NYSE$CRC
California Resources Corporation · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
California Resources Corporation reported Q2 2025 results with higher revenues and net income driven by the Aera acquisition and commodity derivative gains.
For the three months ended June 30, 2025, CRC generated $978 million in total operating revenues and $172 million in net income. Production averaged 137 MBoe/d with oil at 109 MBbl/d. Operating income reached $267 million, supported by strong realized prices and hedging gains.
- Total operating revenues of $978 million included $702 million from oil, natural gas and NGL sales plus $157 million net gain on commodity derivatives.
- Net income of $172 million ($1.93 basic EPS) compared to $8 million in Q2 2024, reflecting Aera Merger contribution.
- Oil and natural gas production averaged 137 MBoe/d (109 MBbl/d oil, 10 MBbl/d NGLs, 111 MMcf/d gas).
- Operating cash flow of $165 million and capital investments of $56 million supported share repurchases and dividends.
Headline financials
Revenue & EPS history
CRC · Revenue · Quarterly
$978M
Revenue by segment
CRC · $915M total across 4 segments · Q2 2025
- Oil sales$644M—70.4%
- Derivative gains$157M—17.2%
- Electricity revenue$58M—6.3%
- Marketing revenue$56M—6.1%
Forward guidance
Company expects to maintain two-rig program through 2025 using existing permits and continue share repurchases under extended program.
Tailwinds
- Sufficient permits for 2025-2026 drilling
- Share repurchase authorization extended to June 2026
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
+0.2%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+10.7%
Avg return
30 days after
36%
8 / 22 earnings
Positive
+13.0%
Q2 2021
Best reaction
-12.4%
Q1 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -12.4% | -15.0% | -17.2% | |
| Q4 2025 | +4.8% | +10.0% | +12.2% | |
| Q3 2025 | -0.7% | +1.0% | +2.1% | |
| Q1 2025 | +8.3% | +18.7% | +25.7% | |
| Q4 2024 | -11.0% | -7.0% | +2.3% | |
| Q3 2024 | +7.5% | +7.7% | +4.7% | |
| Q2 2024 | +3.2% | +6.3% | +5.3% | |
| Q1 2024 | -4.9% | -7.4% | -10.5% | |
| Q4 2023 | -2.4% | -0.1% | +2.0% | |
| Q3 2023 | -0.2% | -3.5% | -1.7% | |
| Q2 2023 | -2.6% | +1.9% | +6.9% | |
| Q1 2023 | -0.7% | -3.1% | -7.3% | |
| Q4 2022 | +10.3% | +9.0% | -4.4% | |
| Q3 2022 | +10.4% | +8.6% | +0.9% | |
| Q2 2022 | -4.6% | +0.5% | +4.9% | |
| Q1 2022 | -2.7% | -10.5% | +2.8% | |
| Q4 2021 | -0.4% | +5.6% | +22.7% | |
| Q3 2021 | -1.9% | -0.5% | +1.0% | |
| Q2 2021 | +13.0% | +11.4% | +37.3% | |
| Q1 2021 | -1.4% | +17.3% | +36.0% | |
| Q4 2020 | +2.8% | -3.7% | -2.9% | |
| Q3 2020 | -9.8% | +2.3% | +111.6% | |
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