California Resources Corp reported second-quarter 2026 results, with net production averaging 149,000 barrels of oil equivalent per day and oil representing 81% of total volume. The company achieved more than 100% of its 2026 Berry synergy target six months ahead of schedule, delivering approximately $103 million in annualized savings, and now expects cumulative synergies and structural cost reductions of up to $470 million through 2028. CRC also announced the accretive Crimson midstream acquisition at 4.4 times estimated 2027 EBITDA, which enhances market access and price realizations. Adjusted EBITDAX was $338 million, operating cash flow before working capital was $300 million, and free cash flow before working capital was $151 million. Full-year production guidance is approximately 153,000 barrels of oil equivalent per day, with capital expenditures maintained at $520 million to $560 million.
California Resources CorpQ2 earnings beat with strong production, synergy savings, and accretive acquisition
