California Resources Generates Free Cash in 1H and Prepares to Restart Growth
California Resources delivered production of 129 mboe/d in the second quarter, which was 2% lower sequentially, 7% higher year over year, and within guidance of 128-133 mboe/d. And its financial results in the period were slightly better than consensus forecasts, with adjusted EBITDA and adjusted earnings per share coming in at $152 million and negative $1.84, respectively. Operating cash flows were negative in the quarter, but management highlighted that free cash flows of $57 million were gene...California Resources is an independent oil and natural gas exploration and production company operating properties within California.
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