California Resources raises 2026 EBITDAX guidance 42%, boosts drilling to accelerate oil production growth.

California Resources Corporation reported a net loss of $711 million in Q1 2026 due to non-cash derivative losses but posted an adjusted net income of $79 million. The company plans to increase drilling activity in the second half of 2026, raising its capital budget to $520-$560 million and boosting 2026 adjusted EBITDAX guidance by 42% to $1.45 billion, driven by strong oil prices and operational efficiencies. Production is expected to grow about 1% by year-end, supported by higher oil prices and merger synergies. CRC also continues to advance its carbon capture project and maintains strong liquidity with $1.276 billion available.