加州資源公司第二季淨收入5.14億美元 惟上半年受累衍生工具虧損

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2026 
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ___________ to ___________
 
Commission file number 001-36478 
California Resources Corporation
(Exact name of registrant as specified in its charter)

Delaware46-5670947
(State or other jurisdiction of 
incorporation or organization)(I.R.S. Employer 
Identification No.)

 
1 World Trade Center, Suite 1500 
Long Beach, California 90831 
(Address of principal executive offices) (Zip Code)

(888) 848-4754 
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common StockCRCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☑ Yes   ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☑ Yes   ☐ No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer☑Accelerated Filer☐Non-Accelerated Filer☐
Smaller Reporting Company☐Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     ☐ Yes    ☑ No

Indicate the number of shares outstanding for each of the issuer's classes of common stock, as of the latest practicable date. 
The number of shares of common stock outstanding as of June 30, 2026 was 88,819,893.

California Resources Corporation and Subsidiaries

Table of Contents

Page
Part I
Item 1 Financial Statements 
4

Condensed Consolidated Balance Sheets 
4

Condensed Consolidated Statements of Operations
5

Condensed Consolidated Statements of Comprehensive Income (Loss) 
6

Condensed Consolidated Statements of Stockholders' Equity
7

Condensed Consolidated Statements of Cash Flows
9

Notes to the Condensed Consolidated Financial Statements
10

Item 2Management’s Discussion and Analysis of Financial Condition and Results of Operations
36

General
36

Business Environment and Industry Outlook
36

Regulatory Updates
37

Statements of Operations Analysis
38

Results of Our Oil and Natural Gas Operations
46

Results of Our Carbon Management Segment 
50

Liquidity and Capital Resources
50

Acquisitions and Divestitures 
53

Lawsuits, Claims, Commitments and Contingencies
53

Critical Accounting Estimates and Significant Accounting and Disclosure Changes
53

Forward-Looking Statements
54

Item 3Quantitative and Qualitative Disclosures About Market Risk
55

Item 4Controls and Procedures
56

Part II
Item 1 Legal Proceedings
57

Item 1ARisk Factors
57

Item 2Unregistered Sales of Equity Securities and Use of Proceeds
57

Item 5Other Disclosures
57

Item 6Exhibits
58

1

GLOSSARY AND SELECTED ABBREVIATIONS

The following are abbreviations and definitions of certain terms used within this Form 10-Q:

•AB - Assembly Bill
•ABR - Alternate base rate.
•Aera - Aera Energy LLC.
•Aera Merger - The transactions contemplated by the definitive agreement and plan of merger entered into on February 7, 2024 to obtain all the ownership interests in Aera in an all-stock transaction. The effective date of the transaction was July 1, 2024.
•ASC - Accounting Standards Codification.
•ARO - Asset retirement obligation. 
•Bbl - Barrel.
•Bbl/d - Barrels per day.
•Bcf - Billion cubic feet.
•Bcfe - Billion cubic feet of natural gas equivalent using the ratio of one barrel of oil, condensate, or NGLs converted to six thousand cubic feet of natural gas.
•Berry - Berry Corporation (bry).
•Berry Merger - The transactions contemplated by the definitive agreement and plan of merger entered into on September 14, 2025 to combine with Berry in an all-stock transaction. The effective date of the transaction was December 18, 2025.
•Boe - We convert natural gas volumes to crude oil equivalents using a ratio of six thousand cubic feet (Mcf) to one barrel of crude oil equivalent based on energy content. This is a widely used conversion method in the oil and natural gas industry. 
•Boe/d - Barrel of oil equivalent per day.
•Brookfield - BGTF Sierra Aggregator LLC.
•Btu - British thermal unit.
•CalGEM - California Geologic Energy Management Division.
•CAISO - California Independent System Operator.
•Carbon TerraVault JV - A joint venture between our wholly-owned subsidiary Carbon TerraVault I, LLC with Brookfield for the further development of a carbon management business in California. 
•CCS - Carbon capture and storage.
•CDMA - Carbon Dioxide Management Agreement.
•CEQA - California Environmental Quality Act.
•CO2 - Carbon dioxide.
•DAC - Direct air capture.
•DD&A - Depletion, depreciation, and amortization.
•EOR - Enhanced oil recovery.
•EPA - United States Environmental Protection Agency. 
•ESG - Environmental, social and governance. 
•E&P - Exploration and production.
•GAAP - United States Generally Accepted Accounting Principles.
•G&A - General and administrative expenses.
•GHG - Greenhouse gases.
•JV - Joint venture.
•KMTPA - Thousand metric tons per annum.
•LCFS - Low Carbon Fuel Standard. 
•MBbl - One thousand barrels of crude oil, condensate or NGLs.
•MBbl/d - One thousand barrels per day.
•MBoe/d - One thousand barrels of oil equivalent per day.
•MBw/d - One thousand barrels of water per day.
•Mcf - One thousand cubic feet of natural gas equivalent, with liquids converted to an equivalent volume of natural gas using the ratio of one barrel of oil to six thousand cubic feet of natural gas.
•MHp - One thousand horsepower.
•MMBbl - One million barrels of crude oil, condensate or NGLs.
•MMBoe - One million barrels of oil equivalent.
•MMBtu - One million British thermal units.
•MMcf/d - One million cubic feet of natural gas per day.
•MMT - Million metric tons.
2

•MMTPA - Million metric tons per annum. 
•MW - Megawatts of power.
•NGLs - Natural gas liquids. Hydrocarbons found in natural gas that may be extracted as purity products such as ethane, propane, isobutane and normal butane, and natural gasoline.
•NYMEX - The New York Mercantile Exchange.
•Oil spill prevention rate - Calculated as total Boe less net barrels lost divided by total Boe. 
•OPEC - Organization of the Petroleum Exporting Countries.
•OPEC+ - OPEC together with Russia and certain other producing countries.
•PHMSA - Pipeline and Hazardous Materials Safety Administration.
•Proved developed reserves - Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.
•Proved reserves - The estimated quantities of natural gas, NGLs, and oil that geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic conditions, operating methods and government regulations.
•Proved undeveloped reserves - Proved reserves that are expected to be recovered from new wells on undrilled acreage that are reasonably certain of production when drilled or from existing wells where a relatively major expenditure is required for recompletion.
•PSCs - Production-sharing contracts.
•PV-10 - Non-GAAP financial measure and represents the year-end present value of estimated future cash flows from proved oil and natural gas reserves, less future development and operating costs, discounted at 10% per annum and using SEC Prices. PV-10 facilitates the comparisons to other companies as it is not dependent on the tax-paying status of the entity. 
•Responsible Net Zero - Refers to our net zero emissions goal adopted by our Board of Directors in May 2025 consisting of achieving at least an 80% reduction of absolute Scope 1 and 2 GHG emissions and neutralizing the remaining Scope 1 and 2 emissions to achieve Net Zero by 2045. 
•SB - Senate Bill.
•Scope 1 emissions - Our direct emissions.
•Scope 2 emissions - Indirect emissions from energy that we use (e.g., electricity, heat, steam, cooling) that is produced by others. 
•Scope 3 emissions - Indirect emissions from upstream and downstream processing and use of our products.
•SDWA - Safe Drinking Water Act.
•SEC - United States Securities and Exchange Commission. 
•SEC Prices - The unweighted arithmetic average of the first day-of-the-month price for each month within the year used to determine estimated volumes and cash flows for our proved reserves. 
•SOFR - Secured overnight financing rate as administered by the Federal Reserve Bank of New York. 
•Standardized measure - The year-end present value of after-tax estimated future cash flows from proved oil and natural gas reserves, less future development and operating costs, discounted at 10% per annum and using SEC Prices. Standardized measure is prescribed by the SEC as an industry standard asset value measure to compare reserves with consistent pricing, costs and discount assumptions.
•TRIR - Total Recordable Incident Rate calculated as recordable incidents per 200,000 hours for all workers (employees and contractors). 
•Working interest - The right granted to a lessee of a property to explore for and to produce and own oil, natural gas or other minerals in-place. A working interest owner bears the cost of development and operations of the property. 
•WTI - West Texas Intermediate.
3

PART I    FINANCIAL INFORMATION
 

Item 1Financial Statements 

CALIFORNIA RESOURCES CORPORATION AND SUBSIDIARIES 
Condensed Consolidated Balance Sheets 
As of June 30, 2026 and December 31, 2025 
(in millions, except share data)

June 30,December 31,
20262025
(unaudited)
(audited)

CURRENT ASSETS
Cash and cash equivalents$56 $132 
Trade receivables342 333 
Inventory
111 106 

Receivable from affiliate9 14 
Other current assets, net179 353 
Total current assets697 938 
PROPERTY, PLANT AND EQUIPMENT
7,807 7,523 
Accumulated depreciation, depletion and amortization
(1,884)(1,618)
Total property, plant and equipment, net5,923 5,905 
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES
98 111 
DEFERRED TAX ASSETS
100 76 
OTHER NONCURRENT ASSETS285 373 
TOTAL ASSETS$7,103 $7,403 

CURRENT LIABILITIES

Accounts payable389 452 

Fair value of commodity derivative contracts147 42 
Accrued liabilities519 556 

Total current liabilities1,055 1,050 
NONCURRENT LIABILITIES
Long-term debt, net1,281 1,283 
Fair value of derivative contracts70 17 
Asset retirement obligations923 913 
Deferred tax liabilities
73 154 
Other long-term liabilities299 312 

STOCKHOLDERS' EQUITY
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at June 30, 2026 and December 31, 2025
— — 
Common stock (200,000,000 shares authorized at $0.01 par value) (110,930,138 and 110,645,691 shares issued; 88,819,893 and 88,754,165 shares outstanding at June 30, 2026 and December 31, 2025)
1 1 
Treasury stock (22,110,245 shares held at cost at June 30, 2026 and 21,891,526 shares held at cost at December 31, 2025)
(954)(944)
Additional paid-in capital2,636 2,625 
Retained earnings1,634 1,905 
Accumulated other comprehensive income85 87 

Total stockholders' equity3,402 3,674 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$7,103 $7,403 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

CALIFORNIA RESOURCES CORPORATION AND SUBSIDIARIES 
Condensed Consolidated Statements of Operations (unaudited)
For the three and six months ended June 30, 2026 and 2025
(dollars in millions, except share and per share data; shares in millions)
Three months ended
June 30,Six months ended
June 30,
2026202520262025
REVENUES
Oil, natural gas and natural gas liquids sales$1,056 $702 $1,961 $1,516 
Net gain (loss) from commodity sales derivatives205 157 (643)163 
Revenue from marketing of purchased commodities26 56 67 120 
Electricity revenue6 58 17 80 
Other revenue
4 5 14 11 
Total operating revenues1,297 978 1,416 1,890 

OPERATING EXPENSES
Operating costs347 295 712 611 
General and administrative expenses97 79 203 151 
Depreciation, depletion and amortization131 128 264 259 

Taxes other than on income66 47 133 117 

Costs related to marketing of purchased commodities15 41 38 91 
Electricity generation expenses10 5 15 15 
Transportation costs30 20 56 40 
Accretion expense27 28 54 57 
Net loss (gain) from natural gas purchase derivatives
5 3 29 (3)
Measurement period adjustments, net
(2)— (2)1 
Other operating expenses, net60 65 114 98 
Total operating expenses786 711 1,616 1,437 

OPERATING INCOME (LOSS)511 267 (200)453 

NON-OPERATING (EXPENSES) INCOME

Interest and debt expense, net
(28)(25)(57)(52)
Loss on early extinguishment of debt
(28)— (49)(1)
Equity loss from unconsolidated subsidiaries
(2)— (4)(1)
Other non-operating income, net
5 — 8 5 
INCOME (LOSS) BEFORE INCOME TAXES458 242 (302)404 
Income tax benefit (provision)
56 (70)105 (117)
NET INCOME (LOSS)$514 $172 $(197)$287 

Net income (loss) per share
Basic $5.79 $1.93 $(2.22)$3.20 
Diluted$5.76 $1.92 $(2.22)$3.18 

Weighted-average common shares outstanding
Basic88.8 89.0 88.7 89.8 
Diluted89.3 89.4 88.7 90.3 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

CALIFORNIA RESOURCES CORPORATION AND SUBSIDIARIES 
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
For the three and six months ended June 30, 2026 and 2025 
(in millions)

Three months ended
June 30,Six months ended
June 30,
2026202520262025
Net income (loss)$514 $172 $(197)$287 
Other comprehensive income (loss)(a): 

Actuarial gain associated with pension and postretirement plans, net of tax
(1)— (1)(1)
Amortization of prior service cost credit included in net periodic benefit cost, net of tax— (1)(1)(2)

Comprehensive income (loss)$513 $171 $(199)$284 

(a) Tax effects of the amortization of prior service cost credit were insignificant for the three and six months ended June 30, 2026 and 2025.

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

CALIFORNIA RESOURCES CORPORATION AND SUBSIDIARIES 
Condensed Consolidated Statements of Stockholders' Equity (unaudited) 
For the three and six months ended June 30, 2026 and 2025
(in millions)

Three months ended June 30, 2026
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other
Comprehensive
IncomeTotal 
Equity
Balance, March 31, 2026$1 $(954)$2,626 $1,159 $86 $2,918 
Net income— — — 514 — 514 

Share-based compensation— — 10 (2)— 8 

Cash dividend 
— — — (36)— (36)
Shares cancelled for taxes— — (1)— — (1)
Other comprehensive loss, net of tax
— — — — (1)(1)
Other
— — 1 (1)— — 
Balance, June 30, 2026$1 $(954)$2,636 $1,634 $85 $3,402 

Three months ended June 30, 2025
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other
Comprehensive
IncomeTotal 
Equity
Balance, March 31, 2025$1 $(897)$2,580 $1,759 $73 $3,516 
Net income
— — — 172 — 172 

Share-based compensation— — 8 — — 8 

Repurchases of common stock— (25)(228)— — (253)

Cash dividend— — — (35)— (35)

Other comprehensive loss, net of tax
— — — — (1)(1)
Other
— — (1)1 — — 
Balance, June 30, 2025$1 $(922)$2,359 $1,897 $72 $3,407 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

Six months ended June 30, 2026
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other
Comprehensive
IncomeTotal 
Equity
Balance, December 31, 2025$1 $(944)$2,625 $1,905 $87 $3,674 
Net loss— — — (197)— (197)

Share-based compensation— — 22 (2)— 20 

Repurchases of common stock— (10)— — — (10)

Cash dividend
— — — (72)— (72)
Shares cancelled for taxes— — (13)— — (13)
Other comprehensive loss, net of tax— — — — (2)(2)
Other— — 2 — — 2 
Balance, June 30, 2026$1 $(954)$2,636 $1,634 $85 $3,402 

Six months ended June 30, 2025
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other
Comprehensive
IncomeTotal 
Equity
Balance, December 31, 2024$1 $(796)$2,578 $1,680 $75 $3,538 
Net income
— — — 287 — 287 

Share-based compensation— — 14 — — 14 

Repurchases of common stock— (126)(228)— — (354)

Issuance of common stock— — 6 — — 6 
Cash dividend
— — — (71)— (71)
Shares cancelled for taxes— — (11)— — (11)
Other comprehensive loss, net of tax— — — — (3)(3)
Other
— — — 1 — 1 
Balance, June 30, 2025$1 $(922)$2,359 $1,897 $72 $3,407 

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

CALIFORNIA RESOURCES CORPORATION AND SUBSIDIARIES 
Condensed Consolidated Statements of Cash Flows (unaudited) 
For the three and six months ended June 30, 2026 and 2025 
(in millions)

Three months ended
June 30,Six months ended
June 30,
2026202520262025
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) $514 $172 $(197)$287 
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization131 128 264 259 

Deferred income tax (benefit) provision
(55)6 (105)41 

Net (gain) loss from commodity derivatives(200)(154)672 (166)
Net settlements from commodity derivatives
(190)10 (258)(18)
Net loss on early extinguishment of debt28 — 49 1 

Other non-cash charges to income, net72 59 122 69 

Net changes in operating assets and liabilities(37)(56)(185)(122)
Net cash provided by operating activities263 165 362 351 

CASH FLOW FROM INVESTING ACTIVITIES
Capital investments(149)(56)(280)(111)
Changes in accrued capital investments(2)6 (12)(15)
Proceeds from asset divestitures— 1 — 1 

Acquisitions— — (2)— 
Distribution from unconsolidated subsidiary
— — 10 — 

Other, net(2)(2)(5)(5)
Net cash used in investing activities(153)(51)(289)(130)

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from Revolving Credit Facility500 — 745 — 
Repayments of Revolving Credit Facility(525)— (745)— 
Proceeds from 2034 Senior Notes, net
— — 347 — 
Proceeds from 2035 Senior Notes, net543 — 543 — 
Redemption of 2026 Senior Notes— — — (123)
Redemption of 2029 Senior Notes(573)— (940)— 
Repurchases of common stock— (217)(10)(318)
Common stock dividends(36)(35)(72)(70)
Dividend equivalents on equity-settled awards— — (2)(1)

Issuance of common stock— (4)— 2 

Shares cancelled for taxes(1)— (13)(11)
Debt issuance costs
(2)— (2)— 

Net cash used in financing activities
(94)(256)(149)(521)
Increase (decrease) in cash and cash equivalents16 (142)(76)(300)
Cash and cash equivalents—beginning of period40 214 132 372 
Cash and cash equivalents—end of period$56 $72 $56 $72 

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

CALIFORNIA RESOURCES CORPORATION AND SUBSIDIARIES 
Notes to the Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026 

NOTE 1    BASIS OF PRESENTATION 

We are an independent energy and carbon management company advancing the energy transition. We are committed to environmental stewardship while safely providing local, responsibly sourced energy. We are also focused on maximizing the value of our land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects.

On December 18, 2025, pursuant to the Agreement and Plan of Merger, dated as of September 14, 2025 (the Berry Merger Agreement), we obtained all of the ownership interests in Berry Corporation (bry) (Berry) in an all-stock transaction (Berry Merger). Our consolidated results of operations for the three and six months ended June 30, 2026 include the full-period results of Berry, while the comparable prior-year periods do not include any results of Berry. Accordingly, the Berry Merger significantly impacts the comparability of our financial results for the three and six months ended June 30, 2026 as compared to the same periods in 2025. See Note 2 Business Combination, for additional information.

Except when the context otherwise requires or where otherwise indicated, all references to ‘‘CRC,’’ the ‘‘Company,’’ ‘‘we,’’ ‘‘us’’ and ‘‘our’’ refer to California Resources Corporation and its subsidiaries as of the date presented. 

In the opinion of our management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present our financial position, results of operations, comprehensive income, equity and cash flows for all periods presented. We have eliminated all significant intercompany transactions and accounts. We account for our share of oil and natural gas producing activities in which we have a direct working interest by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on our condensed consolidated financial statements. In applying the equity method of accounting, our investments in our unconsolidated subsidiaries are initially recognized either at cost, as is the case with Carbon TerraVault JV HoldCo, LLC, or at fair value if acquired in a business combination, as was the case for Midway Sunset Cogeneration Company. These investments are then adjusted for our proportionate share of income or loss in addition to contributions and distributions. 

We have prepared this report in accordance with generally accepted accounting principles (GAAP) in the United States and the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial information which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our