CRC Flags $190M Q2 Derivative Loss; Realized Oil at $76.50 After Hedges
CRC sits 24% above its 52-week low of $43.245.
Summary
CRC reported a $190 million Q2 derivative loss, with realized oil prices after hedges at $76.50/Bbl versus $91.64 before hedges. The loss underscores the cost of its hedging strategy amid high oil prices.
Key Events · Earnings and Guidance · CRC
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$190M Derivative Loss
Estimated $190 million loss from commodity derivative settlements in Q2 2026, including $164 million from oil sales hedges and $26 million from natural gas purchase derivatives.
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Realized Oil Price Hit
Realized oil price after derivative settlements was $76.50/Bbl, a $15.14 discount to the pre-hedge realized price of $91.64/Bbl, reflecting the cost of hedging programs.
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Strong Pre-Hedge Pricing
Pre-hedge realized oil price of $91.64/Bbl was close to Brent ($96.87) and WTI ($92.79) benchmarks, indicating solid operational performance before derivative impacts.
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Recurring Derivative Exposure
Follows a $711 million Q1 2026 net loss largely from non-cash derivative losses, suggesting ongoing vulnerability to hedging-related earnings volatility.
Analysis · CRC · Energy & Transportation
California Resources disclosed a $190 million loss from commodity derivative settlements in Q2 2026, driven by $164 million in losses on oil sales hedges. Realized oil prices after settlements dropped to $76.50 per barrel, well below the $91.64 pre-hedge level. This follows a $711 million Q1 net loss that was also tied to derivatives, and comes amid a recent $550 million debt refinancing and a push to acquire the San Pablo Bay pipeline. The derivative losses highlight ongoing exposure to hedging programs that are capping upside in a strong commodity price environment.
How filings like this one have moved
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At the time of this filing, CRC was trading at $53.79 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $43.25 to $71.98. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.