California Resources Restores Profitability but Still Vulnerable to Falling Prices
California Resources hit guidance with first-quarter production of 123 mboe/d, which was 7% lower year over year. The firm has been stuck in decline since 2014 because of a severe liquidity squeeze during the downturn that limited its ability to invest. But it plans to turn a corner in the second quarter. Management expects 9% sequential growth in the period, following an uptick in spending supported by joint venture capital and factoring in the previously announced expansion of the firm's Elk H...California Resources is an independent oil and natural gas exploration and production company operating properties within California.
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