California Resources Corporation (CRC) delivered a resilient set of Q3 results. After a period of freefall, spending only US$5 million in Q2 on capex, CRC announced that it had added back two rigs, in the San Joaquin and Los Angeles basins and increased workover activity during the third quarter. The 2016 capital budget, originally slated for US$50 million, has now been increased to between US$75 and US$80 million. Production costs in absolute terms fell 14% year-on-year (falling 2% on a per unit basis), as output came in at the high end of Q3 guidance. Oil production was flat sequentially despite bare-boned spending.