CRC Debt Initiatives Signal Progress, but More Deleveraging Needed
California Resources Corporation is one of the more highly leveraged upstream firms in our coverage universe, and is running a skeleton operation to preserve capital during this ongoing period of weak commodity prices. The firm performed as well as could be expected under those circumstances in the second quarter, with production coming in at 140 thousand barrels of oil equivalent per day (consistent with previous guidance). However, the firm also reported slightly higher unit production costs a...California Resources is an independent oil and natural gas exploration and production company operating properties within California.
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