Short answer
California Resources Corp (CRC) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $2.9B (+14.7% year over year) and net income of $363M.
- Top risk flagged: Regulatory risk: California legislation may restrict or prohibit oil and gas operations, impacting permits and increasing costs for California Resources Corp's California-based assets
FY2025 key financial metrics · XBRL
- Revenue
- $2.9B
- +14.7% YoY
- Net income
- $363M
- −3.5% YoY
- Operating margin
- 20.5%
- −3.9 pp YoY
- EPS (diluted)
- $4.15
- −10.2% YoY
- ROE
- 9.9%
- −0.7 pp YoY
- Operating cash flow
- $865M
- +41.8% YoY
Source: XBRL data from the California Resources Corp (CRC) FY2025 10-K on SEC EDGAR. USD.
California Resources Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Oil and natural gas exploration, development, and production in California basins
- New emphasis: $6 million investment in carbon capture infrastructure at Elk Hills gas processing facility in 2025
- Strategic activity: Divestiture of Round Mountain Unit reduced reserves by 12 MMBoe; 5 MMBoe added through extensions and discoveries
- Notable metric: Net capitalized costs increased to $5,597 million in 2025 from $5,391 million in 2024
- Unusual fact: Updated Results of Operations presentation in 2025 including sales to affiliates, excluding effects of derivatives
Management Discussion & Analysis
- Tariff impact risk: 50% tariff on steel/aluminum imports may increase costs long-term, but minimal 2026 supply chain impact expected
- Consolidated results include Berry acquisition from Dec 18, 2025, and Aera acquisition from July 1, 2024
- No profitability or margin percentages provided in this section
- Capital allocation, cash flow details, and forward-looking guidance not discussed in this excerpt
Risk Factors
- Regulatory risk: California legislation may restrict or prohibit oil and gas operations, impacting permits and increasing costs for California Resources Corp's California-based assets
- Geopolitical risk: Exposure to oil price volatility due to geopolitical conflicts in Ukraine, Israel, Middle East, and Venezuela affecting cash flow and capital expenditures
- Operational risk: Dependence on limited specialized vendors in California, risking cost increases or operational delays if key suppliers exit or reduce service
- Competitive disruption: Reduced California refining and pipeline capacity, such as the San Pablo Bay Pipeline shutdown, limiting market access and increasing competition among producers
- Financial risk: Capital program funded mainly by cash flow from operations; reduced cash flow could force capital cuts, slowing reserve replacement and production growth
Generated from the filing text; verify against the original. How to read a 10-K
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