California Resources (NYSE: CRC) posts June 2026 prices and $190M hedge loss

Rhea-AI Filing Summary

California Resources Corporation reports preliminary realized pricing and hedge results for the three months ended June 30, 2026. Management estimates a $190 million loss from net settlement of commodity derivatives, including a $164 million loss from commodity sales derivatives and a $26 million loss from natural gas purchase derivatives.

Estimated index prices were Brent $96.87 per Bbl, WTI $92.79 per Bbl and NYMEX Henry Hub $2.90 per Mcf. The company reports an average realized oil price of $91.64 per Bbl before derivatives and $76.50 per Bbl after derivative settlements, with NGLs at $49.62 per Bbl and gas at $1.84 per Mcf. All figures are preliminary, unaudited and not a comprehensive presentation of quarterly results.

8-K Event Classification

Item 2.02 — Results of Operations and Financial Condition

1 item

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Key Figures

Loss from net settlement of commodity derivatives: $190 million Loss from commodity sales derivatives: $164 million Loss from natural gas purchase derivatives: $26 million +5 more

8 metrics

Loss from net settlement of commodity derivatives $190 million For the three months ended June 30, 2026

Loss from commodity sales derivatives $164 million Component of total derivative settlement loss for the same period

Loss from natural gas purchase derivatives $26 million Component of total derivative settlement loss for the same period

Brent index price $96.87 per Bbl For the three months ended June 30, 2026

WTI index price $92.79 per Bbl For the three months ended June 30, 2026

NYMEX Henry Hub index price $2.90 per Mcf For the three months ended June 30, 2026

Realized oil price without derivative settlements $91.64 per Bbl Average realized price for the three months ended June 30, 2026

Realized oil price with derivative settlements $76.50 per Bbl Average realized price for the three months ended June 30, 2026

Key Terms

realized price, commodity derivatives, NYMEX Henry Hub, net settlement, +1 more

5 terms

realized price financial

"The following table presents information about estimated index and average realized prices"

commodity derivatives financial

"the Company estimates a loss from net settlement from commodity derivatives of $190 million"

Commodity derivatives are financial contracts whose value is tied to the price of a physical raw material—such as oil, gold, wheat or copper—and they let parties lock in or bet on future prices without necessarily owning the actual goods. For investors, they matter because they offer ways to protect profits from wild price swings (like locking the price of fuel ahead of a trip) or to gain exposure and potential returns through leverage, but they also carry higher risk and require close attention to market supply, demand and storage factors.

NYMEX Henry Hub financial

"NYMEX Henry Hub ($ per Mcf) | $2.90"

NYMEX Henry Hub combines the Henry Hub physical gas delivery point in Louisiana with the NYMEX futures contract that uses that location as its price reference; it serves as the primary benchmark for natural gas prices in the United States. Think of it like the “exchange rate” for natural gas — it sets a common price used in contracts, impacting energy producers, utilities, commodity traders and broader inflation expectations, so movements can influence many investors’ portfolios.

net settlement financial

"the Company estimates a loss from net settlement from commodity derivatives of $190 million"

forward-looking statements regulatory

"Information set forth in this constitute “forward-looking statements” within the meaning"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Loss from net settlement of commodity derivatives: $190 million

Three months ended June 30, 2026

Loss from net settlement of commodity derivatives $190 million

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Available on EDGAR 07/14/2026 - 09:00 AM Accepted by SEC EDGAR 07/14/2026 - 09:00 AM Learn about SEC filing dates

FAQ

What period does California Resources (CRC) provide preliminary data for?

California Resources provides preliminary data for the three months ended June 30, 2026. The update covers realized commodity prices and estimated derivative settlement losses, and is described as preliminary, unaudited, and not a full estimate of quarterly earnings.

What realized oil prices did California Resources (CRC) report for June 30, 2026 quarter?

California Resources reports an average realized oil price of $91.64 per Bbl before derivatives and $76.50 per Bbl after derivative settlements. NGLs averaged $49.62 per Bbl and gas $1.84 per Mcf for the same three-month period.

How large was California Resources’ (CRC) estimated commodity derivative loss?

For the three months ended June 30, 2026, California Resources estimates a $190 million loss from net settlement of commodity derivatives. This consists of a $164 million loss on commodity sales derivatives and a $26 million loss on natural gas purchase derivatives.

What benchmark index prices did California Resources (CRC) reference?

For the period, California Resources cites Brent at $96.87 per Bbl, WTI at $92.79 per Bbl, and NYMEX Henry Hub gas at $2.90 per Mcf. These benchmarks frame the company’s reported realized prices for oil, NGLs, and natural gas.

Does California Resources (CRC) consider this June 2026 information to be final earnings?

No. The company states the summary information is preliminary and unaudited, does not include all adjustments and charges, and does not constitute an estimate of quarterly earnings. Final results may differ once the financial reporting process is completed.

How does California Resources (CRC) describe the risks around its forward-looking statements?

The company notes that forward-looking statements are based on current beliefs and expectations and are subject to numerous risks and uncertainties. It refers investors to its latest Form 10-K and other SEC reports and disclaims any obligation to update such statements.

0001609253false00016092532026-07-142026-07-14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 14, 2026

_____________________

California Resources Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware			001-36478						46-5670947
(State or Other Jurisdiction of Incorporation)			(Commission File Number)						(IRS Employer Identification No.)
1 World Trade Center
Suite 1500
Long Beach
California						90831
(Address of Principal Executive Offices)						(Zip Code)

Registrant’s Telephone Number, Including Area Code: (888) 848-4754

_____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock			CRC			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

California Resources Corporation (the "Company") presents in this Item 2.02 certain summary information for the three months ended June 30, 2026 regarding realized prices and commodity derivatives. The summary information presented below is preliminary and unaudited, does not reflect all adjustments and charges, and remains subject to completion of the Company's financial reporting process. The preliminary summary information is not comprehensive of all results for the period and does not constitute an estimate of the Company's quarterly earnings. There can be no assurances that the final results for this period will not differ from the preliminary summary information presented below.

The information in this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Realized Prices

The following table presents information about estimated index and average realized prices:

			For the Three Months Ended June 30, 2026
Index Prices:
Brent ($ per Bbl)			$96.87
WTI ($ per Bbl)			$92.79
NYMEX Henry Hub ($ per Mcf)			$2.90
Realized price without derivative settlements:
Oil ($ per Bbl)			$91.64
NGLs ($ per Bbl)			$49.62
Gas ($ per Mcf)			$1.84
Realized price with derivative settlements:
Oil ($ per Bbl)			$76.50
NGLs ($ per Bbl)			$49.62
Gas ($ per Mcf)			$1.84

Commodity Derivative Activity

For the three months ended June 30, 2026, the Company estimates a loss from net settlement from commodity derivatives of $190 million, including a loss of $164 million from net settlements and premiums from commodity sales derivatives and a loss of $26 million from settlements of natural gas purchase derivatives.

Forward Looking Statements

Information set forth in this Form 8-K constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of the Company and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements.

1

Although the Company believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause the Company's actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the SEC.

The Company cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the date hereof, and the Company is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and the Company has not independently verified them and does not warrant the accuracy or completeness of such third-party information.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			California Resources Corporation
			/s/ Michael L. Preston
			Name:			Michael L. Preston
			Title:			Executive Vice President, Chief Strategy Officer and General Counsel

DATED: July 14, 2026

Filing Exhibits & Attachments

3 documents

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