LOS ANGELES, August 1, 2019 - California Resources Corporation (NYSE: CRC), an independent California-based oil and gas exploration and production company, today reported net income attributable to common stock of $12 million, or $0.24 per diluted share, for the second quarter of 2019. Adjusted net loss1 was $14 million, or $0.29 per diluted share. Operational and financial highlights for the second quarter of 2019 were as follows:
Reported adjusted EBITDAX1 of $255 million; adjusted EBITDAX margin1 of 39%; net cash provided by operating activities of $114 million
Second quarter 2019 average daily production of 129,000 barrels of oil equivalent (BOE) per day, and oil production of 79,000 barrels per day
CRC invested $124 million of internally funded capital and $140 million including JV capital
Drilled 33 wells in the San Joaquin basin and 6 wells in the Los Angeles basin including JV wells
Entered into a joint venture with subsidiaries of Colony Capital, Inc. to invest up to $500 million to further develop our flagship Elk Hills field, with an initial commitment of $320 million
Todd Stevens, CRC's President and Chief Executive Officer, said, "Our portfolio of quality assets continues to attract outside capital seeking reliable returns. Our three largest development joint ventures potentially provide for over $1 billion from our partners to drill our broad project inventory. We remain disciplined in utilizing our internal VCI metric to dynamically allocate our capital to maximize value in our portfolio. Strengthening our balance sheet remains a top focus and we're continuing to target 10 to 15 percent of our discretionary cash flow towards balance sheet strengthening. We continue to pursue other transactions that will enhance these efforts. Our capital plan calls for CRC's investments to be modestly lower in the second half of the year, while JV capital will increase with our new partner's investment. This will result in a slight increase in production through the end of the year."
Second Quarter 2019 Results
For the second quarter of 2019, CRC reported net income attributable to common stock of $12 million, or $0.24 per diluted share, compared to a loss of $82 million, or $1.70 per diluted share, for the same period of 2018. Adjusted net loss1 for both the second quarter of 2019 and 2018 was $14 million, or $0.29 per diluted share. Second quarter 2019 adjusted net loss1 excluded a net gain of $20 million on debt repurchases, $4 million of non-cash derivative gains on commodity derivatives and income of $2 million, net, for unusual and infrequent items.
The following information was filed by California Resources Corp (CRC) on Thursday, August 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: CRC CIK: 1609253 Form Type:10-Q Quarterly Report Accession Number: 0001609253-19-000122 Submitted to the SEC: Thu Aug 01 2019 1:06:09 PM EST Accepted by the SEC: Thu Aug 01 2019 Period: Sunday, June 30, 2019 Industry: Crude Petroleum And Natural Gas