JV Deal Enables California Resources to Boost 2017 Spending
California Resources Corp delivered production of 132 mboe/d in the first quarter, which was 2% lower sequentially and 11% lower year over year (due to extremely limited spending as a result of the downturn in global crude prices). This compares with our forecast of 131 mboe/d, and was within the previously guided range of 128-133 mboe/d. The firm’s first-quarter financial results were stronger than expected, with adjusted EBITDA and adjusted earnings per share coming in at $194 million and nega...California Resources is an independent oil and natural gas exploration and production company operating properties within California.
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