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CRC

California Resources Corp
7 filings tracked
energyoil gas explorationMID ($2B-10B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

California Resources Corporation has fundamentally transformed its operational profile following the successful integration of Berry Corporation.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the top-line growth accompanying the Berry merger, CRC's financial statements reveal a troubling disconnect between production volumes and cash generation.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a company in a high-stakes transition, balancing the immediate scale gained from the Berry merger against the financial headwinds of derivative volatility and integration costs. While the operational metrics show a larger, more productive entity, the GAAP net loss of $711 million highlights the sensitivity of the company's bottom line to the Brent forward curve and hedging positions. Investors are now faced with a trade-off between CRC's expanded production capacity and its deteriorating cash flow profile. The company's ability to successfully commercialize its carbon capture segment and manage its $1.31 billion debt load will be the primary determinants of its long-term valuation. Ultimately, the filing suggests that while the strategic foundation for a diversified energy leader is in place, the immediate financial execution remains fraught with volatility.

Selected Quarter

Core Takeaway

CRC has successfully increased its production footprint through merger, but the financial cost of its hedging strategy is creating significant GAAP volatility.

Investor Lens

The trade-off between the strategic value of a larger asset base and the immediate financial risk of a volatile derivative portfolio.

Watch Next

The commencement of first injection at the first carbon capture project and Q2 operating cash flow recovery.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)-0.12Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 6

Completed merger with Berry Corporation, significantly increasing production and reserves.

acquisition
90%
bearishMay 6

Reported a net loss of $711 million primarily due to massive non-cash derivative losses.

earnings miss
80%
bearishMay 6

Operating expenses increased by 14% YoY, outpacing revenue growth.

margin compression
60%
neutralMay 6

Redeemed $350 million of 2029 Senior Notes and issued new 2034 Senior Notes.

debt restructure
50%
bullishMay 6

Completed merger with Berry Corporation, significantly increasing production and reserves.

acquisition
90%
bearishMay 6

Reported a net loss of $711 million primarily due to massive non-cash derivative losses.

earnings miss
80%
bearishMay 6

Operating expenses increased by 14% YoY, outpacing revenue growth.

margin compression
60%
neutralMay 6

Redeemed $350 million of 2029 Senior Notes and issued new 2034 Senior Notes.

debt restructure
50%
bullishMay 6

Completed merger with Berry Corporation, significantly increasing production and reserves.

acquisition
90%
bearishMay 6

Reported a net loss of $711 million primarily due to massive non-cash derivative losses.

earnings miss
80%
bearishMay 6

Operating expenses increased by 14% YoY, outpacing revenue growth.

margin compression
60%
neutralMay 6

Redeemed $350 million of 2029 Senior Notes and issued new 2034 Senior Notes.

debt restructure
50%
bullishMay 6

Completed merger with Berry Corporation, significantly increasing production and reserves.

acquisition
90%
bearishMay 6

Reported a net loss of $711 million primarily due to massive non-cash derivative losses.

earnings miss
80%
bearishMay 6

Operating expenses increased by 14% YoY, outpacing revenue growth.

margin compression
60%
neutralMay 6

Redeemed $350 million of 2029 Senior Notes and issued new 2034 Senior Notes.

debt restructure
50%
bullishMay 6

Completed merger with Berry Corporation, significantly increasing production and reserves.

acquisition
90%
bearishMay 6

Reported a net loss of $711 million primarily due to massive non-cash derivative losses.

earnings miss
80%
bearishMay 6

Operating expenses increased by 14% YoY, outpacing revenue growth.

margin compression
60%
neutralMay 6

Redeemed $350 million of 2029 Senior Notes and issued new 2034 Senior Notes.

debt restructure
50%
bullishMay 6

Completed merger with Berry Corporation, significantly increasing production and reserves.

acquisition
90%
bearishMay 6

Reported a net loss of $711 million primarily due to massive non-cash derivative losses.

earnings miss
80%
bearishMay 6

Operating expenses increased by 14% YoY, outpacing revenue growth.

margin compression
60%
neutralMay 6

Redeemed $350 million of 2029 Senior Notes and issued new 2034 Senior Notes.

debt restructure
50%
bullishMay 6

Completed merger with Berry Corporation, significantly increasing production and reserves.

acquisition
90%
bearishMay 6

Reported a net loss of $711 million primarily due to massive non-cash derivative losses.

earnings miss
80%
bearishMay 6

Operating expenses increased by 14% YoY, outpacing revenue growth.

margin compression
60%
neutralMay 6

Redeemed $350 million of 2029 Senior Notes and issued new 2034 Senior Notes.

debt restructure
50%

Filing History

10-QMay 6, 2026
Expand Sequence

The Q1 2026 filing presents a company in a high-stakes transition, balancing the immediate scale gained from the Berry merger against the financial headwinds of derivative volatility and integration costs. While the operational metrics show a larger, more productive entity, the GAAP net loss of $711 million highlights the sensitivity of the company's bottom line to the Brent forward curve and hedging positions. Investors are now faced with a trade-off between CRC's expanded production capacity and its deteriorating cash flow profile. The company's ability to successfully commercialize its carbon capture segment and manage its $1.31 billion debt load will be the primary determinants of its long-term valuation. Ultimately, the filing suggests that while the strategic foundation for a diversified energy leader is in place, the immediate financial execution remains fraught with volatility.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.