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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 +53% vs 1-yr · +6% vs 3-yr✗Only 10 years of reserves✗Priced above model value✗Pricier than own history (EV/EBITDA 13.3 vs avg 5.0)

Sector: United States — oil & gas exploration & production

Geography: United States (California)

US_EP_CRC

Price chart

54.53 USDDay 2.96%

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
54.53 USD · 2.96%
Market cap
4.8 bn USD

Growth

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

Multiples

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

Cash return

Dividend yield
3.0%
FCF yield (LTM)
2.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-29.7%
↓ details

Liquidity

Daily turnover (listing)
47.1 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
2026-06-30Q2 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

Operating and investing cash flow (OCF + ICF) ($ 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 117spot vs LTM +42%

Commodity-player potential

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

Upside: -29.7% → +0.0 pp 1d

Main driver: Brent +53% vs LTM; revenue ×1.41 vs costs ×1.04; EBITDA 461→922; at 6.8× EV/EBITDA → -30%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+85%116.7276.5181.23+53%+6%
Henry Hub Gas (rev)+15%2.633.383.12-22%-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×1.413 (+41%)
= Spot revenue4 516
Revenue multiplier — 3y price×1.041 (+4%)
= 3-year-price revenue3 325
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 673
= 3-year-price EBITDA482
Conservative EBITDA = min(spot, avg)922
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)6.8x
Target EV = EV/EBITDA × conservative EBITDA6 260
Net debt1 291
Target market cap = EV − net debt4 969
Current market cap5 403

Upside = target market cap ÷ current − 1 = -29.7%

Life of mine: 13 yrs — before haircut -8.0%

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) 4.2x · LTM avg 6.8x

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

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Chord Energy CorporationUS8.73.6x
APA CorporationUS18.33.7x
SM Energy CompanyUS9.54.8x
Permian Resources CorporationUS19.25.4x
Ovintiv Inc.US20.05.4x
EQT CorporationUS34.86.0x
Devon Energy CorporationUS40.06.2x
EOG Resources, Inc.US86.26.5x
Antero Resources CorporationUS12.47.3x
Range Resources CorporationUS10.78.0x
Canadian Natural Resources LimitedUS115.58.6x
Diamondback Energy, Inc.US57.710.8x
Group median6.1x
Group average6.4x
This companyUS4.813.3x

Group median 6.1x; this company 13.3x — a 119% premium.

Group average 6.4x; against the average this company is at a 109% premium.

At the adjusted group median the market cap would be -68% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

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 EV/EBITDA?
California Resources Corporation (CRC) trades at 13.3x 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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