CRC Posts $514M Q2 Profit, Raises Outlook, and Announces $63M Midstream Acquisition
CRC sits 17% above its 52-week low of $43.245.
Summary
CRC reported Q2 2026 net income of $514 million, adjusted EBITDAX of $338 million, and free cash flow of $114 million. The company also announced a $63 million midstream acquisition, lowered its long-term maintenance capital outlook, and declared a $0.405 quarterly dividend.
Updates
· SEC 10-Q — The 10-Q confirms first carbon injection began in May 2026 at the cryogenic gas processing facility, with the Carbon TerraVault JV recording about $1 million of revenue in Q2.
Key Events · Earnings and Guidance · CRC
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Q2 Net Income of $514M
Reported net income of $514 million, including a $370 million non-cash derivative gain. Adjusted net income was $88 million, or $0.99 per diluted share.
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Strong Cash Flow Generation
Generated $263 million in operating cash flow and $114 million in free cash flow. Free cash flow before working capital changes was $151 million.
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Lowered Maintenance Capital Outlook
Reduced long-term maintenance capital to $450-$475 million range, a ~5% decrease, by operating with six rigs instead of seven while maintaining flat production.
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$63M Midstream Acquisition
Announced definitive agreement to acquire Crimson Midstream Holdings for $63 million in cash, expanding CRC's California infrastructure platform.
Analysis · CRC · Energy & Transportation
A standout quarter for California Resources, with net income reaching $514 million—fueled by a non-cash derivative gain—and free cash flow of $114 million. The company also lowered its long-term maintenance capital requirements, achieved full Berry merger synergies ahead of schedule, and announced a strategic midstream acquisition. Together, these results and strategic moves strengthen CRC's integrated California energy platform and improve its long-term cash generation profile.
How filings like this one have moved
In the 30 days to Nov 6, 2026, 44.9% of the 1407 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.36%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CRC was trading at $50.46 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 positive market sentiment and an importance score of 8 out of 10.