Equity Profile

CRC

California Resources Corporation

EnergyOil & Gas Exploration & Production$5.2B

May5Tue

Post-Earnings Recap

ReportedQ1-2026After Close4:31 PM EDT

California Resources Corporation Beats on EPS, Stock Up 1.39%

Metric	Actual	Expected	Surprise
EPS	$0.88	N/A	+5.77%
Revenue	N/A	N/A	N/A

management commentary, guidance changes, and full analysis available with Pro.

California Resources Corporation Beats on EPS, Stock Up 1.39%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$0.88	N/A	+5.77%
Revenue	N/A	N/A	N/A

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based solely on numerical results.

What It Means

California Resources Corporation reported an EPS of $0.88, beating expectations by 5.77%. However, no revenue figures were provided, and there was no guidance update. The stock reacted positively, rising 1.39%, likely reflecting investor confidence in the EPS performance despite the lack of additional details.

Company Snapshot

California Resources Corporation (CRC) is an energy company focused on oil and gas exploration and production in California. With a market cap of $6 billion, it plays a significant role in the state's energy sector, which is increasingly scrutinized for environmental impacts and regulatory changes.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well the company is managing its costs and revenues.

Not available

Production Levels

Understanding production levels is crucial as it directly impacts revenue and reflects operational efficiency.

Not available

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+12.48%

Avg Stock Reaction

-0.34%

Last Quarter Recap

In Q4 2025, CRC reported an EPS of $0.47, slightly missing the estimate of $0.48, which led to a modest stock increase of 4.54% the following day. The company has shown a mixed performance in recent quarters, with several surprises in EPS.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for CRC are cautious, given the mixed performance in previous quarters and the current volatility in oil prices. Investors are closely watching how the company navigates these challenges.

Bull Case

If CRC manages to exceed EPS expectations and demonstrates strong production levels, it could signal a robust recovery and operational efficiency, boosting investor confidence.

Bear Case

Conversely, if the company reports disappointing earnings and production levels, it could raise concerns about its ability to compete in a challenging energy market, leading to a decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q1-2026, and how does it compare to previous quarters?

The EPS figure will be crucial in assessing the company's profitability and operational efficiency, impacting investor sentiment.

How are production levels trending compared to previous quarters?

Production levels directly influence revenue and can indicate the company's ability to manage operational challenges effectively.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate CRC's ability to leverage operational efficiencies and adapt to changing market conditions, potentially leading to better-than-expected results.

Supporting Evidence

The options market is pricing an 8.32% move, suggesting higher volatility than historical averages.

The company has a history of surprising on the upside, with a 63% EPS beat rate in recent quarters.

Key Risk

If production levels exceed expectations, it could significantly alter the market's perception of CRC's operational capabilities.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on CRC's ability to manage costs and production levels amidst fluctuating oil prices.

Bull Confirmed If

An EPS of $0.50 or higher would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $0.40 would confirm the bear case, raising concerns about operational efficiency.

Pre-Earnings Positioning

Options Market

Implied Move

±8.32%

Historical Avg

±3.1%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±8.5% while CRC has averaged ±3.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.6%

30d HV

34.8%

Calls (51K)P/C Ratio: 0.01Puts (500)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If CRC beats expectations, history suggests a potential stock increase of around 0.88%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line but management provides cautious commentary, the stock may see muted movement as investors reassess their expectations.

Miss

A miss on earnings could lead to a decline of approximately 2.68%, as seen in past performance when expectations were not met.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on production levels and how they compare to previous quarters.
2Management's outlook on oil prices and their impact on future earnings.
3Details on cost management strategies and operational efficiencies.
4Insights into regulatory challenges and their potential effects on operations.
5Any commentary on market demand and competitive positioning.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well the company is managing its costs and revenues.

Not available

Production Levels

Understanding production levels is crucial as it directly impacts revenue and reflects operational efficiency.

Not available

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+12.48%

Avg Stock Reaction

-0.34%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If CRC manages to exceed EPS expectations and demonstrates strong production levels, it could signal a robust recovery and operational efficiency, boosting investor confidence.

Bear Case

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q1-2026, and how does it compare to previous quarters?

The EPS figure will be crucial in assessing the company's profitability and operational efficiency, impacting investor sentiment.

How are production levels trending compared to previous quarters?

Production levels directly influence revenue and can indicate the company's ability to manage operational challenges effectively.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate CRC's ability to leverage operational efficiencies and adapt to changing market conditions, potentially leading to better-than-expected results.

Supporting Evidence

The options market is pricing an 8.32% move, suggesting higher volatility than historical averages.

The company has a history of surprising on the upside, with a 63% EPS beat rate in recent quarters.

Key Risk

If production levels exceed expectations, it could significantly alter the market's perception of CRC's operational capabilities.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on CRC's ability to manage costs and production levels amidst fluctuating oil prices.

Bull Confirmed If

An EPS of $0.50 or higher would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $0.40 would confirm the bear case, raising concerns about operational efficiency.

Pre-Earnings Positioning

Options Market

Implied Move

±8.32%

Historical Avg

±3.1%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±8.5% while CRC has averaged ±3.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.6%

30d HV

34.8%

Calls (51K)P/C Ratio: 0.01Puts (500)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If CRC beats expectations, history suggests a potential stock increase of around 0.88%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line but management provides cautious commentary, the stock may see muted movement as investors reassess their expectations.

Miss

A miss on earnings could lead to a decline of approximately 2.68%, as seen in past performance when expectations were not met.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on production levels and how they compare to previous quarters.
2Management's outlook on oil prices and their impact on future earnings.
3Details on cost management strategies and operational efficiencies.
4Insights into regulatory challenges and their potential effects on operations.
5Any commentary on market demand and competitive positioning.