CRCCalifornia Resources Corp
Crude Petroleum & Natural Gas
- Revenue
- $2.9B
- 15% YoY
- Operating margin
- 20.5%
- 16% YoY
- EBITDA
- $1.1B
- 10% YoY
- Market cap
- $4.9B
- Employees
- 2,500
- $1M revenue each
- Net debt / EBITDA
- 0.9×
- $955M net debt
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo238% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo59% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo85% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$1M · 41st pctBottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 13th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$223M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.6B | $2.2B | $2.5B | $2.9B | 15% |
| Operating income | $293M | $812M | $808M | $620M | $598M | 3.5% |
| Net income | $612M | $524M | $564M | $376M | $363M | 3.5% |
| Operating cash flow | $660M | $690M | $653M | $610M | $865M | 42% |
| Capex | $194M | $379M | $185M | $255M | $322M | 26% |
| Stock-based comp | $19M | $30M | $48M | $40M | $39M | 2.5% |
| Buybacks | $148M | $313M | $143M | $192M | $377M | 96% |
| Dividends | $14M | $59M | $81M | $113M | $136M | 20% |
Deal filings
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 16, 2026 | CANADA PENSION PLAN INVESTMENT BOARD | SCHEDULE 13D/A | 7.9% | Passive |
| Jun 25, 2025 | IKAV Energy Inc. | SCHEDULE 13D/A | 0.1% | Passive |
| Jul 9, 2024 | CANADA PENSION PLAN INVESTMENT BOARD | SC 13D | 11.8% | Passive |
| Jul 9, 2024 | IKAV Energy Inc. | SC 13D | 0.1% | Passive |
| Feb 21, 2023 | GOLDENTREE ASSET MANAGEMENT LP | SC 13D/A | 3.5% | Passive |
| Aug 15, 2022 | ARES MANAGEMENT LLC | SC 13D/A | 17.3% | Passive |
| Jun 17, 2022 | ARES MANAGEMENT LLC | SC 13D/A | 0.1% | Passive |
| Jun 7, 2022 | ARES MANAGEMENT LLC | SC 13D/A | 0.2% | Passive |
| Apr 14, 2022 | ARES MANAGEMENT LLC | SC 13D/A | 0.3% | Passive |
| Mar 30, 2022 | GOLDENTREE ASSET MANAGEMENT LP | SC 13D/A | 10.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $281K · 2
- Open-market sells, 12 mo
- $223M · 11
- Net
- −$223M
Pay vs performance
No pay-versus-performance disclosure yet.