Revenue: As of FY2026 Q1, the actual value is USD 119 M.EPS: As of FY2026 Q1, the actual value is USD -8.02, missing the estimate of USD 0.7701.EBIT: As of FY2026 Q1, the actual value is USD -682 M.<h4>Consolidated Financial Metrics</h4>Operating (Loss) IncomeCalifornia Resources Corporation reported an operating loss of - $711 million for the three months ended March 31, 2026, compared to an operating income of $47 million for the three months ended December 31, 2025.Net (Loss) IncomeThe net loss was - $711 million for the three months ended March 31, 2026, in contrast to a net income of $12 million for the three months ended December 31, 2025.Operating CostsTotal operating costs were $365 million for the three months ended March 31, 2026, an increase from $325 million for the three months ended December 31, 2025.Cash Flow from Operating ActivitiesNet cash provided by operating activities was $99 million for the three months ended March 31, 2026, a decrease from $186 million for the three months ended March 31, 2025.Cash Flow from Investing ActivitiesNet cash used in investing activities was - $136 million for the three months ended March 31, 2026, compared to - $79 million for the three months ended March 31, 2025.<h4>Oil and Natural Gas Segment</h4>Segment Operating RevenuesSegment operating revenues were $920 million for the three months ended March 31, 2026, up from $830 million for the three months ended March 31, 2025.Segment ProfitSegment profit reached $282 million for the three months ended March 31, 2026, compared to $266 million for the three months ended March 31, 2025.Net Production SoldTotal average net production sold increased to 154 MBoe/d for the three months ended March 31, 2026, from 137 MBoe/d for the three months ended December 31, 2025, with 19 MBoe/d from the Berry properties contributing to this increase.Realized Prices (Oil)Realized oil price without derivative settlements was $74.53 per barrel for the three months ended March 31, 2026, compared to $61.14 per barrel for the three months ended December 31, 2025.Realized Prices (Natural Gas Liquids)Realized NGL price was $44.98 per barrel for the three months ended March 31, 2026, compared to $42.86 per barrel for the three months ended December 31, 2025.Realized Prices (Natural Gas)Realized natural gas price was $3.56 per Mcf for the three months ended March 31, 2026, compared to $3.91 per Mcf for the three months ended December 31, 2025.Key Operating Expenses per BoeOperating costs per Boe were $26.78 for the three months ended March 31, 2026, compared to $26.33 for the three months ended December 31, 2025.<h4>Carbon Management Segment</h4>Segment LossSegment loss was - $12 million for the three months ended March 31, 2026, an improvement from - $20 million for the three months ended December 31, 2025.Carbon Management ExpensesCarbon management expenses were $5 million for the three months ended March 31, 2026, a decrease from $12 million for the three months ended December 31, 2025.Loss from Investment in Carbon TerraVault JVLoss from investment in the Carbon TerraVault JV was - $1 million for the three months ended March 31, 2026, compared to - $2 million for the three months ended December 31, 2025.<h4>Outlook and Strategy</h4>California Resources Corporation plans a 2026 capital program between $520 million and $560 million, allocating $500 million to $525 million to the oil and natural gas segment and $12 million to $20 million to the carbon management segment. The company intends to increase its oil and natural gas development to a seven-rig program in the second half of 2026, supported by sufficient permits. California Resources Corporation expects to generate operating cash flow to return cash to shareholders through dividends, while continuously evaluating its hedging strategy and adjusting cash uses based on macroeconomic conditions.

California Resources | 10-Q: FY2026 Q1 Revenue: USD 119 M