California Resources Corporation is an American energy corporation engaged in hydrocarbon exploration in California. It is organized in Delaware and headquartered in Long Beach, California. Its mineral acreage holdings in California constitute the largest privately held position in the state.3 Its shares trade on NYSE under the symbol CRC.1Wikipedia text CC BY-SA 4.0
California Resources Corporation is an American energy corporation engaged in hydrocarbon exploration in California. It is organized in Delaware and headquartered in Long Beach, California. Its mineral acreage holdings in California constitute the largest privately held position in the state.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1011129$2.9B in 2025+28% since 2019Operating income1011129$598.0M in 2025+39% since 2019Net income1011129$363.0M in 2025
Revenue131415$1.1B in Q2 FY2026+50% since Q2 FY2025Operating income131415$511.0M in Q2 FY2026+91% since Q2 FY2025Net income131415$514.0M in Q2 FY2026+199% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Oil, natural gas and natural gas liquids sales
$2.9B
$2.5B
$2.2B
Net gain (loss) from commodity derivatives
$266.0M
$241.0M
-$12.0M
Total operating revenues
$3.7B
$3.2B
$2.8B
Operating costs
$1.3B
$966.0M
$822.0M
General and administrative expenses
$333.0M
$321.0M
$267.0M
Depreciation, depletion and amortization
$511.0M
$388.0M
$225.0M
Asset impairment
$59.0M
$14.0M
$3.0M
Taxes other than on income
$242.0M
$242.0M
$165.0M
Accretion expense
$114.0M
$87.0M
$46.0M
Net loss on natural gas purchase derivatives
$50.0M
$30.0M
$8.0M
Measurement period adjustments, net
$1.0M
-$12.0M
$0
Other operating expenses, net
$209.0M
$239.0M
$95.0M
Total operating expenses
$3.1B
$2.6B
$2.0B
(Loss) gain on asset divestitures
-$1.0M
$11.0M
$32.0M
OPERATING INCOME
$598.0M
$620.0M
$808.0M
Interest and debt expense, net
-$106.0M
-$87.0M
-$56.0M
Loss on early extinguishment of debt
-$1.0M
-$5.0M
-$1.0M
Equity loss from unconsolidated subsidiaries
-$4.0M
-$10.0M
-$9.0M
Other non-operating income (expense), net
$15.0M
-$2.0M
$6.0M
INCOME BEFORE INCOME TAXES
$502.0M
$516.0M
$748.0M
Income tax provision
-$139.0M
-$140.0M
-$184.0M
NET INCOME
$363.0M
$376.0M
$564.0M
Basic (in dollars per share)
$4.17
$4.74
$8.10
Diluted (in dollars per share)
$4.15
$4.62
$7.78
Basic (in shares)
87.0M shares
79.3M shares
69.6M shares
Diluted (in shares)
87.4M shares
81.4M shares
72.5M shares
No quarter-by-quarter statement was filed.
Total assets16101711129$7.4B in 2025+6% since 2019Shareholders’ equity1610129$3.7B in 2025Cash171011129$132.0M in 2025+676% since 2019Long-term debt18101711129$1.3B in 2025−74% since 2019
Total assets19141513$7.1B in Q2 FY2026+6% since Q2 FY2025Shareholders’ equity131415$3.4B in Q2 FY2026−0% since Q2 FY2025Cash19141513$56.0M in Q2 FY2026−22% since Q2 FY2025Long-term debt19141513$1.3B in Q2 FY2026+44% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$132.0M
$372.0M
Trade receivables
$333.0M
$330.0M
Inventory
$106.0M
$90.0M
Assets held for sale
$0
$10.0M
Receivables from affiliate
$14.0M
$46.0M
Other current assets, net
$353.0M
$176.0M
Total current assets
$938.0M
$1.0B
PROPERTY, PLANT AND EQUIPMENT
$7.5B
$6.7B
Accumulated depreciation, depletion and amortization
-$1.6B
-$1.1B
Total property, plant and equipment, net
$5.9B
$5.7B
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES
$111.0M
$86.0M
DEFERRED INCOME TAXES
$76.0M
$73.0M
OTHER NONCURRENT ASSETS
$373.0M
$272.0M
TOTAL ASSETS
$7.4B
$7.1B
Accounts payable
$452.0M
$369.0M
Accrued liabilities
$598.0M
$611.0M
Total current liabilities
$1.1B
$980.0M
Long-term debt, net
$1.3B
$1.1B
Asset retirement obligations
$913.0M
$995.0M
Deferred tax liabilities
$154.0M
$113.0M
Other long-term liabilities
$329.0M
$377.0M
Preferred stock (20,000,000 shares authorized at $0.01 par value); no shares outstanding at December 31, 2025 and 2024
$0
$0
Common stock (200,000,000 shares authorized at $0.01 par value); (110,645,691 and 109,613,585 shares issued; 88,754,165 and 91,100,322 shares outstanding at December 31, 2025 and 2024, respectively)
$1.0M
$1.0M
Treasury stock (21,891,526 shares held at cost at December 31, 2025 and 18,513,263 shares held at December 31, 2024)
-$944.0M
-$796.0M
Additional paid-in capital
$2.6B
$2.6B
Retained earnings
$1.9B
$1.7B
Accumulated other comprehensive income
$87.0M
$75.0M
Total stockholders' equity
$3.7B
$3.5B
$2.2B
$1.9B
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$7.4B
$7.1B
Preferred stock, authorized (in shares)
20.0M shares
20.0M shares
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, authorized (in shares)
200.0M shares
200.0M shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, issued (in shares)
110.6M shares
109.6M shares
Common stock, outstanding (in shares)
88.8M shares
91.1M shares
Treasury stock (in shares)
21.9M shares
18.5M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$132.0M
$372.0M
Trade receivables
$333.0M
$330.0M
Inventory
$106.0M
$90.0M
Assets held for sale
$0
$10.0M
Receivables from affiliate
$14.0M
$46.0M
Other current assets, net
$353.0M
$176.0M
Total current assets
$938.0M
$1.0B
PROPERTY, PLANT AND EQUIPMENT
$7.5B
$6.7B
Accumulated depreciation, depletion and amortization
-$1.6B
-$1.1B
Total property, plant and equipment, net
$5.9B
$5.7B
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES
$111.0M
$86.0M
DEFERRED INCOME TAXES
$76.0M
$73.0M
OTHER NONCURRENT ASSETS
$373.0M
$272.0M
TOTAL ASSETS
$7.4B
$7.1B
Accounts payable
$452.0M
$369.0M
Accrued liabilities
$598.0M
$611.0M
Total current liabilities
$1.1B
$980.0M
Long-term debt, net
$1.3B
$1.1B
Asset retirement obligations
$913.0M
$995.0M
Deferred tax liabilities
$154.0M
$113.0M
Other long-term liabilities
$329.0M
$377.0M
Preferred stock (20,000,000 shares authorized at $0.01 par value); no shares outstanding at December 31, 2025 and 2024
$0
$0
Common stock (200,000,000 shares authorized at $0.01 par value); (110,645,691 and 109,613,585 shares issued; 88,754,165 and 91,100,322 shares outstanding at December 31, 2025 and 2024, respectively)
$1.0M
$1.0M
Treasury stock (21,891,526 shares held at cost at December 31, 2025 and 18,513,263 shares held at December 31, 2024)
-$944.0M
-$796.0M
Additional paid-in capital
$2.6B
$2.6B
Retained earnings
$1.9B
$1.7B
Accumulated other comprehensive income
$87.0M
$75.0M
Total stockholders' equity
$3.7B
$3.5B
$2.2B
$1.9B
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$7.4B
$7.1B
Preferred stock, authorized (in shares)
20.0M shares
20.0M shares
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, authorized (in shares)
200.0M shares
200.0M shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, issued (in shares)
110.6M shares
109.6M shares
Common stock, outstanding (in shares)
88.8M shares
91.1M shares
Treasury stock (in shares)
21.9M shares
18.5M shares
Cash from operations1011129$865.0M in 2025+28% since 2019Capital spending1011129$322.0M in 2025−29% since 2019Free cash flow1011129$543.0M in 2025+146% since 2019Dividends paid1011129$136.0M in 2025Share buybacks1011129$377.0M in 2025
Cash from operations131415$263.0M in Q2 FY2026+59% since Q2 FY2025Capital spending131415$149.0M in Q2 FY2026+166% since Q2 FY2025Free cash flow131415$114.0M in Q2 FY2026+5% since Q2 FY2025Dividends paid131415$36.0M in Q2 FY2026+3% since Q2 FY2025Share buybacks131415$0 in Q2 FY2026
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$363.0M
$376.0M
$564.0M
Depreciation, depletion and amortization
$511.0M
$388.0M
$225.0M
Asset impairments
$59.0M
$14.0M
$3.0M
Deferred income tax provision
$85.0M
$71.0M
$35.0M
Net (gain) loss from commodity derivatives
-$216.0M
-$211.0M
$20.0M
Net proceeds (payments) on settled commodity derivatives
$15.0M
-$64.0M
-$272.0M
Net loss on early extinguishment of debt
$1.0M
$5.0M
$1.0M
Loss (gain) on asset divestitures
$1.0M
-$11.0M
-$32.0M
Other non-cash charges to income, net
$187.0M
$139.0M
$103.0M
Decrease in trade receivables
$83.0M
$58.0M
$110.0M
Increase in inventories
-$6.0M
-$1.0M
-$12.0M
Decrease in other current assets, net
$2.0M
$28.0M
$0
Decrease in accounts payable and accrued liabilities
-$220.0M
-$182.0M
-$92.0M
Net cash provided by operating activities
$865.0M
$610.0M
$653.0M
Capital investments
-$322.0M
-$255.0M
-$185.0M
Changes in accrued capital investments
$35.0M
$29.0M
-$13.0M
Proceeds from asset divestitures
$8.0M
$15.0M
$32.0M
Purchase of a business, net of cash acquired
-$440.0M
-$853.0M
$0
Asset acquisitions
$0
-$6.0M
-$5.0M
Other, net
-$6.0M
-$7.0M
-$4.0M
Net cash used in investing activities
-$725.0M
-$1.1B
-$175.0M
Proceeds from Revolving Credit Facility
$220.0M
$30.0M
$0
Repayments of Revolving Credit Facility
-$220.0M
-$30.0M
$0
Repurchases of common stock
-$377.0M
-$192.0M
-$143.0M
Common stock dividends
-$136.0M
-$113.0M
-$81.0M
Dividend equivalents on equity-settled awards
-$3.0M
-$4.0M
$0
Issuance of common stock
$3.0M
$2.0M
$2.0M
Bridge loan commitments
$0
-$5.0M
$0
Stock warrants exercised
$0
$130.0M
$0
Debt amendment costs
-$3.0M
-$18.0M
-$8.0M
Shares cancelled for taxes
-$12.0M
-$42.0M
-$3.0M
Debt redemption
-$245.0M
-$303.0M
-$56.0M
Net cash (used in) provided by financing activities
California Resources Corporation sits at the top of its group. 13 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of California Resources Corporation
BlackRockFiled SCHEDULE 13G/A on California Resources Corporation, latest Jul 27, 2026 (8 filings since Feb 8, 2022)
Sourcerock Group LLCFiled SCHEDULE 13G on California Resources Corporation, latest May 15, 2026
FMR LLCFiled SC 13G/A on California Resources Corporation, latest Feb 9, 2024 (4 filings since Dec 10, 2021)
GOLDENTREE ASSET MANAGEMENT LPFiled SC 13D/A on California Resources Corporation, latest Feb 21, 2023 (3 filings since Jan 5, 2022)
ARES MANAGEMENT LLCFiled SC 13D/A on California Resources Corporation, latest Aug 15, 2022 (8 filings since Jan 10, 2022)
California Resources CorporationLong Beach, California, United States
AERA ENERGY LLC Subsidiary · Long Beach, California, United States
Berry Corporation (bry) Subsidiary · Delaware, United States
Berry Petroleum Company, LLC Subsidiary · Delaware, United States
CALIFORNIA RESOURCES DEVELOPMENT JV, LLC Subsidiary · Long Beach, California, United States
California Resources Elk Hills, LLC Subsidiary · Delaware, United States
CRC MARKETING, INC. Subsidiary · Long Beach, California, United States
Green Gate Intermediate LLC Subsidiary · Delaware, United States
Green Gate Resources E LLC Subsidiary · Delaware, United States
Green Gate Resources Holdings LLC Subsidiary · Delaware, United States
Green Gate Resources Parent LLC Subsidiary · Delaware, United States
Green Gate Resources S LLC Subsidiary · Delaware, United States
Petra Merger Sub S, LLC Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What California Resources Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The company was formed in April 2014 as a corporate spin-off of Occidental Petroleum. In April 2018, the company acquired the interest in the Elk Hills Oil Field previously held by Chevron Corporation for $460 million and 2.85 million shares. In July 2020, the company filed bankruptcy with $5 billion in debt; it emerged from bankruptcy in October 2020. In March 2021, Mark A. (“Mac”) McFarland was appointed CEO. The company benefited financially from the 2021 Texas power crisis. In February, 2024, it announced a $2.1 billion, all-stock purchase agreement for Aera Energy.
Sep 24, 2025Reported quarterly or annual results78
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
426 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 232 insider forms, 45 large holders, 63 other. The latest 20:
156 open-market trades by officers, directors and large owners since October 2021: 8 buys and 148 sales. Grants, option exercises and gifts are left out.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How California Resources Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).91
Risk factors and legal proceedings
The risks California Resources Corporation names in Item 1A of its 10-K filed Mar 2, 2026: 43 risks under these headings, as written.91
Risks Related to Our Oil and Gas Business
Risks Related to Carbon TerraVault and Our Carbon Management Segment
Risks Related to Regulation and Government Action
Risks Related to Our Indebtedness
Risks Related to Our Common Stock
Prices for our products are volatile and a substantial decline in prices over an extended period could have a material adverse effect on our financial condition, results of operations, cash flow and ability to invest in our assets.
Our producing properties are located primarily in California, making us vulnerable to risks associated with having operations concentrated in this geographic area, including drought, earthquake and wildfire risks.
Drilling for and producing oil and natural gas carries significant operational risks and uncertainty. We may not drill wells at the times we schedule, or at all. Wells we do drill may not yield production in economic quantities or generate the expected payback.
Our business involves substantial capital investments, and we may be unable to fund these investments which could lead to a decline in our oil and natural gas reserves or production.
Reductions in California refining and pipeline capacity could adversely affect our ability to market our production and our realized prices.
We may be negatively impacted by inflation, including through increased operating, capital and financing costs.
We are subject to economic downturns and the effects of public health events which may materially and adversely affect the demand and the market price for our products.
The other 36 risks
The conflicts in Ukraine and Israel and the geopolitical uncertainty in the Middle East and Venezuela have caused price volatility and geopolitical instability which impact our business.
Some of our competitors have greater resources than us and we may not be able to successfully compete in acquiring and developing new properties.
Our hedging activities limit our ability to realize the full benefits of increases in commodity prices.
Estimates of proved reserves and related future net cash flows are not precise. The actual quantities of our proved reserves and future net cash flows may differ materially from our estimates.
From time to time we may engage in step-out drilling, or drilling in new or emerging plays, which involves heightened uncertainty and may reduce the value of undeveloped acreage if unsuccessful.
We may not be able to grow our Carbon TerraVault business and develop large scale CCS projects.
Our ability to achieve our emissions goals, including our Responsible Net Zero objective, and other carbon management objectives is subject to significant risks and uncertainties.
Our Carbon TerraVault business and other CCS projects depend on financial and tax incentives to be economical, and these incentives may be insufficient, unavailable, delayed, reduced or terminated.
Our Carbon TerraVault JV with Brookfield is subject to inherent uncertainties that could adversely affect our ability to implement our carbon management strategy.
Increasing activism against the industries in which we operate, including the oil and gas industry and our involvement in carbon capture, storage, utilization and sequestration, presents risks to our business.
Changes in expectations as to ESG matters may adversely impact our business, reputation and access to capital.
Mergers, acquisitions and dispositions, including the integration of the Berry Merger completed in December 2025, involve substantial risks.
We may incur substantial losses and be subject to substantial liability claims as a result of pollution, environmental conditions or catastrophic events such as wildfires. We may not be insured for, or our insurance may be inadequate to protect us against, these risks.
Cybersecurity attacks, systems failures, and other disruptions could adversely affect our operations, financial condition and reputation.
We may face material delays related to our ability to timely obtain permits necessary for our operations or be unable to secure such permits on favorable terms or at all as a result of numerous California political, regulatory, and legal developments.
We may face increased local restrictions on oil and gas exploration and production operations or even be prohibited from operating in certain areas as a result of recently enacted California legislation.
Recent and future actions by the State of California could reduce both the demand for and supply of oil and natural gas within the state and consequently have a material adverse effect on our business, results of operations and financial condition.
Our business is highly regulated and government authorities can delay or deny permits and approvals or change requirements governing our operations, including hydraulic fracturing and other well stimulation methods, enhanced production techniques and fluid injection or disposal, that could increase costs, restrict operations and change or delay the implementation of our business plans.
Our Carbon TerraVault business and our CCS projects are subject to extensive government regulation much of which is still being developed. Failure to comply with these regulations and obtain the necessary permits, or the development of government regulations that are unfavorable to our CCS projects, could have an adverse effect on our business, financial condition and results of operations.
New and developing regulations related to the CO2 unitization, permitting and pipeline safety could negatively impact our business, financial condition and results of operations.
Our operations and financial performance may be negatively affected directly or indirectly by changes in trade policies and tariffs.
Concerns about climate change and other environmental issues may prompt governmental action that could have a material adverse effect on our operations or results.
Tax law changes could have an adverse effect on our business, financial condition and results of operations.
Financial assurance requirements related to plugging and abandonment costs, decommissioning, and site restoration on those who acquire the right to operate wells and production facilities could impact our ability to sell or acquire assets in California or increase our costs in connection with the same.
Our operations in Utah are subject to additional regulatory, permitting and legal risks, including risks associated with federal and tribal lands.
We may not be able to amend or refinance our existing debt to create more operating and financial flexibility and to enhance shareholder returns.
Our existing and future indebtedness may adversely affect our business, financial condition and financial flexibility.
We may not be able to generate sufficient cash to service all of our indebtedness, and may be forced to take other actions to satisfy the obligations under our indebtedness, which may not be successful.
The lenders under our Revolving Credit Facility could limit our ability to borrow and restrict our use or access to capital.
Restrictive covenants in our Revolving Credit Facility and the indentures governing our Senior Notes may limit our financial and operating flexibility and adversely affect our ability to execute our business strategy.
Variable rate indebtedness under our Revolving Credit Facility subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
Our ability to pay dividends and repurchase shares of our common stock is subject to certain risks.
The trading price of our common stock may decline, and you may not be able to resell shares of our common stock at prices equal to or greater than the price you paid or at all.
Future issuances of our common stock could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.
The ownership position of certain of our stockholders limits other stockholders’ ability to influence corporate matters and could affect the price of our common stock.
Sales of shares of our common stock by our executive officers could negatively impact the market price for our common stock.
Legal proceedings
For information regarding legal proceedings, see Part II, Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations – Lawsuits, Claims, Commitments and Contingencies and Part II, Item 8 – Financial Statements and Supplementary Data – Note 6 Lawsuits, Claims, Commitments and Contingencies.
