California Resources publishes third-quarter 2026 earnings call transcript
CRC•California Resources reported third-quarter adjusted EBITDAX of $341 million, above guidance, and projected about $316 million for the fourth quarter. The company also outlined 2027 drilling plans and a proposed fuel-cell power project with Bloom Energy.
1. Earnings and outlook
At its November 3 earnings call, California Resources said third-quarter adjusted EBITDAX reached $341 million, exceeding guidance, and projected fourth-quarter adjusted EBITDAX of about $316 million. Its planned six-rig program targets flat gross production from the start to the end of 2027, with $450 million to $475 million in drilling and workover capital.
2. Projects and pipeline
Management targets restarting the San Pablo Bay pipeline in the first quarter of 2027, with a more meaningful financial contribution expected in the second half. A memorandum of understanding with Bloom Energy targets at least 1 gigawatt of fuel-cell power with carbon capture, financed by third-party developers.
