California Resources raised its 2026 guidance after reporting $304 million in adjusted EBITDA, exceeding expectations.
California Resources (NYSE:CRC) posted first-quarter adjusted EBITDA of $304 million, surpassing guidance and driving an upward revision to its 2026 outlook. The company now expects free cash flow to exceed $800 million for the year, supported by higher oil prices and merger synergies.
Management accelerated drilling plans, targeting a seven-rig peak this summer and 175,000 boe/d exit production in 2026. Capital efficiency improved, with production growth achievable using five rigs and less than $400 million in drilling capital. Debt refinancing lowered leverage to 1.1x net debt/EBITDA.
CRC is advancing carbon capture projects and exploring data center opportunities while evaluating its Utah assets. CEO Francisco Leon cited California’s reliance on imported crude as a tailwind for in-state production.