California Resources Boosts 2026 EBITDAX Guidance by 42% and Accelerates Drilling Activity
CRC has more than doubled off its 52-week low of $34.865.
Summary
California Resources reported Q1 2026 results, significantly raising its full-year Adjusted EBITDAX guidance by 42% and announcing accelerated drilling plans, despite a GAAP net loss driven by non-cash derivative adjustments.
Key Events · Earnings and Guidance · CRC
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Raises 2026 Adjusted EBITDAX Guidance by 42%
The company increased its 2026 Adjusted EBITDAX guidance midpoint by 42% to $1.45 billion, citing strong oil prices, increased target synergies, and expected operating efficiencies.
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Accelerates Second Half 2026 Drilling Activity
Plans to increase capital investments by approximately $100 million to accelerate high-return drilling projects, targeting a 2026E gross production exit rate of approximately 175 MBoe/d.
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Reports Q1 2026 Financial Results
Reported a Q1 2026 GAAP net loss of $711 million, primarily due to non-cash losses in commodity derivatives, but an adjusted net income of $79 million.
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Optimizes Capital Structure
Completed a $350 million follow-on offering of 7.000% senior notes due 2034 and used proceeds to redeem $350 million of 8.250% senior notes due 2029, extending maturities and reducing interest costs.
Analysis · CRC · Energy & Transportation
California Resources Corporation reported a significant increase in its 2026 Adjusted EBITDAX guidance by 42% to a midpoint of $1.45 billion, driven by higher oil prices, increased drilling activity, and enhanced merger synergies. This substantial upgrade to the financial outlook, coupled with plans to accelerate high-return drilling projects and target higher production exit rates, signals strong operational confidence and improved profitability. While the company reported a GAAP net loss for Q1 2026, this was primarily due to non-cash commodity derivative losses, with adjusted net income remaining positive. The company also optimized its capital structure by refinancing $350 million in senior notes, reducing interest expense. This positive operational and financial news comes as the stock is trading near its 52-week high, potentially reinforcing investor sentiment.
At the time of this filing, CRC was trading at $72.18 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $6.2B. The 52-week trading range was $34.87 to $71.98. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.