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California Resources Corporation (CRC) USD

At a glance: strengths & risks
✓Revenue growing (+15%)✓Commodity price +12% vs 1-yr · +5% vs 3-yr✗Only 10 years of reserves✗Priced above model value✗Pricier than own history (EV/EBITDA 28.8 vs avg 5.0)

Sector: United States — oil & gas exploration & production

Geography: United States (California)

US_EP_CRC

Price chart

54.25 USDDay 0.76%

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
54.25 USD · 0.76%
Market cap
4.8 bn USD

Growth

Δ revenue y/y
-87.0%
Δ EBITDA y/y
-282.3%

Multiples

P/E (LTM)
13.3x
3y avg: 10.7x
P/B (FY)
1.3x
P/E (ann.)
<0
EV/EBITDA (LTM)
28.8x
3y avg: 5.0x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
3.0%
FCF yield (LTM)
0.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-31.6%
↓ details

Liquidity

Daily turnover (listing)
44.1 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
2026-03-31Q1 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 —
210.0
y/y -53.5%
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 —
91.0
y/y -38.1%
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 —
49.0
y/y -87.5%
-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 —
—
y/y —
452.0
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)PARTIAL591.0
y/y —
147.0
y/y —
—
y/y —
147.0
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)PARTIAL1024.0
y/y —
393.0
y/y —
—
y/y —
393.0
y/y —
301.0
y/y —
310.0-47.04000.0
y/y —
2092.0
y/y —
—177.0Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 000-50005001 0001 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-400%-200%0%200%400%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-800-600-400-20002002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05001 0001 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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

23.39201940.52202036.50202133.49202231.84202349.34202464.022025

Proved reserves

YearReserves, mln boe
2025654
2024545
2023377
2022417
2021480
2020448

Production

YearProduction, mln boeper day
202564.02
+29.8%		175 397
202449.34
+54.9%		135 181
202331.84
−4.9%		87 247
202233.49
−8.3%		91 748
202136.50
−9.9%		100 000
202040.52
+73.2%		111 000
201923.3964 074

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 86spot vs LTM +12%

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——

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix derived from FY2025 10-K production volumes × realized sales prices (see Production & realized prices table below).
Spot 12M revenue
3 246 USDm
+13.3% vs LTM
Spot 12M EBITDA
501 USDm
+41.3% vs LTM
EV / Spot EBITDA
12.3x
current EV 6 155m ÷ spot EBITDA 501m
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)2 864 USDm
LTM EBITDA (last 4 quarters)355 USDm
Baseline cash costs (revenue − EBITDA)2 509 USDm
Revenue mix: oil / gas / NGL / other89.4% / 5.0% / 5.6% / 0.0%
· Crude oil2 646 USDm (89.4% of implied)
· Natural gas149 USDm (5.0% of implied)
· NGLs165 USDm (5.6% of implied)
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 84.38 · LTM avg 73.94 · 3y avg — → spot move +14.1%
Gas — spot & 3y avg vs LTMspot 2.90 · LTM avg 3.36 · 3y avg — → spot move -13.6%
NGL — spot & 3y avg vs LTMspot 6 325.00 · LTM avg 5 048.67 · 3y avg — → spot move +25.3%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.094
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)2 745 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue3 246 USDm
= Spot EBITDA501 USDm
= EBITDA at 3y avg commodity prices121 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)6 155 USDm
EV ÷ Spot EBITDA12.3x

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

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 — daily history

Current 25.7x · 3-year average 4.8x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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.

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

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 28.8x 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 -86.3%.
What is California Resources Corporation (CRC)'s market capitalization?
California Resources Corporation (CRC)'s market cap is 4.8 bn USD.