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California Resources Corporation (CRC)
NYSE - Nasdaq Real Time Price. Currency in USD
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As of 2:52PM EDT. Market open.
2,254 reactions on $CRC conversation
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Gas prices at Kern River started to spike this month. Most recent days the Kern River gas price been above $5/mmbtu. Too bad CRC hedged so much oil this year, but unhedged gas and NGL will produce solid free cash flow beats in Q3 and Q4. In 2022 not only oil hedges lower, but are at much higher prices.
Q2 Earnings release Aug. 5th after market close.
Some back of the envelope math gives me about $550,000,000 in revenue for Q2, hedges included.
That's assuming their total combined trading, electricity, and miscellaneous revenues stay roughly the same as Q1.
No news? Up 10%. Stlll only trading at $6.50 ish / bbl, so well below fair value.
Yahoo Finance Insights
California Resources is down 5.70% to 31.33
Top Bullish Charts | May 2021 💰💵📈
This is embarrassing to admit but I inadvertently bought warrants thinking it was the new CRC's BK ticker. Does anyone know how these work? I sitting on about 150% gains on them. lol.
Buy it for the $2 divvy next year. Also, scream at mgmt about selling covered calls on crude. It is costing us $300 million this year. For the live of God, stop!!!!!
small investors should definitely stay away from this company !!! They can do it to you as they do to us, they take our money and then make a bankruptcy statement.
I'm not sure this stock has enough of a following yet, coupled with the negative sentiment regarding anything Cali and fossil fuels, for the stock to move much even with a positive quarterly report.
California Resources to Continue Exploring Options, But Won't Give Updates on Ongoing Talks
BY MT Newswires
— 4:47 PM ET 03/27/2020
04:47 PM EDT, 03/27/2020 (MT Newswires) -- California Resources (CRC) said in a statement Friday that it will continue exploring options but does not plan on providing updates concerning its ongoing discussions.
The comment comes after Bloomberg Law reported, citing people with knowledge of the matter, that the oil and gas company is "seriously considering" bankruptcy after it failed to rework its debt out of court, as energy prices fell.
Sources reportedly told Bloomberg that California Resources' (CRC) management is considering alternatives to address its close to $5 billion of debt after it pulled a proposed bond exchange because of poor market conditions.
I call Ch-11 tonight.
I don't think they'll get further forbearance from banks/term lenders unless they also get forbearance on the 2L - which would be logistically difficult.
CRC might not care about being in default on the 2L, but the banks/term lenders wouldn't like it.
There are a number of postings in regard to the value of the previous listing of CRC. If my memory is correct in the original spinoff of CRC Occidental the parish was roughly 8 to 9 dollars a share. But your broker will have that amount if you're looking to write it off this year. The other major question was that if you had CRC originally before the bankruptcy and you did not sell it is there any value in the stock and the simple answer to that is No. In the bankruptcy they did not give any consideration to the stockholders. The bondholders got a certain amount of money people holding debt, their vendors the banks everyone got a piece of the pie except for the existing stockholders they gotten zip. The only thing you can do if you owned it before is righted off. I held out for the longest time thinking that they would be able to pay off their debt with the production that they were producing and still be able to handle the operation. But apparently I was wrong. Now with the debt level down and if they keep production for they work at it might be a company worth looking at. I lost so much money this year in the oils and want to stay away for a while.
CRC and oil in Ca aren't going anywhere. This stock will continue its volatility and not necessarily parallel oil pricing. It will at some point be at 50+
I lost money on CRC bought at $19 added at $6 and sold all 1500 shares at $1.36.
Are the management same?
I would not buy again unless management changed.
Here's my take. The Ca bill was meaningless and not mpacting CRC stock price with whatever happens. For many reasons CRC has fallen out of favor much like BAC years ago - regardless of fundamentals. It will kick back in when something precipitates a move. Don't think today was it. I am hoping Q2 earnings will drive that and if not then a spike in oil to 80 might. It will get there eventually. I am long and (much like BAC) will do very well with patience.
Nice to see some insiders buying too
Almost 14,000 shares
California Resources Corp (CRC) President and CEO Todd A. Stevens Bought $51,000 of Shares
CEO says CRC has 800 million BOE resource at $65 brent. Over 1 billion BOE at $75 brent. This is worth $75 billion or $52 billion resource. It is trade on less 1 billion market cap.
From the bankruptcy filing, Docket 20, page 25:
" existing equity interests in CRC will receive no recoveries"
Well in the final documents it says that new shares are going to be issued. Bond holders will get small equity stake warrants. 2016 term loan gets most of the new co. Shareholders get their shares cancelled and can write off their investment as a loss.
“Holders of Interests in CRC shall not receive any Distributions on account of such Interest, and on and after the Effective Date, all Interests in CRC shall be cancelled, released and extinguished, and shall be of no further force and effect, whether surrendered for cancellation or otherwise.”
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