The EPS miss will likely pressure the stock near term, but the strong revenue beat, reaffirmed guidance, and operational efficiency gains (lower maintenance capital, early synergy capture) provide a floor. Monitor Q3 guidance execution and the Crimson acquisition close for incremental catalysts.
Price Chart
Executive Summary
CRC reported Q2 2026 adjusted EPS of $0.99, missing the $1.37 consensus by 28%, while revenue before derivatives of $1.092B beat the $904.7M estimate by 20.7%. The company reaffirmed full-year guidance, reduced maintenance capital, announced a $63M midstream acquisition, and highlighted operational improvements and synergy capture, creating a mixed picture.
Key Financial Metrics
Key Facts
- Adjusted EPS $0.99 vs $1.37 consensus (miss of 28%)
- Revenue before derivatives $1.092B vs $904.7M consensus (beat of 20.7%)
- Reaffirmed 2026 production and capital guidance; reduced drilling/completion capital by $10M to $370M-$390M
- Q3 2026 adjusted EBITDAX guidance $285M-$325M on 151-154 MBoe/d production
- Announced $63M acquisition of Crimson Midstream pipeline and storage assets
- Generated $114M free cash flow; returned $36M in dividends
- Completed $550M senior notes refinancing, reducing interest expense
- Achieved $103M in annualized Berry merger synergies, six months ahead of schedule
Financial Impact
EPS miss of 28% and revenue beat of 20.7%, with $63M midstream acquisition and $114M free cash flow
Risk Factors
- Commodity price volatility (Brent assumed $83-$85 for guidance)
- Integration of Crimson Midstream acquisition
- Derivative losses and inventory build impacts on cash flow
- Execution risk on production targets and cost control
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3341802 |
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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