California Resources Corporation Posts $1.17 Adjusted EPS for Q3

California Resources Corporation recorded adjusted diluted earnings of $1.17 per share for the third quarter ended Sept. 30, 2026, alongside a $315 million GAAP net loss.

The net loss was $3.55 per diluted share. Adjusted net income was $104 million, while a $540 million noncash loss tied to fair value changes in outstanding commodity derivatives weighed on the GAAP result. The company defines adjusted net income and adjusted EPS as non-GAAP measures that exclude certain significant transactions and events, and says adjusted net income should not replace GAAP net income.

Cash from operating activities totaled $305 million, and free cash flow, also a non-GAAP measure, was $147 million. Average daily net production reached 152,000 barrels of oil equivalent, with oil accounting for 80% of output.

The board increased the quarterly dividend by about 4% to $0.42 per share. It is payable Dec. 18 to shareholders of record Dec. 4. The company put its anticipated annual dividend at $1.68 per share.

“Through continued capital discipline and the ongoing focus on sustainable efficiency gains, we are improving free cash flow and our liquidity profile,” said Francisco Leon, president and CEO of California Resources Corporation.

For the fourth quarter of 2026, the company expects net production of 150,000 to 152,000 barrels of oil equivalent per day and adjusted EBITDAX of $340 million to $380 million.