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CRC

California Resources Corporation

CRC

California Resources Corporation • NYSE
$47.78 ▲ 1.88% (+0.88)
Market Cap $4.00 B
52w High $59.38
52w Low $30.97
Dividend Yield 1.62%
P/E 11.46
Volume 583.53K
Outstanding Shares 83.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $878M ▲ $157M ▲ $64M ▼ 7.289% ▼ $0.76 ▼ $251M ▼
Q2-2025 $821M ▼ $126M ▼ $172M ▲ 20.95% ▲ $1.93 ▲ $423M ▲
Q1-2025 $906M ▼ $143M ▼ $115M ▲ 12.693% ▲ $1.27 ▲ $349M ▲
Q4-2024 $926M ▼ $163M ▼ $33M ▼ 3.564% ▼ $0.36 ▼ $242M ▼
Q3-2024 $997M $191M $345M 34.604% $3.86 $683M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $196M ▲ $6.751B ▲ $3.308B ▲ $3.443B ▲
Q2-2025 $72M ▼ $6.712B ▼ $3.305B ▼ $3.407B ▼
Q1-2025 $214M ▼ $6.827B ▼ $3.311B ▼ $3.516B ▼
Q4-2024 $372M ▲ $7.135B ▲ $3.597B ▼ $3.538B ▲
Q3-2024 $241M $7.128B $3.627B $3.501B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $64M ▼ $278M ▲ $-87M ▼ $-67M ▲ $124M ▲ $187M ▲
Q2-2025 $172M ▲ $165M ▼ $-51M ▲ $-256M ▲ $-142M ▲ $109M ▼
Q1-2025 $115M ▲ $186M ▼ $-79M ▼ $-265M ▼ $-158M ▼ $131M ▲
Q4-2024 $33M ▼ $206M ▼ $-67M ▲ $-8M ▲ $131M ▲ $118M ▼
Q3-2024 $345M $220M $-928M $-82M $-790M $141M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Natural Gas Production
Natural Gas Production
 $30.00M ▲$50.00M ▲$30.00M ▼$30.00M ▲
Oil and Condensate
Oil and Condensate
 $800.00M ▲$0 ▼$740.00M ▲$640.00M ▼
Propane
Propane
 $40.00M ▲$0 ▼$50.00M ▲$40.00M ▼

Five-Year Company Overview

Income Statement

Income Statement CRC’s sales have been fairly steady in recent years, with a bump after the pandemic and then some ups and downs as oil and gas prices moved around. Profitability has generally been solid, with the core business earning healthy margins. That said, earnings are past their peak: recent profits are lower than the unusually strong period that followed restructuring and high commodity prices. The trend suggests a move from a “windfall” phase to a more normal, steady-profit phase, with cost control and integration of the Aera deal becoming more important drivers than price spikes.

Balance Sheet

Balance Sheet The balance sheet looks much stronger than it did a few years ago. Equity has been rebuilt, and the company now carries a meaningful but still manageable amount of debt. Total assets have stepped up notably, reflecting the combination with Aera and a larger resource base. Cash on hand is reasonable rather than excessive, so CRC relies on its steady cash generation and access to credit rather than a very large cash cushion. Overall, the company appears more resilient, but the higher asset and debt base also raise the bar for returns and discipline.

Cash Flow

Cash Flow CRC has been consistently generating cash from its operations and, importantly, has been able to cover its investment spending with room to spare. Free cash flow has been positive for several years in a row, which supports debt service, shareholder returns, and funding of new projects like carbon capture. Capital spending is rising from earlier very lean levels, reflecting growth and transition projects, but not to the point of straining the cash profile. The key watchpoint is whether these investments keep translating into equally strong cash returns as the business mix evolves.

Competitive Edge

Competitive Edge CRC is now the largest oil and gas producer in California, which gives it scale, shared infrastructure, and bargaining power with suppliers and partners. Its long history in the state and deep familiarity with complex regulations give it an edge versus newcomers, especially in permitting and environmental compliance. At the same time, the company is highly exposed to a single, heavily regulated and politically sensitive region, where oil production is under pressure. This creates both risk and opportunity: risk from tighter rules and opposition to hydrocarbons, and opportunity from being a preferred partner for regulated decarbonization projects like carbon storage.

Innovation and R&D

Innovation and R&D CRC is leaning heavily into carbon management as its key innovation theme. Through Carbon TerraVault, it is building carbon capture and storage projects that use depleted oil and gas fields to permanently store emissions, where it has already secured rare federal permits. It is also helping lead a direct air capture hub in California with experienced technology partners, aiming to build a full ecosystem for pulling carbon directly from the atmosphere. The Elk Hills Clean Energy Park brings these ideas together in one site. These efforts could become a major new business line if technology, policy support, and customer demand all line up, but they are still early-stage and carry execution, regulatory, and technology risks.

Summary

CRC has evolved from a stressed, post-restructuring oil producer into a larger, more diversified California energy and carbon management platform. The core oil and gas operations now provide steady profits and cash rather than outsized windfalls, while the balance sheet is in much healthier shape and supports ongoing investment. Consistent free cash flow gives the company flexibility, but also raises expectations that growth and transition projects must pay off. Competitively, CRC’s scale, infrastructure, and regulatory experience in California are real advantages, yet its heavy dependence on one state and on complex policy-driven markets is a key uncertainty. The company’s future story hinges on whether it can successfully turn its early lead in carbon capture and direct air capture into a durable, profitable business alongside its traditional production base.

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