Despite Rapid Deleveraging, California Resources Is Still a Call Option on Crude
California Resources delivered production of 136 mboe/d in the third quarter, which was right in the middle of the guided range. The result marks the second consecutive quarter of growth after a lengthy period of severe capital constraints, and pegs year-on-year growth at 6%. But the firm’s financial health is steadily improving, thanks to a combination of higher oil prices and an influx of joint venture capital that enabled the firm to re-enter growth mode. That sets up a virtuous circle--manag...California Resources is an independent oil and natural gas exploration and production company operating properties within California.
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