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California Resources (CRC) investor relations material
California Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Delivered strong Q3 2025 results with net income of $64 million, adjusted net income of $123 million, and adjusted EBITDAX of $338 million, maintaining operational discipline and strategic focus.
Regulatory improvements in California, including new legislation (SB 237, AB 1207, SB 614), are supporting oil & gas permitting and carbon management initiatives.
Completed Aera Merger in July 2024, expanding reserves and production; pending Berry Merger expected to close in Q1 2026, targeting $80–$90 million in annual synergies.
Focused on energy transition, carbon management, and maximizing value from land and mineral assets, with CCS projects advancing toward first CO2 injection in early 2026.
Increased quarterly dividend by 5% to $0.405/share, reflecting a focus on sustainable shareholder returns.
Financial highlights
Q3 2025 net production was 137,000 boe/d (78% oil), flat quarter-over-quarter, with $91 million in capital investment.
Adjusted EBITDAX was $338 million; free cash flow before working capital changes was $231 million.
Q3 2025 net income was $64 million on $855 million in revenue; nine-month net income rose to $351 million, driven by the Aera Merger.
Returned $454 million to shareholders YTD 2025 through dividends and buybacks; $32 million in dividends in Q3 2025.
Ended Q3 2025 with $180 million in cash and $974 million in available borrowing capacity, totaling $1.15 billion in liquidity.
Outlook and guidance
Q4 2025 guidance: net production of 131–135 MBOE/D (78% oil), capital investments of $105–$125 million, and adjusted EBITDAX of $220–$260 million.
Full-year 2025 capital program expected at $280–$330 million, with $250–$275 million for oil and gas, $20–$40 million for carbon management.
Plan to average four drilling rigs in 2026, with two-thirds of 2026 production hedged at a $64 Brent floor.
Entering 2026 with a strong balance sheet, flexible capital structure, and resilient production base.
Pending Berry merger not yet included in 2026 outlook; synergies anticipated post-close.
Berry merger: net debt change post-transaction?
2026 rig increase: production decline impact?
Carbon management strategy: key initiatives?
Detail PDP decline rate improvement drivers
What catalyzes Kern County power hub vision?
How will 2026 capital allocation balance buybacks?
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Next California Resources earnings date
Q4 202527 Feb, 2026
Next California Resources earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
California Resources Corporation is an independent energy company engaged in the exploration, production, and development of oil and natural gas. The company focuses on conventional and unconventional resource plays, primarily in California. Its operations include producing crude oil, natural gas, and natural gas liquids (NGLs) from onshore and offshore fields. The company is headquartered in Long Beach, California, and its shares are listed on the NYSE.
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