TakeoverPE & activists

CRCCalifornia Resources Corp

Crude Petroleum & Natural Gas · $4.9B market cap · 2,500 employees

0.5×

Less likely than average to be taken private

Top 34% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    238% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    59% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • Shareholder dissentNo
    85% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $1M · 41st pct
    Bottom quartile of its SIC industry
  • Net cashNo
    0.9× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
May 7, 2024DEFM14A—$0.0030%

Key numbers

Revenue
$2.9BFY2021: $2.0BFY2022: $2.6BFY2023: $2.2BFY2024: $2.5BFY2025: $2.9B
15% YoY
Operating margin
20.5%FY2021: 14.3%FY2022: 30.7%FY2023: 37.5%FY2024: 24.4%FY2025: 20.5%
16% YoY
EBITDA
$1.1BFY2021: $506MFY2022: $1.0BFY2023: $1.0BFY2024: $1.0BFY2025: $1.1B
10% YoY
Net debt / EBITDA
0.9×
$955M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$2.0B$2.6B$2.2B$2.5B$2.9B 15% FY2021: $2.0BFY2022: $2.6BFY2023: $2.2BFY2024: $2.5BFY2025: $2.9B
Operating income$293M$812M$808M$620M$598M 3.5% FY2021: $293MFY2022: $812MFY2023: $808MFY2024: $620MFY2025: $598M
Net income$612M$524M$564M$376M$363M 3.5% FY2021: $612MFY2022: $524MFY2023: $564MFY2024: $376MFY2025: $363M
Operating cash flow$660M$690M$653M$610M$865M 42% FY2021: $660MFY2022: $690MFY2023: $653MFY2024: $610MFY2025: $865M
Capex$194M$379M$185M$255M$322M 26% FY2021: $194MFY2022: $379MFY2023: $185MFY2024: $255MFY2025: $322M
Stock-based comp$19M$30M$48M$40M$39M 2.5% FY2021: $19MFY2022: $30MFY2023: $48MFY2024: $40MFY2025: $39M
Buybacks$148M$313M$143M$192M$377M 96% FY2021: $148MFY2022: $313MFY2023: $143MFY2024: $192MFY2025: $377M
Dividends$14M$59M$81M$113M$136M 20% FY2021: $14MFY2022: $59MFY2023: $81MFY2024: $113MFY2025: $136M

13D filers

FiledFilerFormStakeIntent
Mar 16, 2026CANADA PENSION PLAN INVESTMENT BOARDSCHEDULE 13D/A7.9%Passive
Jun 25, 2025IKAV Energy Inc.SCHEDULE 13D/A0.1%Passive
Jul 9, 2024CANADA PENSION PLAN INVESTMENT BOARDSC 13D11.8%Passive
Jul 9, 2024IKAV Energy Inc.SC 13D0.1%Passive
Feb 21, 2023GOLDENTREE ASSET MANAGEMENT LPSC 13D/A3.5%Passive
Aug 15, 2022ARES MANAGEMENT LLCSC 13D/A17.3%Passive
Jun 17, 2022ARES MANAGEMENT LLCSC 13D/A0.1%Passive
Jun 7, 2022ARES MANAGEMENT LLCSC 13D/A0.2%Passive
Apr 14, 2022ARES MANAGEMENT LLCSC 13D/A0.3%Passive
Mar 30, 2022GOLDENTREE ASSET MANAGEMENT LPSC 13D/A10.5%Passive

Insider trading

−$223Mnet selling by insiders, open market, last 12 months
Bought $281K · 2 tradesSold $223M · 11 trades

Pay vs performance

No pay-versus-performance disclosure yet.