-- 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.