California Resources sees FY26 production 152-157 MBoe/d

Group 1 - The company is receiving new drilling permits and holds the majority of permits necessary for its 2026 capital program, targeting approximately 12% year-over-year production growth, averaging 152-157 MBoe/d, supported by four operated drilling rigs [1] - Capital investments are expected to range between $430-$470 million, including $280-$300 million for drilling, completions, and workovers, and $12-$20 million for carbon management initiatives [1] - The company expects to realize $80-$90 million of Berry merger-related synergies within 12 months of closing, including $35 to $40 million in general and administrative expenses, $25 to $30 million in operating costs, and $20 million in financing costs [1] - The company is targeting the first CO2 injection at its CCS project at the Elk Hills cryogenic gas plant in spring 2026, subject to commissioning and final regulatory approval [1]