California Resources Corporation (NYSE: CRC) reported a first-quarter adjusted EBITDA of $304 million, exceeding guidance by 17%. The company, led by President and CEO Francisco Leon, attributes its performance to high oil prices, improved capital efficiency, and synergies from its Berry merger. CRC also raised its 2026 gross production outlook to 175,000 barrels of oil equivalent per day, reflecting a projected growth of approximately 1% from entry to exit.
For the second quarter, CRC anticipates net production of 149,000 barrels of oil equivalent per day and capital deployment of around $130 million, based on an expected Brent price of $105 per barrel. The company’s free cash flow for the full year is now projected to exceed $800 million. CRC is set to increase its drilling activity this summer with three additional rigs, totaling seven, to bolster California oil production.
Additionally, CRC is advancing its carbon capture initiatives with California’s first commercial-scale project nearing completion and has submitted over 350 million metric tons of storage capacity to the EPA. With recent operational improvements and a strengthened balance sheet, CRC reported net debt of $1.3 billion and returned $46 million to shareholders this quarter.
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