Tearsheet

California Resources (CRC)

Market Price (12/29/2025): $44.06 | Market Cap: $3.7 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

California Resources (CRC)

Market Price (12/29/2025): $44.06
Market Cap: $3.7 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9%, FCF Yield is 23%	Weak multi-year price returns 2Y Excs Rtn is -60%, 3Y Excs Rtn is -68%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -12%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34%		Key risks CRC key risks include [1] its exclusive exposure to California's uniquely stringent and uncertain regulatory landscape and [2] a high-cost production base of mature assets burdened by significant well-closure obligations.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
3	Low stock price volatility Vol 12M is 42%
4	Megatrend and thematic drivers Megatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include Domestic Oil & Gas Production, and Carbon Capture & Storage.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9%, FCF Yield is 23%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
3	Low stock price volatility Vol 12M is 42%
4	Megatrend and thematic drivers Megatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include Domestic Oil & Gas Production, and Carbon Capture & Storage.
5	Weak multi-year price returns 2Y Excs Rtn is -60%, 3Y Excs Rtn is -68%
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -12%
7	Key risks CRC key risks include [1] its exclusive exposure to California's uniquely stringent and uncertain regulatory landscape and [2] a high-cost production base of mature assets burdened by significant well-closure obligations.

Valuation, Metrics & Events

	12/29/25	2024	2023	2022	2021
Share Price CYE	$44.06	$50.11	$51.43	$39.92	$38.50
Market Cap CYE ($ Bil)	3.7	4.5	3.5	2.9	3.1
Total Debt ($ Bil)	1.1	1.2	0.6	0.7	0.6
Total Cash ($ Bil)	0.2	0.4	0.5	0.3	0.3
Enterprise Value ($ Bil)	4.6	5.7	4.1	3.6	3.7
Valuation Ratios
P/S TTM	1.1	1.4	1.4	1.0	1.4
P/EBIT TTM	5.9	6.8	4.7	4.0	12.4
P/E TTM	9.6	10.9	6.7	6.3	5.7
P/FCF TTM	4.4	6.7	5.8	4.8	5.3
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	7.6	6.7	5.6	3.9	4.4
P/E TTM (Sector)	11.3	10.3	8.3	5.2	4.6
P/FCF TTM (Sector)	6.6	6.8	7.4	4.8	5.2

	12/29/25	2024	2023
Share Price CYE	$44.06	$50.11	$51.43
Market Cap CYE ($ Bil)	3.7	4.5	3.5
Total Debt ($ Bil)	1.1	1.2	0.6
Total Cash ($ Bil)	0.2	0.4	0.5
Enterprise Value ($ Bil)	4.6	5.7	4.1
Valuation Ratios
P/S TTM	1.1	1.4	1.4
P/EBIT TTM	5.9	6.8	4.7
P/E TTM	9.6	10.9	6.7
P/FCF TTM	4.4	6.7	5.8
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	7.6	6.7	5.6
P/E TTM (Sector)	11.3	10.3	8.3
P/FCF TTM (Sector)	6.6	6.8	7.4

	CRC	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	3.5
Rev Chg Q	-11.9%	7.3%
Rev Chg LTM	33.9%	6.1%
Rev Chg 3Y Avg	5.3%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.5
CFO LTM ($ Bil)	0.8
Net Inc LTM ($ Bil)	0.4
Op Mgn LTM	15.3%	18.8%
CFO/Rev LTM	23.9%	20.4%
Net Inc Mgn	11.0%	13.1%
VALUATION	LOW
P/S	1.1	3.3
P/CFO	4.4	15.8
P/FCF	4.4	20.7
P/E	9.6	23.7
STABILITY	FAIR
Debt/Equity	0.30	0.21
Cash/Assets	0.03	0.07

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Metric	Value	Date	Source
Net Production	137 thousand barrels of oil equivalent per day	9302025	Link
Total Proved Reserves	545 million barrels of oil equivalent	12312024	Link
Net Mineral Acres	over 1.9 million	2072024	Link
Active Drilling Rigs	Plan to average four rigs	11052025	Link
Annual Base Decline Rate	8% to 13%	11052025	Link
Total Potential CO2 Storage Capacity	325 million metric tons	9302024	Link
Idle Wells	Over 15,000 (pro forma with Aera Energy)	3182024	Link

Upcoming
3/02/2026	Earnings Release	Rev: - EPS: -

CRC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are key points explaining the stock movement for California Resources (CRC) for the approximate time period from August 31, 2025, to December 29, 2025:

1. Significant Decline in Q3 2025 Operating Revenues

California Resources Corporation reported a substantial decline in total operating revenues for the third quarter of 2025, reaching $855 million. This figure represents a 36.7% decrease from Q3 2024 and also fell short of analyst forecasts.

2. Forecasted Shrinking Net Margins

Analysts have forecasted a contraction in CRC's net margins, predicting a drop from the current 18.3% to as low as 5.3% over the next three years, with observed volatility in Gross Margin.

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Stock Movement Drivers

Fundamental Drivers

The -21.3% change in CRC stock from 9/28/2025 to 12/28/2025 was primarily driven by a -40.3% change in the company's Net Income Margin (%).

	9282025	12282025	Change
Stock Price ($)	55.96	44.06	-21.27%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3613.00	3494.00	-3.29%
Net Income Margin (%)	18.41%	10.99%	-40.29%
P/E Multiple	7.49	9.60	28.23%
Shares Outstanding (Mil)	89.00	83.70	5.96%
Cumulative Contribution			-21.55%

LTM = Last Twelve Months as of date shown

Market Drivers

9/28/2025 to 12/28/2025

	Return	Correlation
CRC	-21.3%
Market (SPY)	4.3%	30.1%
Sector (XLE)	-3.9%	69.9%

Fundamental Drivers

The -1.9% change in CRC stock from 6/29/2025 to 12/28/2025 was primarily driven by a -27.7% change in the company's Net Income Margin (%).

	6292025	12282025	Change
Stock Price ($)	44.93	44.06	-1.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3296.00	3494.00	6.01%
Net Income Margin (%)	15.20%	10.99%	-27.70%
P/E Multiple	8.12	9.60	18.20%
Shares Outstanding (Mil)	90.60	83.70	7.62%
Cumulative Contribution			-2.50%

LTM = Last Twelve Months as of date shown

Market Drivers

6/29/2025 to 12/28/2025

	Return	Correlation
CRC	-1.9%
Market (SPY)	12.6%	28.5%
Sector (XLE)	4.5%	59.1%

Fundamental Drivers

The -9.2% change in CRC stock from 12/28/2024 to 12/28/2025 was primarily driven by a -46.0% change in the company's Net Income Margin (%).

	12282024	12282025	Change
Stock Price ($)	48.51	44.06	-9.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2610.00	3494.00	33.87%
Net Income Margin (%)	20.34%	10.99%	-45.98%
P/E Multiple	8.17	9.60	17.59%
Shares Outstanding (Mil)	89.40	83.70	6.38%
Cumulative Contribution			-9.54%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2024 to 12/28/2025

	Return	Correlation
CRC	-9.2%
Market (SPY)	17.0%	58.5%
Sector (XLE)	7.1%	74.9%

Fundamental Drivers

The 10.8% change in CRC stock from 12/29/2022 to 12/28/2025 was primarily driven by a 276.4% change in the company's P/E Multiple.

	12292022	12282025	Change
Stock Price ($)	39.77	44.06	10.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3151.00	3494.00	10.89%
Net Income Margin (%)	36.66%	10.99%	-70.02%
P/E Multiple	2.55	9.60	276.39%
Shares Outstanding (Mil)	74.10	83.70	-12.96%
Cumulative Contribution			8.93%

LTM = Last Twelve Months as of date shown

Market Drivers

12/29/2023 to 12/28/2025

	Return	Correlation
CRC	-14.3%
Market (SPY)	48.4%	49.7%
Sector (XLE)	11.6%	67.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CRC Return	57%	82%	4%	29%	-3%	-12%	227%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
CRC Win Rate	67%	58%	50%	50%	42%	50%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CRC Max Drawdown	-24%	-5%	-14%	-18%	-20%	-37%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	CRC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-30.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	43.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	130 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	44.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	155 days	148 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

California Resources's stock fell -30.3% during the 2022 Inflation Shock from a high on 8/25/2022. A -30.3% loss requires a 43.6% gain to breakeven.

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About California Resources (CRC)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities. As of December 31, 2021, it had interests in approximately 1.9 million net mineral acres with proved reserves totaled an estimated 480 million barrels of oil equivalent. The company also engages in the generation and sale of electricity to the local utility and the grid. The company was incorporated in 2014 and is based in Santa Clarita, California.

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Chevron or ExxonMobil for California's oil and gas production.
A California-focused version of an independent oil and gas exploration and production (E&P) company, like ConocoPhillips.

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Crude Oil: California Resources extracts and sells various grades of crude oil from its California assets.
Natural Gas: The company produces and sells natural gas primarily from its California operations.
Natural Gas Liquids (NGLs): CRC also produces and sells natural gas liquids, which are separated from natural gas streams.

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California Resources Corporation (symbol: CRC) sells primarily to other companies. Its major customers are refiners and marketers of crude oil and natural gas. For the year ended December 31, 2023, the company reported the following major customers:

Phillips 66 Company (symbol: PSX)
Valero Marketing and Supply Company (a subsidiary of Valero Energy Corporation, symbol: VLO)

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Francisco J. Leon, President and Chief Executive Officer

Mr. Leon was appointed President and Chief Executive Officer of California Resources Corporation in April 2023. Prior to this role, he served as the Executive Vice President and Chief Financial Officer of CRC from August 2020 to April 2023. He initially joined CRC in 2014 during its spin-off from Occidental Petroleum, holding the position of Vice President of Portfolio Management and Strategic Planning. In 2018, Mr. Leon became Vice President of Corporate Development, where he oversaw all acquisition and divestiture activities for the company. Before his tenure at CRC, he worked at Occidental Petroleum Corporation in various finance, planning, and business development capacities. His career began as a Financial Analyst at Petrie Parkman & Co., Inc., an energy-focused boutique investment banking firm.

Clio Crespy, Executive Vice President and Chief Financial Officer

Clio Crespy serves as the Executive Vice President and Chief Financial Officer of California Resources Corporation.

Jay A. Bys, Executive Vice President and Chief Commercial Officer

Jay A. Bys is the Executive Vice President and Chief Commercial Officer at California Resources Corporation.

Chris D. Gould, Executive Vice President and Chief Sustainability Officer, and Managing Director, CTV Holdings

Chris D. Gould holds the titles of Executive Vice President and Chief Sustainability Officer, as well as Managing Director of CTV Holdings, at California Resources Corporation.

Michael L. Preston, Executive Vice President, Chief Strategy Officer and General Counsel

Michael L. Preston is the Executive Vice President, Chief Strategy Officer and General Counsel for California Resources Corporation.

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Key Risks to California Resources (CRC)

Regulatory Environment in California: California Resources operates exclusively in California, a state known for its stringent environmental regulations, complex permitting processes, and ambitious goals for decarbonization and reducing fossil fuel consumption. These factors significantly impact the company's operational costs, lead to potential project delays, and can limit growth opportunities within the state. There is ongoing regulatory uncertainty, including potential new legislation allowing local governments to impose further restrictions, which adds to the challenges of maintaining output and developing new projects.
Commodity Price Volatility: As an oil and gas producer, California Resources' financial performance is heavily dependent on global commodity markets. Fluctuations in oil and natural gas prices, which are inherently volatile, can directly and significantly impact the company's revenues, profitability, and cash flow. While CRC has employed hedging strategies to mitigate some of this risk, its core revenue remains tied to these unpredictable market forces.
High-Cost Production Base and Mature Assets: California Resources' operations in California are characterized by a higher-cost production base compared to other regions. Many of its fields are mature, meaning that while they still contain oil, production is more expensive than in newer, unconventional plays. This high-cost structure makes the company more susceptible to downturns in commodity prices and can result in narrower profit margins. Furthermore, the company faces substantial, legally required obligations for well closures and remediation, which are costly and could impact future cash flow, particularly for its many idle wells.

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California's mandate to phase out the sale of new gasoline-powered vehicles by 2035 directly threatens long-term demand for refined crude oil, which is a primary product of California Resources' operations.
Increasing regulatory restrictions, including mandated well setbacks and escalating permitting delays for new and reworked oil and gas wells within California, hinder the company's ability to sustain or grow production and develop new reserves.
Growing institutional investor and lender pressure related to environmental, social, and governance (ESG) factors, including divestment movements and stricter financing criteria for fossil fuel companies, could increase CRC's cost of capital and limit future funding for operations and development.

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California Resources (CRC) Addressable Market Size

California Resources Corporation (CRC) primarily operates in the exploration, production, gathering, processing, and marketing of crude oil, natural gas, and natural gas liquids, exclusively within the state of California.

The addressable market size for their main products can be represented by the overall economic contribution of the natural gas and oil industry in California. In 2017, the oil and natural gas industry activity in California generated $152.3 billion in economic activity. More recently, the natural gas and oil industry supported over $217 billion toward California's economy in 2021.

This market size is specific to the region of California.

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California Resources Corporation (CRC) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and operational strengths:

Synergies from Aera Merger and Operational Efficiencies: CRC has been actively integrating Aera Energy LLC, targeting $235 million in annualized merger-related synergies. A significant portion of these synergies has already been realized, with the remainder expected by early 2026. These efficiencies, encompassing operational planning, vendor management, and G&A savings, are enhancing the company's cost structure and profitability, thereby bolstering its financial capacity to drive future revenue. The company also successfully reduced its annual base decline assumption to 8%-13% from 10%-15%, which is expected to enhance cash flow generation and reduce capital intensity.
Expansion of Carbon Capture and Storage (CCS) Projects (Carbon TerraVault): CRC is advancing its carbon management platform, with the first commercial-scale CO2 injection for its Carbon TerraVault I project at the Elk Hills Cryogenic Gas Plant expected by early 2026. The company has received conditional use permits for this project and is actively developing carbon management solutions, which represent a new and growing revenue stream in the evolving energy transition landscape.
Merger with Berry Corporation (BRY): The pending all-stock merger with Berry Corporation, anticipated to close in Q1 2026, is a significant driver. This merger is expected to add assets adjacent to CRC's current positions, creating meaningful synergies of $80-$90 million annually within 12 months post-close and enhancing operational scale in California.
Optimized Oil and Gas Production with Strong Price Realization: CRC consistently maintains strong production levels, with average net production hovering around 137-145 thousand barrels of oil equivalent per day, with oil comprising a significant portion (78-80%). The company has demonstrated strong price realizations for its commodities (e.g., oil at 97-98% of Brent), and a robust hedging strategy helps underpin cash flows and mitigate commodity price risk. This sustained and efficiently managed production forms a strong base for revenue generation.
Growth in Power Business and Natural Gas Marketing: CRC is enhancing its revenue streams through its natural gas marketing and power businesses. The company's participation in the resource adequacy program is expected to see increased contracted value, moving from $100 million in 2024 to $150 million in 2025. Additionally, CRC is advancing its power business through a new partnership with Capital Power to develop carbon management solutions for the La Paloma power facility.

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Share Repurchases

Since May 2021, California Resources has returned approximately $1.1 billion to shareholders through share repurchases.
Year-to-date (2025) through September 30, the company returned $352 million via share repurchases.
As of September 30, 2025, $205 million remained authorized for share repurchases under its program, extending through June 30, 2026.

Share Issuance

California Resources is set to issue approximately 5.6 million shares of its common stock to Berry Corporation shareholders as part of an all-stock merger agreement.

Outbound Investments

California Resources completed an all-stock merger with Aera Energy, LLC, effective January 1, 2024, aiming to enhance operational efficiencies and strengthen cash flow generation.
The company entered into a definitive agreement in September 2025 to combine with Berry Corporation in an all-stock transaction valued at approximately $717 million, with the closing expected in Q1 2026.
California Resources is actively developing Carbon Capture and Storage (CCS) projects through its Carbon TerraVault business, including a joint venture with Brookfield, with the first commercial-scale CCS project at Elk Hills planning CO2 injection in early 2026.

Capital Expenditures

Full year capital expenditures for 2025 are projected to be between $280 million and $330 million.
For 2026, the company plans to allocate $280 million to $300 million to drilling, completion, and workover capital, utilizing four drilling rigs.
A primary focus of capital expenditures includes maintaining existing production and advancing carbon management initiatives, such as the Carbon TerraVault I project.

Better Bets than California Resources (CRC)

INDUSTRY: Oil & Gas Exploration & Production

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRC: 5.3% | 1.1x)

CHRD (18.1% | 1.0x)

Chord Energy

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Baytex Energy

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CRGY (10.0% | 0.6x)

Crescent Energy

NOG (5.9% | 0.9x)

Northern Oil & Gas

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRC: 5.3% | 6.9x)

PR (48.7% | 4.8x)

Permian Resources

MTDR (8.9% | 3.8x)

Matador Resources

CHRD (18.1% | 5.7x)

Chord Energy

BTE (13.2% | 3.9x)

Baytex Energy

CIVI (14.4% | 2.3x)

Civitas Resources

Higher Rev Chg LTM (Value for CRC: 33.9%)

EXE (169.1%)

Expand Energy

EQT (64.8%)

EQT

FANG (60.1%)

Diamondback Energy

CNX (43.3%)

CNX Resources

CRK (38.7%)

Comstock Resources

Higher Rev Chg 3Y Avg (Value for CRC: 5.3%)

PR (48.7%)

Permian Resources

FANG (20.8%)

Diamondback Energy

CHRD (18.1%)

Chord Energy

MTDR (8.9%)

Matador Resources

TPL (5.7%)

Texas Pacific Land

Higher Op Mgn LTM (Value for CRC: 15.3%)

FANG (36.5%)

Diamondback Energy

EOG (33.4%)

EOG Resources

COP (21.0%)

ConocoPhillips

CNQ (20.3%)

Canadian Natural Resources

OXY (18.1%)

Occidental Petroleum

Higher CFO/Rev LTM (Value for CRC: 23.9%)

FANG (57.3%)

Diamondback Energy

EOG (45.2%)

EOG Resources

OXY (42.3%)

Occidental Petroleum

COP (33.3%)

ConocoPhillips

CNQ (33.2%)

Canadian Natural Resources

Higher FCF/Rev LTM (Value for CRC: 23.9%)

EQT (31.6%)

EQT

MGY (30.9%)

Magnolia Oil & Gas

TPL (30.5%)

Texas Pacific Land

CNX (28.4%)

CNX Resources

AR (24.2%)

Antero Resources

Higher Total Yield (Value for CRC: 14.1%)

CIVI (30.7%)

Civitas Resources

APA (21.7%)

APA

MTDR (17.4%)

Matador Resources

CNQ (16.7%)

Canadian Natural Resources

DVN (14.9%)

Devon Energy

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRC: 5.3% | 1.1x)

NOV (10.0% | 0.7x)

NOV

CHRD (18.1% | 1.0x)

Chord Energy

RIG (14.6% | 1.0x)

Transocean

HP (23.8% | 0.7x)

Helmerich & Payne

OII (12.4% | 0.9x)

Oceaneering International

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRC: 5.3% | 6.9x)

PR (48.7% | 4.8x)

Permian Resources

MTDR (8.9% | 3.8x)

Matador Resources

CHRD (18.1% | 5.7x)

Chord Energy

HESM (8.1% | 4.5x)

Hess Midstream

RIG (14.6% | 6.4x)

Transocean

Higher Rev Chg LTM (Value for CRC: 33.9%)

EXE (169.1%)

Expand Energy

VG (113.5%)

Venture Global

EQT (64.8%)

EQT

FANG (60.1%)

Diamondback Energy

OKE (58.4%)

ONEOK

Higher Rev Chg 3Y Avg (Value for CRC: 5.3%)

CCJ (24.2%)

Cameco

FANG (20.8%)

Diamondback Energy

OKE (16.4%)

ONEOK

BKR (10.4%)

Baker Hughes

ENB (8.6%)

Enbridge

Higher Op Mgn LTM (Value for CRC: 15.3%)

WMB (34.3%)

Williams Companies

KMI (27.2%)

Kinder Morgan

COP (21.0%)

ConocoPhillips

CNQ (20.3%)

Canadian Natural Resources

ENB (17.4%)

Enbridge

Higher CFO/Rev LTM (Value for CRC: 23.9%)

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

KMI (34.9%)

Kinder Morgan

COP (33.3%)

ConocoPhillips

CNQ (33.2%)

Canadian Natural Resources

Higher FCF/Rev LTM (Value for CRC: 23.9%)

DTM (40.3%)

DT Midstream

PBA (31.7%)

Pembina Pipeline

EQT (31.6%)

EQT

TPL (30.5%)

Texas Pacific Land

CCJ (28.1%)

Cameco

Higher Total Yield (Value for CRC: 14.1%)

CNQ (16.7%)

Canadian Natural Resources

VG (16.6%)

Venture Global

SU (15.4%)

Suncor Energy

PBA (15.4%)

Pembina Pipeline

DVN (14.9%)

Devon Energy

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRC: 5.3% | 1.1x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRC: 5.3% | 6.9x)

FISV (6.8% | 6.0x)

Fiserv

FI (7.5% | 5.5x)

Fiserv

IBKR (48.1% | 3.5x)

Interactive Brokers

PHM (5.4% | 6.9x)

PulteGroup

RCI (11.8% | 4.1x)

Rogers Communications

Higher Rev Chg LTM (Value for CRC: 33.9%)

APP (86.4%)

AppLovin

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

MU (45.4%)

Micron Technology

LLY (36.8%)

Eli Lilly

Higher Rev Chg 3Y Avg (Value for CRC: 5.3%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for CRC: 15.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for CRC: 23.9%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for CRC: 23.9%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

Higher Total Yield (Value for CRC: 14.1%)

CMCSA (25.2%)

Comcast

FNMA (23.7%)

Federal National Mortgage Association Fannie Mae

VZ (18.3%)

Verizon Communications

MO (16.2%)

Altria

TDG (15.4%)

TransDigm

		Best Bets In Energy Sector
	CRC	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	9.6	41.6	17.9	11.7	11.0	30.4	12.0	18.3	18.9	30.7	10.1
P/EBIT	5.9	33.9	10.1	8.7	9.4	17.0	8.8	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	-11.9%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	33.9%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	5.3%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	22.0%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	California Resources Earnings Notes
2	California Resources Earnings Notes
3	California Resources Earnings Notes
4	California Resources Stock Drop Looks Sharp, But How Deep Can It Go?	Return
5	California Resources vs Cal-Maine Foods: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	How Does California Resources Stock Stack Up Against Its Peers?	Peer Comparison
7	Better Bet Than CRC Stock: Pay Less Than California Resources To Get More From FANG, CALM
8	Better Bet Than CRC Stock: Pay Less Than California Resources To Get More From FANG
9	Better Bet Than CRC Stock: Pay Less Than California Resources To Get More From FANG
10	Why California Resources Stock Moved: CRC Stock Has Gained 13% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CRC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.1%	12.1%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.4%	6.4%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.1%	28.1%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.9%	-4.9%	-7.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for California Resources

Peers to compare with:

Financials

	CRC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Californ.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	44.06	23.26	24.49	305.09	78.16	273.40	61.11
Mkt Cap	3.7	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	3,494	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	534	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	836	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	669	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	836	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	669	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	CRC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Californ.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	33.9%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	5.3%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	-11.9%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-3.3%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	15.3%	6.6%	4.8%	17.7%	22.5%	31.9%	16.5%
Op Mgn 3Y Avg	19.9%	7.4%	7.2%	16.4%	24.2%	30.8%	18.1%
QoQ Delta Op Mgn LTM	-0.1%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.0%
CFO/Rev LTM	23.9%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	22.0%	6.8%	12.7%	21.4%	26.1%	28.4%	21.7%
FCF/Rev LTM	23.9%	5.1%	1.8%	18.1%	22.1%	23.5%	20.1%
FCF/Rev 3Y Avg	22.0%	5.5%	4.6%	18.6%	24.6%	25.6%	20.3%

Valuation

	CRC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Californ.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	3.7	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	1.1	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	5.9	6.8	19.9	25.1	22.5	31.3	21.2
P/E	9.6	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	4.4	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	14.1%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	3.7%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	15.6%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.3	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.2	0.3	0.6	0.2	0.0	0.0	0.2

Returns

	CRC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Californ.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-7.8%	-3.6%	12.7%	-1.1%	1.6%	-2.0%	-1.5%
3M Rtn	-21.3%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-1.9%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-9.2%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	10.8%	-3.7%	67.3%	141.3%	79.6%	114.1%	73.5%
1M Excs Rtn	-7.4%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-25.6%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-14.2%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-26.2%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-68.0%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does California Resources Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Filing Date	11/5/2025	3/3/2025	2/28/2024	2/24/2023	2/25/2022
Key Financials
Total Revenue	3,494	2,931	2,773	3,235	2,565
EBITDA	1,149	991	1,029	1,012	496
Operating Income	534	386	759	1,283	873
Net Income	384	376	564	524	612
EPS	4.32	4.74	8.10	6.94	7.46
Growth Rates
Total Revenue Growth	33.9%	5.7%	-14.3%	26.1%	-4.8%
EBITDA Growth	3.0%	-3.7%	1.7%	104.0%	-48.0%
Operating Income Growth	34.2%	-49.1%	-40.8%	47.0%	78.9%
Net Income Growth	-27.7%	-33.3%	7.6%	-14.4%	2285.7%
Margins
EBITDA Margin	32.9%	33.8%	37.1%	31.3%	19.3%
Operating Income Margin	15.3%	13.2%	27.4%	39.7%	34.0%
Net Income Margin	11.0%	12.8%	20.3%	16.2%	23.9%
Cash & Debt
Total Cash	196	372	496	307	305
Total Debt	1,100	1,223	610	662	637
Net Debt / (Cash)	904	851	114	355	332
Cash Flows
Net Cash from Operations	836	610	653	690	660
Free Cash from Operations	836	610	653	678	660
Returns to Shareholders
Dividends	135	113	81	59	14
Share Repurchases	425	234	146	313	148

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/7/2025	3/3/2025	11/6/2024	8/7/2024	5/8/2024	2/28/2024	11/2/2023	8/1/2023	5/2/2023	2/24/2023
Key Financials Quarterly
Total Revenue	878	816	900	900	997	499	518	596	654	553	970	791
Ebitda	223	395	320	211	652	81	47	335	41	205	448	180
Operating Income	151	108	168	107	171	36	55	136	179	109	335	242
Net Income	64	172	115	33	345	8	-10	188	-22	97	301	83
EPS	0.76	1.93	1.27	0.36	3.86	0.12	-0.14	2.72	-0.32	1.39	4.22	1.14
Key Financials TTM
Total Revenue TTM	3,494	3,613	3,296	2,914	2,610	2,267	2,321	2,773	2,968	3,196	3,490	3,235
Ebitda TTM	1,149	1,578	1,264	991	1,115	504	628	1,029	874	1,475	1,599	1,013
Operating Income TTM	534	554	482	369	398	406	479	759	865	1,032	1,299	1,283
Net Income TTM	384	665	501	376	531	164	253	564	459	907	1,000	524
Growth Rates Quarterly
Total Revenue Growth	-11.9%	63.5%	73.7%	51.0%	52.4%	-9.8%	-46.6%	-24.7%	-25.9%	-34.7%	35.7%	11.9%
EBITDA Growth	-65.8%	387.7%	580.9%	-37.0%	1490.2%	-60.5%	-89.5%	86.1%	-93.6%	-37.7%	424.6%	-53.2%
Operating Income Growth	-11.7%	200.0%	205.5%	-21.3%	-4.5%	-67.0%	-83.6%	-43.8%	-48.3%	-71.0%	5.0%	-15.1%
Net Income Growth	-81.4%	2050.0%	1250.0%	-82.4%	1668.2%	-91.8%	-103.3%	126.5%	-105.2%	-48.9%	272.0%	-88.4%
Margins Quarterly
EBITDA Margin	25.4%	48.4%	35.6%	23.4%	65.4%	16.2%	9.1%	56.2%	6.3%	37.1%	46.2%	22.8%
Operating Income Margin	17.2%	13.2%	18.7%	11.9%	17.2%	7.2%	10.6%	22.8%	27.4%	19.7%	34.5%	30.6%
Net Income Margin	7.3%	21.1%	12.8%	3.7%	34.6%	1.6%	-1.9%	31.5%	-3.4%	17.5%	31.0%	10.5%
Cash & Debt
Total Cash	196	72	214	372	241	1,031	403	496	479	448	477	307
Total Debt	1,100	1,092	1,096	1,223	1,222	1,235	616	610	655	673	656	662
Net Debt / (Cash)	904	1,020	882	851	981	204	213	114	176	225	179	355
Cash Flows Quarterly
FCF from Operations	279	165	186	206	220	97	87	131	104	108	310	114
Cash Flows TTM
FCF from Operations TTM	836	777	709	610	535	419	430	653	636	767	840	690
Returns to Shareholders Quarterly
Dividends	32	35	36	32	34	22	25	22	19	20	20	20
Share Repurchases	35	221	112	57	42	36	99	-0	21	65	60	66
Return on Invested Capital (ROIC) Quarterly
ROIC	34.4%	19.1%	27.4%	18.0%	23.7%	51.3%	45.1%	123.6%	142.3%	68.7%	201.6%	83.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	26.3%	24.7%	19.9%	14.1%	13.8%	142.5%	133.6%	184.6%	179.9%	170.1%	182.5%	107.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022
Oil and Natural Gas	2,172
Other revenues and income	629
Carbon Management	0
Electricity sales		261	172
Interest and other revenue		40	33
Net gain (loss) from commodity derivatives		-551	-676
Oil, natural gas and natural gas liquid (NGL) sales		2,643	2,048
Revenue from marketing of purchased commodities		314	312
Total	2,801	2,707	1,889

Price Behavior

Price Behavior

Market Price	$44.06
Market Cap ($ Bil)	3.7
First Trading Date	10/28/2020
Distance from 52W High	-23.1%
	50 Days	200 Days
DMA Price	$46.55	$45.43
DMA Trend	indeterminate	down
Distance from DMA	-5.3%	-3.0%
	3M	1YR
Volatility	28.1%	42.0%
Downside Capture	113.83	109.54
Upside Capture	-24.10	82.96
Correlation (SPY)	27.4%	58.4%

CRC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.60	0.89	0.90	0.91	1.27	1.13
Up Beta	1.07	1.13	1.33	1.37	1.18	1.06
Down Beta	-0.07	1.28	1.39	1.25	1.85	1.62
Up Capture	65%	14%	32%	55%	67%	63%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	18	29	63	121	382
Down Capture	54%	106%	78%	67%	106%	100%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	24	34	61	125	365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of CRC With Other Asset Classes (Last 1Y)
	CRC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.8%	8.6%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	41.6%	24.4%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-0.14	0.29	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		74.9%	58.5%	0.8%	55.5%	37.3%	30.7%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of CRC With Other Asset Classes (Last 5Y)
	CRC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	18.5%	21.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	41.3%	26.7%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.54	0.75	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		64.1%	41.0%	10.4%	46.7%	29.2%	19.6%

Based On 10-Year Data

		Comparison of CRC With Other Asset Classes (Last 10Y)
	CRC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	25.9%	8.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	43.8%	29.8%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.67	0.33	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		61.3%	39.3%	7.1%	44.9%	28.9%	18.3%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	3,644,443
Short Interest: % Change Since 11302025	1.1%
Average Daily Volume	740,831
Days-to-Cover Short Interest	4.92
Basic Shares Quantity	83,700,000
Short % of Basic Shares	4.4%

Returns Analyses

	Title
0	California Resources Stock Drop Looks Sharp, But How Deep Can It Go?

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	-0.8%	3.1%	3.0%
8/5/2025	2.1%	1.5%	8.7%
3/3/2025	-11.0%	-7.0%	-0.5%
11/5/2024	5.4%	8.4%	3.2%
8/6/2024	5.6%	12.2%	14.6%
5/7/2024	-5.4%	-9.6%	-10.3%
2/27/2024	-4.2%	-2.6%	0.5%
11/1/2023	0.4%	-4.1%	-0.5%
...
SUMMARY STATS
# Positive	7	11	12
# Negative	12	8	7
Median Positive	5.4%	5.7%	6.4%
Median Negative	-4.2%	-7.0%	-5.7%
Max Positive	10.3%	14.1%	99.3%
Max Negative	-11.0%	-12.4%	-10.3%

	Forward Returns
11/4/2025	-0.8%	3.1%	3.0%
8/5/2025	2.1%	1.5%	8.7%
3/3/2025	-11.0%	-7.0%	-0.5%
11/5/2024	5.4%	8.4%	3.2%
8/6/2024	5.6%	12.2%	14.6%
5/7/2024	-5.4%	-9.6%	-10.3%
2/27/2024	-4.2%	-2.6%	0.5%
11/1/2023	0.4%	-4.1%	-0.5%
7/31/2023	-4.0%	2.6%	4.4%
2/24/2023	7.8%	10.1%	-5.9%
11/3/2022	5.3%	3.0%	1.6%
8/3/2022	-3.0%	2.4%	8.4%
5/5/2022	-3.0%	-10.1%	3.2%
2/24/2022	-5.4%	5.7%	14.5%
11/12/2021	-4.2%	-6.5%	-5.4%
8/5/2021	10.3%	9.4%	34.0%
3/11/2021	-2.4%	-12.4%	-7.9%
11/5/2020	-4.8%	14.1%	99.3%
2/26/2020
SUMMARY STATS
# Positive	7	11	12
# Negative	12	8	7
Median Positive	5.4%	5.7%	6.4%
Median Negative	-4.2%	-7.0%	-5.7%
Max Positive	10.3%	14.1%	99.3%
Max Negative	-11.0%	-12.4%	-10.3%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	3032025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

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External Quote Links

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7	FinViz

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California Resources (CRC)

Market Price (12/29/2025): $44.06 | Market Cap: $3.7 BilSector: Energy | Industry: Oil & Gas Exploration & Production

California Resources (CRC)

Market Price (12/29/2025): $44.06Market Cap: $3.7 BilSector: EnergyIndustry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

CRC Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

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Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About California Resources (CRC)

Key Risks to California Resources (CRC)

Interactive Breakdown

Better Bets than California Resources (CRC)

INDUSTRY: Oil & Gas Exploration & Production

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRC: 5.3% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRC: 5.3% | 6.9x)

Higher Rev Chg LTM (Value for CRC: 33.9%)

Higher Rev Chg 3Y Avg (Value for CRC: 5.3%)

Higher Op Mgn LTM (Value for CRC: 15.3%)

Higher CFO/Rev LTM (Value for CRC: 23.9%)

Higher FCF/Rev LTM (Value for CRC: 23.9%)

Higher Total Yield (Value for CRC: 14.1%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRC: 5.3% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRC: 5.3% | 6.9x)

Higher Rev Chg LTM (Value for CRC: 33.9%)

Higher Rev Chg 3Y Avg (Value for CRC: 5.3%)

Higher Op Mgn LTM (Value for CRC: 15.3%)

Higher CFO/Rev LTM (Value for CRC: 23.9%)

Higher FCF/Rev LTM (Value for CRC: 23.9%)

Higher Total Yield (Value for CRC: 14.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRC: 5.3% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRC: 5.3% | 6.9x)

Higher Rev Chg LTM (Value for CRC: 33.9%)

Higher Rev Chg 3Y Avg (Value for CRC: 5.3%)

Higher Op Mgn LTM (Value for CRC: 15.3%)

Higher CFO/Rev LTM (Value for CRC: 23.9%)

Higher FCF/Rev LTM (Value for CRC: 23.9%)

Higher Total Yield (Value for CRC: 14.1%)

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Market Price (12/29/2025): $44.06 | Market Cap: $3.7 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (12/29/2025): $44.06
Market Cap: $3.7 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production