Quarterly ResultMay 5, 2026, 04:34 PM
California Resources Raises 2026E Adjusted EBITDAX Guidance by 42%
AI Summary
California Resources Corporation reported its first quarter 2026 financial and operating results, including a net loss of $711 million primarily due to non-cash derivative losses, but an adjusted net income of $79 million and adjusted EBITDAX of $304 million. The company announced plans to increase second-half 2026 drilling activity, which, combined with strong oil prices and increased target synergies, led to a 42% increase in its 2026E Adjusted EBITDAX guidance midpoint to $1,450 million. CRC also declared a quarterly cash dividend of $0.405 per share and repurchased $10 million in shares during the quarter, while optimizing its capital structure through a $350 million senior notes offering and redemption.
Key Highlights
- 2026E Adjusted EBITDAX guidance midpoint raised 42% to $1,450 million.
- Increased 2026 drilling activity, targeting ~175 MBoe/d gross production exit rate.
- Berry merger annual synergy target increased 12% to $90-$100 million.
- Q1 2026 net production averaged 154 MBoe/d (81% oil).
- Q1 2026 reported a net loss of $711 million due to non-cash derivative losses.
- Q1 2026 adjusted net income was $79 million; adjusted EBITDAX was $304 million.
- Declared quarterly cash dividend of $0.405 per share and repurchased $10 million in shares.
- Issued $350 million senior notes due 2034, redeemed $350 million senior notes due 2029.