California Resources Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 11 March 2026: press release. Guidance figures: 2 new. The quarter’s numbers.

Key takeaways

Additional $250 million notes offered: CRC intends to offer $250 million of 7.000% senior unsecured notes due 2034 to eligible purchasers, subject to market and other conditions. Source
Offered under existing indenture: The notes are additional notes under the October 8, 2025 indenture, under which $400 million of 7.000% notes were issued earlier. Source
Proceeds to redeem 2029 notes: Net proceeds, plus cash on hand and/or revolver borrowings, are intended to fund redemption of $250 million of 8.250% notes due 2029. Source
Redemption conditional on offering: The 2029 notes redemption is expected to be conditioned on completion of the offering. Source
Special redemption if merger lapses: The earlier notes carry a special mandatory redemption if the Berry Merger does not close by March 14, 2026, extendable by up to two three-month periods.
Notes unregistered, restricted sale: The notes are not registered under the Securities Act or state laws and go only to qualified institutional buyers and non-U.S. persons. Source

“The Company intends to use the net proceeds from this offering, together with cash on hand and/or borrowings under its revolving credit facility”
California Resources Corp., press release

Guidance

Area	Period	Figure	Against last quarter
Debt issuance Source	not stated	$250 million	New
Debt redemption Source	not stated	100% of principal plus Applicable Premium	New

What changed from last quarter

New: Additional $250 million of the 2034 notes offered under the existing indenture, adding to the $400 million issued in October 2025. Source
New: Planned redemption of $250 million of 8.250% senior unsecured notes due 2029. Source

Terms of the notes offering

Additional $250 million notes offered: CRC intends to offer $250 million of 7.000% senior unsecured notes due 2034 to eligible purchasers, subject to market and other conditions. Source
Offered under existing indenture: The notes are additional notes under the October 8, 2025 indenture, under which $400 million of 7.000% notes were issued earlier. Source
Same terms and single series: Terms match the existing notes apart from issue date and price, and the two issues vote together as one class. Source

Use of proceeds and 2029 redemption

Proceeds to redeem 2029 notes: Net proceeds, plus cash on hand and/or revolver borrowings, are intended to fund redemption of $250 million of 8.250% notes due 2029. Source
Redemption conditional on offering: The 2029 notes redemption is expected to be conditioned on completion of the offering. Source
Offering not tied to redemption: The notes offering does not depend on the 2029 redemption closing. Source

“The redemption of the 2029 Notes is expected to be conditioned on the completion of the offering of the Notes.”
California Resources Corp., press release

Earlier 2034 notes and Berry link

Earlier notes tied to Berry deal: The $400 million of 2034 notes issued in October 2025 were to repay Berry debt and fund transaction costs, subject to the Berry Merger completing.
Special redemption if merger lapses: The earlier notes carry a special mandatory redemption if the Berry Merger does not close by March 14, 2026, extendable by up to two three-month periods.
Berry closing expected Q1 2026: In November 2025 CRC expected the Berry transaction to close in the first quarter of 2026, subject to closing conditions and approvals.

Private offering restrictions

Notes unregistered, restricted sale: The notes are not registered under the Securities Act or state laws and go only to qualified institutional buyers and non-U.S. persons. Source
Release not an offer or redemption notice: The release is not an offer to sell notes and is not a notice of redemption under the 2029 notes indenture. Source
No sales where unlawful: No offer or sale may occur in any state or jurisdiction where it would be unlawful before registration or qualification. Source

“The offering of the Notes is not contingent upon the completion of such redemption.”
California Resources Corp., press release

Company description

Self-described energy and carbon company: CRC describes itself as an independent energy and carbon management company advancing the energy transition. Source
Carbon storage development focus: CRC says it is focused on maximizing its land, mineral and energy expertise for decarbonization, including carbon capture and storage. Source
Responsibly sourced energy commitment: CRC says it is committed to environmental stewardship while providing local, responsibly sourced energy. Source

Forward-looking statement notice

Offering and proceeds flagged as forward-looking: Management flags the proposed offering, intended use of proceeds and partial 2029 redemption as forward-looking statements that may differ materially. Source
Risk Factors in 10-K referenced: The release points readers to the Risk Factors section of the 2025 Form 10-K for the risks behind these statements. Source
No duty to update statements: Management disclaims any obligation to update forward-looking statements, except as required by law. Source

Coming up, as management said on 11 March 2026

Notes offering pending: The $250 million notes offering is planned, subject to market and other conditions; no pricing or closing date is given. Source
2029 notes redemption to follow: Redemption of the 2029 notes is planned at 100% plus the Applicable Premium, with accrued interest to the redemption date; no date is given. Source

Risks management discussed

Financial: The offering is subject to market and other conditions, and the 2029 redemption depends on the offering completing. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

NEWS RELEASE For immediate release

California Resources Corporation Announces Private Offering of

Additional 7.000% Senior Unsecured Notes due 2034

Long Beach, California, March 11, 2026 - California Resources Corporation (NYSE: CRC) (the “Company”) announced today that, subject to market and other conditions, it intends to offer and sell to eligible purchasers $250 million in aggregate principal amount of its 7.000% senior unsecured notes due 2034 (the “Notes”). The Notes are being offered as additional notes under the indenture dated as of October 8, 2025, as may be supplemented from time to time (the “Indenture”), pursuant to which the Company previously issued $400 million aggregate principal amount of 7.000% Senior Notes (the “Existing Notes”). The Notes will have substantially identical terms, other than the issue date and issue price, as the Existing Notes, and the Notes and the Existing Notes will be treated as a single series of securities under the Indenture and will vote together as a single class. Except with respect to Notes offered pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Notes will have the same CUSIP and ISIN numbers as, and will be fungible with, the Existing Notes immediately upon issuance.

The Company intends to use the net proceeds from this offering, together with cash on hand and/or borrowings under its revolving credit facility, to fund the redemption of $250 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029 (the “2029 Notes”) at a redemption price of 100% thereof, plus the Applicable Premium (as defined in the indenture governing the 2029 Notes) as of, and accrued and unpaid interest to, but excluding, the date of redemption. The redemption of the 2029 Notes is expected to be conditioned on the completion of the offering of the Notes. The offering of the Notes is not contingent upon the completion of such redemption.

The Notes have not been, and will not be, registered under the Securities Act, or any state securities laws and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the rules promulgated thereunder and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any Notes, nor shall there be any offer, solicitation or sale of Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Additionally, this press release shall not constitute a notice of redemption under the indenture governing the 2029 Notes.

Forward-Looking Statement Disclosure

All statements, except for statements of historical fact, made in this release regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as statements regarding the proposed offering and the intended use of proceeds, including the partial redemption of the 2029 Notes, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, the Company expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the Company’s business, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to, the risks described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects.

CRC Contacts:

Hailey Bonus

CRC Media

714-874-7732

CRC.Communications@crc.com

Daniel Juck

CRC Investor Relations

818-661-3700

CRC_IR@crc.com