|Bid||26.30 x 1800|
|Ask||26.38 x 2200|
|Day's Range||25.79 - 27.50|
|52 Week Range||10.99 - 28.10|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 11, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.30|
California Resources Corporation (NYSE: CRC) announced today that it will release its fourth quarter and full year 2020 financial results following the market close on Thursday, March 11, 2021.
California Resources Corporation (NYSE: CRC) (the "Company") announced today that it is reducing the size of its leadership team and realigning several functions as it focuses on efficiency and cost reductions. The Company is eliminating leadership positions in the areas of public affairs, exploration and development, investor relations and finance, and implementing the following functional realignment: (1) reporting to Mac McFarland (interim CEO) will be Francisco Leon (Chief Financial Officer), Mike Preston (Chief Administrative Officer and General Counsel), Shawn Kerns (Executive Vice President, Operations and Engineering), and Carlos Contreras (Senior Vice President, Commercial); (2) Mr. Leon’s functional responsibilities will include finance and planning, reserves, business development, investor relations and supply chain; (3) Mr. Preston will have responsibility for legal, IT, human resources and government and external affairs; (4) Mr. Kerns will have responsibility for all aspects of operations and development; and (5) Mr. Contreras will lead the marketing function. These organizational changes, when fully implemented, are expected to reduce the Company’s run rate costs by approximately $8 million per year (representing a 22% reduction in senior leadership team costs)1 and result in one-time charges of approximately $5 million.
California Resources Corporation (NYSE: CRC) (the "Company") announced today the pricing of its private offering of $600 million in aggregate principal amount of its 7.125% senior unsecured notes due 2026 (the "Notes") at par. The Notes will be guaranteed by all of the Company’s existing subsidiaries that guarantee its revolving credit facility and certain future subsidiaries. The offering is expected to close on January 20, 2021, subject to customary closing conditions.