CRC · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

California Resources

34 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

California refineries

earns from · Approximately 79% of our production during 2025 was oilnamed as a risk

Approximately 79% of our production during 2025 was oil which was sold predominately to refineries in California.Market risk (Item 7A)

Partners and platforms

Brookfield

depends on · an initial $500 millionnamed as a risk

Brookfield has committed an initial $500 million to invest in CCS projects that are jointly approved through Carbon TerraVault JV.Risk factors (Item 1A)

Also named by BE, FE, INTC

San Pablo Bay Pipeline

depends onnamed as a risk

For example, the recent shutdown of the San Pablo Bay Pipeline eliminated pipeline access to Bay Area refineries and has prompted us to modify our marketing, transportation and shipping arrangements to reach alternative markets.Risk factors (Item 1A)

Other companies

Berry Corporation

56 MMBoe of proved developed reservesnamed as a risk

Although the Berry Merger was completed in December 2025, the integration of Berry’s assets, operations and personnel is ongoing and subject to execution risk, and we may not realize anticipated benefits within expected timeframes or at all.Risk factors (Item 1A)

OPEC+

exposed to its pricenamed as a risk

Actions by OPEC+ and other producing countries, including decisions to implement, extend, unwind or reinstate production limits, may significantly affect global oil supply and prices.Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRGY, DMLP, KMI, KRP, MUR and 9 more

Kern County CTV I litigation

named as a risk

For example, on November 22, 2024, a group of non-governmental organizations filed a Petition for Writ of Mandate and Complaint for Injunctive Relief against Kern County and its Board of Supervisors (CTV I Complaint) in Kern County for our CTV I project.Risk factors (Item 1A)

Competitors

Wind and solar power

competes withnamed as a risk

These products compete directly with the electricity we generate from certain power plants we own, including our Elk Hills power plant, and indirectly as substitutes for oil, natural gas and NGLs.Market risk (Item 7A)

Places

Utah

operates in · approximately 100,000 net mineral acresnamed as a risk

Our operations in Utah are subject to additional regulatory, permitting and legal risks, including risks associated with federal and tribal lands.Risk factors (Item 1A)

Also named by CRGY, MTRN, NWPX, SLM, STRL

Kern County

operates in · 31 permits for new wells issued in Kern County as of January 31, 2026named as a risk

In early 2026, following the enactment of Senate Bill 237, CalGEM resumed issuing permits for new oil and gas wells in Kern County, and permitting activity has increased significantly with 31 permits for new wells issued in Kern County as of January 31, 2026.Risk factors (Item 1A)

Also named by CVX

San Joaquin Basin

concentrated in · 529 MMBoe

Our largest fields in the San Joaquin basin include the Belridge and Elk Hills fields.Business (Item 1)

California

concentrated innamed as a risk

Our operations are highly concentrated in California.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Venezuela

exposed to its pricenamed as a risk

In addition, any easing, suspension or removal of sanctions on Venezuelan oil production or exports could increase global supply and exert downward pressure on oil prices, which could adversely affect our results of operations and cash flows.Risk factors (Item 1A)

Also named by BKR, CL, COP, CVX, EME, FLS, JNJ, PBF and 3 more

Tribal lands (Utah)

operates innamed as a risk

A majority of our Utah acreage is on tribal lands and substantially all of it is held by production.Business (Item 1)

Hazards

Earthquake

operates innamed as a risk

Our operations are also exposed to natural disasters and related events common to California, such as wildfires, mudslides, high winds, earthquakes and extreme weather events, and the potential increase to the frequency of drought and flooding.Risk factors (Item 1A)

Also named by A, ADBE, AEE, ARE, ARES, BLK, CDNA, DOCU and 11 more

Wildfire

operates innamed as a risk

In California, insurance coverage for certain operational and catastrophic risks such as wildfires may be limited, subject to exclusions or available only at significantly increased cost, which could result in greater self-insurance exposure.Risk factors (Item 1A)

Also named by A, AEP, ARE, BKH, CB, EVRG, MDU, PNW and 2 more

Commodities and inputs

Crude oil

exposed to its price · approximately 65% of our anticipated oil production through 2026named as a risk

As of December 31, 2025, we had hedges on approximately 65% of our anticipated oil production through 2026 and approximately 40% through 2027.Market risk (Item 7A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Brent crude oil

exposed to its price · $294 million in 2026named as a risk

We estimate that a $10/bbl decrease in Brent oil forward prices could decrease our settlement payments by $294 million in 2026, negating the downside price movement for hedged volumes.Market risk (Item 7A)

Also named by ICE, OXY

Natural gas

depends onnamed as a risk

For example, we use natural gas and electricity extensively in our operations, including gas to generate steam for steam floods and electricity to power field operations.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Regulators

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

The lack of these final pipeline safety regulations may impair or prohibit projects that rely on the transportation of CO2.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRGY, CSX and 29 more

California Air Resources Board (CARB)

subject tonamed as a risk

The California Air Resources Board has been tasked with developing this proposed framework.Risk factors (Item 1A)

Also named by CMI, CVLG, F, FND, GM, GNRC, HTLD, KMI and 11 more

Bureau of Land Management

subject tonamed as a risk

Certain of these operations are located on federal lands administered by the U.S. Department of the Interior and the Bureau of Land Management, and certain acreage may be subject to tribal jurisdiction.Risk factors (Item 1A)

Also named by AESI, BTU, CHRD, CRGY, DC, DMLP, DVN, EOG and 7 more

California Geologic Energy Management Division (CalGEM)

subject tonamed as a risk

In recent years, we experienced significant delays in obtaining new well, sidetrack, deepening and workover permits from CalGEM, including delays attributable to enhanced environmental review requirements, litigation challenging the Kern County environmental impact review process, agency resource constraints and policy developments.Risk factors (Item 1A)

U.S. Environmental Protection Agency (EPA) Class VI permits

subject tonamed as a risk

There can be no assurances that the EPA will release Class VI permits to us when we expect, if at all, and our efforts to obtain Class VI permits could be subject to legal challenges.Risk factors (Item 1A)

Laws and programs

U.S. steel import tariffs

exposed to its price · 50% tariffs on imported steelnamed as a risk

While the extent and duration of the such tariffs remain uncertain, these measures, including 50% tariffs on imported steel, are likely to lead to increased material costs.Risk factors (Item 1A)

Also named by WOR

California well financial assurance bonding requirements

subject to · $1,033 millionnamed as a risk

As of the year ended December 31, 2025, our asset retirement obligations were $1,033 million.Risk factors (Item 1A)

Wilmington field production-sharing contracts

3% of our total production

These PSCs represented 3% of our total production for the year ended December 31, 2025.Business (Item 1)

California Low Carbon Fuel Standard (LCFS)

subject tonamed as a risk

Governmental incentives are important to the expected economics of our carbon management business and related projects, including the Section 45Q carbon sequestration credit expanded under the Inflation Reduction Act, the One Big Beautiful Bill Act and LCFS credits under California law.Risk factors (Item 1A)

Also named by CVX, DINO, DTE, GPRE, MPC, PBF, SEB, UGI and 2 more

California cap-and-trade program

subject tonamed as a risk

California’s cap-and-trade program operates under a market system and the costs of such allowances per metric ton of GHG emissions are expected to increase in the future as the CARB tightens program requirements and annually increases the minimum state auction price of allowances and reduces the state’s GHG emissions cap.Risk factors (Item 1A)

Also named by APD, CVX, MP, PNW, PSX

Inflation Reduction Act methane emissions charge

subject tonamed as a risk

The Inflation Reduction Act includes a charge on methane emissions that exceed certain thresholds from sources required to report their GHG emissions to the EPA, including certain oil and natural gas operations.Risk factors (Item 1A)

Also named by AM, AR, DMLP, DVN

National Environmental Policy Act (NEPA)

subject tonamed as a risk

Development activities on federal lands may require compliance with the National Environmental Policy Act (NEPA) and other federal statutes and regulations, which can result in extended permitting timelines, additional environmental review requirements, increased costs, or litigation risk.Risk factors (Item 1A)

Also named by CCI, DC

Section 45Q carbon sequestration credit

subject tonamed as a risk

If incentives such as the Section 45Q credit, LCFS credit or other applicable federal or state programs are eliminated, reduced, delayed, materially restricted or made subject to more burdensome compliance requirements, our Carbon TerraVault projects may become uneconomic or no longer feasible.Risk factors (Item 1A)

California Senate Bill 905

subject tonamed as a risk

Senate Bill No. 905 also prohibits CCS projects that utilize and permanently sequester CO2 in connection with EOR projects.Risk factors (Item 1A)

California Senate Bill 237

subject to

While recent legislation, including Senate Bill 237, has provided greater regulatory clarity for certain permitting activities in Kern County, we cannot predict the scope, timing or cumulative impact of future state actions or whether such actions may offset or limit the benefits of recent legislative developments.Risk factors (Item 1A)

California Senate Bill 614

subject to

Upon implementation, SB 614 is expected to help enable the development of carbon-capture and storage projects that rely upon capture of carbon dioxide from an emission source that is remote from the facility into which the emissions will be sequestered.Risk factors (Item 1A)