California Resources Q1 Net Loss $(711)M; Revenue $119M
California Resources Corp reported a substantial net loss of $(711) million, or $(8.02) per share, for the first quarter of 2026, a significant decline from a net income of $115 million in the prior year. Total operating revenues also fell sharply to $119 million from $912 million, primarily due to a net loss of $(848) million from commodity sales derivatives. The company completed a follow-on offering of $350 million in 2034 Senior Notes and used the proceeds to redeem $350 million of 2029 Senior Notes, resulting in a $21 million loss on debt extinguishment. The financial results for Q1 2026 include the full-quarter impact of the Berry Merger, completed in December 2025, which significantly affects comparability with the prior year.
Key Highlights
- Reported a net loss of $(711) million for Q1 2026, compared to net income of $115 million in Q1 2025.
- Basic net loss per share was $(8.02) in Q1 2026, down from basic net income per share of $1.27 in Q1 2025.
- Total operating revenues decreased significantly to $119 million in Q1 2026 from $912 million in Q1 2025.
- Net loss from commodity sales derivatives was $(848) million in Q1 2026, compared to a gain of $6 million in Q1 2025.
- Issued an additional $350 million in 2034 Senior Notes and redeemed $350 million of 2029 Senior Notes, incurring a $21 million loss on extinguishment.
- Net cash provided by operating activities was $99 million in Q1 2026, down from $186 million in Q1 2025.
- Paid cash dividends of $36 million in Q1 2026, consistent with $35 million in Q1 2025.
- Pro forma Q1 2025 total operating revenue was $1,087 million and net income was $6 million, reflecting the Berry Merger.