California Resources Corporation — Cyborg Score 7/10
Strong
Oil & Gas Exploration & Production / Carbon Management
Strategic Profile
CRC's conventional reservoir base is characterized by low natural declines, strong recovery factors, and very predictable performance, allowing the company to sustain production with less capital at lower risk than shale-focused peers. Carbon TerraVault (CTV), CRC's carbon management business, is developing services to capture, transport and permanently store CO2 for its customers.
Cyborg Score Rationale
CRC generated nearly $1.25 billion of adjusted EBITDAX and $543 million of free cash flow in 2025, the highest level since 2021. The company operates a structurally more resilient business with $60 Brent breakeven that can sustain flat production, fund dividends, and preserve balance sheet strength. The Berry merger integration is progressing well with expected synergies.
Top Insights
CRC is targeting approximately 12% year-over-year production growth, averaging 152-157 MBoe/d (~81% oil), supported by four operated drilling rigs in 2026.
The company expects to realize $80-90 million of Berry merger-related synergies within 12 months of closing, including $35-40 million in G&A expenses, $25-30 million in operating costs and $20 million in financing costs.
CRC received 'Grade A' certifications under MiQ's Methane Emissions Performance Standard for production assets across the Los Angeles, Ventura, and San Joaquin basins.
CRC announced a new MOU with a leading California power producer to provide CO2 transportation and storage and explore decarbonized power solutions near Silicon Valley.
Named Competitors
Conventional Oil & Gas Production — Large-scale oil and gas producer with conventional and unconventional assets
California-Focused Oil & Gas — Major integrated energy company with significant California production
Carbon Capture & Storage — International energy company with CCS project development capabilities
Recent Developments
(March 2026) Q4 2025 earnings: Record $1.25B adjusted EBITDAX, $543M free cash flow; 25% YoY production growth
(February 2026) Achieved 'Grade A' Methane Emissions certification across three California basins
(January 2026) Carbon TerraVault partnership expansion with multiple California industrial and power partners
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