California Resources Corp has announced its preliminary results for the third quarter of 2026, revealing significant losses attributed to commodity derivatives. The company reported a loss from net settlements of $134 million, including $122 million from commodity sales derivatives and $12 million from natural gas purchase derivatives. This update is crucial as it highlights the ongoing challenges faced by the company in the volatile crude petroleum and natural gas industry.
California Resources Corp, identified by the ticker CRC on the New York Stock Exchange, operates in the crude petroleum and natural gas sector, classified under SIC 1311. The company's recent filings include an 8-K on October 13, 2026, detailing its financial condition and operational results.
The filing indicates that the realized prices for oil and gas were as follows: Brent crude at $91.36 per barrel, WTI at $85.79 per barrel, and natural gas at $2.96 per Mcf. The company also reported realized oil prices without derivative settlements at $83.42 per barrel and $72.46 per barrel when including derivatives. This discrepancy reflects the impact of market conditions on profitability.
The preliminary results are not comprehensive and do not constitute an estimate of the company's quarterly earnings, as they remain subject to adjustments. The company has noted that it does not consider the third quarter oil price realizations relative to Brent as a long-term run rate, suggesting that improvements are expected as commercial and logistics actions are implemented.
This update may affect stakeholders, including investors and analysts monitoring the company's performance in the competitive crude petroleum and natural gas industry. The filing does not specify what actions will follow these preliminary results, leaving uncertainty about future financial reporting and strategic decisions.