secwatch.observer — SEC 8-K summary
======================================

Issuer:     California Resources Corp (CRC)
CIK:        0001609253
Form:       8-K
Filed at:   2026-05-05T23:59:59+00:00
Accession:  0001609253-26-000102
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609253/000160925326000102/0001609253-26-000102-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609253/000160925326000102/crc-20260430.htm
  HTML page:      https://secwatch.observer/filing/0001609253-26-000102

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer