California Resources Making Progress Deleveraging, but Still Overvalued
California Resources’ stock tumbled following the firm’s fourth-quarter earnings release. The firm delivered volumes of 126 thousand barrels of oil equivalent per day in the period, which was at the low end of guidance and 2.5% below our forecast. This was attributed to a combination of wildfires and mudslides, as well as the Production Sharing Contract impact of higher prices (California Resources’ share of certain projects’ output flexes lower if crude prices increase). Most of the curtailment...
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