CRC's strong cash flow generation, production growth, and successful integration of Berry position it well for continued shareholder returns through buybacks and dividends. The upcoming CO₂ injection at Elk Hills could serve as a near-term catalyst. Traders should monitor execution on 2026 guidance and synergy realization.
Price Chart
Executive Summary
California Resources Corporation (CRC) reported strong 2025 financial and operating results, highlighted by 25% year-over-year production growth, record annual free cash flow of $543 million, and $1.24 billion in adjusted EBITDAX. The company closed its all-stock merger with Berry Corporation and delivered $235 million in synergies, while returning $513 million to shareholders. CRC guided for 12% production growth in 2026 and is advancing its carbon capture and storage initiatives.
Key Financial Metrics
Key Facts
- 2025 net production increased 25% YoY to 138 MBoe/d (79% oil)
- Full-year 2025 adjusted EBITDAX reached $1.241 billion, highest since 2021
- Generated $543 million in free cash flow in 2025, up from $355 million in 2024
- Closed all-stock merger with Berry Corporation on December 18, 2025
- Returned $513 million to shareholders in 2025 ($377M in buybacks, $136M in dividends)
- Guiding for 12% YoY production growth in 2026 (152–157 MBoe/d)
- Targeting $80–90 million in Berry merger synergies within 12 months of closing
- Substantially completed construction of Elk Hills CCS project; targeting first CO₂ injection in spring 2026
Financial Impact
Generated $543 million in free cash flow in 2025 (up 53% YoY) and guided for $970M–$1.07B in adjusted EBITDAX in 2026
Risk Factors
- Execution risk on 2026 production and capital guidance
- Commodity price volatility impacting cash flows
- Delays in regulatory approval for CO₂ injection at Elk Hills
- Integration challenges with Berry Corporation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3247359 |
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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