California Resources (CRC) traded higher Thursday as the oil tape remained supportive, with Brent holding around the mid-$90s area amid ongoing geopolitical uncertainty, improving the market’s near-term cash-flow expectations for oil-weighted producers. CRC is highly levered to realized oil prices, so even modest day-to-day crude strength can translate into higher implied earnings power and a stronger bid for the equity.

The move also comes with investors still leaning on CRC’s 2026 framework: the company guided to 12% production growth to 152–157 MBoe/d (about 81% oil) with $430–$470 million of capital investment and $970–$1,070 million of adjusted EBITDAX (at its planning price assumptions). Separately, CRC increased its share-repurchase authorization by $430 million and extended the program through December 31, 2027, reinforcing the market’s view that incremental cash generation can be returned to shareholders.

With CRC trading near the upper end of its recent range, the next catalyst is likely to be any change in crude prices or additional company updates that impact 2026 volumes, costs, or capital returns. Investors will be watching for any commentary around the pace of California permitting and whether CRC adjusts activity or shareholder-return cadence if commodity prices remain above its planning assumptions.