Loading…
Largest oil and gas producer in California, operating legacy upstream fields plus carbon capture and storage ventures.
Largest oil and gas producer in California, operating legacy upstream fields plus carbon capture and storage ventures.
Sells crude oil to California refiners at prices tied to world benchmarks, with natural gas and power from its Elk Hills field adding smaller streams, so earnings follow oil prices. Carbon TerraVault is a different bet: it aims to be paid to store emitters' captured CO2 underground, but is still early. It emerged from bankruptcy in 2020.
Moat: narrow (scale, regulatory licence, installed base). Largest legacy landholder/producer in California, a state with high barriers to new oil and gas development.
Headquarters: Long Beach, California, United States · Founded: 2014 · Employees: 2,500
Size California Resources (CRC) is a United States Energy company (Integrated Oil) with a market value of $4.15B, the 1325th largest of 3,117 United States companies the cockpit tracks. Shares closed at $46.96 on 6 Nov 2026.
Performance Over six months the shares fell 20.3%, against -7.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +11.6%); the operating margin is 23.7% (peer median 30.6%).
Valuation It trades at 10.9× forward earnings against a peer median of 9.7× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.4 points above its cost of capital (8.7% WACC).
Credit California Resources has 2 bonds outstanding ($1.30B), rated BB- by the agencies and trading like BB- at a weighted spread of 259 bp.
Short interest Short interest is 4.9% of the free float (15 Oct 2026).
Next results Next results expected around 8 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.95B | $3.40B | $2.96B | $2.81B | $3.26B |
| Revenue growth | — | +15% | +5% | -14% | — |
| Gross profit | $1.63B | $1.22B | $1.20B | $1.33B | $1.74B |
| EBITDA | $1.58B | $1.16B | $1.13B | $1.17B | $1.59B |
| Net income | -$500M | $363M | $376M | $564M | $524M |
| Free cash flow | $355M | $543M | $350M | $460M | $311M |
| Capital expenditure | $558M | $322M | $255M | $185M | $379M |
| Total debt | $1.35B | $1.36B | $1.22B | $610M | $662M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| California Resources CRC | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% |
| Chevron CVX | $415B | +18% | +22% | 15% | 11.4× | -3.0% |
| Sable Offshore SOC | $370M | -85% | n/a | -293% | 3.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CRC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.5% | -7.1% | 7th lowest of 21 |
| 6-month return | -20.3% | -7.6% | 4th lowest of 21 |
| Distance from 52-week high | -34.8% | -24.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +11.9% | +11.6% | 11th highest of 21 |
| Operating margin | 23.7% | 30.6% | 8th lowest of 21 |
| Forward P/E | 10.9× | 9.7× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -8.3% | -6.2% | 8th least demanding of 18 |
| Growth delivered (Del g) | +16.2% | +14.9% | 9th highest of 18 |
| Hurdle (Req g minus delivered) | -24.4 pp | -24.9 pp | 8th most demanding of 18 |
| ROIC minus cost of capital | +8.4 pp | +5.6 pp | 9th highest of 21 |
| EV / EBITDA | 3.4× | 5.0× | 6th cheapest of 18 |
| Net debt / EBITDA | 0.8× | 0.5× | 9th most indebted of 18 |
| Bond spread | 259 bp | 215 bp | 2nd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Ithaca Energy ITH.L | United Kingdom | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% | +1.4% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
California Resources has 2 bonds outstanding with $1.30B face value. The agencies rate it BB-; its bonds trade like BB-. Weighted yield 7.36%, a spread of 259 bp over government bonds.