California Resources Corp (CRC) - Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed on July 14, 2026, covering the three-month period ended June 30, 2026. The filing provides preliminary, unaudited summary information regarding realized commodity prices and derivative activity. The company explicitly states that this data does not reflect all adjustments, is not comprehensive of all results, and does not constitute an estimate of quarterly earnings.
Key Financial Metrics
The filing focuses on commodity pricing and derivative settlements rather than full financial statements (revenue, profit, cash flow, or debt are not provided).
| Metric | Value |
|---|---|
| Index Prices (3 Months Ended June 30, 2026) | |
| Brent Crude | $96.87 per Bbl |
| WTI Crude | $92.79 per Bbl |
| NYMEX Henry Hub (Gas) | $2.90 per Mcf |
| Realized Prices (Without Derivatives) | |
| Oil | $91.64 per Bbl |
| NGLs | $49.62 per Bbl |
| Gas | $1.84 per Mcf |
| Realized Prices (With Derivative Settlements) | |
| Oil | $76.50 per Bbl |
| NGLs | $49.62 per Bbl |
| Gas | $1.84 per Mcf |
| Commodity Derivative Activity | |
| Total Estimated Loss from Net Settlements | ($190 million) |
| Loss from Sales Derivatives | ($164 million) |
| Loss from Purchase Derivatives | ($26 million) |
Material Changes and Commentary
The filing does not provide comparative data for the prior period to calculate material changes. However, the significant variance between realized oil prices without derivatives ($91.64) and with derivatives ($76.50) indicates a substantial negative impact from hedging activities. The company estimates a total loss of $190 million from commodity derivative settlements for the quarter, driven primarily by sales derivatives.
Guidance, Risks, and Unusual Items
- Unusual Items: The $190 million loss from commodity derivatives is a significant non-operating item affecting realized pricing.
- Forward-Looking Statements: The document contains standard forward-looking statements regarding expectations and forecasts, which are subject to risks and uncertainties.
- Risks: The company notes that actual results may differ materially from estimates due to factors described in its most recent Form 10-K. No specific new risks were detailed in this 8-K beyond standard market volatility.
- Guidance: No specific financial guidance or outlook for future periods was provided in this filing.
Investor Verification Checklist
- Verify the final audited quarterly earnings report (Form 10-Q) to confirm if the preliminary $190 million derivative loss holds.
- Review the impact of the $15.14 per barrel reduction in realized oil price (due to derivatives) on the company's overall net income and cash flow.
- Check the most recent Form 10-K for detailed risk factors related to commodity price volatility and hedging strategies.
- Confirm whether the derivative losses were cash-settled or non-cash adjustments, as this affects liquidity.