California Resources Corp (CRC) FY2025 10-K Annual Report
California Resources Corp (CRC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
California Resources Corp FY2025 10-K Analysis
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
- • No specific revenue or YoY change dollar amounts disclosed for fiscal 2026
- • 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
California Resources Corp FY2025 Key Financial MetricsXBRL
Revenue
$2.9B
▲ +14.7% YoY
Net Income
$363M
▼ -3.5% YoY
Operating Margin
20.5%
▼ -389bp YoY
Net Margin
12.5%
▼ -235bp YoY
ROE
9.9%
▼ -75bp YoY
Total Assets
$7.4B
▲ +3.8% YoY
EPS (Diluted)
$4.15
▼ -10.2% YoY
Operating Cash Flow
$865M
▲ +41.8% YoY
Source: XBRL data from California Resources Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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