California Resources Corporation (CRC) has reported its financial and operating results for the second quarter of 2025, showcasing significant achievements and changes compared to the previous quarter.
In terms of production, CRC delivered an average net production of 137 thousand barrels of oil equivalent per day (mboe/d) in the second quarter of 2025, which is at the high end of their guidance and slightly lower than the 141 mboe/d in the first quarter. However, the proportion of oil in the production mix remained the same at 80%.
The company reported net income of $172 million, an increase from the $115 million reported in the first quarter. Adjusted net income also saw an increase from $98 million to $98 million quarter-over-quarter.
CRC reported a quarterly record of returning $287 million to shareholders, including $252 million in share repurchases and $35 million in dividends, indicating an increase from the $131 million returned in the first quarter.
In terms of liquidity, CRC ended the second quarter of 2025 with $56 million in available cash (excluding restricted cash), $983 million in available borrowing capacity, and $1,039 million of liquidity. This is a decrease from the $214 million in cash and cash equivalents reported in the first quarter.
In terms of guidance, CRC lowered its 2025 drilling, completions, and workover capital program by $5 million, while raising the midpoint of 2025 net production and adjusted EBITDAX guidance to 136 mboe/d (79% oil) and $1,235 million, respectively.
CRC also provided select third quarter 2025 and full year 2025 guidance, expecting net production to range between 134-138 mboe/d for the full year, with an estimated capital investment of $280 * $330 million for the year.
The company is committed to returning cash to shareholders through dividends and repurchases of its common stock, having returned nearly $1.5 billion to shareholders since May 2021.
CRC plans to redeem or refinance the $122 million outstanding balance of its 2026 senior notes in the second half of 2025.
The market has reacted to these announcements by moving the company's shares 1.29% to a price of $47.80. For the full picture, make sure to review California Resources Corp's 8-K report.
