California Resources Corporation Reports Third Quarter 2026 Financial and Operating Results
Key Highlights
- ➤Adjusted EBITDAX $341 million, exceeding quarterly guidance
- ➤Free cash flow $147 million on $305 million operating cash flow
- ➤Quarterly dividend increased 4% to $0.42 per share
- ➤Uinta Basin assets sale agreed for approximately $90 million cash
- ➤Fourth-quarter 2026 adjusted EBITDAX guidance set at $340-$380 million
Expert Statements
Francisco Leon, President and Chief Executive Officer of California Resources Corporation
“Our team continues to execute exceptionally well through strong operational performance, synergy realization from our strategic initiatives and impressive free cash flow”
Francisco Leon, President and Chief Executive Officer of California Resources Corporation
“Through continued capital discipline and the ongoing focus on sustainable efficiency gains, we are improving free cash flow and our liquidity profile.”
Francisco Leon, President and Chief Executive Officer of California Resources Corporation
“In addition, we remain committed to our shareholder capital return program with share repurchases and dividends, the latter demonstrated by the 4% dividend per share increase we announced today.”
Francisco Leon, President and Chief Executive Officer of California Resources Corporation
“We have also made significant progress on strategic priorities, including the Crimson pipeline acquisition, along with the Uinta Basin asset sale and Bloom Energy partnership.”
Francisco Leon, President and Chief Executive Officer of California Resources Corporation
“These initiatives broaden and strengthen our commitment to the Golden State while continuing to deliver value to all CRC constituents including our shareholders and California communities.”
Francisco Leon, President and Chief Executive Officer of California Resources Corporation
“As we look to 2027, CRC is moving from acquisition to optimization.”
Francisco Leon, President and Chief Executive Officer of California Resources Corporation
“Having built, in our view, California’s leading energy infrastructure platform, our focus now turns to running it better by lowering costs, improving capital efficiency and putting our midstream, power and carbon opportunities to work.”
Francisco Leon, President and Chief Executive Officer of California Resources Corporation
“That strategy positions us to strengthen free cash flow and continue delivering meaningful returns to our shareholders.”
Raised Quarterly Dividend by 4% and Delivered 2% Quarter-over-Quarter Net Production Growth
Sharpened Focus on California through Uinta Basin Sale and Closing of Crimson Midstream Acquisition
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