Two Directors at California Resources Corp sold 99,016 shares at between 55.184USD and 55.188USD. The significance rating of the trade was 89/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors...
Rating Action: Moody's downgrades California Resources' PDR to D-PD on bankruptcy filing. Global Credit Research- 17 Jul 2020. New York, July 17, 2020-- Moody's Investors Service, downgraded California Resources Corp.' s Probability of Default Rating to D-PD from Ca-PD/LD.
Rating Action: Moody's downgrades California Resources' CFR and PDR to Ca, lowers certain other ratings. Global Credit Research- 07 Jul 2020. NOTE: On July 09, 2020, the press release was corrected as follows: In the Affirmations section of the debt list, for issuer California Resources Corp., the LGD rate of the Senior Secured Revolving Credit Facility was changed to LGD1.
Rating Action: Moody's downgrades California Resources' CFR and PDR to Ca, lowers certain other ratings. Global Credit Research- 07 Jul 2020. New York, July 07, 2020-- Moody's Investors Service, downgraded California Resources Corporation's Corporate Family Rating to Ca from Caa3, ratings on its senior secured first lien term loan due 2022 to Caa3 from Caa1 and ratings on its senior secured first lien term loan due 2021 to Ca from Caa3.
Rating Action: Moody's downgrades California Resources' CFR to Caa3; negative outlook. Global Credit Research- 02 Apr 2020. New York, April 02, 2020-- Moody's Investors Service, downgraded California Resources Corp.' s Corporate Family Rating to Caa3 from Caa1 and Probability of Default Rating to Caa3-PD from Caa1-PD.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of California Resources Corp.. Global Credit Research- 25 Oct 2019. New York, October 25, 2019-- Moody's Investors Service has completed a periodic review of the ratings of California Resources Corp. and other ratings that are associated with the same analytical unit.
West Texas Intermediate crude oil has fallen from over $65 a barrel in late April to about $54/bbl today, a hair below our midcycle forecast of $55/bbl. The slump has dragged most exploration and production stocks down with it, with 22 of the 23 names we cover now trading below our fair value estimates. The median and mean discounts are 12% and 16%, respectively. We see more upside than that for industry cost leaders like Diamondback Energy and Pioneer Natural Resources, which are better positio...
West Texas Intermediate crude oil has fallen from over $65 a barrel in late April to about $54/bbl today, a hair below our midcycle forecast of $55/bbl. The slump has dragged most exploration and production stocks down with it, with 22 of the 23 names we cover now trading below our fair value estimates. The median and mean discounts are 12% and 16%, respectively. We see more upside than that for industry cost leaders like Diamondback Energy and Pioneer Natural Resources, which are better positio...
After incorporating California Resources' first-quarter operating and financial results, we have slightly reduced our fair estimate to $15 per share. Our no-moat rating is unchanged. As a reminder, the firm delivered production of 133 thousand barrels of oil equivalent per day in the first quarter, which was 8% higher year over year but 2% lower sequentially. This compares with our forecast of 136 mboe/d and is within the previous guidance range of 132-137 mboe/d, albeit at the lower end. The d...
California Resources spun off from Occidental Petroleum in 2014. The company received all of its parent's assets in California, including property in the San Joaquin, Los Angeles, Ventura, and Sacramento basins. That mix includes significant exposure to both conventional and unconventional resources, but the unconventional part of the portfolio is less attractive at lower oil prices and activity is on hold for now.The firm's heavy reliance on enhanced oil recovery methods, such as waterfloods an...
California Resources delivered production of 133 thousand barrels of oil equivalent per day in the first quarter, which was 8% higher higher year over year but 2% lower sequentially. This compares with our forecast of 136 mboe/d and is within the previously guided range of 132-137 mboe/d, albeit at the lower end. The decline reflects a cautious start to the year, with internally funded capital deployment falling 40% sequentially to $104 million. The firm set out to keep its production flat this ...
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