NYSE: CRC
California Resources Corporation (CRC) is an independent energy and carbon management company. It produces oil, natural gas and natural gas liquids, mainly in California's San Joaquin, Los Angeles and Sacramento basins. Third-quarter 2026 net production averaged 152 MBoe/d (80% oil), and the company ran about five drilling rigs.
Beyond upstream production, CRC operates:
- the Elk Hills power plant, which sells electricity and resource adequacy into California markets;
- gas processing at the Elk Hills Cryogenic Gas Plant;
- a commodity marketing business;
- Carbon TerraVault, a carbon management business that develops carbon capture, transport and storage (CCS) services. Its CTV I project is now injecting CO2.
CRC has recently made several portfolio moves:
- It completed the Berry merger.
- It closed the all-cash acquisition of Crimson Midstream, expanding its pipeline infrastructure and potential CO2 transportation options.
- It agreed to sell its Uinta Basin (Utah) assets for about $90 million to sharpen its California focus.
- It signed a non-binding MOU with Bloom Energy to evaluate 1 GW or more of fuel cell power generation paired with CCS.
CRC returns capital through quarterly dividends and share repurchases. Updated
The GAAP loss is a $540 million non-cash derivative mark, not an operating problem: adjusted earnings came in above expectations and free cash flow funded a dividend increase. Management is already framing 2027 as a shift from acquisition to optimization after the Crimson pipeline deal and the Uinta Basin sale.
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California Resources Corporation (CRC) is an independent energy and carbon management company. It produces oil, natural gas and natural gas liquids, mainly in California's San Joaquin, Los Angeles and Sacramento basins.
24/7 Wall St.'s 12-month price target for CRC is $86.63, rated Buy. The Wall Street consensus target is $75.33. CRC price prediction →
