The guidance raise is the dominant catalyst, signaling strong operational momentum and cash flow generation. Watch for execution on the increased drilling program and commodity price trends; the EPS miss is minor and likely overshadowed by the improved outlook.
Price Chart
Executive Summary
CRC reported Q1 2026 adjusted EPS of $0.88, missing consensus of $0.90 by 2.2%, but revenue of $967M (before derivatives) beat estimates of $945.4M. The company raised its 2026 adjusted EBITDAX guidance by 42% to $1.4-$1.5B, citing strong oil prices, increased drilling, and merger synergies. The mixed results with a guidance raise and EPS miss set a cautiously optimistic tone.
Key Financial Metrics
Key Facts
- Q1 2026 adjusted EPS $0.88 vs consensus $0.90 (miss of -2.2%)
- Revenue before derivatives $967M vs consensus $945.4M (beat of +2.3%)
- Raised 2026 adjusted EBITDAX guidance by 42% to $1.4-$1.5B from ~$1.02B prior
- Increasing drilling activity to 7 rigs in H2 2026, targeting ~175 MBoe/d exit production
- Declared quarterly dividend of $0.405/share; repurchased $10M in shares in Q1
- Completed $350M note offering to refinance higher-cost debt
- Net loss of $711M driven by $848M non-cash derivative loss
Financial Impact
EPS miss of $0.02 vs consensus; guidance raise adds ~$430M to EBITDAX midpoint
Risk Factors
- Commodity price volatility (Brent assumed $90.58/bbl for 2026)
- Execution risk on accelerated drilling and synergy capture
- Exposure to derivative losses and non-cash adjustments
- California regulatory environment and carbon management project delays
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3288321 |
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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