California Resources Corporation (CRC) stock surged 5.60% in pre-market trading on Wednesday, following the release of its impressive first-quarter 2025 financial results. The oil and gas exploration company significantly outperformed analyst expectations, demonstrating robust growth and financial strength.

The company reported adjusted earnings per share of $1.07, handily beating the consensus estimate of $0.78 by 37.18%. This represents a substantial 42.67% increase from the same period last year. Total revenues reached $912 million, surpassing analyst projections of $861.62 million by 5.90% and marking a remarkable 100.88% year-over-year growth.

Key highlights from the Q1 report include a net income of $115 million, adjusted net income of $98 million, and adjusted EBITDAX of $328 million. The company maintained stable production levels and reaffirmed its 2025 guidance. California Resources also emphasized its commitment to stakeholder returns, having distributed $258 million during the quarter. The strong performance and positive outlook have likely fueled investor enthusiasm, driving the pre-market stock surge.