California Resources Corp (CRC) · Oct 13, 2026 · Earnings

CRC earnings update flags $134M hedge hit, weak oil realization

Preliminary pricing update — Oil realization $72.46/Bbl after derivatives; $134M derivative settlement loss

California Resources’ earnings update shows oil realization lagging Brent after a $134 million derivative loss, while logistics fixes remain unproven.

California Resources is an integrated California oil-and-gas and carbon-management company trying to keep production growing while improving operational efficiency and building its Carbon TerraVault carbon-storage platform. Its second-quarter plan called for 151–154 MBoe/d of third-quarter production, $285–325 million of adjusted EBITDAX, and a Brent assumption of $83.14/Bbl; the company had also flagged temporary takeaway constraints as a drag on results.

Q3 2026 preliminary metric	Result
Brent index price	$91.36/Bbl (Index Prices)
Oil realization before derivatives	$83.42/Bbl (Realized price without derivative settlements)
Oil realization after derivatives	$72.46/Bbl (Realized price with derivative settlements)
NGL realization	$48.57/Bbl (Realized price with derivative settlements)
Gas realization	$3.52/Mcf (Realized price with derivative settlements)
Net commodity-derivative settlement loss	$134 million (Commodity derivatives disclosure)

The main new information is a sizable hedge drag, not a full earnings result. CRC estimates a $134 million cash loss from commodity-derivative settlements, including $122 million tied to commodity sales derivatives and $12 million from natural-gas purchase derivatives. That pushed oil realization down to $72.46/Bbl despite a $91.36/Bbl Brent index price, leaving realized oil about $10.68/Bbl below the company’s Q3 Brent assumption even before considering the difference between benchmark and local pricing.

The physical oil-pricing problem is smaller than the headline hedge loss, but still unresolved. Before derivative settlements, CRC realized $83.42/Bbl, only modestly below the $91.36/Bbl Brent index. The larger deterioration comes from hedges, while the company also acknowledges that the Q3 result is not a sustainable oil-realization run rate and points to commercial and logistics actions already underway. 〔0〕 That is a mitigation claim, not evidence that the fixes have already improved cash generation.

This filing cannot establish a conventional earnings beat or miss. The published Q3 consensus is roughly $1.08 of EPS and $963 million of revenue, but CRC has supplied neither earnings nor revenue here; it has only released preliminary pricing and derivative data. The update therefore complicates the quarter’s earnings setup rather than formally changing the scorecard, because the hedge loss is material but the final operating, cost, tax, and production figures are still missing.

Bottom line: CRC’s preliminary update exposes a meaningful Q3 cash-flow headwind from hedges and poor oil capture, while its logistics fix remains a promise rather than a delivered improvement. The November earnings release will determine whether production and cost performance offset that pressure.

What to watch next

Third-quarter earnings report and conference call, November 3

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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CRC earnings update flags $134M hedge hit, weak oil realization

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