation (CRC) trades at 13.2x EV/EBITDA.
What is California Resources Corporation (CRC)'s P/B ratio?
California Resources Corporation (CRC) trades at a P/B of 1.3x.
What is California Resources Corporation (CRC)'s dividend yield?
California Resources Corporation (CRC)'s trailing 12-month dividend yield is 3.0%.
What is California Resources Corporation (CRC)'s return on equity (ROE)?
California Resources Corporation (CRC)'s ROE is 65.1%.
What is California Resources Corporation (CRC)'s market capitalization?
California Resources Corporation (CRC)'s market cap is 4.8 bn USD.

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