CRC Posts $1.17 Adjusted EPS, Raises Dividend 4%, Sells Uinta for ~$90M
CRC sits 21% above its 52-week low of $43.245.
Summary
A $315 million Q3 net loss at CRC was driven by a $540 million non-cash derivative remeasurement, while adjusted EPS of $1.17 and $341 million of adjusted EBITDAX beat guidance. The company raised the dividend 4% to $1.68 annualized, agreed to sell Uinta Basin assets for about $90 million, and closed the Crimson Midstream acquisition.
Key Events · Earnings and Guidance · CRC
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Q3 Adjusted Results Beat Guidance
Adjusted net income of $104 million ($1.17 per diluted share) and adjusted EBITDAX of $341 million exceeded quarterly guidance, on 152 MBoe/d net production (80% oil).
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Net Loss Is Non-Cash Derivative Mark
The $315 million GAAP net loss includes a $540 million non-cash loss from changes in fair value of commodity derivatives — an accounting remeasurement, not a cash outflow or new dilution.
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Dividend Raised 4%, Buybacks Continue
Quarterly dividend lifted to $0.42 per share ($1.68 annualized), payable December 18, 2026 to holders of record December 4; $30 million of buybacks in Q3 leave $570 million authorized through December 31, 2027.
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Uinta Sale and Crimson Close
Agreed to divest Uinta Basin assets for about $90 million cash, expected to close by year-end, and closed the all-cash Crimson Midstream acquisition.
Analysis · CRC · Energy & Transportation
The $315 million net loss at the headline is almost entirely a non-cash mark-to-market charge: a $540 million loss from remeasuring commodity derivatives as prices moved, not cash out the door and not new dilution. The cash engine ran well — $305 million of operating cash flow funded $158 million of capital spending and still left $147 million of free cash flow, and adjusted EBITDAX of $341 million beat the quarter's guidance. Management is also reshaping the portfolio: it closed the Crimson Midstream acquisition, agreed to sell the Uinta Basin assets for about $90 million by year-end, and signed a non-binding Bloom Energy MOU for up to 1 GW of fuel-cell power with carbon capture. Shareholders get a 4% dividend raise to $1.68 annualized plus $30 million of buybacks in the quarter, with $570 million left on the repurchase authorization through 2027. The main swing factor is commodity prices — realized oil fell to $83.42/bbl before hedges from $91.55 in Q2, and hedges pulled the realized price down to $72.46.
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At the time of this filing, CRC was trading at $52.54 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 positive market sentiment and an importance score of 8 out of 10.