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California Resources corporate report

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23 May 2016

California Resources corporate report

Report summary

California Resources Corporation (CRC) is the most financially stretched operator in our Focused US peer group. Almost from inception, the company has been in survival mode courtesy of the US$6.4 billion debt taken on as part of its late 2014 spin-off from Occidental. The oil price was already declining as the IPO was launched. With no hedging in place to protect against further declines, CRC was left with no option but to abandon growth ambitions and cut capital aggressively. Asset sales have been attempted to de-lever its unsustainable balance sheet, but a moribund M&A market has stymied any deals, contributing to investors concerns over the company's long-term viability.

Table of contents

Tables and charts

This report includes 17 images and tables including:

  • Benchmark: share price performance
  • Market premium / discount to WM base case NPV,10
  • Portfolio summary: Table 1
  • Executive summary: Table 1
  • Cash flow breakevens evolution
  • Net debt outlook
  • Reserve and resources detail
  • Benchmark: reserves and resource life
  • Reported and forecasted production
  • Benchmark: production CAGR
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

What's included

This report contains:

  • Document

    California Resources corporate report

    PDF 441.48 KB

  • Document

    California Resources corporate report

    ZIP 1.01 MB

  • Document

    California Resources Corporate Report.xls

    XLS 2.89 MB

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