California Resources Corporation zveřejní výsledky za třetí čtvrtletí 2026 dne 2. listopadu 2026 po uzavření trhu; konferenční hovor se uskuteční 3. listopadu 2026 v 1:00 p. m. východního času (10:00 pacifického času).
LONG BEACH, Calif., Oct. 07, 2026 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) plans to release its third quarter 2026 financial results on Monday, November 2nd after market hours. The Company will hold a conference call to discuss these financial results on Tuesday, November 3rd at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time).
We encourage participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10211602/104c2aa7a86. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To participate in CRC’s conference call, either dial (877) 328-5505 (International callers please dial +1-412-317-5421) or access the webcast at www.crc.com. A digital replay of the conference call will be archived for approximately 90 days and available on the Investor Relations page at www.crc.com.
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects. For more information about CRC, please visit www.crc.com.
Contacts: Daniel Juck
(Investor Relations)Hailey Bonus
(Media) 818-661-3700714-874-7732 [email protected]@crc.com
Summit Therapeutics uzavřela s AstraZeneca a Daiichi Sankyo dohodu o klinické spolupráci na testování ivonescimabu s Datroway v několika solidních nádorech, včetně rakoviny prsu a plic. Studie fáze III začne v první linii léčby triple-negativní rakoviny prsu.
Summit Therapeutics Inc. (Nasdaq: SMMT) today announced a clinical trial collaboration agreement with Daiichi Sankyo (TSE: 4568) and AstraZeneca (LSE/STO/NYSE: AZN) to evaluate ivonescimab, a novel, potential first-in-class investigational PD-1 / VEGF bispecific antibody, in combination with Datroway® (datopotamab deruxtecan), a TROP2-directed antibody drug conjugate (ADC), across multiple solid tumor settings, intending to include breast and lung cancer. The companies intend to begin with a Phase III trial in first-line triple-negative breast cancer (TNBC).
“We believe this collaboration with Daiichi Sankyo and AstraZeneca reflects increasing conviction in ivonescimab’s potential as a foundational next-generation immunotherapy and advances our ambition for ivonescimab to become the global PD-1 / VEGF partner of choice for novel combinations,” said Dr. Maky Zanganeh, President and Co-Chief Executive Officer of Summit Therapeutics. “Beginning with a Phase III study in first-line triple negative breast cancer, this collaboration represents an important expansion of Summit’s global development program into breast cancer and a path for additional solid tumor settings.”
Under the terms of the agreement, each company will contribute their respective therapies for the planned combination trials which will be sponsored by AstraZeneca or Daiichi Sankyo. AstraZeneca, Daiichi Sankyo, and Summit will each contribute to trial costs, and each company will retain development and commercial rights to their respective medicines.
“At Daiichi Sankyo, we are focused on maximizing the potential of our DXd antibody drug conjugate portfolio through innovative combinations and strategic collaborations that support the continued advancement of our pipeline,” said John Tsai, MD, Global Head, R&D, Daiichi Sankyo. “We are encouraged by the opportunity to explore ivonescimab in combination with Datroway to potentially deliver clinically meaningful benefit to patients.”
“Central to our strategy to transform cancer outcomes is harnessing the power of immunotherapy and antibody drug conjugate combinations to drive deeper, more durable responses,” said Susan Galbraith, Executive Vice President, Oncology Hematology R&D, AstraZeneca. “We believe the combination of Datroway and ivonescimab has the potential to make a meaningful difference in multiple tumor types including lung and breast cancers.”
Datroway is a specifically engineered TROP2-directed DXd ADC discovered by Daiichi Sankyo and being jointly developed and commercialized by Daiichi Sankyo and AstraZeneca. Designed using the proprietary DXd ADC Technology of Daiichi Sankyo, Datroway is one of seven DXd ADCs in the oncology pipeline of Daiichi Sankyo.
About Ivonescimab
Ivonescimab, known as SMT112 in Summit’s license territories, North America, South America, Europe, the Middle East, Africa, and Japan, and as AK112 outside of Summit’s license territories, is a novel, potential first-in-class investigational bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule. By design, ivonescimab displays unique cooperative binding to each of its intended targets with multifold higher affinity to PD-1 when in the presence of VEGF.
This design is intended to differentiate ivonescimab as there is potentially higher expression (presence) of both PD-1 and VEGF in tumor tissue and the tumor microenvironment (TME) as compared to normal tissue in the body. Summit believes ivonescimab’s specifically engineered tetravalent structure (four binding sites) enables higher avidity (accumulated strength of multiple binding interactions) in the TME (Zhong, et al, iScience, 2025). This tetravalent structure, the intentional novel design of the molecule, and bringing these two targets into a single bispecific antibody with cooperative binding qualities have the potential to direct ivonescimab to the tumor tissue versus healthy tissue. The intent of this design, together with a half-life of 6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to approximately 10 days at steady state dosing, is to improve upon previously established efficacy thresholds, side effects, and safety profiles associated with prior approved drugs to these targets.
Ivonescimab was engineered by Akeso Inc. (HKEX Code: 9926.HK) and is currently utilized in multiple Phase III clinical trials. Over 5,000 patients have been treated with ivonescimab in clinical studies globally, and over 100,000 patients when considering those treated in a commercial setting in China, as noted by Akeso.
There are currently 16 Phase III clinical studies that are either announced, ongoing, or have been completed studying ivonescimab, five of which are Summit-sponsored global studies, one of which is a multiregional study sponsored by a cooperative group, and 10 of which are being or have been conducted in China by Akeso. Summit began its clinical development of ivonescimab in NSCLC, commencing enrollment in 2023 in two multiregional Phase III clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling patients in HARMONi-7. Summit expanded its Phase III clinical development program into colorectal cancer (CRC) in the fourth quarter of 2025 by initiating enrollment in HARMONi-GI3. In 2026, Summit announced initiation of HARMONi-GU1, a Phase II/III study in urothelial carcinoma (bladder cancer) with global clinical trial site activations planned to begin by the fourth quarter of 2026.
HARMONi is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were previously treated with a third-generation EGFR TKI (e.g., osimertinib). Detailed results of the study were provided in September 2025, and a Biologics License Application (BLA) was submitted to the United States Food and Drug Administration (FDA) for marketing authorization, which the FDA accepted for filing in January 2026; the goal Prescription Drug User Fee Act (PDUFA) date is November 14, 2026.
HARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to pembrolizumab combined with chemotherapy in patients with first-line metastatic, squamous or non-squamous NSCLC, irrespective of PD-L1 expression. The clinical trial is evaluating the two histologies as individual, separately powered cohorts with independent statistical powering.
HARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy compared to pembrolizumab monotherapy in patients with first-line metastatic NSCLC whose tumors have high PD-L1 expression.
HARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with bevacizumab plus chemotherapy in patients with first-line unresectable metastatic CRC.
HARMONi-GU1 is a Phase II/III clinical trial evaluating ivonescimab plus the antibody drug conjugate (ADC) enfortumab vedotin (EV) compared to pembrolizumab plus EV as first-line therapy in patients with previously untreated locally advanced or metastatic urothelial carcinoma (la/mUC).
ILLUMINE is a Phase III study being conducted by GORTEC, a cooperative group dedicated to Head and Neck Oncology, in recurrent / metastatic head and neck squamous cell carcinoma (r/m HNSCC). ILLUMINE is a three-arm Phase III clinical trial designed to evaluate ivonescimab monotherapy, as well as ivonescimab in combination with ligufalimab, Akeso’s proprietary anti-CD47 monoclonal antibody, compared to monotherapy pembrolizumab in patients with PD-L1 positive r/m HNSCC.
Five Phase III ivonescimab clinical trials have read out to date, all five with positive data. Four of these five studies are in NSCLC, and one is in biliary tract cancer (BTC). In addition to Summit’s positive HARMONi study, Akeso has had positive read-outs in three single-region (China), randomized Phase III clinical trials, HARMONi-A, HARMONi-2, and HARMONi-6, for ivonescimab in NSCLC, including a statistically significant overall survival benefit in all three studies from China. Akeso has also reported a statistically significant OS benefit in the single-region (China), randomized Phase III HARMONi-GI1 trial in advanced BTC.
HARMONi-A was a Phase III clinical trial which evaluated ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with an EGFR TKI.
HARMONi-2 is a Phase III clinical trial evaluating monotherapy ivonescimab against monotherapy pembrolizumab in patients with locally advanced or metastatic NSCLC whose tumors have positive PD-L1 expression.
HARMONi-6 is a Phase III clinical trial evaluating ivonescimab in combination with platinum-based chemotherapy compared with tislelizumab, an anti-PD-1 antibody, in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous NSCLC, irrespective of PD-L1 expression.
HARMONi-GI1 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with durvalumab plus chemotherapy as a first-line treatment for patients with advanced BTC.
Akeso is actively conducting additional Phase III clinical studies in settings outside of NSCLC and biliary-tract cancer, including triple-negative breast cancer, head and neck squamous cell carcinoma, small cell lung cancer, colorectal cancer, and pancreatic cancer.
Ivonescimab is an investigational therapy that is not approved by any regulatory authority in Summit’s license territories, including the United States and Europe. Ivonescimab was initially approved for marketing authorization in China in May 2024.
About Summit Therapeutics Inc.
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.
Summit was founded in 2003 and the company’s shares are listed on the Nasdaq Global Market (symbol "SMMT"). Summit is headquartered in Miami, Florida, with additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.
For more information, please visit https://www.smmttx.com and follow Summit on X @SMMT_TX.
Summit Forward-Looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the risk that the private placement does not close on the anticipated timeline or at all, including because required regulatory clearances are not obtained or other closing conditions are not satisfied, dilution to existing stockholders, and potential adverse effects on the market price of the Company's common stock, including from future sales by AstraZeneca, the Company's broad discretion over the use of proceeds, and the possibility that the proceeds will not be sufficient to fund operations as long as anticipated, AstraZeneca’s ownership and contractual rights, including Third Party acquisition participation, and registration rights, and potential conflicts of interest, the completion of the Private Placement does not depend on the parties entering into a definitive collaboration agreement, the Company's reliance on AstraZeneca for the supply of AstraZeneca’s products and other contributions to the clinical trials, the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc. and other collaborations, the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions or FDA decisions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Summit defines a “positive study” as a clinical study with one or more prespecified primary endpoints in which one of those endpoints achieves a statistically significant benefit according to the protocol or statistical analysis plan. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.
Abbott spustil v USA krevní test SimpleScreen CRC pro screening kolorektálního karcinomu u dospělých od 45 let. Test je schválen FDA a hradí jej Medicare.
Only Abbott offers a complete screening solution combining end-to-end support with both stool- and blood-based colorectal cancer screening options, giving healthcare providers more ways to help eligible patients get screened1-3 SimpleScreen CRC expands screening options for adults age 45 and older, providing another way to help reach people who otherwise may remain unscreened SimpleScreen CRC is covered by Medicare, with no out-of-pocket costs for eligible patients with Medicare Part B , /PRNewswire/ -- Abbott (NYSE: ABT) today announced the U.S. commercial launch of SimpleScreen™ CRC, an FDA-approved blood-based colorectal cancer (CRC) screening test for adults age 45 and older who are at average risk for the disease. Developed and manufactured by Freenome and exclusively commercialized by Abbott, SimpleScreen CRC joins the Cologuard Plus® test in Abbott's colorectal cancer screening portfolio, providing another way to help reach people who otherwise may remain unscreened.
Colorectal cancer is the second-leading cause of cancer-related death in the U.S., yet it is preventable and highly treatable when detected early through screening.4 Up to 60 million Americans remain due for recommended screening, emphasizing the need for more ways to help eligible people complete screening.5
With Cologuard Plus, an American Cancer Society (ACS)-preferred stool-based screening option, and SimpleScreen CRC, a blood-based option for eligible adults who decline or do not complete preferred screening, Abbott provides tests that help healthcare providers match more patients with an appropriate screening option while keeping prevention and early detection at the forefront.
"We still see too many eligible patients who remain unscreened. Expanding the ways patients can participate in screening gives clinicians another opportunity to address those barriers," said Dr. Folasade May, director of quality in digestive diseases at UCLA Health and co-founder and board member of the Association of Black Gastroenterologists and Hepatologists. "For someone who has declined or does not complete preferred approaches, the option of a blood draw may be what helps them finally take action. It can help us keep the conversation going and offer another path to screening."
The ACS recommends several preferred CRC screening options, including stool-based tests and direct visual tests.3 All blood-based screening should be recommended only for individuals who decline or do not complete a preferred screening option. For those patients, SimpleScreen CRC provides a convenient way to get screened through a simple blood draw.
"More screening options for colorectal cancer only matter if we help more people get screened," said Jake Orville, senior vice president of Abbott's cancer diagnostics business. "Our goal is to help connect each person with an appropriate screening test that is right for them and support them through completion. That means prioritizing the Cologuard Plus test for average-risk patients, colonoscopy for those who need it, and now offering SimpleScreen CRC as a blood-based option for appropriate patients who decline or do not complete a preferred screening test. With our portfolio, Abbott can help healthcare providers and patients prioritize screening and prevention while providing another path to screening for people who might otherwise go unscreened."
Clinically validated in more than 48,000 adults
SimpleScreen CRC detects signals associated with colorectal cancer, utilizing circulating cell-free DNA (cfDNA) in the blood. The test was evaluated in PREEMPT CRC, the largest prospective clinical validation study conducted for a blood-based colorectal cancer screening test. The study enrolled more than 48,000 asymptomatic, average-risk adults ages 45 to 85 who were scheduled for screening colonoscopy.6
In a prespecified analysis adjusted to match the U.S. Census, SimpleScreen CRC demonstrated 81.1% overall sensitivity for colorectal cancer, including 63.5% sensitivity for Stage I CRC; 13.7% sensitivity for advanced precancerous lesions; and 90.4% specificity for advanced colorectal neoplasia. In practical terms, the test correctly detected about eight in 10 colorectal cancers while correctly producing negative results for nine in 10 people without colorectal cancer or advanced precancerous lesions.2
SimpleScreen CRC is covered by Medicare. Eligible patients with Medicare Part B will have no out-of-pocket costs. Medicare Advantage patients may have out-of-pocket costs.
More than a test: support designed to help patients complete screening
Choosing a screening test is only one step in the screening journey. With SimpleScreen CRC, Abbott is extending the patient support experience and infrastructure built through Cologuard to help eligible patients move from an order to a completed test and understand the next steps in the screening journey.
SimpleScreen CRC is backed by Abbott's patient navigation program, with support that includes blood-draw coordination, patient outreach and screening reminders, bilingual specialists and translation services, insurance assistance, follow-up support and repeat-screening reminders. Patients have flexible options for completing their blood draw, including at home through mobile phlebotomy or at a participating lab, helping make screening easier to fit into patients' lives.
A patient with a positive result should receive a timely follow-up colonoscopy to complete the screening process, consistent with American Cancer Society recommendations.
About SimpleScreen CRC
SimpleScreen CRC is an FDA-approved blood-based colorectal cancer screening test for adults age 45 and older who are at average risk for the disease. Developed and manufactured by Freenome and distributed by Abbott in the U.S., the test utilizes circulating cell-free DNA from a simple blood draw to detect signals associated with colorectal cancer. SimpleScreen CRC expands Abbott's colorectal cancer screening solution, providing an additional option to help reach eligible patients who may otherwise remain unscreened.
The American Cancer Society recommends blood-based CRC screening for eligible individuals who decline or do not complete a preferred stool-based or visual screening test. SimpleScreen CRC is intended to serve as an alternative for these patients, alongside Abbott's Cologuard Plus® test, a preferred noninvasive screening option. A positive SimpleScreen CRC result should be followed by colonoscopy to complete the screening process.
About Abbott:
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 122,000 colleagues serve people in more than 160 countries.
Connect with us at www.abbott.com, and on LinkedIn, Facebook, Instagram, X and YouTube.
Cologuard Plus Clinician Brochure. Exact Sciences Corporation. Madison, WI. SimpleScreen CRC Provider Brochure. Freenome LLC. Brisbane, CA. Wolf AMD, Hoffman RM, Walter LC, et al. Colorectal cancer screening: an update to the American Cancer Society guideline, 2026. CA Cancer JClin. 2026;76(3): e70083. Siegel RL, Kratzer TB, Wagle NS, et al. Cancer statistics, 2026. CA Cancer J Clin. 2026;e70043. Ebner DW, Kisiel JB, Fendrick AM, et al. Estimated Average-Risk Colorectal Cancer Screening-Eligible Population in the US. JAMA Netw Open. 2024;7(3):e245537. Shaukat A, Burke CA, Chan AT, et al. Clinical Validation of a Circulating Tumor DNA-Based Blood Test to Screen for Colorectal Cancer. JAMA. 2025;334(1):56-63. SOURCE Abbott
LONG BEACH, Calif., Sept. 17, 2026 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) today announced the signing of an agreement to divest its Uinta Basin assets to an undisclosed buyer for total cash consideration of approximately $90 million, subject to customary purchase price adjustments. The transaction further aligns CRC’s portfolio with its California operations and captures additional value from non-core assets acquired through the Berry merger. CRC expects to use the net proceeds for shareholder returns and other corporate purposes.
“Today’s transaction strengthens our business. The monetization of our Uinta Basin assets sharpens our focus on California and captures additional value from the Berry merger,” said Francisco Leon, CRC President and Chief Executive Officer. “This transaction enhances our capital allocation flexibility, allowing us to invest in higher-return opportunities within the Golden State and supports our shareholder return strategy. The sale also helps offset the purchase price of our recent midstream transaction.”
The transaction has an effective date of July 1, 2026. Closing is subject to the receipt of certain third-party consents and other customary conditions, and is expected by year end. Following the closing of the transaction, CRC expects to provide additional financial and operating guidance.
Advisor
RBC Capital Markets served as financial advisor to CRC.
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit crc.com.
Forward-Looking Statements
Information set forth in this communication, including financial estimates and statements as to the effects of the Berry merger and the Uinta divestiture, constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the Berry merger and the Uinta divestiture, CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of CRC and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements.
Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the SEC. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC, OPEC+ or U.S. producers; government policy, war and political conditions and events; integration efforts and projected synergies and other benefits in connection with the Berry merger, the Uinta divestiture and other acquisitions, divestitures and joint ventures; regulatory actions and changes that affect the oil and gas industry generally and us in particular; the efforts of activists to delay or prevent oil and gas activities or the development of CRC’s carbon management segment; changes in business strategy and the ability and financial resources to execute our capital plan in a timely manner; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC’s ability to successfully identify, develop and finance carbon capture and storage projects, power projects and other renewable energy efforts; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events.
CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the date hereof, and CRC is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.
California Resources za poslední měsíc přidala asi 2,7 % po slabším výsledku za 2. čtvrtletí, kdy upravený zisk na akcii klesl na 99 centů a zaostal za odhady.
A month has gone by since the last earnings report for California Resources Corporation (CRC - Free Report) . Shares have added about 2.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is California Resources due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for California Resources Corporation before we dive into how investors and analysts have reacted as of late.
California Q2 Earnings Miss on Takeaway ConstraintsCalifornia Resources reported second-quarter 2026 adjusted earnings of 99 cents per share, down 10% from $1.10 a year ago and 24.4% below the Zacks Consensus Estimate of $1.31, mainly due to temporary takeaway constraints, weaker oil differentials and higher transportation and operating costs.
The Long Beach, CA-based oil and gas exploration and production company’s oil, natural gas and natural gas liquids revenues of $1.06 billion rose 50.4% from $702 million and beat the Zacks Consensus Estimate of $979 million by 7.8%.
CRC’s board of directors declared a quarterly cash dividend of 40.5 cents per share of common stock, payable on Sept. 18, 2026, to its shareholders of record as of Sept. 4. During this quarter, CRC returned $36 million to its shareholders through dividends.
Production and Realization TrendsCalifornia Resources' average net production was 149 thousand barrels of oil equivalent per day (MBoe/d), up from 137 MBoe/d in the year-ago quarter. Net oil production averaged 120 thousand barrels per day, while NGL production was 10 thousand barrels per day. Natural gas output averaged 115 million cubic feet per day. Oil represented 81% of total production.
The realized oil price before derivative settlements was $91.55 per barrel, while NGL and natural gas realizations were $49.62 per barrel and $1.84 per Mcf, respectively. CRC built about 137 thousand barrels of oil inventory because of temporary takeaway constraints. The inventory build, weaker differentials and higher operating and transportation costs reduced adjusted EBITDAX and operating cash flow before working-capital changes by about $25 million.
California Resources' Efficiency GainsTotal operating expenses were $786 million, up 10.5% from $711 million a year earlier. Operating costs were $347 million, up 17.6% from $295 million a year earlier General and administrative expenses increased 22.8% to $97 million. Adjusted G&A expenses, however, declined to $89 million from $99 million in the first quarter, reflecting Berry-related efficiencies.
The company implemented more than 100% of its 2026 Berry synergy target six months ahead of schedule, representing $103 million of annualized savings. California drilling efficiency improved about 25% and nearly 80% of wells drilled year to date outperformed the type curve, with average initial production more than 10% above expectations. CRC lowered its long-term drilling, completions and workover maintenance-capital estimate by about 5% to $450-$475 million with six rigs.
Cash Flow and Balance SheetNet cash provided by operating activities was $263 million, up 59.4% from $165 million in the prior-year quarter. Free cash flow totaled $114 million, while capital investments were $149 million, including $101 million for drilling, completions and workovers.
CRC ended June with $1.32 billion of liquidity, consisting of $43 million of available cash and $1.28 billion of borrowing capacity, with a debt-to-capitalization of 27.4%. During the quarter, it issued $550 million of 7.25% senior notes due 2035 and redeemed its remaining 8.25% senior notes due 2029.
California Resources' Midstream ExpansionCRC agreed to acquire Crimson Midstream Holdings, LLC for $63 million in cash. The transaction adds roughly 2,000 miles of California crude-oil pipelines and storage assets, expanding the company's access to higher-value markets and third-party throughput.
The company also acquired the Line 100 system earlier in 2026. That network includes a 118-mile crude pipeline with 60 thousand barrels per day of capacity and more than 1 million barrels of storage. Management expects the Crimson deal to strengthen market access and commercial flexibility.
Carbon and Power ProgressCarbon TerraVault I began carbon dioxide (CO2) injection and generated first revenues during the quarter. Management said the project is capturing and injecting about 270 metric tons of CO2 per day and is targeting an annualized rate of roughly 100,000 tons.
CRC also partnered with Beacon Data Centers on the proposed Golden Valley Technology Hub at Elk Hills. The planned campus would have 275 megawatts of capacity and use power from CRC's existing Elk Hills plant. The company has submitted a conditional-use permit and expects the environmental review process to advance later in 2026.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in fresh estimates.
The consensus estimate has shifted 17.26% due to these changes.
VGM ScoresAt this time, California Resources has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, California Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerCalifornia Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Cheniere Energy (LNG - Free Report) , a stock from the same industry, has gained 4%. The company reported its results for the quarter ended June 2026 more than a month ago.
Cheniere Energy reported revenues of $5.73 billion in the last reported quarter, representing a year-over-year change of +23.5%. EPS of $3.02 for the same period compares with $7.30 a year ago.
For the current quarter, Cheniere Energy is expected to post earnings of $3.86 per share, indicating a change of -18.7% from the year-ago quarter. The Zacks Consensus Estimate has changed +4.8% over the last 30 days.
Cheniere Energy has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.
California Resources Corporation dokončila all-cash akvizici Crimson Midstream Holdings za zhruba 63 milionů USD. Transakce má posílit její energetické portfolio a místní produkci v Kalifornii.
LONG BEACH, Calif., Sept. 01, 2026 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) today announced the closing of its approximately $63 million all-cash acquisition of Crimson Midstream Holdings, LLC (“Crimson”) from CorEnergy Infrastructure Trust, Inc. The transaction was approved by the California Public Utilities Commission on August 13, 2026. The assets complement CRC’s integrated energy portfolio and will support reliable, more affordable local production in the Golden State.
"As the state’s largest oil producer, the acquisition of this diversified midstream network will enhance our ability to efficiently deliver California-produced barrels directly to the highest-value markets, while increasing operating flexibility and flow assurance across our portfolio,” said Francisco Leon, CRC’s President and Chief Executive Officer. “In addition, Crimson's pipeline corridors add to the broader set of options we'll continue to evaluate as we look at longer-term development of CO2 transportation across California."
Third Quarter 2026 Guidance
The following table provides Crimson G&A expenses and capital investment expectations for the third quarter of 2026, reflecting the September 1, 2026 closing of the Crimson acquisition. CRC plans to update its full-year 2026 guidance in conjunction with its third quarter 2026 earnings release.
3Q26E CRIMSON OUTLOOK3Q26EG&A expenses ($ millions)$1 –$2Capital ($ millions)$1 –$2
*: This table is not intended to represent actual results and remains subject to the completion of accounting, financial close and reporting processes, including but not limited to conforming Crimson’s accounting policies and processes to CRC. Advisors
Jefferies LLC served as financial advisor to CRC. Evercore served as financial advisor to CorEnergy Infrastructure Trust, Inc.
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit crc.com.
About Carbon TerraVault
Carbon TerraVault (CTV), CRC’s carbon management business, is developing services to capture, transport and permanently store CO2 for its customers. CTV is engaged in a series of proposed CCS projects to inject CO2 captured from industrial sources into depleted reservoirs deep underground for permanent sequestration. For more information, visit carbonterravault.com.
Forward-Looking Statements
Information set forth in this communication, including financial estimates and statements as to the effects of the Crimson acquisition, constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the Crimson acquisition, CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of CRC and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements.
Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the SEC. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC, OPEC+ or U.S. producers; government policy, war and political conditions and events; integration efforts and projected synergies and other benefits in connection with the Crimson acquisition and other acquisitions; divestitures and joint ventures; regulatory actions and changes that affect the oil and gas industry generally and us in particular; the efforts of activists to delay or prevent oil and gas activities or the development of CRC’s carbon management segment; changes in business strategy and the ability and financial resources to execute our capital plan in a timely manner; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC’s ability to successfully identify, develop and finance carbon capture and storage projects, power projects and other renewable energy efforts; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events.
CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the date hereof, and CRC is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.
CRC koupí Crimson Midstream Holdings za 63 milionů USD v hotovosti, aby posílila přístup k trhu s vyšší hodnotou v Kalifornii. Transakce přidá asi 2 000 mil potrubí a kapacitu až 400 000 barelů denně.
Key Takeaways CRC's $63M Crimson deal would add about 2,000 miles of crude pipelines and up to 400,000 bpd of capacity.Q2 pipeline issues cut CRC's pre-tax income by about $25M and led to a 137,000-barrel oil inventory build.CRC expects Crimson to improve connectivity, flexibility, flow assurance and access to higher-value markets. California Resources Corporation (CRC - Free Report) agreed to acquire Crimson Midstream Holdings for $63 million in cash as transportation bottlenecks in California have already hurt oil realizations, raised transportation costs and forced an inventory build. The timing puts market access at the center of the investment case.
CRC has beaten the Zacks Consensus Estimate in two of the preceding four quarters and missed the estimate in the other two, highlighting a mixed recent earnings track record. The investor question is whether greater control over pipelines and storage can improve access to higher-value markets and reduce dependence on constrained third-party routes. That strategic case is clear, but the transaction still has to close and CRC must convert infrastructure ownership into better commercial outcomes.
Image Source: Zacks Investment Research
CRC Adds 2,000 Miles of California Pipelines
Crimson would add roughly 2,000 miles of California crude-oil pipelines with combined transportation capacity of up to about 400,000 barrels per day. The network includes the SoCal Pipeline Network, IVEC Line, San Pablo Bay Pipeline, KLM Pipeline and other strategic assets.
The deal builds on CRC's first-quarter acquisition of the 118-mile Line 100 system. That asset added 60,000 barrels per day of crude-pipeline capacity and more than 1 million barrels of storage, giving CRC a broader mix of gathering, transportation, storage and truck-loading infrastructure.
Image Source: California Resources Corporation
CRC Targets Better Access to Higher-Value Markets
Management expects Crimson to improve connectivity, operating flexibility, flow assurance and third-party transportation opportunities. Certain acquired lines operate as common carriers, creating the potential for tariff revenue while giving CRC more options to move its own production to higher-value California markets.
Plains All American Pipeline, L.P. (PAA - Free Report) operates an extensive crude-oil logistics network built around pipelines, terminals and storage. Kinder Morgan, Inc. (KMI - Free Report) similarly emphasizes energy transportation and storage and stable fee-based assets. CRC remains an upstream producer, but Crimson would add a more contracted midstream element around its production.
CRC's Q2 Constraints Show Why the Deal Matters
Second-quarter 2026 pipeline proration and offtaker force majeure claims led to lower realizations, higher transportation costs and a temporary inventory build of about 137,000 barrels of oil. The substantial majority of that inventory was sold in July.
The disputes reduced CRC's second-quarter pre-tax income by about $25 million. Management expects third-quarter oil realizations of roughly 93% of Brent, versus about 95% in the second quarter, while stressing that it does not view the lower level as a new long-term run rate.
CRC Still Faces Closing and Execution Risks
The Crimson transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals. CRC plans to provide updated financial and operating guidance after the deal closes.
Execution risk extends beyond the acquisition. CRC is disputing pipeline proration and force majeure claims, and the timing and outcome remain uncertain. More infrastructure may broaden transportation choices, but investors should separate that strategic potential from improved realizations or margins that have not yet been realized.
CRC's Momentum Score Tempers the Strategic Upside
Crimson could directly address a weakness exposed in the second quarter by adding routes, storage and common-carrier infrastructure. The benefits, however, depend on closing the transaction, integrating the assets and translating additional optionality into better market access and cash flows.
CRC currently carries a Zacks Rank #4 (Sell). Its VGM Score of A, Growth Score of A and Value Score of B indicate favorable characteristics in those styles, while the Momentum Score of D points to weaker timing. Because Style Scores complement rather than override the Zacks Rank, the near-term setup remains cautious despite the strategic logic of the midstream expansion.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
California Resources Corporation snižuje náklady rychleji, než plánovala, a ve druhém čtvrtletí 2026 splnila více než 100 % synergií z Berry, tedy asi 103 milionů USD ročních úspor. Zároveň ale odhad EPS pro rok 2026 za poslední čtyři týdny klesl o 12,2 % a akcie se obchodují za 15,55násobek forwardového zisku.
Key Takeaways CRC's early synergy gains and stronger well performance are lowering the cost of sustaining production.CRC trades at 15.55X forward earnings, above industry, sector and five-year median benchmarks.CRC's 2026 EPS estimate fell 12.2% in four weeks as pipeline constraints pressured realizations and costs. California Resources Corporation (CRC - Free Report) is cutting costs faster than planned, improving well productivity and lowering the capital needed to sustain its California production base. Those gains strengthen the operating case after the Berry merger.
The offset is a forward earnings valuation above key industry benchmarks while 2026 earnings estimates are moving lower. Investors weighing CRC must decide whether better execution can offset commodity sensitivity, market-access constraints and a demanding multiple.
CRC's Cost Cuts Strengthen the Bull CaseBy the second quarter of 2026, CRC had implemented more than 100% of its 2026 Berry synergy target, representing about $103 million of annualized savings six months ahead of schedule. General and administrative expenses also fell nearly 9% from the first quarter.
Management now targets up to $470 million of cumulative synergies and structural cost reductions through 2028. APA Corporation (APA - Free Report) is pursuing a similar industry theme, raising expected 2026 exit run-rate cost savings to $500 million while maintaining U.S. capital at $1.3 billion and lifting U.S. oil production guidance.
Image Source: California Resources Corporation
CRC's Well Performance Lowers Maintenance NeedsRoughly 80% of CRC's year-to-date wells outperformed type curves, with average initial production more than 10% above expectations. California drilling time-to-market also improved about 25%, supporting more activity with fewer rigs.
CRC lowered its long-term California drilling, completion and workover maintenance capital estimate about 5% to $450-$475 million with six rigs. Matador Resources Company (MTDR - Free Report) also raised full-year 2026 production guidance while expecting costs of $785-$805 per completed lateral foot, keeping capital efficiency central to the oil and gas investment case.
CRC's Valuation Leaves Less Room for ErrorCRC trades at 15.55 times forward 12-month earnings, above 10.81 times for the Zacks sub-industry and 12.30 times for the Zacks Oils-Energy sector. Its five-year median multiple is 9.33 times.
Image Source: Zacks Investment Research
That premium does not erase the benefits of lower costs, but it raises the execution bar. Sustained savings, improved realizations and continued production efficiency become more important when investors are paying well above CRC's own historical median.
CRC's Earnings Estimates Point to More CautionThe Zacks Consensus Estimate for 2026 earnings is $3.53 per share, down from $4.11 in 2025. The full-year estimate has fallen 12.2% over the past four weeks, signaling weaker near-term earnings expectations despite the operating improvements.
Transportation bottlenecks remain another pressure point. Pipeline constraints contributed to lower realizations, higher transportation costs and a 137,000-barrel inventory build in the second quarter, while CRC still expects $520-$560 million of total capital investment in 2026.
CRC's Strong Style Scores Clash With a Sell SignalBottom line, CRC's efficiency gains improve the economics of sustaining production, but they do not remove the valuation premium or the decline in earnings estimates. The investment setup therefore remains mixed rather than clearly favorable.
CRC currently carries a Zacks Rank #4 (Sell). It also has a VGM Score of A, Growth Score of A and Value Score of B, while its Momentum Score of D is weaker. Zacks Style Scores complement the Zacks Rank rather than override it, so the current combination supports a cautious near-term view despite favorable growth and value characteristics.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
California Resources ve 2. čtvrtletí 2026 zvýšila tržby o 50,4 % na 1,06 mld. USD, ale upravený zisk na akcii (EPS) klesl o 10 % na 99 centů a kvůli dočasným omezením takeaway minul odhad.
Key Takeaways California Resources' revenues rose 50.4%, while adjusted EPS fell 10% and missed the consensus estimate.CRC delivered $103 million in annualized Berry synergies and improved California drilling efficiency by 25%.CRC's Crimson acquisition adds 2,000 miles of pipelines and storage assets across California.
California Resources Corporation (CRC - Free Report) reported second-quarter 2026 adjusted earnings of 99 cents per share, down 10.0% from $1.10 a year ago and the figure also missed the Zacks Consensus Estimate of $1.31 by 24.43%, mainly due to temporary takeaway constraints, weaker oil differentials and higher transportation and operating costs.
Long Beach, CA-based oil and gas exploration and production company’s oil, natural gas and natural gas liquids revenues of $1.06 billion rose 50.4% from $702 million and beat the Zacks Consensus Estimate of $979 million by 7.87%.
CRC’s board of directors declared a quarterly cash dividend of 40.5 cents per share of common stock, payable on Sept. 18, 2026, to its shareholders of record as of Sept. 4. During this quarter, CRC returned $36 million to its shareholders through dividends.
CRC's Production and Realization TrendsCalifornia Resources' average net production was 149 thousand barrels of oil equivalent per day (MBoe/d), up from 137 MBoe/d in the year-ago quarter. Net oil production averaged 120 thousand barrels per day, while NGL production was 10 thousand barrels per day. Natural gas output averaged 115 million cubic feet per day. Oil represented 81% of total production.
The realized oil price before derivative settlements was $91.55 per barrel, while NGL and natural gas realizations were $49.62 per barrel and $1.84 per Mcf, respectively. CRC built about 137 thousand barrels of oil inventory because of temporary takeaway constraints. The inventory build, weaker differentials and higher operating and transportation costs reduced adjusted EBITDAX and operating cash flow before working-capital changes by about $25 million.
California Resources' Efficiency GainsTotal operating expenses were $786 million, up 10.5% from $711 million a year earlier.Operating costs were $347 million, up 17.6% from $295 million a year earlier. General and administrative expenses increased 22.8% to $97 million. Adjusted G&A expenses, however, declined to $89 million from $99 million in the first quarter, reflecting Berry-related efficiencies.
The company implemented more than 100% of its 2026 Berry synergy target six months ahead of schedule, representing $103 million of annualized savings. California drilling efficiency improved about 25% and nearly 80% of wells drilled year to date outperformed the type curve, with average initial production more than 10% above expectations. CRC lowered its long-term drilling, completions and workover maintenance-capital estimate by about 5% to $450-$475 million with six rigs.
CRC's Cash Flow and Balance SheetNet cash provided by operating activities was $263 million, up 59.4% from $165 million in the prior-year quarter. Free cash flow totaled $114 million, while capital investments were $149 million, including $101 million for drilling, completions and workovers.
CRC ended June with $1.32 billion of liquidity, consisting of $43 million of available cash and $1.28 billion of borrowing capacity, with a debt-to-capitalization of 27.4%. During the quarter, it issued $550 million of 7.25% senior notes due 2035 and redeemed its remaining 8.25% senior notes due 2029.
California Resources' Midstream ExpansionCRC agreed to acquire Crimson Midstream Holdings for $63 million in cash. The transaction adds roughly 2,000 miles of California crude-oil pipelines and storage assets, expanding the company's access to higher-value markets and third-party throughput.
The company also acquired the Line 100 system earlier in 2026. That network includes a 118-mile crude pipeline with 60 thousand barrels per day of capacity and more than 1 million barrels of storage. Management expects the Crimson deal to strengthen market access and commercial flexibility.
CRC's Carbon and Power ProgressCarbon TerraVault I began carbon dioxide (CO2) injection and generated first revenues during the quarter. Management said the project is capturing and injecting about 270 metric tons of CO2 per day and is targeting an annualized rate of roughly 100,000 tons.
CRC also partnered with Beacon Data Centers on the proposed Golden Valley Technology Hub at Elk Hills. The planned campus would have 275 megawatts of capacity and use power from CRC's existing Elk Hills plant. The company has submitted a conditional-use permit and expects the environmental review process to advance later in 2026.
California Resources' 2026 OutlookFor the third quarter, CRC expects net production of 151-154 MBoe/d, capital investments of $150-$170 million and adjusted EBITDAX of $285-$325 million. Oil is expected to represent 80% of output.
For 2026, the company maintained capital-investment guidance of $520-$560 million and expects net production of 150-155 MBoe/d. Adjusted EBITDAX is projected at $1.2-$1.3 billion.
CRC cut expected drilling, completions and workover capital by $10 million to $370-$390 million while continuing to target about 1% entry-to-exit gross production growth. CRC currently holds a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Energy Earnings at a GlanceWhile we have discussed CRC’s second-quarter results in detail, let us take a look at three other key reports in the energy space.
Houston, TX-based oil and gas equipment and services provider Halliburton (HAL - Free Report) posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level.
As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%.
Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation (RRC - Free Report) reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization.
Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter.
Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. (KMI - Free Report) reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%.
As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025.
California Resources oznámila akvizici kalifornské ropovodní platformy Crimson za hotovost, která má rozšířit přepravní kapacity a přístup na trh. Firma zároveň uvedla, že už splnila více než 100 % cíle synergií z Berry pro rok 2026 o šest měsíců dříve.
Blueprint for a Banking Fortress: Circle Redraws the MapCalifornia Resources NYSE: CRC reported second-quarter results marked by operational efficiency gains, early delivery of Berry-related synergies, and progress in expanding its midstream, carbon management and power businesses.
President and CEO Francisco Leon said the company’s oil and gas business benefited from strong execution, including drilling efficiency improvements and cost reductions. The company also announced its planned acquisition of Crimson’s California crude oil pipeline platform, a transaction intended to expand its transportation and marketing capabilities.
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Second-Quarter Results and Updated Operating Outlook Circle’s IBM Patent Deal Could Redraw the Stablecoin Infrastructure RaceCRC averaged net production of 149,000 barrels of oil equivalent per day during the second quarter, with oil representing 81% of total volumes. Oil realizations were about 95% of Brent crude before hedges, within the company’s guidance range, while operating costs totaled $347 million.
Adjusted EBITDAX was $338 million, operating cash flow before working capital was $300 million, and free cash flow before working capital was $151 million, according to Executive Vice President and Chief Financial Officer Clio Crespy.
MarketBeat Week in Review – 07/06 - 07/10General and administrative expenses declined nearly 9% from the prior period as a result of efficiencies tied to the Berry merger. CRC said it has implemented more than 100% of its 2026 Berry synergy target six months ahead of schedule, producing about $103 million in annualized savings.
The company now expects cumulative synergies and structural cost reductions of up to $470 million through 2028. Crespy said CRC has already delivered about $400 million of that total and described the remaining opportunities as structural improvements involving infrastructure, processing, transportation, power costs and capital efficiency.
CRC maintained its full-year net production target of approximately 153,000 BOE/d and its capital guidance range of $520 million to $560 million. Including its Uinta Basin operations, the company continues to expect about 1% entry-to-exit production growth for the year.
Efficiency Gains Reduce Rig and Maintenance Capital Needs CRC said drilling and completion performance improved across its California operations. Time to market improved about 25%, allowing the company to complete more wells, sidetracks and workovers than planned. About 80% of wells drilled year to date have exceeded their type curves, with average initial production more than 10% above expectations.
The gains allowed CRC to move activity into the second quarter, resulting in $149 million of total capital spending. The company reduced its planned 2026 drilling, completion and workover capital by $10 million, though it redirected those savings toward targeted facilities investments and kept total capital guidance unchanged.
CRC now expects to operate an average of about five rigs in California during the second half of 2026, compared with six rigs in its earlier plan, while maintaining nearly flat gross entry-to-exit production. It expects to add a sixth rig at the start of 2027.
Leon said the company now believes California production can be maintained using six rigs on a normalized annual basis, one fewer than previously projected. CRC also expects drilling, completion and workover maintenance capital to be about 5% lower, with a normalized range of $450 million to $475 million.
In the Uinta Basin, CRC drilled four wells ahead of schedule and below planned drilling and completion costs. Crespy said the company expects all four wells to be online before the end of the year. However, she characterized Uinta as a non-core asset over the long term because it requires substantial capital, has higher capital intensity and operating costs, lower crude quality, steeper production declines and lower realizations than the company’s California assets.
Crimson Deal Aims to Expand Market Access CRC announced an all-cash acquisition of Crimson’s roughly 2,000-mile California crude oil pipeline network. Leon said the pipeline system connects key CRC producing fields across multiple basins and will give the company more flexibility to transport its own and third-party volumes to higher-value California markets.
The transaction requires approval from the California Public Utilities Commission because some Crimson assets operate as common carriers. CRC said it received tentative approval without conditions and expects a final decision later in August.
CRC previously acquired Phillips 66’s Line 100 pipeline for a nominal amount. That transaction added approximately 120 miles of crude pipelines, more than 1 million barrels of storage capacity, and related gathering, transportation and truck-loading infrastructure in the Central Valley.
Crespy said the Crimson purchase was valued at approximately 4.4 times estimated 2027 EBITDA. She said CRC expects the acquisition to be accretive and sees value beyond pipeline cash flows through improved market access, commercial flexibility, realized pricing and integration opportunities.
The company faced temporary takeaway constraints during the quarter tied to marketing disputes and operational requirements. CRC built inventory of approximately 1,500 barrels of oil per day, which increased costs and pressured differentials. Crespy said the combined impact reduced second-quarter Adjusted EBITDAX and operating cash flow before working capital by roughly $25 million, or less than $2 per BOE, with about half related to inventory timing.
CRC sold the substantial majority of the inventory by the end of July. It expects third-quarter oil realizations of about 93% of Brent but said it does not view that figure as a long-term run rate. The company maintained its full-year oil realization expectation of about 94%, within its original 94% to 98% range.
Carbon Capture and Data Center Development Advance CRC said it began carbon dioxide injection and generated first revenue at its Elk Hills carbon capture and sequestration project, which it described as California’s first commercial-scale CCS project. Leon said the project is capturing and injecting about 270 tons of CO2 per day and is targeting annualized capture and storage of about 100,000 tons.
The company is monitoring California’s Reliable and Clean Power Procurement Program as a potential market for natural gas generation paired with carbon capture. CRC sees a near-term opportunity to decarbonize approximately 2.4 gigawatts of power in the Central Valley through its carbon management platform.
Separately, CRC partnered with Beacon Data Centers to develop the proposed Golden Valley Technology Hub near Elk Hills. The planned 275-megawatt, 100-acre data center campus would use behind-the-meter power from CRC’s Elk Hills plant. Beacon will fund early-stage development, while CRC contributes industrial acreage, infrastructure, permitting experience and power assets.
CRC has submitted a conditional use permit and expects the environmental review process to advance later this year. Leon said the company is continuing discussions with global hyperscale data center operators while progressing commercial agreements, permitting, engineering and financing workstreams.
About California Resources (NYSE:CRC)California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.
CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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California Resources ve 2. čtvrtletí vykázala zisk 0,99 USD na akcii, což bylo pod odhadem 1,31 USD. Tržby 1,06 miliardy USD ale překonaly konsensus o 7,83 %.
California Resources Corporation (CRC - Free Report) came out with quarterly earnings of $0.99 per share, missing the Zacks Consensus Estimate of $1.31 per share. This compares to earnings of $1.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -24.43%. A quarter ago, it was expected that this company would post earnings of $0.83 per share when it actually produced earnings of $0.88, delivering a surprise of +6.02%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
California Resources, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $1.06 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.83%. This compares to year-ago revenues of $978 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
California Resources shares have added about 16.5% since the beginning of the year versus the S&P 500's gain of 13.3%.
What's Next for California Resources?While California Resources has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for California Resources was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.89 on $901.95 million in revenues for the coming quarter and $4.02 on $3.68 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Big Sky Industrial Inc. (BSIN - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +73.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Big Sky Industrial Inc.'s revenues are expected to be $2.1 million, up 3.5% from the year-ago quarter.
