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AI brief of an SEC Form 8-K · California Resources (CRC)

California Resources Q1 net loss $711 million; 2026 EBITDAX guidance up 42%

Mixed Impact 4 of 5 guidance Written later

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.

Key points

  • 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

The filing

CompanyCalifornia Resources (CRC)
Form8-K, current report
Filed with the SECMay 5, 2026, 4:34 PM ET
Accession number0001609253-26-000102

Items reported: 2.02 Results of Operations5.07 Shareholder Vote Results

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 05, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.