California Resources jumps on 2026 forecast

California Resources

02/03/2026 17:34

** Shares of oil and gas company California Resources CRC.N up 2.2% at $59.92

** Company expects 2026 capital investments of $430 million–$470 million

** CRC aims to begin carbon dioxide injection at its Elk Hills carbon capture and storage (CCS) project in spring 2026

** Expects 12% year-over-year production growth, averaging 152–157 thousand barrels of oil equivalent per day (MBoe/d), supported by four operated drilling rigs

** Co says it currently holds the majority of permits necessary to undertake its 2026 capital program

** Reports 2025 free cash flow of $543 million, compared to $355 million last year

** However, CRC reports Q4 adjusted EPS of 47 cents, compared to analysts' estimate of 53 cents, according to LSEG-compiled data

** Including session's move, CRC up 34.6% YTD

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))