How are CRC long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CRC long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 36.00%), the computed maximum profit is $4,991.50 per contract and the computed maximum loss is -$257.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRC long put?

The breakeven for the CRC long put priced on this page is roughly $49.93 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CRC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.32%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRC implied volatility affect this long put?

CRC ATM IV is at 36.00% with IV rank near 1.35%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

CRC Long Put Strategy

CRC (California Resources Corp), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NYSE.

California Resources Corporation operates as an independent energy and carbon management company in the United States. The company operates in two segments, Oil and Natural Gas, and Carbon Management. It explores, develops, and produces crude oil, oil condensate, natural gas liquids and natural gas to california refineries, marketers, and other purchasers. The company also provides Carbon TerraVault which builds, installs, operates, and maintains CO2 capture equipment, transportation assets, and storage facilities. In addition, it owns and operates power generation facilities, as well as smaller gas-fired power plants used to generate power for oil and natural gas operations. The company was incorporated in 2014 and is based in Long Beach, California.

CRC (California Resources Corp) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $4.75B, a beta of 0.90 versus the broader market, a 52-week range of 43.245-71.98, average daily share volume of 819K, a public-listing history dating back to 2020, approximately 3K full-time employees. These structural characteristics shape how CRC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.90 places CRC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CRC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on CRC?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

CRC snapshot

As of August 14, 2026, spot at $53.57, ATM IV 36.00%, IV rank 1.35%, expected move 10.32%. The long put on CRC below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.

Why this long put structure on CRC specifically: CRC IV at 36.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRC long put, with a market-implied 1-standard-deviation move of approximately 10.32% (roughly $5.53 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRC expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRC should anchor to the underlying notional of $53.57 per share and to the trader's directional view on CRC stock.

CRC long put setup

The CRC long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CRC at $53.57 on that close, the first option leg uses a $52.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRC chain at a 63-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CRC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$52.50	$2.58

CRC long put risk and reward

Net Premium / Debit: -$257.50
Max Profit (per contract): $4,991.50
Max Loss (per contract): -$257.50
Breakeven(s): $49.93
Risk / Reward Ratio: 19.384

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

CRC long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on CRC. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$4,991.50
$11.85	-77.9%	+$3,807.15
$23.70	-55.8%	+$2,622.80
$35.54	-33.7%	+$1,438.44
$47.38	-11.5%	+$254.09
$59.23	+10.6%	-$257.50
$71.07	+32.7%	-$257.50
$82.91	+54.8%	-$257.50
$94.76	+76.9%	-$257.50
$106.60	+99.0%	-$257.50

When traders use long put on CRC

Long puts on CRC hedge an existing long CRC stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRC exposure being hedged.

CRC thesis for this long put

The market-implied 1-standard-deviation range for CRC extends from approximately $48.04 on the downside to $59.10 on the upside. A CRC long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CRC position with one put per 100 shares held. Current CRC IV rank near 1.35% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CRC at 36.00%. As a Energy name, CRC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRC-specific events.

CRC long put positions are structurally bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CRC positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRC alongside the broader basket even when CRC-specific fundamentals are unchanged. Long-premium structures like a long put on CRC are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CRC chain quotes before placing a trade.

Frequently asked questions

What is a long put on CRC?: A long put on CRC is the long put strategy applied to CRC (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With CRC stock at $53.57 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CRC chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CRC long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CRC long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 36.00%), the computed maximum profit is $4,991.50 per contract and the computed maximum loss is -$257.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRC long put?: The breakeven for the CRC long put priced on this page is roughly $49.93 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CRC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.32%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on CRC?: Long puts on CRC hedge an existing long CRC stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRC exposure being hedged.
How does current CRC implied volatility affect this long put?: CRC ATM IV is at 36.00% with IV rank near 1.35%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.