California Resources Q1 adjusted EPS tops expectations

California Resources

05/05/2026 21:41

Overview

U.S. oil and carbon management firm's Q1 adjusted EPS beat analyst expectations

Q1 adjusted EBITDAX missed analyst expectations

Company to accelerate 2026 drilling, raising full-year adjusted EBITDAX guidance by 42%

Outlook

California Resources raises 2026E adjusted EBITDAX guidance midpoint to $1,450 mln

Company expects 2026 net production of 149-155 MBoe/d, 81% oil

California Resources increases 2026 capital budget to $520-$560 mln to accelerate drilling

Result Drivers

HIGHER REALIZED OIL PRICES - Co said realized oil prices increased to $74.53 per barrel from $61.14 in the previous qtr, supporting revenue growth

MERGER SYNERGIES - Operating expenses were in line with expectations, reflecting ongoing capture of Berry merger-related synergies

INCREASED CAPITAL INVESTMENT - Total capital was at the high-end of expectations due to strategic acceleration of investments to support planned second-half 2026 drilling activity

Company press release: ID:nGNX68Rk7p

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted EPS
Beat
$0.88
$0.85 (11 Analysts)
Q1 EPS
-$8.02
Q1 Adjusted Net Income
Beat
$79 mln
$73.54 mln (9 Analysts)
Q1 Net Income
-$711 mln
Q1 Adjusted EBITDAX
Miss
$304 mln
$342.73 mln (8 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

Wall Street's median 12-month price target for California Resources Corp is $79.50, about 14.9% above its May 4 closing price of $69.17

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 34 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)