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CRC 8-K filings, explained
Every material Form 8-K California Resources has filed with the SEC since October 08, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
California Resources reported a third-quarter 2026 net loss of $315 million, compared with net income of $514 million in the second quarter, driven by a non-cash $540 million loss from changes in the fair value of commodity derivatives. Adjusted net income rose to $104 million ($1.17 per diluted share) from $88 million in the second quarter, though it was below $123 million a year earlier, and adjusted EBITDAX of $341 million exceeded company guidance. The board raised the anticipated annual dividend about 4% to $1.68 per share.
Net loss of $315 million, or $3.55 per diluted share, versus net income of $514 million in Q2 2026; total operating revenues were $421 million versus $1,297 million in Q2
Adjusted net income of $104 million ($1.17 per diluted share) versus $123 million in Q3 2025
Adjusted EBITDAX of $341 million exceeded quarterly guidance; 4Q26 adjusted EBITDAX guidance is $340 million to $380 million
Quarterly dividend of $0.42 per share, payable December 18, 2026 to holders of record on December 4, 2026; $570 million remained under the repurchase authorization as of September 30, 2026
California Resources disclosed preliminary, unaudited realized prices and commodity derivative results for the three months ended September 30, 2026. Oil realized $72.46 per barrel after derivative settlements, compared with $83.42 before settlements, and the company estimates a $134 million loss from derivative settlements. The filing does not provide full quarterly earnings, and the company says final results could differ.
Oil realized price was $72.46 per barrel with derivative settlements, versus $83.42 per barrel without them.
Brent index price was $91.36 per barrel and WTI was $85.79 per barrel for the period.
Estimated derivative settlement loss of $134 million, including $122 million on commodity sales derivatives and $12 million on natural gas purchase derivatives.
The figures are preliminary and unaudited and are not a full earnings estimate.
California Resources reported second-quarter 2026 net income of $514 million, compared with a net loss of $711 million in the first quarter, with the result including a non-cash gain from commodity derivatives. Adjusted net income was $88 million, or $0.99 per diluted share, down from $98 million in the second quarter of 2025, and the company cut its full-year 2026 drilling, completions and workover capital by $10 million while reaffirming its total capital outlook.
Q2 2026 net income of $514 million versus a net loss of $711 million in Q1 2026 and net income of $172 million in Q2 2025; the company says the figure includes a non-cash derivative gain
Adjusted net income of $88 million ($0.99 per diluted share) and adjusted EBITDAX of $338 million; free cash flow of $114 million
2026 drilling, completions and workover capital reduced by $10 million to $370 million-$390 million; full-year 2026 net production guidance of 150-155 MBoe/d
Quarterly dividend of $0.405 per share declared August 10, 2026, payable September 18, 2026; pending $63 million cash acquisition of Crimson Midstream Holdings
California Resources Corporation said in a preliminary, unaudited update that its realized oil price for the three months ended June 30, 2026 was $76.50 per barrel after derivative settlements, versus $91.64 before them. The company estimates a $190 million loss from commodity derivatives for the quarter, and it warned that final results may differ and that the figures are not a quarterly earnings estimate.
Realized oil price with derivative settlements was $76.50 per barrel, compared with $91.64 without them.
Brent averaged $96.87 per barrel and WTI $92.79 per barrel for the quarter.
Estimated derivative loss of $190 million, including $164 million on commodity sales derivatives and $26 million on natural gas purchase derivatives.
The data is preliminary and unaudited and does not reflect all adjustments; the filing gives no earnings or revenue figures.
California Resources completed a $550 million private offering of 7.250% senior unsecured notes due January 15, 2035. The company said it intends to use the proceeds, together with cash on hand and or revolver borrowings, to redeem all $550 million of its 8.250% notes due 2029 at 104.125% of principal plus accrued interest. The refinancing swaps one $550 million debt issue for another with a later maturity and a lower coupon, though the filing does not state any effect on annual interest expense.
Notes: $550 million, 7.250% senior unsecured, maturing January 15, 2035; interest payable January 15 and July 15, starting January 15, 2027
Redemption: all $550 million of 8.250% notes due 2029, at 104.125% of principal plus accrued interest; the redemption closed June 26, 2026
Optional redemption by the company generally begins July 15, 2029; change of control repurchase price is 101% of principal
Indenture filed as Exhibit 4.1; trustee is Wilmington Trust, National Association
California Resources announced a proposed private offering of $550 million of senior unsecured notes due 2035, with proceeds plus revolver borrowings and/or cash on hand to redeem all $550 million of its 8.250% notes due 2029 at 104.125% plus accrued interest. The filing's exhibits also show a first-quarter 2026 net loss of $711 million and negative free cash flow of $32 million, so shareholders face a refinancing alongside a weak quarter.
Proposed offering of $550 million senior unsecured notes due 2035, subject to market and other conditions, sold to qualified institutional buyers and non-U.S. persons
Redemption of all $550 million of 8.250% senior notes due 2029 at 104.125% plus accrued and unpaid interest; the redemption is conditioned on completion of the offering
Excerpts show a net loss of $711 million and free cash flow of negative $32 million for the three months ended March 31, 2026; cash and equivalents were $32 million as of May 31, 2026 with no revolver balance
California Resources reported a first-quarter 2026 net loss of $711 million, driven mainly by a non-cash loss on commodity derivatives, compared with net income of $115 million in the first quarter of 2025. It also raised its 2026 adjusted EBITDAX guidance by 42% to a midpoint of $1,450 million, citing higher oil prices, more drilling and merger synergies, which matters to shareholders because it signals stronger expected cash generation even as reported results were hit by the derivative loss.
Q1 2026 net loss of $711 million, or $(8.02) per diluted share; adjusted net income was $79 million, or $0.88 per diluted share
Q1 2026 adjusted EBITDAX of $304 million; 2026 adjusted EBITDAX guidance raised to $1,400 million to $1,500 million
Board declared a quarterly dividend of $0.405 per share, payable June 18, 2026 to holders of record on May 29, 2026
On April 14, 2026, California Resources entered into a ninth amendment to its credit agreement with Citibank, N.A. as administrative agent. The amendment changes the pricing grid to reduce the company's borrowing costs under the facility, along with other technical changes.
Amendment dated effective April 14, 2026, to the Amended and Restated Credit Agreement dated April 26, 2023
Purpose includes amending the pricing grid to reduce borrowing costs under the facility
Citibank, N.A. serves as administrative and collateral agent; full text filed as Exhibit 10.1 with some portions omitted
California Resources Corporation completed an upsized private offering of $350 million in additional 7.000% senior unsecured notes due January 15, 2034, on March 23, 2026. The company plans to use the proceeds, with cash on hand and or revolver borrowings, to redeem $350 million of its 8.250% senior notes due 2029 at 100% of principal plus the applicable premium, with that redemption expected to close March 24, 2026. The filing is a refinancing of existing debt that adds new debt of the same size as the notes it retires.
Offering size: $350 million additional principal of 7.000% senior unsecured notes due January 15, 2034, fungible with $400 million of existing 2034 notes
Use of proceeds: redemption of $350 million of 8.250% senior notes due 2029 at 100% of principal plus applicable premium and accrued interest
Expected redemption close: March 24, 2026; interest on new notes payable semi-annually from July 15, 2026
Notes are guaranteed by existing subsidiaries and rank equally with senior unsecured debt; change of control repurchase offer at 101%
California Resources Corp appointed Michael Helm as Vice President, Finance and Controller and principal accounting officer, effective March 16, 2026, replacing Noelle Repetti, who is retiring from her role as Senior Vice President and Controller on the same date. The filing states Ms. Repetti's departure did not result from any disagreement with the company on operations, financial statements, internal controls, policies or practices.
Michael Helm, age 58, becomes principal accounting officer effective March 16, 2026; he previously was Berry Corporation's Chief Accounting Officer since 2017 and its Chief Financial Officer from January 2023 to January 2025.
Noelle Repetti, Senior Vice President and Controller, retires effective March 16, 2026, after more than 11 years of service.
The company will enter into an Indemnification Agreement with Mr. Helm; a form of the agreement was previously filed as Exhibit 10.1 on October 27, 2020.
Mr. Helm has served as Vice President, Finance, Oil and Gas since the December 2025 closing of the merger with Berry Corporation.
California Resources Corporation announced a proposed private offering of $250 million of additional 7.000% senior unsecured notes due 2034. The company plans to use the proceeds, with cash on hand or revolving credit borrowings, to redeem $250 million of its 8.250% senior unsecured notes due 2029 at 100% of principal plus the applicable premium and accrued interest. The filing shows the company is refinancing higher-coupon debt with 7.000% notes, but it reports no new earnings or guidance.
Proposed offering of $250 million of additional 7.000% senior unsecured notes due 2034, issued under the indenture dated October 8, 2025
Planned redemption of $250 million of 8.250% senior unsecured notes due 2029 at 100% of principal, plus the applicable premium and accrued interest
The notes offering is not contingent on the redemption, but the redemption is expected to be conditioned on completing the offering
As of March 6, 2026, the company had $2 million of available cash and $42 million drawn under its revolving credit facility
California Resources reported full-year 2025 results. Total operating revenues rose to $3,669 million from $3,198 million, and average net production grew to 138 MBoe/d from 110 MBoe/d, but net income declined to $363 million from $376 million and diluted earnings per share fell to $4.15 from $4.62. The company also gave 2026 guidance of 152–157 MBoe/d in production and $430–470 million in capital investments, and it raised its share repurchase authorization to $1.78 billion.
Full-year 2025 total operating revenues were $3,669 million, up from $3,198 million in 2024; net income was $363 million versus $376 million, and diluted EPS was $4.15 versus $4.62.
Adjusted net income was $359 million versus $317 million, and free cash flow was $543 million versus $355 million.
2026 guidance: net production of 152–157 MBoe/d, capital investments of $430–470 million, and adjusted EBITDAX of $970–1,070 million, compared with $1,241 million in 2025.
The board declared a quarterly dividend of $0.405 per share, payable March 20, 2026, and raised the share repurchase program to $1.78 billion, extended through December 31, 2027.
California Resources Corporation completed its all-stock merger with Berry Corporation on December 18, 2025, making Berry a wholly owned subsidiary. Berry shareholders received 0.0718 CRC shares for each Berry share, and the company said Berry's former holders received about 5.6 million CRC shares, worth roughly $253 million at CRC's December 17 closing price. The filing does not include post-merger financial results, and CRC plans to give full-year 2026 guidance with its fourth quarter 2025 earnings release.
Each Berry common share converted into 0.0718 CRC common shares at the Effective Time on December 18, 2025
Berry's former equity holders received about 5.6 million CRC shares, worth approximately $253 million based on the December 17, 2025 closing price
The credit agreement's aggregate elected commitments rose from $1.45 billion to $1.46 billion with an added lender
CRC expects to provide full-year 2026 guidance with its year-end and fourth quarter 2025 earnings release
California Resources reported third-quarter 2025 results, with total operating revenues of $855 million, down from $1.35 billion a year earlier and $978 million in the second quarter. GAAP net income was $64 million ($0.76 per diluted share), while adjusted net income rose to $123 million from $98 million in the prior quarter, and the board raised the quarterly dividend 5% to $0.405 per share. The company also gave fourth-quarter 2025 guidance and said the pending Berry Corporation merger is expected to close in the first quarter of 2026.
Q3 2025 net income was $64 million, down from $172 million in Q2 2025 and $345 million in Q3 2024; adjusted net income was $123 million, up from $98 million in Q2 2025
Total operating revenues were $855 million, compared with $978 million in Q2 2025 and $1.35 billion in Q3 2024
Quarterly dividend raised 5% to $0.405 per share, payable December 15, 2025; $205 million remained for share repurchases as of September 30, 2025
Fourth-quarter 2025 guidance includes net production of 131 to 135 MBoe/d and adjusted EBITDAX of $220 million to $260 million
California Resources Corporation entered into a seventh amendment to its credit agreement on October 29, 2025, adding new lenders and increasing the aggregate elected commitment amount from $1.15 billion to $1.45 billion. The filing describes the change as a financing update to the existing facility, and the full amendment is filed as Exhibit 10.1.
Aggregate elected commitments rose from $1.15 billion to $1.45 billion under the Seventh Amendment.
The amendment, dated October 29, 2025, adds certain new lenders to the facility.
Administrative agent and collateral agent is Citibank, N.A.; the original credit agreement is dated April 26, 2023.
California Resources Corporation completed a private offering of $400.0 million in 7.000% senior notes due January 15, 2034, under an indenture dated October 8, 2025. The notes are subject to special mandatory redemption at 100% of issue price plus accrued interest if the pending Berry Merger does not close by March 14, 2026, or is terminated or abandoned, which ties the debt's fate to that deal.
Principal amount of $400.0 million; notes mature January 15, 2034, with interest paid semi-annually from July 15, 2026
Notes are senior unsecured and guaranteed by existing subsidiaries that guarantee the revolving credit facility and existing 7.125% 2026 and 8.250% 2029 senior notes
Special mandatory redemption at 100% of issue price plus accrued interest if the Berry Merger does not occur by the March 14, 2026 Outside Date or is terminated
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