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California Resources jumps on 2026 forecast

ReutersMar 2, 2026 5:34 PM

Shares of oil and gas company California Resources CRC.N up 2.2% at $59.92

Company expects 2026 capital investments of $430 million–$470 million

CRC aims to begin carbon dioxide injection at its Elk Hills carbon capture and storage (CCS) project in spring 2026

Expects 12% year-over-year production growth, averaging 152–157 thousand barrels of oil equivalent per day (MBoe/d), supported by four operated drilling rigs

Co says it currently holds the majority of permits necessary to undertake its 2026 capital program

Reports 2025 free cash flow of $543 million, compared to $355 million last year

However, CRC reports Q4 adjusted EPS of 47 cents, compared to analysts' estimate of 53 cents, according to LSEG-compiled data

Including session's move, CRC up 34.6% YTD

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