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California Resources' Turn to Production Growth Reflects Regulatory Tailwinds, Oil Macro, RBC Says

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California Resources' (CRC) pivot to slight organic production growth is being driven by improved permitting conditions in California, a constructive oil macro environment, and the depth of its drilling inventory, RBC Capital Markets said Sunday in a report.

The company is preparing new well permit applications for 2027, and RBC said it expects a similar trajectory through 2028, supported by an oil outlook that could remain favorable over the next several years.

The Carbon TerraVault Elk Hills project is ready pending final regulatory approval to begin carbon-dioxide injection, with a national data center developer already investing in early-stage site readiness, the report said.

California Resources' free cash flow may reach $827 million in 2026 and $561 million in 2027, the report said.

RBC rates California Resources stock outperform with an $87 price target.

Price: $59.51, Change: $+0.59, Percent Change: +0.99%

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