California Resources reported third-quarter 2026 results alongside a higher dividend, continued share repurchases and several portfolio moves. The company said production rose 2% from the prior quarter and highlighted its sale of Utah assets and completed acquisition of Crimson Midstream as part of a sharper focus on California.
Third-quarter performance and shareholder returns
- Average net production was 152,000 barrels of oil equivalent per day, with oil accounting for 80% of output.
- CRC reported a $315 million net loss, including a $540 million non-cash loss from changes in the fair value of commodity derivatives. On an adjusted basis, it reported $104 million of net income and $341 million of EBITDAX, which exceeded quarterly guidance.
- The company generated $305 million in cash from operations, spent $158 million on capital, and reported $147 million of free cash flow.
- CRC returned $66 million to shareholders during the quarter: $36 million in dividends and $30 million in share repurchases.
- It raised its quarterly dividend by 4% and declared a payment of $0.42 per share, scheduled for the fourth quarter.
- At quarter-end, CRC had $1.28 billion in borrowing capacity and $35 million in cash and cash equivalents, for total liquidity of $1.315 billion.
Portfolio and strategic developments
- CRC agreed to sell its Uinta Basin assets in Utah for about $90 million in cash, subject to customary purchase-price adjustments. The transaction was expected to close by year-end, pending third-party consents and other closing conditions.
- The company completed its all-cash acquisition of Crimson Midstream Holdings. CRC said the deal strengthens its energy-infrastructure platform and expands its options for potential future carbon-dioxide transportation in California. The release did not state the purchase price.
- CRC signed a memorandum of understanding with Bloom Energy to jointly evaluate and target potential development of at least 1 gigawatt of solid-oxide fuel-cell power generation paired with carbon capture and storage. The announcement describes an evaluation effort, not a completed development commitment.
- The company also published its 2025 sustainability update.
The Utah sale and Crimson acquisition represent two distinct portfolio moves: CRC is exiting its Uinta Basin assets while adding midstream infrastructure tied to California. Separately, the Bloom agreement sets out a joint evaluation of potential power-generation and carbon-capture projects.