California Resources Offers Responsible Oil, Gas Exposure With Carbon Capture and Storage Upside, RBC Says
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California Resources (CRC) offers investors responsible oil and gas exposure with potential from its carbon capture and storage business, according to RBC Capital Markets. The recent $717 million all-stock merger with Berry (BRY) suggests a low enterprise value relative to CRC's valuation. RBC highlights CRC's 20-year drilling inventory, low well costs, and a slight production decline. The firm expects new permits by March 2026 and has resumed coverage with an outperform rating and a $70 price target. CRC shares fell nearly 3% recently, trading at $45.04.
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