Monitor the full Q3 2026 earnings release for actual production volumes, adjusted EBITDAX, and capital spending vs the $520-$560M full-year guidance. The $134M derivative settlement loss and weak oil price realization (87% of Brent) are headwinds, but management expects improvement from logistics actions.
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Executive Summary
CRC filed a preliminary Q3 2026 operational update via 8-K, disclosing estimated realized prices and a $134M net loss from commodity derivative settlements. The filing is preliminary and unaudited, lacking full financial statements or guidance changes, making it a routine mid-quarter update with limited directional impact.
Key Facts
- Q3 2026 estimated Brent price $91.36/bbl, WTI $85.79/bbl, NYMEX Henry Hub $2.96/Mcf
- Realized oil price without derivative settlements: $83.42/bbl; with settlements: $72.46/bbl
- Realized NGL price: $48.57/bbl; realized gas price: $3.52/Mcf
- Estimated net loss from commodity derivative settlements of $134M ($122M from sales derivatives, $12M from natural gas purchase derivatives)
- Company states Q3 oil price realization relative to Brent is not a long-term run rate, expects improvement from commercial/logistics actions underway
- Filing is preliminary, unaudited, and does not constitute an estimate of quarterly earnings
Financial Impact
Estimated $134M net loss from commodity derivative settlements in Q3 2026; realized oil price of $72.46/bbl after settlements vs $83.42/bbl before settlements
Risk Factors
- Preliminary data subject to revision; final Q3 results may differ materially
- Continued weak oil price realizations relative to Brent could pressure cash flow and adjusted EBITDAX
- Derivative settlement losses of $134M reduce operating cash flow for the quarter
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001609253-26-000138 |
| Document: 0001609253-26-000138-index-headers.html | 0001609253-26-000138 |
| Document: 0001609253-26-000138-index.html | 0001609253-26-000138 |
| Document: 0001609253-26-000138.txt | 0001609253-26-000138 |
| 8-K Data (Synthetic) | 0001609253-26-000138 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Institutional Cluster | $54.54 | awaiting T+60 | awaiting T+60 | $54.11 (−0.79%) |
Oct 21, 2026 6d ago | Institutional Cluster | $52.96 | awaiting T+60 | awaiting T+60 | $54.11 (+2.17%) |
Oct 13, 2026 14d ago | 8-K | $54.22 | awaiting T+60 | awaiting T+60 | $54.11 (−0.20%) |
Aug 10, 2026 11w ago | 8-K | $53.75 | awaiting T+60 | awaiting T+60 | $54.11 (+0.67%) |
Aug 10, 2026 11w ago | Press Release | $53.75 | awaiting T+60 | awaiting T+60 | $54.11 (+0.67%) |
Jul 14, 2026 15w ago | 8-K | $52.32 $52.06 | ▼ −0.50% | ▼ −3.87% | $54.11 (+3.42%) |
Jun 26, 2026 17w ago | 8-K | $52.60 $52.03 | ▼ −1.08% | ▼ −5.47% | $54.11 (+2.87%) |
Jun 16, 2026 19w ago | 8-K | $55.35 $56.75 | ▲ +2.53% | ▼ −0.62% | $54.11 (−2.24%) |
Jun 16, 2026 19w ago | 8-K | $56.25 $56.25 | · 0.00% | ▼ −1.00% | $54.11 (−3.80%) |
May 5, 2026 25w ago | 8-K | $61.46 $52.62 | ▼ −14.38% | ▼ −16.44% | $54.11 (−11.96%) |
US Market Status
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