California Resources Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 16 June 2026: press release. The quarter’s numbers.

Key takeaways

Plans $550 million senior notes: Subject to market and other conditions, the company intends to offer $550 million of senior unsecured notes due 2035 to eligible purchasers. Source
Notes guaranteed by subsidiaries: The notes will be guaranteed by existing subsidiaries that guarantee the revolving credit facility and the 2029 and 2034 notes, plus certain future subsidiaries. Source
Full redemption of 2029 notes: Offering proceeds, revolver borrowings and cash on hand are intended to fund redemption of all outstanding 8.250% senior notes due 2029. Source
Redemption at 104.125 percent: The redemption price is 104.125% of principal, plus accrued and unpaid interest to, but excluding, the redemption date. Source
Redemption tied to offering: The redemption is expected to be conditioned on completion of the notes offering. Source
No quarterly results in filing: The exhibit announces a proposed notes offering and reports no quarterly financial or operating results, guidance, or sector figures. Source

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

What changed from last quarter

New: Proposed $550 million senior notes offering and redemption of 2029 notes announced. Source

Proposed notes offering

Plans $550 million senior notes: Subject to market and other conditions, the company intends to offer $550 million of senior unsecured notes due 2035 to eligible purchasers. Source
Notes guaranteed by subsidiaries: The notes will be guaranteed by existing subsidiaries that guarantee the revolving credit facility and the 2029 and 2034 notes, plus certain future subsidiaries. Source
Offering not tied to redemption: The offering does not depend on the redemption of the 2029 notes being completed. Source

Redemption of 2029 notes

Full redemption of 2029 notes: Offering proceeds, revolver borrowings and cash on hand are intended to fund redemption of all outstanding 8.250% senior notes due 2029. Source
Redemption at 104.125 percent: The redemption price is 104.125% of principal, plus accrued and unpaid interest to, but excluding, the redemption date. Source
Redemption tied to offering: The redemption is expected to be conditioned on completion of the notes offering. 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

Securities law restrictions

Notes not registered under the Act: The notes have not been registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States without an exemption. Source
Buyers limited to institutions: Offers are limited to qualified institutional buyers under Rule 144A and non-US persons outside the United States under Regulation S. Source
Release is not an offer: The release is not an offer to sell or a solicitation to buy, and no sale may occur where it would be unlawful before registration or qualification. Source

Company profile

Independent energy and carbon company: The company describes itself as an independent energy and carbon management company advancing the energy transition. Source
Stewardship and responsible sourcing: The company states it is committed to environmental stewardship while safely providing local, responsibly sourced energy. Source
Carbon capture and storage focus: The company is focused on maximizing the value of its land, mineral ownership and energy expertise for decarbonization, including carbon capture and storage projects. Source

Forward-looking statements and caveats

Proposed offering statements are forward-looking: Statements about the proposed offering, use of proceeds and 2029 note redemption are forward-looking; actual outcomes could materially differ. Source
No assurance of achieving plans: The company gives no assurance that its plans, intentions or expectations will be achieved. Source
No duty to update statements: Except as required by law, the company disclaims any obligation to publicly update or revise forward-looking statements. Source

Filing scope and reference documents

No quarterly results in filing: The exhibit announces a proposed notes offering and reports no quarterly financial or operating results, guidance, or sector figures. Source
Risk factors referenced in filings: The release points to risk factors in the 2025 annual report on Form 10-K and later quarterly reports on Form 10-Q. Source
Investor and media contacts listed: Media and investor relations contacts are listed at the end of the release. 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

$550 Million of Senior Unsecured Notes

Long Beach, California, June 16, 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 $550 million in aggregate principal amount of senior unsecured notes due 2035 (the “Notes”). The Notes will be guaranteed by all of the Company’s existing subsidiaries that guarantee its revolving credit facility, its 8.250% senior notes due 2029 (the “2029 Notes”) and its 7.000% senior notes due 2034, and certain future subsidiaries. The Company intends to use the net proceeds from this offering, together with borrowings under its revolving credit facility and/or cash on hand to fund the redemption of all outstanding $550 million in aggregate principal amount of its 2029 Notes at a redemption price of 104.125% thereof, plus 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 of 1933, as amended (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 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 and its subsequently filed Quarterly Reports on Form 10-Q.

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