California Resources
Produces California and Utah oil and gas while operating carbon storage and well services.
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Profile
Produces oil, natural gas liquids and natural gas from mostly conventional fields in California and Utah, selling nearly all California crude to in-state refiners. Carbon TerraVault develops capture, transport and underground storage and has begun injecting carbon dioxide, while C&J provides well servicing and abandonment.
Explores for and produces crude oil, condensate, natural gas liquids and natural gas from oil-weighted fields across California and Utah. The oil and natural gas segment operates mature conventional reservoirs with steamfloods, waterfloods, gas processing and field power infrastructure; C&J Well Services adds well servicing and abandonment work. California refineries buy nearly all of the crude produced from its California fields.
Develops carbon capture, transport and permanent underground storage through Carbon TerraVault and its Brookfield joint venture. Carbon TerraVault I now injects carbon dioxide from the Elk Hills cryogenic gas plant into a nearby depleted reservoir, making the carbon segment operational and revenue-generating. Results remain tied to commodity prices, California drilling and emissions rules, refinery and pipeline access, and tax credits and shared approvals supporting carbon storage.
Company facts
Key statistics
Year to date +12.6% · Average volume (30d) 807.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Barclays | Reiterate | Overweight | $77 | $74 | |
| Aug 12, 2026 | UBS | Reiterate | Buy | $70 | $67 | |
| Aug 11, 2026 | Barclays | Reiterate | Overweight | $65 | $77 | |
| Jul 17, 2026 | Stephens | Target | $73 | $85 | ||
| Jul 13, 2026 | UBS | Reiterate | Buy | $78 | $70 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $1.36 | $0.99 | −27.2% | $960.2M | $1.30B | +35.1% | +3.21% |
| May 5, 2026Q1 FY26 | $0.83 | $0.88 | +6.0% | $947.5M | $119.0M | −87.4% | −12.36% |
| Mar 2, 2026Q4 FY25 | $0.49 | $0.47 | −4.1% | $777.3M | $924.0M | +18.9% | −1.69% |
| Nov 4, 2025Q3 FY25 | $1.31 | $1.46 | +11.5% | $780.5M | $878.0M | +12.5% | −0.81% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $906.0M | $821.0M | $878.0M | $871.0M | $967.0M | $1.30B | |
| Gross profit | $350.0M | $304.0M | $337.0M | $309.0M | $388.0M | $829.0M | |
| Operating income | $207.0M | $178.0M | $180.0M | $159.0M | $215.0M | $511.0M | |
| Net income | $115.0M | $172.0M | $64.0M | $12.0M | −$711.0M | $514.0M | |
| Diluted EPS | $1.26 | $1.92 | $0.76 | $0.14 | −$8.02 | $5.76 | |
| Gross margin | 38.6% | 37.0% | 38.4% | 35.5% | 40.1% | 63.9% | |
| Operating margin | 22.8% | 21.7% | 20.5% | 18.3% | 22.2% | 39.4% |
Fiscal years (4-quarter sums)FY21 $2.57B · FY22 $3.26B · FY23 $2.81B · FY24 $2.96B · FY25 $3.48B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $56.0M · Total debt $1.35B · Total assets $7.10B · Shareholders' equity $3.40B
Dividends
Raised for 3 straight years — most recently to $0.405 from $0.3875 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 29, 2026 | May 29 | Jun 18 | $0.405 | |
| Mar 13, 2026 | Mar 13 | Mar 20 | $0.405 | |
| Dec 1, 2025 | Dec 1 | Dec 15 | $0.405 | raised from $0.3875 |
| Aug 27, 2025 | Aug 27 | Sep 12 | $0.3875 | |
| May 30, 2025 | May 30 | Jun 13 | $0.3875 | |
| Mar 10, 2025 | Mar 10 | Mar 21 | $0.3875 | |
| Dec 2, 2024 | Dec 2 | Dec 16 | $0.3875 | |
| Aug 30, 2024 | Aug 30 | Sep 16 | $0.3875 | raised from $0.31 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 88.79M · Float 81.22M · 91.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.98M | 13.49% | 13F | Aug 7, 2026 |
| Canada Pension Plan Investment Board | 7.01M | 7.89% | 13F | Aug 14, 2026 |
| Gimbel Daniel Scott | 6.24M | 7.03% | 13F | Aug 14, 2026 |
| Solar Projects LLC | 6.15M | 6.73% | 13G | Feb 14, 2025 |
| Vanguard Portfolio Management LLC | 5.27M | 5.94% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 10, 2026 | Jay A. Bys | officer: EVP & Chief Commercial Officer | −11,907 | $54.00 |
| Jul 13, 2026 | Jay A. Bys | officer: EVP & Chief Commercial Officer | −11,907 | $54.00 |
| Jun 4, 2026 | Jay A. Bys | officer: EVP & Chief Commercial Officer | −11,907 | $61.68 |
| May 12, 2026 | Michael L. Preston | officer: EVP, Chf Strategy Officer & GC | −26,409 | $59.82 |
| Mar 12, 2026 | Pension Plan Investment Board Canada | 10 percent owner | −3,500,000 | $61.10 |
Peers
- Chevron
California production scale plus lower-carbon infrastructure overlap
- Occidental Petroleum
Upstream E&P and carbon removal overlap through 1PointFive
- ExxonMobil
Global oil and gas scale plus Low Carbon Solutions CCS overlap
- EOG Resources
Independent U.S. E&P peer competing for reserves and services
- Devon Energy
Onshore U.S. E&P peer across oil, gas and NGL production
- Talos Energy
Offshore E&P and CCS project-development model overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| California Resources | $52.23 | 0.00% | $4.64B | — | 12.3 | 1.2 | +59.0% |
| Chevron | $204.35 | +1.24% | $402.06B | 19.4 | 13.2 | 1.9 | +57.9% |
| Occidental Petroleum | $59.23 | +0.23% | $58.78B | 9.1 | 13.2 | 2.3 | +27.7% |
| ExxonMobil | $156.80 | +0.08% | $649.44B | 20.2 | 13.2 | 1.8 | +46.0% |
| EOG Resources | $143.49 | +0.12% | $76.35B | 11.2 | 9.5 | 2.9 | +60.5% |
| Devon Energy | $47.48 | +0.26% | $52.09B | 11.2 | 9.5 | 2.6 | +83.2% |
| Talos Energy | $16.67 | 0.00% | $2.78B | — | 18.8 | 1.4 | +56.5% |
| Median | 11.2 | 13.2 | 2.1 | +57.2% |