California Resources Corporation published the transcript of its Fourth Quarter and Full Year 2025 earnings call held March 2, 2026. The call featured CEO Francisco Leon, CFO Clio Crespy, and VP of Investor Relations Daniel Juck, with analysts from RBC Capital Markets, Barclays, JPMorgan, Bank of America, UBS, and Texas Capital participating in the Q&A. Management highlighted record 2025 performance, continued production growth, shareholder returns, improved permitting momentum in California, and progress on its Carbon TerraVault CCS platform and power strategy. Leon said CRC “grew production for the third consecutive year, delivering record financial performance and returned record capital to shareholders,” and added that “the resumption of new drill permitting and the steady flow of approvals through the system represent a step change.” Crespy reported full-year adjusted EBITDAX of nearly $1.25 billion and free cash flow of $543 million, noting the company returned about 94% of free cash flow to shareholders in 2025 and ended the year at roughly 1x leverage with $1.4 billion of liquidity. For 2026, CRC guided to about $1 billion of adjusted EBITDAX at $65 Brent, roughly $450 million of capital spending, and 155,000 BOE/d production at the midpoint, with two-thirds of expected oil production hedged at $65 Brent. Crespy said the 2026 program is designed “to materially reduce our corporate decline to roughly 2%,” with a four-rig plan and activity weighted toward lower-risk development. On CCS, Leon said construction is complete at the company’s first commercial-scale project at Elk Hills and CRC is “awaiting final EPA approval to commence injection,” calling first injection “a big de-risking of the CCS business model.” The full transcript can be accessed through the link below.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. California Resources Corporation published the original content used to generate this news brief on March 05, 2026, and is solely responsible for the information contained therein.
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