California Resources swings to 2Q FY26 profit of $514 million; revenue rises to $1.3 billion
CRC•Second-quarter results
California Resources posted GAAP net income of $514 million, swinging from a GAAP net loss of $711 million in 1Q26.
- GAAP operating income turned to $511 million from a GAAP operating loss of $711 million in 1Q26.
- Adjusted EBITDAX (non-GAAP) rose 11.18% to $338 million.
- Adjusted net income (non-GAAP) increased 11.39% to $88 million.
- Net cash from operations climbed to $263 million from $99 million.
- Free cash flow turned to $114 million from negative $32 million.
Capital plans and acquisition
The company said it agreed to buy Crimson Midstream for $63 million.
It also cut its long-term maintenance capital outlook to $450 million-$475 million, citing efficiency gains.
