California Resources Corporation (CRC) has reported its financial and operating results for the fourth quarter and full-year 2025. In the fourth quarter of 2025, CRC reported net income of $12 million, adjusted net income of $40 million, and $251 million of adjusted EBITDAX. The company generated net cash provided by operating activities of $235 million and $115 million of free cash flow. Furthermore, CRC delivered an average of 137 thousand barrels of oil equivalent per day (mboe/d), with 80% being oil. This represents a year-over-year increase of 25% in average net production.
For the full year 2025, CRC reported net income of $363 million and adjusted net income of $359 million * the highest annual adjusted EBITDAX of $1,241 million since 2021. The company also generated $865 million of net cash provided by operating activities and free cash flow of $543 million, marking the highest annual free cash flow since 2021.
CRC returned $513 million to shareholders, including $377 million in share repurchases and $136 million in dividends. This reflects a dedication to enhancing shareholder returns. The company also increased its annual dividend by 5%, marking four consecutive years of dividend growth.
In terms of production, CRC's net oil production per day increased to 138 mboe/d in 2025, a significant rise from 109 mboe/d in 2024. The realized oil price without derivative settlements was $61.14 per bbl in the fourth quarter of 2025, showing a decrease from $76.92 per bbl in the same period of 2024. The net total production per day was 137 mboe/d, compared to 110 mboe/d in 2024. The company also reported a net gain of $266 million from commodity derivatives in 2025, up from $241 million in the previous year.
Looking ahead to 2026, CRC is targeting approximately 12% year-over-year production growth, averaging 152–157 mboe/d, with around 81% being oil. The company is also expecting capital investments to range between $430–$470 million, including significant funds for drilling, completions, and workovers. CRC is committed to increasing shareholder returns over time, as evidenced by its plans to continue repurchasing shares and paying dividends.
As a result of these announcements, the company's shares have moved 1.55% on the market, and are now trading at a price of $47.94. For the full picture, make sure to review California Resources Corp's 8-K report.
