Short answer
California Resources Corp (CRC) filed an 8-K current report with the SEC on May 5, 2026 reporting Item 2.02 (Results of Operations and Financial Condition), Item 5.07 (Submission of Matters to a Vote of Security Holders), Item EX-99.1 (Exhibit EX-99.1). CRC reported financial condition and operating results for the three months ended March 31, 2026.
California Resources Corp 8-K event analysis
AI summary of each reported item and its exhibits
Item 2.02 · Results of Operations and Financial Condition
- CRC reported financial condition and operating results for the three months ended March 31, 2026
- Press release furnished as Exhibit 99.1, containing the substantive quarterly financial details
Item 5.07 · Submission of Matters to a Vote of Security Holders
- All nine director nominees elected, with support ranging from 78.7M to 81.3M votes
- Christian S. Kendall faced the strongest shareholder opposition, with 2.8M withheld votes
- KPMG LLP ratified as independent auditor for fiscal 2026, with 84.1M votes for
- Executive compensation advisory vote approved, though 12.3M votes opposed the pay package
Item EX-99.1 · Exhibit EX-99.1
- Q1 revenue before derivatives $967M and adjusted EBITDAX $304M, but GAAP net loss $711M from $848M commodity-derivative losses
- 2026E adjusted EBITDAX guidance raised 42% to $1,400–$1,500M midpoint $1,450M, driven by oil prices, synergies and efficiency
- Capital budget increased to $520–$560M, supporting a seven-rig second-half program and approximately 175 MBoe/d exit production
- Berry merger synergy target increased 12% to $90–$100M, improving expected earnings leverage from integration
- Liquidity $1,276M and $1,500M borrowing base support acceleration, while $350M debt refinancing extends maturities to 2034
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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