CRC Q1 net loss $711M from derivatives; adjusted EBITDAX $304M; raises 2026 guidance 42%

California Resources Corp

2026-Q1 EPS reported -$8.02 revenue$119,000,000

Q1 net loss $711M primarily from non-cash loss in fair value of commodity derivatives; adjusted net income $79M, adjusted EBITDAX $304M.
Raised 2026E adjusted EBITDAX guidance midpoint 42% to $1,450M; capital budget increased to $520-560M with 7-rig program in H2.
Average net production 154 MBoe/d (81% oil); oil volumes reduced ~1.5 Mbo/d due to higher oil prices on production sharing contracts.
Declared quarterly dividend $0.405/share payable June 18; returned $46M to shareholders in Q1 via dividends and buybacks.
Completed $350M senior notes offering due 2034; redeemed $350M 2029 notes; liquidity $1,276M at March 31.

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