Energy and commodity pricesmixed · 5 filings
“Natural gas prices increased for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 driven by stronger winter demand.”10-Q · Aug 10, 2026 ↗
California Resources Corporation
CRC
Market read
California Resources Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 20 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
What changed
- Revenue increased 11.2% versus the comparable filing period.
- Operating income moved from a profit to a loss in the comparable period.
Company-0.9% todayVolume comparison unavailable
Market group0 of 20 activeOil & Gas Producers · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Operating cash flow increased primarily through working-capital changes, while cash conversion fell to 0.51x as earnings grew faster than cash generation.
- The Berry merger added compensation-related and other corporate expenses to the operating cost base.
Invalidation: The isolated read changes if CRC's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 20 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 11.2% versus the comparable filing period.
Evidence that challenges
- Operating income moved from a profit to a loss in the comparable period.
- Cash declined 174.0M versus the comparable period.
- Net margin fell 92.7 percentage points.
What would clarify the read
- Operating cash flow increased primarily through working-capital changes, while cash conversion fell to 0.51x as earnings grew faster than cash generation.
- The Berry merger added compensation-related and other corporate expenses to the operating cost base.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements110
Verified relationships4
Evidence supporting the case
- Latest annual revenue changed +14.7% year over year.
- Operating cash flow covered net income at 2.38x in the latest annual period.
Evidence challenging the case
- Operating margin changed -3.9 percentage points in the latest annual period.
- Net margin changed -2.3 percentage points in the latest annual period.
- Diluted shares increased 7.4% in the latest annual period.
- Energy and commodity prices has repeated adverse evidence across 5 filings.
- Credit and interest rates has repeated adverse evidence across 3 filings.
- Demand and volume has repeated adverse evidence across 3 filings.
Questions before a position
- EV/sales is 45% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
56.226m-10.5%12m+10.1%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$2.0B+87.5%$7.37—
2022-12-31$2.6B+29.1%$6.75-6.5%
2023-12-31$2.2B-18.5%$7.78-6.6%
2024-12-31$2.5B+17.7%$4.62+12.3%
2025-12-31$2.9B+14.7%$4.15+7.4%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesnegative · 3 filings
“As a result of these changes, we are able to accelerate deductions related to property, plant and equipment, research and development expenses and interest expense carryforwards resulting in a current income tax benefit, and corresponding reduction in our cas…”10-K · Mar 2, 2026 ↗
Demand and volumemixed · 3 filings
“Natural gas prices increased for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 driven by stronger winter demand.”10-Q · Aug 10, 2026 ↗
Legal and regulatory exposuremixed · 3 filings
“We recently completed construction of our first carbon capture project at our cryogenic gas processing facility and expect first injection in spring 2026, subject to commissioning and final regulatory approval.”10-K · Mar 2, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.7× · EV/sales 2.1×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
56.22-0.9% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for CRC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-05-06 against the comparable filing from 2025-05-07.
OperationscautiousEvidence score -1
liquiditycautiousEvidence score -1
valuationmixed
What improved
- Revenue increased 11.2% versus the comparable filing period.
What weakened
- Operating income moved from a profit to a loss in the comparable period.
- Cash declined 174.0M versus the comparable period.
- Net margin fell 92.7 percentage points.
Filing receipts
“Additionally, cash-settled stock-based compensation expense increased by $7 million due to higher value on our incentive awards resulting from an increase in our stock price at March 31, 2026 compared to December 31, 2025.”
“This decrease in operating cash flow was primarily driven by changes in working capital.”
“Energy operating costs — Energy operating costs for the three months ended March 31, 2026 were $110 million, which was an increase of $9 million from $101 million for the three months ended December 31, 2025 primarily due to the addition of the effect of the Berry properties as part of the Berry Merger .”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind CRC
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
OXYOccidental Petroleum CorporationpartnerMar 2, 2026 ▾
“The Bureau of Safety and Environmental Enforcement (BSEE) determined that former lessees, including our former parent, Occidental Petroleum Corporation (Oxy) with a 37.5% share, are responsible for accrued decommissioning obligations associated with these off…”
PSXPhillips 66partnerAug 6, 2025 ▾
“35 Marketing Arrangements In October 2024, Phillips 66 announced that it plans to close its Wilmington refinery in Los Angeles in late 2025.”
VLOValero Energy CorporationpartnerAug 6, 2025 ▾
“Additionally, in April 2025, Valero notified the California Energy Commission of its intent to idle, restructure, or cease refining operations at its Benicia refinery in the San Francisco Bay Area by the end of April 2026.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
CRC is currently a Follower in the organic co-movement group Oil & Gas Producers. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.