California Resources Corporation Announces Redemption of 7.125% Senior Notes Due 2026
Rhea-AI Summary
California Resources Corporation (NYSE: CRC) has announced the redemption of all outstanding 7.125% Senior Notes due 2026. The redemption will take place on October 10, 2025, at a redemption price of 100.000% of the principal amount plus accrued and unpaid interest.
The company will use cash on hand for the redemption, demonstrating its commitment to maintaining a strong balance sheet, according to CRC President and CEO Francisco Leon. Following the redemption, there will be no 2026 Notes outstanding.
Positive
- Using cash on hand for debt redemption demonstrates strong liquidity position
- Complete redemption of 2026 Notes strengthens balance sheet by reducing debt obligations
- Elimination of 7.125% interest expense will improve cash flow
Negative
- None.
News Market Reaction – CRC
On the day this news was published, CRC gained 0.04%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONG BEACH, Calif., Sept. 30, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) (the “Company”) today announced that it has issued a notice of redemption (the “Notice”) with respect to its
The 2026 Notes will be redeemed at a redemption price of
"The redemption of our 2026 Notes with cash on hand underscores CRC's commitment to maintaining a strong balance sheet," said CRC President and CEO Francisco Leon.
Cautionary Note Regarding Forward-Looking Statements
All statements, except for statements of historical fact, made in this release regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as statements regarding the proposed offering, the intended use of proceeds and the business combination with Berry, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, the Company expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the Company’s business, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to, the risks described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequently filed Quarterly Report on Form 10-Q.
About California Resources Corporation
California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company committed to energy transition. The Company is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects.
Company Contacts:
| Joanna Park (Investor Relations) (818) 661-3731 Joanna.Park@crc.com | Daniel Juck (Investor Relations) (818) 661-6045 Daniel.Juck@crc.com | Hailey Bonus (Media) (714) 874-7732 Hailey.Bonus@crc.com |
Source: California Resources Corporation
FAQ
When will CRC redeem its 7.125% Senior Notes due 2026?
What is the redemption price for CRC's 2026 Notes?
How is CRC funding the redemption of its 2026 Notes?
What impact will the redemption have on CRC's debt structure?
