California Resources Restarts Development Activity; Balance Sheet Remains Tight
California Resources delivered production of 138 thousand barrels of oil equivalent per day in the third quarter, which was near the top of the previously guided range of 134-139 mboe/d and essentially flat sequentially. Relative to the equivalent prior period, this production was 13% lower. but that's actually an impressively low decline rate given the company's extremely limited drilling budget. The firm’s financial results were mixed, with adjusted EBITDA coming in slightly above consensus at...California Resources is an independent oil and natural gas exploration and production company operating properties within California.
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