assets are consisting of approximately 2.4 million net acres spanning the state's four major oil and gas basins, 4,000 employees , and an integrated infrastructure to gather, process and market our production. We have a sizable inventory of over 19,800 gross drilling locations, including 6,400 gross prospective resource drilling locations, and plan to exploit our significant portfolio of conventional and unconventional opportunities to generate production growth over the longer term. 4th Quarter 2015- we adhered to our top financial tenant of living within cash flow. Living within our means is one of our key goals. We accomplished this in 2015 by posting positive free cash flow for the year, We generated operating cash flow of over $400 million in 2015. We also reduced our capital investment plan from over $2.1 billion in 2014 to approximately $400 million in 2015, which excluding residual fourth quarter 2014 capital, allowed us to be free cash flow positive for the year. Production costs registered $221 million, $15.51 per BOE for the fourth quarter of 2015 The revised agreement sets our borrowing base at $2.3 billion, including a $1.3-billion revolving facility. Based on our current capital program and at current price levels, we believe that we will have sufficient liquidity for all 2016 CA is the third-largest oil producing state in the nation. It has five of the 12 largest fields in the lower 48 states based on proved reserves as of 2009, On the hedging front, Our hedge program contributed $6.47 per barrel in 2015, we layered in costless collars with 2016 put against longer-dated calls in 2017 and 2018. As a result we have hedged about 30% of our estimated 2016 crude oil production, and just over $50 per barrel Brent on average. With these hedges in place, we believe that we will be able to remain compliant with our revised credit agreement covenant, at an average annualized Brent index price of around $28 per barrel. I repeat- sufficient liquidity for all of 2016- meaning no asset sales, no monetization. As we talked about in a second ago, as long as Brent averages $28 or above for the year, we feel like we have the hedges and the operational flexibility in place to meet our covenants for the year. Our portfolio delivers low risk, low-capital intensity, oil-directed development opportunity. We will continue to increase our inventory in conventional development projects that are expected be repeatable with low technical risk, and a higher commodity price environment.
We have over 130 fields with multiple pay zones, which gives us a sizable multi-year development inventory. We are currently deferring many of our projects until prices rise and provide additional cash flow, reflecting our commitment to live within our means and focus on value. I will now turn the call over to Mark to discuss the details of our fourth-quarter and total-year results. San Joaquin Basin
Approximately 68 percent of CRC’s estimated proved reserves as of year-end 2014 are located in the San Joaquin Basin, where we actively operate and develop 45 fields, including the Elk Hills Field near Bakersfield.
Los Angeles Basin
Approximately 22 percent of CRC’s estimated proved reserves as of year-end 2014 were located in the Los Angeles Basin, where we actively operate and develop 10 fields, including the Wilmington Field in Long Beach.
Approximately 8 percent of CRC’s estimated proved reserves as of year-end 2014 were located in the Ventura Basin, where we actively operate and develop 29 fields.
Approximately 2 percent of CRC’s estimated proved reserves as of year-end 2014 were located in the Sacramento Basin, where we actively operate and develop 53 fields. Advanced technologies contribute to top performance in areas including safety and environmental stewardship, reservoir description and modeling, new well drilling, facility construction, field automation, artificial lift, well and equipment maintenance, and fluid processing.
We determine the development method to use based on reservoir characteristics, reserves potential and expected returns. We seek to optimize the potential of our assets by progressively using primary recovery methods, which may include well stimulation and artificial lift techniques, IOR methods such as waterflooding and EOR methods like steamflooding, using both vertical and horizontal drilling. All of these techniques are proven technologies we have used extensively in California for many decades. Crude Oil
California Resources Corporation's (CRC) crude oil production is connected to California markets via our crude oil gathering pipelines which are used for our production. We generally do not transport, refine or process the crude oil we produce and we sell almost all of our crude oil into the California refining markets. We believe these markets are among the most favourable in the U.S., since California imports a significant percentage of its crude oil requirements from outside the state, mostly from foreign locations.
Natural Gas Liquids
CRC’s production from oil and gas reservoirs typically includes oil, produced water, natural gas (methane), and natural gas liquids (NGLs) that include ethane, propane, butane and natural gasoline. CRC processes NGLs through our processing plants, which facilitate access to third party delivery points near the Elk Hills Field.
CRC is the largest natural gas producer in California, which imports approximately 90 percent of the natural gas consumed in the state. We sell our natural gas production in the state and use intrastate transportation contracts to facilitate delivery of our natural gas to customers.
CRC has a natural-gas-fired power plant, Elk Hills Power, located within the Elk Hills Field. The facility has operating capacity to produce approximately 550 megawatts (MW) of electricity which powers the Elk Hills Field and supplies excess power to the State’s power grid. Elk Hills also has a 46 MW cogeneration facility that provides steam and electricity to the Elk Hills Field and THUMS Long Beach Company operates a 45 MW power generating facility that provides electricity to the Wilmington Field.
TRUMP ((((I like war)))) I like NUKS !!!!!!!!!!!!!! and you had to ask?
The same amount of money is going into defense!!! REBUILD your character CRUZ. Your mouth is moving -- LYING!!!! GLOBAL RECESION. NOT just the USA… *******stagnation world wide. ************************More supply side cr#$%^&*(P*********) GIVE small business all your money... IDIOT again... That is what we did the last 30 years. HE wants bombs not infrastructure. INFRASTRUCTURE brings jobs nor defense and military.... HE will never learn.
I am invested in BBG also I liked their numbers out of a few of their wells... GUESS WHAT ???? Bonanza is in the same area as Bill Barrett BBG, PDCE, and NBL. I was looking at the map's and liked the stacked approach for cost savings , it made me think all the drilling in one place, easy to drill , service, less frack materials , pressure, .... ect. , Do you shorts know what you are doing?
% Held by Insiders1: 6.44%
% Held by Institutions1: 114.90%
Shares Short (as of Mar 31, 2016)3: 15.78M
Short Ratio (as of Mar 31, 2016)3: 3.28
Short % of Float (as of Mar 31, 2016)3: 37.74%
I may not understand a lot of things but when I take a look at the charts and numbers of people who must cover with this institutional buying I would panic if I was short.
One of the smartest mind's can figure why we like the demigods like Trump. Trump is a idiot. He does not even understand the British policies and importance and of the Europen Union. He don't even understand the term Brexit. OMG, Hawking is the smartest guy to not understand what people see in him.
She has been under fire forever. Every time she comes out as the victor. SHE has been framed ,analyzed and lied about over and over. TREY GOWDY even framed her and SIMMONS got charged. The GOP has been at the center of many dirty tricks for years. YOU GO GIRL.... Madam President
The shorts best wake up as the hedges and being in a low cost zone for oil will make this rocket. They have 60% of their oil hedged at $78 for 2016. They have just added some gas basis hedges through 2018. Cap ex is going to be lower next year even though potential may be higher given...
This Could have hidden value ready to unlock- "shale math" of NPV per well and value per acre. New technologies, lowering cost, undervalued reserves, market bottom, and Priced below peers…You can read about the new technologies and great numbers starting to come from the shale fields. Up to 50% cost reductions and up to 30% more to come. …….. Gastar is developing the primarily oil-bearing reservoirs of the Hunton Limestone horizontal play and is testing other prospective formations on the same acreage, including the Meramec Shale and the Woodford Shale, Marcellus Shale , Utica Shale/Point Pleasant, Appalachian Basin, Mid-Continent, .. They are in the South Central Oklahoma Oil Province, or SCOOP, before and how it’s exciting because it tends to be a little more liquids-rich. Horizontal redevelopment with modern stimulations has yielded tremendous economic results – New horizontal wells 50x original vertical wells (!) less water, removal,
The competitive (because of geography and branding more so than geology) Sooner Trend Anadarko Basin Canadian and Kingfisher Counties, or STACK play has started to get a lot of interest lately, also due to its potential for liquids. Devon Energy paid a very generous $23,750 per acre for the 80,000 acres it acquired in the STACK last December. MRO has holding there and is developing now. Across the SCOOP and STACK position, average WTI breakevens come to $45.06 per barrel (bbl) and $49/bbl, with some acreage in the SCOOP Core breaking even below $35/bbl, putting the package in the top quartile of Lower 48 assets. The area has also seen relatively resilient permitting activity throughout the recent market downturn, suggesting that capital will remain employed.
The stock’s values are seen as way over sold The oil reserves priced higher bring in a lot more money and assets are valued higher . The company’s financial condition looks a lot better. Money coming in is the life blood of the company. THIS helps with covenants, banking rates, debt, mergers, financing opportunities, cash flows will head higher,
Cash flow and money flowing into oil is great for companies- Industry , service , suppliers, jobs, economy in general. Business Ratios come into normal ranges and buyers increase the PPS. SELF FULLING PROPHACIES AT WORK. , THE Demand for shares increases interest and then we see a range of buyers BOTTOM FISHERMAN, SHORTS COVER, FUNDS BUY, THE CYCLE is up based on most Technical ratios ,charts , indicators, fundamental improving with the WTI gains, Historic lows speak volumes for added interest and founded gains. . This rally looks like a bottom… based on volume, charts and history, price action, momentum, RSI and charts, everything looks up when the WTI raises the companies Market cap, asset value, shorts panic and people wake up. The last time people were this pessimistic about oil was back in August, when there was a big meltdown followed by a rapid rebound in both the commodity and oil stocks. “when everyone else is panicking, it often pays to be opportunistic about high-quality merchandise" -Jim Cramer." "Right now, the whole mantra is slow down, postpone, OPEC even sees 70$ oil in the future. Going up 10 next year and 5$ a year there after.
WHO makes these lies up for him. The forefathers were all religious? Get back to our forefathers values of the 1700s. WOW now that is a stretch for historians..... Thinking HIS GOD and values were in the 1700s. EVEN the war on the poor, handicapped, women, Muslims, Latinos, Mexicans, GAY, Black , and immigrants from all over the world are hating the GOP. I am some what religious my self and don't want the evangelicals speaking for me.
TRUMP blew billions of investors and bond money. 44 mill and saved the whole worlds economy. cheap
YOU can not be that stupid. The GOP war machine will stop at nothing to make them selves look credible with more lies and deceptions .... A vote automatically condones huge lies, misinformation and deliberate false statements to lead us into a place we do not belong. then blame some one else. I see this GOP strategy candidate after candidate with the TEA Party. WE did back and vote for the MAD MANS WAR. NOW you want us to put in somebody like TRUMP or CRUZ to carry on the GOP CRUZ missiles. ITS the same lies. ITS he same fear mongering, ITS the same blame. Let them kill each other over there. Let CRUZ and his dad parlor tricks work for the hillbillies Let TRUMP put his name on every thing but the white house. HILLARY is our next great president.
DO YOU THINK? Your TEA party IDIOTS are to far right to the point of being BATSH!T crazy. CRUZ hurt his party with OVER RELGIOUS CULT TALK. DO something beside the supply side talk and hurting the middle class. YOUR attacks on the American worker are NOTED IDIOTS.
he would rather work with tabloid press and TRUMP QUALITY -= the national enquirer. TRUMP IS JUNK masqueraded as (( quality ))) or top notch.
That cant be right as the GOP said with out a GOP leader TARP would wreck the system. The stimulus would cause inflation. DODD FRANK would kill banking and Detroit would be sucking money for years. ALL wasted money and democrat give always. This is why RYAN and his book are wrong and he is a CRACK POT economic midget. HE controls the majority of other idiots who got it wrong. OH, thanks for the economy crippling wars.
TRUMP said he is much smarter than the generals on ISIS. HE loves war and even NUKS.. He has promised to mass bomb ISIS... FEAR is respect... THEY must all fear us. I will solve the problem.... THATS scary stuff.
these CRUZ end of days haters want to slant history to DOOM and GLOOM for all. just like thinking all our forefathers were real religious..... just to show you how sic they are , they put the pathological hating liar CRUZ as their number one candidate. THE Obama HATE WAS CRAFTED THE FIRST PART OF THE FIRST YEAR OF HIS TERM. wE HAVE TO STOP THIS EVIL RELIGIOUS tea hate. The Tea party can blame them selves. RYAN is no better then a TWO BIT #$%$ for KOCH.