CRC 10-Q: $315M Q3 Loss on Non-Cash Hedges, Dividend Raised 4%, CCS Permit Setback
CRC sits 19% above its 52-week low of $43.245.
Summary
CRC's Q3 loss was driven by a $554 million non-cash hedge remeasurement while operating cash flow stayed solid at $667 million for nine months. The company raised its dividend 4% to $1.68 annually and disclosed a court ruling vacating the CEQA approval for its Carbon TerraVault I project.
Key Events · Earnings and Guidance · CRC
-
Q3 Loss Driven by Non-Cash Hedges
Q3 net loss was $315 million (diluted EPS -$3.55) on $421 million of revenue; $554 million of the loss was a non-cash remeasurement of commodity derivatives as the Brent forward curve rose about 23% to $88.39.
-
Cash Flow and Liquidity Hold Up
Nine-month operating cash flow was $667 million versus $630 million a year earlier, and liquidity totaled $1,315 million ($35 million available cash plus $1,280 million revolver availability).
-
Dividend Raised 4%
On November 2, 2026 the board raised the anticipated annual dividend about 4% to $1.68 per share, declaring a $0.42 quarterly dividend payable December 18, 2026 to holders of record December 4, 2026.
-
CCS Project Approval Vacated
A Kern County Superior Court ruling on November 2, 2026 set aside the revised EIR certification and project approval for Carbon TerraVault I; CRC says other CTV projects do not rely on that review and it does not expect a material impact.
Analysis · CRC · Energy & Transportation
The headline $315 million quarterly loss is an accounting artifact, not a cash problem: $554 million of the red ink is a non-cash mark-to-market on oil hedges as Brent forward prices rose about 23% to $88.39, which raises the liability on sold calls. Cash generation held up, with $667 million of operating cash flow over nine months and $1.3 billion of liquidity. For holders, the real news is capital return and the carbon business: the board lifted the annual dividend about 4% to $1.68 per share, and a Kern County court set aside the environmental approval underpinning the Carbon TerraVault I project on November 2, 2026, though management says other CTV projects do not depend on that review and it does not expect a material financial hit.
How filings like this one have moved
In the 30 days to Nov 3, 2026, 40.9% of the 1143 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.37%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CRC was trading at $51.38 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.6B. The 52-week trading range was $43.25 to $71.98. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.