California Resources(NYSE) CRC

California Resources Corporation provides the energy that keeps California running by pumping oil and natural gas from the ground. It helps local refineries make fuel for cars and heat for homes throughout the state. The company also works on ways to capture and store carbon emissions underground.

The Energy and Carbon Mix

• Oil and Condensate: Crude oil pumped from major basins in California and Utah; this made up 91% of oil, natural gas, and NGL sales in 2025.
• Natural Gas: Fuel used for electricity and heating, sold to local markets or used for the company's own steam power; accounted for 3% of sales in 2025.
• Natural Gas Liquids: Products like propane and butane extracted during gas processing; represented about 6% of sales in 2025.
• Carbon TerraVault: Carbon management services focused on capturing and storing carbon dioxide (CO2) in underground reservoirs to reduce emissions.
• Electricity Generation: Power produced by 11 plants that run oil field equipment or sell extra energy back to the local grid.

New Deals and Green Goals

• Completed a merger with Berry Corporation in December 2025 to add oil fields in California and Utah.
• Formed a joint venture with Brookfield in 2022 to develop carbon capture and storage projects across California.
• Acquired Aera Energy in 2024, which significantly increased the size of the company's energy assets and mineral acreage.
• Launched the Carbon TerraVault segment to build and operate equipment for moving and storing industrial greenhouse gases.

What Makes CRC Different?

The company owns the rights to 2 million net mineral acres, making it the largest private landholder in California. It operates its own power plants and water systems, which helps lower the cost of producing energy from old oil fields.

Performance by the Numbers

• Revenue reached $871 million in Q4 2025, down 5.9% from $926 million in Q4 2024.
• Net income fell to $12 million in Q4 2025, a 63.6% decrease compared to the previous year.
• Operating cash flow rose to $236 million in Q4 2025, up 14.6% from Q4 2024.
• Total proved reserves grew to 654 million barrels of oil equivalent by the end of 2025.
• Free cash flow was $116 million in Q4 2025, down 1.7% from the $118 million reported in Q4 2024.

The Evolution of CRC

California Resources Corporation has shifted from a traditional oil producer into a firm that balances energy production with carbon storage. By merging with local rivals and investing in emission-reduction technology, the company has adapted to California's strict environmental landscape.