Largest oil & gas producer in California, running low-decline conventional assets (Elk Hills, Wilmington, Kern) with substantial mineral fee ownership; scaled via the Aera Energy merger (2024) and the all-stock Berry merger (closed Dec 2025), lifting 2026 guidance to 152-157 MBoe/d (~81% oil).
Differentiated carbon-management optionality through Carbon TerraVault (CCS): first CO2 injection targeted spring 2026. FY2025 net income $363m; balance sheet conservative (net debt ~$1.3bn) with a growing dividend and buybacks.
Its EV/EBITDA of 4.8x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 11.6% is higher than the 6.5% median, and at $9.19/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, California Resources Corporation scores 59/100, strongest on growth (73/100). Sub-scores: value 67, quality 49, growth 73, risk 47 (higher = riskier).
California Resources Corporation holds approximately 0.65 billion boe of proved (1P) reserves with FY2025 production of about 138 thousand boe/d (79% liquids), a reserve life of roughly 13.0 years. Break-even: ~$40 (Brent FCF breakeven) — A deep Brent-linked hedge book plus mineral fee ownership let CRC cover its dividend and buyback around ~$40/bbl Brent.
Using California Resources Corporation's SEC-disclosed after-tax standardized measure of proved reserves ($6.7bn) less net debt ($1.3bn) gives an equity-NAV floor of about $5.3bn — the current market capitalisation sits -12% versus that floor. Disclosed pre-tax PV-10: $8.7bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. omits carbon-management (CTV/Carbon TerraVault) optionality
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Elk Hills | United States | Conventional oil & gas | Flagship San Joaquin field; also the CCS hub |
| Kern Front / Kern River (Aera) | United States | Heavy oil (steamflood) | Core San Joaquin heavy-oil acreage (2024 Aera) |
| Wilmington | United States | Conventional oil | LA Basin waterflood, long-life |
| Buena Vista | United States | Conventional oil & gas | San Joaquin Basin producing asset |
| Ventura Basin | United States | Conventional oil | Legacy conventional oil |
| Berry assets | United States | Conventional oil | Dec 2025 all-stock merger |
| Carbon TerraVault I | United States | CCS storage | Elk Hills CO2 storage; first injection ~2026 |
| CTV JV (Brookfield) | United States | CCS development | Funded carbon-storage vehicle |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 101 | 91 | 86 | 110 | 138 |
| Proved reserves (bnboe) | 0.44 | 0.48 | 0.54 | 0.55 | 0.65 |
| Revenue ($bn) | 1.9 | 2.7 | 2.8 | 3.2 | 3.7 |
| EBITDA ($bn) | 0.5 | 1.0 | 1.0 | 1.0 | 1.2 |
| Net income ($bn) | 0.6 | 0.5 | 0.6 | 0.4 | 0.4 |
| Free cash flow ($bn) | 0.5 | 0.3 | 0.5 | 0.4 | 0.5 |
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✓ FY2025 figures verified against primary sources: