California Resources reports third-quarter earnings after the close, with analysts expecting $0.96 per share on $957 million in revenue. The numbers reflect lower oil realizations and a $134 million loss on commodity derivatives, but the strategic focus is on carbon capture and storage. The company started CO2 injection at Carbon TerraVault I in May, the first commercial carbon storage operation in California. Investors are watching for updates on commercial contracts and the revenue runway for carbon management, especially after California finalized rules for carbon pipelines. The company also targets $80 million to $90 million in cost savings from the Berry Corporation merger. The stock trades about 23% below its 52-week high, so the market is waiting for proof that CCS can cushion the cyclical oil business.
