California Resources Corp CRC
We are an independent energy and carbon management company advancing the energy transition. We are committed to environmental stewardship while safely providing local, responsibly sourced energy. We are also focused on maximizing the value of our land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects.
Our business is organized into two reporting segments: oil and natural gas and carbon management. Our oil and natural gas segment explores for, develops and produces crude oil and condensate, natural gas liquids and natural gas in major producing basins located in California and Utah. As of December 31, 2025, our proved reserves totaled an estimated 654 MMBoe, of which 541 MMBbl were crude oil and condensate reserves, 37 MMBbl were NGL reserves and 455 Bcf, or 76 MMBoe, were natural gas reserves. As of December 31, 2025, we held approximately 2 million net mineral acres. Our operated asset base spans 68 distinct fields with approximately 22,000 net operated wells. We had average net production of approximately 138 MBoe/d (79% oil) for the year ended December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.91B | $2.54B | $2.15B | $2.64B | $2.05B | — | $2.27B | $2.59B | $1.94B | $1.62B |
| Cost of revenue | — | — | — | — | — | — | $2.21B | $2.29B | $1.93B | — |
| Gross profit | — | — | — | — | — | — | $65.0M | $295.0M | $3.0M | — |
| SG&A | $333.0M | $321.0M | $267.0M | $222.0M | $200.0M | — | $290.0M | $299.0M | $249.0M | $235.0M |
| Total operating expenses | $3.07B | $2.59B | $2.02B | $1.95B | $1.72B | — | — | — | — | — |
| Operating income | $598.0M | $620.0M | $808.0M | $812.0M | $293.0M | — | $429.0M | $769.0M | $73.0M | -$293.0M |
| Pre-tax income | $502.0M | $516.0M | $748.0M | $761.0M | $229.0M | — | $100.0M | $429.0M | -$262.0M | $201.0M |
| Income tax | $139.0M | $140.0M | $184.0M | $237.0M | $396.0M | — | $1.0M | $0 | $0 | $78.0M |
| Net income | $363.0M | $376.0M | $564.0M | $524.0M | $612.0M | — | -$28.0M | $328.0M | -$266.0M | $279.0M |
| EPS, basic | 4.17 | 4.74 | 8.10 | 6.94 | 7.46 | — | -0.57 | 6.77 | -6.26 | 6.76 |
| EPS, diluted | 4.15 | 4.62 | 7.78 | 6.75 | 7.37 | — | -0.57 | 6.77 | -6.26 | 6.76 |
| Shares, diluted (wtd. avg.) | $87.4M | $81.4M | $72.5M | $77.6M | $83.0M | — | $49.0M | $47.4M | $42.5M | $40.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $132.0M | $372.0M | $496.0M | $307.0M | $305.0M | $28.0M | $17.0M | $17.0M | $20.0M | $12.0M |
| Receivables | $333.0M | $330.0M | $216.0M | $326.0M | $245.0M | $149.0M | $277.0M | $299.0M | $277.0M | $232.0M |
| Inventory | $106.0M | $90.0M | $72.0M | $60.0M | $60.0M | $61.0M | $67.0M | $69.0M | $56.0M | $58.0M |
| Total current assets | $938.0M | $1.02B | $929.0M | $864.0M | $753.0M | $515.0M | $491.0M | $640.0M | $483.0M | $425.0M |
| Property, plant and equipment | — | — | — | — | — | — | $6.35B | $6.46B | $5.70B | $5.88B |
| Total assets | $7.40B | $7.13B | $4.00B | $3.97B | $3.85B | $3.29B | $6.96B | $7.16B | $6.21B | $6.35B |
| Accounts payable | $452.0M | $369.0M | $245.0M | $345.0M | $266.0M | $215.0M | $296.0M | $390.0M | $257.0M | $219.0M |
| Total current liabilities | $1.05B | $980.0M | $616.0M | $894.0M | $854.0M | $446.0M | $709.0M | $607.0M | $732.0M | $726.0M |
| Long-term debt | $1.28B | $1.13B | $540.0M | $592.0M | $589.0M | $723.0M | $4.98B | $5.25B | $5.31B | $5.27B |
| Retained earnings | $1.91B | $1.68B | $1.42B | $938.0M | $475.0M | $0 | -$5.37B | -$5.34B | -$5.67B | -$5.40B |
| Total equity | $3.67B | $3.54B | $2.22B | $1.86B | $1.69B | $1.18B | -$296.0M | -$247.0M | -$720.0M | -$557.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $865.0M | $610.0M | $653.0M | $690.0M | $660.0M | — | $676.0M | $461.0M | $248.0M | $130.0M |
| Depreciation and amortisation | $511.0M | $388.0M | $225.0M | $198.0M | $213.0M | — | $471.0M | $502.0M | $544.0M | $559.0M |
| Capital expenditure | $322.0M | $255.0M | $185.0M | $379.0M | $194.0M | — | $455.0M | $690.0M | $371.0M | $75.0M |
| Investing cash flow | -$725.0M | -$1.08B | -$175.0M | -$317.0M | -$161.0M | — | -$394.0M | -$1.16B | -$313.0M | -$61.0M |
| Financing cash flow | -$380.0M | $343.0M | -$289.0M | -$371.0M | -$222.0M | — | -$282.0M | $692.0M | $73.0M | -$69.0M |
| Dividends paid | $136.0M | $113.0M | $81.0M | $59.0M | $14.0M | — | $0 | — | — | — |
| Buybacks | $377.0M | $192.0M | $143.0M | $313.0M | $148.0M | — | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001609253-26-000051.
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