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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 |
| Operating Revenue | - | 3,235 | 2,773 | 2,931 | 3,381 |
| Cost Of Revenue | - | 1,268 | 1,271 | 1,547 | 1,945 |
| Gross Profit | - | 1,967 | 1,542 | 1,410 | 1,458 |
| Operating Expense | - | 684 | 743 | 998 | 1,016 |
| Selling General And Administration | - | 222 | 267 | 321 | 333 |
| Total Expenses | - | 1,952 | 2,014 | 2,545 | 2,961 |
| Operating Income | - | 1,283 | 799 | 412 | 442 |
| Total Operating Income As Reported | - | 812 | 808 | 620 | 598 |
| EBITDA | - | 1,012 | 1,029 | 991 | 1,119 |
| Normalized EBITDA | - | 1,506 | 1,021 | 788 | 964 |
| EBIT | - | 814 | 804 | 603 | 608 |
| Interest Income | 33 | 23 | 40 | 26 | - |
| Interest Expense | - | 53 | 56 | 87 | 106 |
| Net Interest Income | - | -30 | -56 | -87 | -106 |
| Other Non Operating Income Expenses | - | 3 | 6 | -2 | 15 |
| Other Income Expense | - | -492 | 5 | 191 | 166 |
| Interest Income Non Operating | 33 | 23 | 40 | 26 | - |
| Interest Expense Non Operating | - | 53 | 56 | 87 | 106 |
| Net Non Operating Interest Income Expense | - | -30 | -56 | -87 | -106 |
| Pretax Income | - | 761 | 748 | 516 | 502 |
| Tax Provision | - | 237 | 184 | 140 | 139 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -153.14 | 2 | 55.08 | 42.92 |
| Net Income Continuous Operations | - | 524 | 564 | 376 | 363 |
| Net Income From Continuing And Discontinued Operation | - | 524 | 564 | 376 | 363 |
| Net Income From Continuing Operation Net Minority Interest | - | 524 | 564 | 376 | 363 |
| Net Income | - | 524 | 564 | 376 | 363 |
| Net Income Common Stockholders | - | 524 | 564 | 376 | 363 |
| Net Income Including Noncontrolling Interests | - | 524 | 564 | 376 | 363 |
| Normalized Income | - | 864.86 | 558 | 228.08 | 250.92 |
| Diluted NI Availto Com Stockholders | - | 524 | 564 | 376 | 363 |
| Basic Average Shares | - | 75.50 | 69.60 | 79.30 | 87 |
| Diluted Average Shares | - | 77.60 | 72.50 | 81.40 | 87.40 |
| Reconciled Depreciation | - | 198 | 225 | 388 | 511 |
| Reconciled Cost Of Revenue | - | 1,268 | 1,271 | 1,547 | 1,945 |
| Total Unusual Items | - | -494 | 8 | 203 | 155 |
| Total Unusual Items Excluding Goodwill | - | -494 | 8 | 203 | 155 |
| Minority Interests | -13 | 0 | 0 | - | - |
| Special Income Charges | - | 57 | 28 | -8 | -61 |
| Other Special Charges | 2 | - | 1 | 5 | 1 |
| Write Off | - | 2 | 3 | 14 | 59 |
| Impairment Of Capital Assets | - | 2 | 3 | 14 | 59 |
| Restructuring And Mergern Acquisition | 6 | 0 | 0 | - | - |
| Gain On Sale Of Security | - | -551 | -20 | 211 | 216 |
| General And Administrative Expense | - | 222 | 267 | 321 | 333 |
| Other Gand A | - | 222 | 267 | 321 | 333 |
| Gain On Sale Of Ppe | - | 59 | 32 | 11 | -1 |
| Total Other Finance Cost | 7 | - | - | - | - |
| Other Operating Expenses | - | 300 | 311 | 435 | 441 |
| Otherunder Preferred Stock Dividend | 0 | 0 | - | - | - |
| Earnings From Equity Interest | - | -1 | -9 | -10 | -4 |
| Other Taxes | - | 162 | 165 | 242 | 242 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| California Resources Corporationthis co. | CRC | $5.4B | 14.92↓ discount | 1.47 | 9.9% | 5.94 |
| Archrock, Inc. | AROC | $6.1B | 18.91 | 4.09 | 21.6% | 10.01 |
| Magnolia Oil & Gas Corporation | MGY | $5.4B | 16.51 | 2.77 | 16.8% | 6.29 |
| Liberty Energy Inc. | LBRT | $5.2B | 34.83 | 2.48 | 7.1% | 7.80 |
| Core Natural Resources, Inc. | CNR |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $5.0B |
| -32.54 |
| 1.36 |
| -4.2% |
| 11.71 |
| Patterson-UTI Energy, Inc. | PTEN | $4.7B | -49.75 | 1.45 | -2.9% | 6.08 |
| Cactus, Inc. | WHD | $4.1B | 24.62 | 3.33 | 13.5% | 12.23 |
| Comstock Resources, Inc. | CRK | $4.1B | 9.67 | 1.53 | 15.9% | 5.06 |
| Crescent Energy Company | CRGY | $4.0B | 30.32 | 0.78 | 2.6% | 5.84 |
| Peer Median | - | 17.71 | 2.01 | 10.3% | 7.05 | |