Outlook for California Resources Still Bifurcates on Oil Prices
The outlook for California Resources remains tethered to the trajectory of oil prices. Due to the company's very high financial leverage, the value of its equity is sensitive to shifting inputs, justifying our extreme uncertainty rating. The shares were trading at just over $20 at the beginning of 2018, and we see no justification for the subsequent doubling if our bearish $60/barrel midcycle forecast for Brent is accurate. After incorporating second-quarter results, we have raised our fair valu...California Resources is an independent oil and natural gas exploration and production company operating properties within California.
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