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15 stories mentioning CRCUpdated 13d ago

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Commodities

Oil Stocks Rise as Middle East Tensions Lift Crude Ahead of Earnings Season, RBC Says

Shares of US oil and gas producers gained over the past week as renewed tensions between Israel and Iran pushed crude prices higher ahead of the Q2 earnings season, RBC Capital Markets analyst Scott Hanold said in a Thursday note.Oil prices climbed to around $80 per barrel for the US benchmark West Texas Intermediate after US President Donald Trump pledged further action against Iran following renewed military strikes.The renewed geopolitical tensions came as the US Strategic Petroleum Reserve fell for the consecutive week to 316.5 million barrels, while inventories at the Cushing, Oklahoma, delivery hub rose above the 20-million-barrel level considered the minimum for efficient operations.Despite the jump in oil prices, trading activity across energy markets remained subdued, Hanold said.Oil-focused exploration and production companies outperformed their natural gas peers over the past week. Shares of oil-weighted producers rose about 3%, while gas-focused companies slipped 1%.The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) gained 4% as crude prices rose about 10%, while US natural gas benchmark Henry Hub prices fell 4%.Investor attention is now shifting toward the upcoming US exploration and production earnings season, with analysts reporting increased discussions around company strategy and capital allocation after limited interest from generalist investors during much of the second quarter.Among the companies drawing the most attention are Expand Energy (EXE), where investors are awaiting the appointment of a new chief executive and Devon Energy (DVN) over potential asset sales.Other companies include EOG Resources' (EOG) exploration activities in the UAE, Matador Resources' (MTDR) efforts to unlock value from its midstream assets, California Resources' (CRC) strategic initiatives, and EQT's (EQT) growth plans.Analysts said investors are also focused on the potential for mergers and acquisitions, free cash flow allocation and the outlook for US natural gas markets, with EOG, Matador, SM Energy (SM) and EQT emerging as favored names heading into earnings.Price: $168.11, Change: $+1.67, Percent Change: +1.00%

$CRC$DVN$EOG$EQT$EXE$FCF$MTDR$SM$XOP
Wire

California Resources Operations are Trending Well With Faster, Better Drilling, UBS Says

California Resources (CRC) operations are trending well, with the company drilling much faster and better than anticipated both in its California and Uinta Basin, Utah assets, UBS said in a Monday research note.This development is expected to drive estimated capital expenditure to the high end of the guided range, UBS said, adding that it is maintaining its fiscal 2026 capex forecast.For Q2, UBS forecasts adjusted EBITDAX OF $340 million versus Wall Street view of $372 million, and expects Wall Street estimates to come down toward the $330 million to $345 million range. UBS forecasted Q2 capex $140 million.In a partnership with Beacon Data Centers, California Resources is planning to develop the Golden Valley Technology data center campus, which will use about 275 megawatts of power from its Elk Hills Power Plant, which represents another market for both the company's gas and carbon capture capabilities, UBS noted.UBS lowered its price target to $70 from $78 and maintained its buy rating.Price: $53.65, Change: $+1.18, Percent Change: +2.24%

$CRC
Wire

UBS Adjusts California Resources Price Target to $70 From $78, Maintains Buy Rating

California Resources Corp (CRC) has an average rating of overweight and mean price target of $76.69, according to analysts polled by FactSet.Price: $53.46, Change: $+0.98, Percent Change: +1.87%

$CRC
Commodities

Oversupply Narrative Keeps Pressure on US Exploration, Production Stocks, RBC Says

US exploration and production stocks remained under pressure as lower oil prices and persistent oversupply concerns weighed on sector sentiment, RBC Capital Markets said in a note on Wednesday.RBC said US drilling activity remained largely unchanged, with Permian rig counts only slightly higher year to date. Private operators have increased activity, although weaker oil prices could slow that trend.Oil prices remained below $70 per barrel as markets assessed US-Iran talks that suggested improved shipping through the Strait of Hormuz.RBC said the oversupply narrative remained dominant as Russian and Saudi supply increased while the UAE boosted crude exports to a record 3.7 million barrels per day in June after leaving the Organization of the Petroleum Exporting Countries in May.A 3.8 million-barrel decline in commercial crude inventories, together with a 5.5 million-barrel release from the Strategic Petroleum Reserve, reduced total US oil inventories to their lowest level since 1984, RBC said, citing Department of Energy data.Gas-weighted exploration and production companies gained 2% over the past week, while oil-weighted peers lost 3%.Large-cap stocks dropped 4% and small- and mid-cap names fell 2%, even as the SPDR S&P Oil & Gas Exploration & Production ETF advanced 1% despite a 3% decline in West Texas Intermediate crude and a 1% drop in Henry Hub natural gas prices.Generalist investors have shown greater interest in energy valuations, although conversations continue to center on macroeconomic conditions and the improving outlook for natural gas equities, RBC said.As the second-quarter 2026 earnings season approaches, RBC expects specialist investors to step up activity.The bank said commodity price movements and merger-and-acquisition opportunities continue to dominate discussions, with EOG Resources (EOG), Devon Energy (DVN), EQT (EQT), Permian Resources (PR) and California Resources (CRC) emerging as investor favorites.

$CRC$DVN$EOG$EQT$PR
Wire

Citigroup Cuts California Resources Price Target to $70 From $78, Buy Rating Kept

California Resources Corp (CRC) has an average rating of overweight and mean price target of $76.69, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $53.35, Change: $+0.74, Percent Change: +1.42%

$CRC
Equities

California Resources Prices $550 Million Private Offering of Senior Unsecured Notes

California Resources (CRC) said late Tuesday it is pricing a private offering of $550 million in aggregate principal amount of its 7.250% senior unsecured notes due 2035 at par.The notes will be guaranteed by all of California Resources' existing subsidiaries that guarantee its revolving credit facility, its 8.250% senior notes due 2029, and its 7.000% senior notes due 2034, and certain future subsidiaries, the company said.The offering is expected to close on June 26, subject to customary closing conditions.California Resources said it intends to use $541 million in net proceeds from the offering, along with borrowings under its revolving credit facility and cash on hand, to redeem all outstanding $550 million of its 2029 notes at a redemption price of 104.125%, plus accrued and unpaid interest until the redemption date.

$CRC
Equities

California Resources Plans $550 Million Private Notes Offering

California Resources (CRC) said Tuesday it intends to sell $550 million of senior unsecured notes due 2035 through a private placement.The debt instruments will be backed by all existing and certain future units of the company that currently secure its credit line and other outstanding senior notes, the company said.Net proceeds from the sale, along with cash reserves or revolving credit borrowings, will be used to redeem its outstanding $550 million of 8.250% senior notes due 2029, California Resources said.Shares of the company were down 1% pre-bell Tuesday.

$CRC
Research

Citigroup Upgrades California Resources to Buy From Neutral, Adjusts Price Target to $78 From $74

California Resources Corp (CRC) has an average rating of overweight and mean price target of $76.69, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CRC
Equities

California Resources Insider Sold Shares Worth $1,579,675, According to a Recent SEC Filing

Michael L. Preston, Executive Vice President, Chief Strategy Officer and General Counsel, on May 12, 2026, sold 26,409 shares in California Resources (CRC) for $1,579,675. Following the Form 4 filing with the SEC, Preston has control over a total of 104,214 common shares of the company, with 104,214 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1609253/000160925326000110/xslF345X05/wk-form4_1778626929.xml

$CRC
Wire

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

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%

$CRC
Equities

UBS Adjusts Price Target on California Resources to $78 From $82, Maintains Buy Rating

California Resources (CRC) has an average rating of overweight and mean price target of $79.71, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CRC
Commodities

California Resources to Boost Drilling as Q1 Production Hits 154 MBoe/d

California Resources Corporation (CRC) on Tuesday reported a robust start to 2026, delivering first-quarter average net production of 154 thousand barrels of oil equivalent per day.The company's output remained heavily weighted toward liquids, with oil accounting for 81% of total volumes.While the quarter was strong, the company noted that higher crude prices triggered adjustments in its production sharing contracts, resulting in a volume reduction.Despite this technical headwind, CRC is moving to capitalize on the current price environment by significantly increasing its drilling activity for the second half of the year.The producer now targets a 2026 gross production exit rate of approximately 175 MBoe/d, which would represent a 1% entry-to-exit growth rate for the year."With higher oil prices and an attractive drilling return portfolio, we see a clear opportunity to accelerate development across our multi-decade resource inventory. As a result, we are adding incremental drilling activity this year," stated Francisco Leon, CRC's President and Chief Executive Officer.

$CRC
Equities

California Resources Q1 Adjusted Net Income, Revenue Fall

California Resources (CRC) reported Q1 adjusted net income Tuesday of $0.88 per diluted share, down from $1.07 a year earlier.Analysts polled by FactSet expected $0.88 per share.Total operating revenue for the quarter ended March 31 was $119 million, compared with $912 million a year earlier.Analysts surveyed by FactSet expected $947.5 million.The company said it expects Q2 net production of 148,000 barrels of oil equivalent per day, or 148 MBoe/d, to 150 MBoe/d.Analysts expect 152.9 MBoe/d.For the full-year 2026, the company expects net production of 149 MBoe/d to 155 MBoe/d.Analysts expect 153.6 MBoe/d.

$CRC
Wire

UBS Adjusts Price Target on California Resources Corp to $82 From $81, Maintains Buy Rating

California Resources Corp (CRC) has an average rating of overweight and mean price target of $79.14, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $66.45, Change: $-0.10, Percent Change: -0.15%

$CRC
Oil & Energy

RBC Capital Markets Raises Commodity Price Outlook for 2026-28

RBC Capital Markets has raised its commodity price outlook due to the potentially long-lasting impact of the conflict between the US and Iran.The analysts said the tightening of supply and demand fundamentals has prompted them to raise their 2026-2028 equilibrium price for Brent/WTI by $10 to $80/$75 and Henry Hub natural gas by $0.25 to $4.00 per million cubic feet."This move reflects ongoing collateral damage in the Gulf region and a rising call on barrels globally from an energy security standpoint," RBC's research note said.It added that share buy-back activities were likely to slow given the recent sharp rise in equities valuations, up by more than 50% in the calendar year so far.In terms of trading ideas, RBC highlighted ConocoPhillips (COP) and EOG Resources (EOG) among large players, California Resources (CRC), Permian Resources (PR) and Chord Energy Group (CHRD) among small to medium and Expand Energy Corp (EXE) in gas.RBC said it had raised its EPS-to-cash flow per share estimates by an average 45% to reflect its revised commodity price expectations with oil players in this basket generally up closer to 55%.In keeping with this, price targets have been raised 27% on average, the note said.

$CHRD$COP$CRC$EOG$EXE$PR

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