Equity Profile

CRC

California Resources Corporation

EnergyOil & Gas Exploration & Production$4.7B

Jul30Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

California Resources Corporation (CRC) is an energy company focused on oil and gas exploration and production in California. With a market cap of $5 billion, it plays a significant role in the state's energy landscape, particularly as the industry navigates the transition towards cleaner energy sources.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors will closely monitor this quarter.

$0.88

Production Levels

Production levels directly impact revenue and profitability, making it crucial for understanding the company's operational efficiency.

Not available

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

CRC Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+12.48%

Avg Stock Reaction

-0.34%

Last Quarter Recap

In Q1-2026, CRC reported an EPS of $0.88, exceeding expectations by 5.77%. The stock reacted positively, gaining 1.39% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about CRC's upcoming earnings, especially after a series of positive surprises in previous quarters.

Bull Case

If CRC continues its trend of beating EPS estimates, it could see significant stock price appreciation, particularly if oil prices remain stable or increase.

Bear Case

Conversely, if the company fails to meet expectations or if oil prices decline, it could lead to a negative reaction in the stock price.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.88

EPS is a key indicator of the company's profitability and financial health, which investors will closely monitor this quarter.

Production Levels

Not available

Production levels directly impact revenue and profitability, making it crucial for understanding the company's operational efficiency.

Oil Prices

Not available

Fluctuations in oil prices can significantly affect revenue and margins, making this a critical factor for CRC's performance.

Expectations

Two Questions That Matter

The print will turn on these two things.

What are the production levels for Q2-2026?

Production levels will be critical in determining revenue and overall performance, especially in the context of fluctuating oil prices.

How does management view the impact of current oil prices on future earnings?

Management's outlook on oil prices will provide insight into potential revenue and profitability, which is vital for investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of rising oil prices on CRC's profitability this quarter, especially given the recent upward trends in the market.

Supporting Evidence

Historical data shows CRC has a 63% EPS beat rate, indicating a strong potential for positive surprises.

The options market is pricing a move that is above the historical average, suggesting that investors are anticipating volatility.

Recent operational improvements may not be fully reflected in analyst estimates.

Key Risk

If production levels exceed expectations significantly, it could lead to a reevaluation of the company's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on production levels and the company's ability to navigate oil price fluctuations.

Bull Confirmed If

A production increase of over 5% compared to the previous quarter would confirm the bull case.

Bear Confirmed If

A production decrease of more than 5% would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.8%

Historical Avg

±3.1%

Pricing rich

The options market is pricing in a move of about 3.8% in either direction following the earnings report, indicating some uncertainty among investors.

Options are pricing ±3.8% while CRC has averaged ±3.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

49.4%

Calls (600)P/C Ratio: 0.33Puts (400)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If CRC beats expectations, history suggests the stock could rise by about 1.06%, confirming the positive momentum.

In-Line / Cautious

If results are in line with expectations, the stock may see a muted reaction as investors weigh future guidance.

Miss

If the company misses estimates, history suggests a potential decline of around 2.68%, which could raise concerns about operational efficiency.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on production levels for Q2-2026.
2Management's commentary on the impact of oil prices on future earnings.
3Insights into operational efficiencies and cost management strategies.
4Guidance on expected production for the next quarter.
5Any changes in capital expenditure plans.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors will closely monitor this quarter.

$0.88

Production Levels

Production levels directly impact revenue and profitability, making it crucial for understanding the company's operational efficiency.

Not available

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

CRC Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+12.48%

Avg Stock Reaction

-0.34%

Last Quarter Recap

In Q1-2026, CRC reported an EPS of $0.88, exceeding expectations by 5.77%. The stock reacted positively, gaining 1.39% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about CRC's upcoming earnings, especially after a series of positive surprises in previous quarters.

Bull Case

If CRC continues its trend of beating EPS estimates, it could see significant stock price appreciation, particularly if oil prices remain stable or increase.

Bear Case

Conversely, if the company fails to meet expectations or if oil prices decline, it could lead to a negative reaction in the stock price.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.88

EPS is a key indicator of the company's profitability and financial health, which investors will closely monitor this quarter.

Production Levels

Not available

Production levels directly impact revenue and profitability, making it crucial for understanding the company's operational efficiency.

Oil Prices

Not available

Fluctuations in oil prices can significantly affect revenue and margins, making this a critical factor for CRC's performance.

Expectations

Two Questions That Matter

The print will turn on these two things.

What are the production levels for Q2-2026?

Production levels will be critical in determining revenue and overall performance, especially in the context of fluctuating oil prices.

How does management view the impact of current oil prices on future earnings?

Management's outlook on oil prices will provide insight into potential revenue and profitability, which is vital for investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of rising oil prices on CRC's profitability this quarter, especially given the recent upward trends in the market.

Supporting Evidence

Historical data shows CRC has a 63% EPS beat rate, indicating a strong potential for positive surprises.

The options market is pricing a move that is above the historical average, suggesting that investors are anticipating volatility.

Recent operational improvements may not be fully reflected in analyst estimates.

Key Risk

If production levels exceed expectations significantly, it could lead to a reevaluation of the company's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on production levels and the company's ability to navigate oil price fluctuations.

Bull Confirmed If

A production increase of over 5% compared to the previous quarter would confirm the bull case.

Bear Confirmed If

A production decrease of more than 5% would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.8%

Historical Avg

±3.1%

Pricing rich

The options market is pricing in a move of about 3.8% in either direction following the earnings report, indicating some uncertainty among investors.

Options are pricing ±3.8% while CRC has averaged ±3.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

49.4%

Calls (600)P/C Ratio: 0.33Puts (400)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If CRC beats expectations, history suggests the stock could rise by about 1.06%, confirming the positive momentum.

In-Line / Cautious

If results are in line with expectations, the stock may see a muted reaction as investors weigh future guidance.

Miss

If the company misses estimates, history suggests a potential decline of around 2.68%, which could raise concerns about operational efficiency.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on production levels for Q2-2026.
2Management's commentary on the impact of oil prices on future earnings.
3Insights into operational efficiencies and cost management strategies.
4Guidance on expected production for the next quarter.
5Any changes in capital expenditure plans.