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California Resources Corporation operates as an independent energy and carbon management company in the United States. The company operates in two segments, Oil and Natural Gas, and Carbon Management. It explores, develops, and produces crude oil, oil condensate, natural gas liquids and natural gas to california refineries, marketers, and other purchasers. The company also provides Carbon TerraVault which builds, installs, operates, and maintains CO2 capture equipment, transportation assets, and storage facilities. In addition, it owns and operates power generation facilities, as well as smaller gas-fired power plants used to generate power for oil and natural gas operations. The company was incorporated in 2014 and is based in Long Beach, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.4B | $1.1B | $363M | $865M | 9.9% | 15.1% | -3.5% |
| 2024 | $3.0B | $991M | $376M | $610M | 10.6% | 5.1% | -33.3% |
| 2023 | $2.8B | $1.0B | $564M | $653M | 25.4% | -13.0% | 7.6% |
| 2022 | $3.2B | $1.0B | $524M | $690M | 28.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,235 | 2,813 | 2,957 | 3,403 |
| Cost Of Revenue | - | 1,435 | 1,374 | 1,587 | 1,983 |
| Gross Profit | - | 1,800 | 1,439 | 1,370 | 1,420 |
| Operating Expense | - | 517 | 640 | 958 | 978 |
| Operating Income | - | 1,283 | 799 | 412 | 442 |
| EBITDA | - | 1,012 | 1,029 | 991 | 1,119 |
| EBIT | - | 814 | 804 | 603 | 608 |
| Pretax Income | - | 761 | 748 | 516 | 502 |
| Tax Provision | - | 237 | 184 | 140 | 139 |
| Net Income | - | 524 | 564 | 376 | 363 |
| Net Income Common Stockholders | - | 524 | 564 | 376 | 363 |
| Total Expenses | - | 1,952 | 2,014 | 2,545 | 2,961 |
| Interest Expense | - | 53 | 56 | 87 | 106 |
| Interest Income | - | 23 | 40 | 26 | - |
| Selling General And Administration | - | 222 | 267 | 321 | 333 |
| Normalized EBITDA | - | 1,506 | 1,021 | 788 | 964 |
| Normalized Income | - | 864.86 | 558 | 228.08 | 250.92 |
| Market Cap | 5,744.83 | 5,744.83 | 5,744.83 | 5,744.83 | 5,744.83 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| California Resources Corporationthis co. | CRC | $5.6B | 15.83 | 1.56 | 9.9% | 6.23 |
| Noble Corporation plc | NE | $7.9B | 36.45 | 1.74 | 4.8% | 9.29 |
| Archrock, Inc. | AROC | $6.6B | 20.30 | 4.39 | 21.6% | 10.54 |
| Magnolia Oil & Gas Corporation | MGY | $5.5B | 17.19 | 2.88 | 16.8% | 6.54 |
| Comstock Resources, Inc. | CRK | $5.0B |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 11.84 |
| 1.88 |
| 15.9% |
| 5.73 |
| Tidewater Inc. | TDW | $4.4B | 13.11 | 3.21 | 24.5% | 10.26 |
| International Seaways, Inc. | INSW | $3.9B | 12.71 | 1.95 | 15.3% | 8.52 |
| Cactus, Inc. | WHD | $3.9B | 23.74 | 3.21 | 13.5% | 11.78 |
| SM Energy Company | SM | $3.3B | 10.65 | 1.43 | 13.5% | 4.18 |
| Peer Median | - | 15.15 | 2.41 | 15.6% | 8.91 | |