The miss on adjusted EPS vs consensus is notable for a name with 16 of 17 analysts at Buy/Strong Buy, but the strong cash flow and reaffirmed guidance prevent a bearish read. Watch the Q3 adj. EBITDAX guide ($285-325M) — at the midpoint it implies roughly flat operational performance despite falling Brent assumptions. Completed inventory sales in July should boost Q3 production.
Price Chart
Executive Summary
CRC reported Q2 2026 adjusted EPS of $0.99 vs $1.31 consensus (miss). Adjusted EBITDAX of $338M was in line with prior quarter; revenue (before derivatives) rose to $1.092B vs consensus ~$905M on higher oil prices. The company reaffirmed 2026 production and capex guidance, announced a small midstream acquisition for $63M, and highlighted synergy capture ahead of plan — but the earnings miss relative to consensus and a $190M derivative loss cap the near-term outlook.
Key Financial Metrics
Key Facts
- Adjusted EPS (diluted) was $0.99 vs consensus $1.31; GAAP EPS was $5.76.
- Total operating revenues before derivatives were $1.092B; revenue ex derivatives rose 33% YoY but GAAP revenue was $1.297B including a $205M derivative gain.
- Adjusted EBITDAX of $338M was up from $304M QoQ; free cash flow of $114M vs -$32M prior quarter.
- 2026 guidance reaffirmed: production 150-155 MBoe/d, capex $520-560M, adj. EBITDAX $1.2-1.3B; 3Q26 adj. EBITDAX guided $285-325M.
- Announced $63M cash acquisition of Crimson Midstream; lowered long-term maintenance capital to $450-475M from ~$500M.
- Completed $550M 7.250% senior notes due 2035, redeemed $550M 8.250% 2029 notes; liquidity $1.322B.
Financial Impact
Adjusted EPS $0.99 vs consensus $1.31 (~24% miss); revenue ex derivatives $1.092B vs consensus ~$905M (beat). GAAP net income $514M includes $205M derivative gain.
Risk Factors
- Oil price assumption for 2026 guidance is $84.51 Brent — actual Q2 avg was $96.87, so any further commodity weakness challenges 2H outlook.
- Derivative settlements resulted in a $190M loss in Q2, compressing realized prices.
- Pending Crimson acquisition integration risk; data center development (Golden Valley) remains early-stage.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001609253-26-000127 |
| Document: crc-20260810.htm | 0001609253-26-000127 |
| Document: 0001609253-26-000127-index-headers.html | 0001609253-26-000127 |
| Document: 0001609253-26-000127-index.html | 0001609253-26-000127 |
| Document: 0001609253-26-000127.txt | 0001609253-26-000127 |
| 8-K Data (Synthetic) | 0001609253-26-000127 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $53.75 $55.57 | ▲ +3.39% | ▲ +4.30% | $51.66 (−3.89%) |
Aug 10, 2026 7w ago | Press Release | $53.75 $55.57 | ▲ +3.39% | ▲ +4.30% | $51.66 (−3.89%) |
Jul 14, 2026 11w ago | 8-K | $52.32 $54.13 | ▲ +3.46% | ▲ +0.97% | $51.66 (−1.26%) |
Jun 26, 2026 14w ago | 8-K | $52.60 $53.47 | ▲ +1.65% | ▲ +1.93% | $51.66 (−1.79%) |
Jun 16, 2026 15w ago | 8-K | $55.35 $52.09 | ▼ −5.89% | ▼ −7.21% | $51.66 (−6.67%) |
Jun 16, 2026 15w ago | 8-K | $56.25 $52.32 | ▼ −6.99% | ▼ −7.19% | $51.66 (−8.16%) |
May 5, 2026 21w ago | 8-K | $61.46 $62.20 | ▲ +1.20% | ▼ −1.58% | $51.66 (−15.95%) |
May 5, 2026 21w ago | Press Release | $61.46 $62.20 | ▲ +1.20% | ▼ −1.58% | $51.66 (−15.95%) |
Apr 17, 2026 24w ago | 8-K | $62.18 $62.50 | ▲ +0.51% | ▼ −3.69% | $51.66 (−16.92%) |
Mar 18, 2026 28w ago | DEFA14A | $62.91 $62.74 | ▼ −0.27% | ▼ −7.89% | $51.66 (−17.88%) |
US Market Status
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