Victory Capital Management Reduces Stake in California Resources

Oil and gas producer's largest shareholder trims position by 16.3% in Q3

Published on Mar. 8, 2026

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Victory Capital Management Inc., the largest institutional investor in California Resources Corporation (NYSE: CRC), reduced its stake in the oil and gas producer by 16.3% in the third quarter of 2025, according to a recent SEC filing. The investment firm now owns approximately 779,627 shares, or 0.93% of the company's outstanding stock, valued at $41.5 million as of the end of the quarter.

Why it matters

Victory Capital's decision to trim its position in California Resources reflects broader uncertainty around the oil and gas industry, particularly in California where regulatory and environmental pressures have increased. The move by the company's largest shareholder could signal potential challenges ahead for California Resources as it navigates the state's evolving energy landscape.

The details

According to the SEC filing, Victory Capital sold 152,096 shares of California Resources during the third quarter, reducing its total stake to 779,627 shares. The investment firm had previously owned approximately 0.93% of the company's outstanding stock. California Resources, an independent oil and gas producer focused exclusively on operations in California, has seen its share price fluctuate in recent months amid volatility in the energy markets.

  • Victory Capital Management filed the SEC disclosure on March 8, 2026.
  • The stake reduction occurred during the third quarter of 2025.

The players

Victory Capital Management Inc.

A major investment management firm that is the largest institutional investor in California Resources Corporation.

California Resources Corporation

An independent oil and gas producer focused exclusively on operations in California.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

Victory Capital's decision to trim its stake in California Resources reflects the broader challenges facing oil and gas producers in California, where regulatory and environmental pressures have increased. This move by the company's largest shareholder could signal potential headwinds for California Resources as it navigates the state's evolving energy landscape.