|Bid||7.29 x 900|
|Ask||7.27 x 1200|
|Day's Range||7.04 - 7.82|
|52 Week Range||4.68 - 30.18|
|Beta (5Y Monthly)||4.49|
|PE Ratio (TTM)||0.95|
|Earnings Date||Feb 25, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Sep 07, 2015|
|1y Target Est||18.13|
Following the completion of Jagged Peak Energy acquisition earlier this month, Parsley (PE) foresees first quarter 2020 net oil production to average 123 --129 MBo/d.
California Resources Corporation (NYSE: CRC) received an A- from CDP for our 2019 climate disclosure, scoring at CDP’s Leadership Level. CRC received the highest ranking among all U.S. oil and gas companies, tying for first with one other U.S.-based E&P with global operations. This recognition highlights CRC’s differentiated value as a California E&P and the company’s ongoing commitment to provide sustainable, safe and reliable energy solutions for Californians.
Shell (RDS.A) will acquire a working interest in two UK North Sea licenses of Egdon Resources and incur most of the 3D seismic survey costs to secure OGA's approval.
Premier Oil (PMOIY) recently said that it will spend $625 million to acquire the Andrew and Shearwater assets from BP plc, plus another $246 million to buy a separate set of North Sea properties.
California Resources Corporation (NYSE: CRC) will host its fourth quarter and full year 2019 financial results conference call on Wednesday, February 26th at 5:00 p.m. EST (2:00 p.m. PST). The Company’s earnings and guidance will be released following the market close on the same date.
Investors need to pay close attention to California Resources (CRC) stock based on the movements in the options market lately.
The oil & gas industry is comprised of companies involved in exploration, extraction, refining, and transportation of oil and gas products. The industry also includes companies that provide drilling and well-maintenance services.
Small cap stocks are listed companies that have market capitalizations ranging from $300 million to $2 billion. Since the share prices of these companies can have big fluctuations over a short period of time, companies with market caps of up to $10 billion are also found in the small cap universe. Some of the stocks classified as small cap include cloud computing business Fastly Inc. (FSLY), fitness and wellness company Tivity Health Inc (TVTY), and gaming firm Century Casinos Inc. (CNTY).
The Zacks Analyst Blog Highlights: Callon Petroleum, California Resources, WPX Energy and Ring Energy
(Bloomberg) -- The U.S. airstrike that killed a powerful Iranian general and heightened tensions in the oil-rich region could boost the fortunes of troubled North American energy companies.If the rally in oil prices persists, or if Middle Eastern supplies are cut off, deeply indebted producers like Whiting Petroleum Corp. and California Resources Corp. could lock in hedges above $60 a barrel, according to Spencer Cutter of Bloomberg Intelligence. That’s a potential cash-flow boost that they didn’t have two weeks ago, he said.Notes issued by some of the weakest energy companies led the biggest gainers in high-yield bond indexes on Friday after reports that Iranian General Qassem Soleimani was killed in a drone attack authorized by President Donald Trump. West Texas Intermediate oil reached its highest level since September at about $62 a barrel“That doesn’t mean that any of these companies that were distressed are going to be suddenly rolling in cash,” Cutter said in an interview. “But it does give them a bit of a lifeline.”Representatives for Whiting and California Resources didn’t immediately respond to requests for comment. Whiting’s unsecured 2023 notes rose 2.75 cents to 87.5 cents on the dollar, their best level since August, and second-priority notes due 2022 issued by California Resources soared above 50 cents for the first time since September.Energy companies are the largest cohort of the U.S. distressed-debt universe, according to Bloomberg Intelligence, and they were the biggest source of defaults in 2019, S&P Global Ratings reported. Companies in that sector went bankrupt in 2019 at the fastest pace since the 2015-2016 slump that claimed more than 200 producers and servicers.The sector never showed a meaningful recovery as record oil production kept prices muted, so any sign of reduced output from the Middle East could benefit U.S. producers and the balance sheets of the weakest companies. Even companies that already went bankrupt could be helped if rising prices boost assets and cash flow projections, giving creditors a bigger pie to divide up.More Drilling?Oil producers are evaluating their capital spending budgets for the year, and increased cash flows in 2020 from higher oil hedges could tempt them to boost production, Cutter said.Investors have pressured oil companies in recent years to spend within their means, and the most troubled companies haven’t been able to increase production. But drilling more wells isn’t necessarily good for distressed-energy bondholders, Cutter said.“If you’re a bondholder, you see this as a nice little windfall and you can get more mileage from a credit perspective by paying down debt,” he said. It’s also not good for distressed companies focused on natural gas because more oil production means more natural gas flooding an already saturated market.More energy companies may also look to follow Chesapeake Energy Corp.’s refinancing deal that allowed it to stave off immediate bankruptcy. Higher oil prices are unlikely to spur new issuance for capital spending or acquisitions, but companies may be able to persuade investors to give them more time to pay off their debts, Cutter said.It’s too early to say whether Friday’s oil rally will last. Iran has vowed “severe retaliation” for Soleimani’s death.“We’ll see where this goes,” Cutter said. “I don’t think this changes the fundamental view from companies and investors.”To contact the reporter on this story: Allison McNeely in New York at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Claire BostonFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
In Colombia, Ecopetrol (EC) contributes 60% to the country's total production. The company also explores oil and natural gas in the Gulf of Mexico, Brazil and Peru.
Rising tensions in the Middle East, following the airstrike that killed Iranian General Qassem Soleimani, can further increase oil prices.
Since 2016, BP has brought 23 major upstream projects online that will help it achieve its target of producing an additional 900 thousand barrels of oil equivalent per day volumes by 2021.
California Resources Corporation (NYSE:CRC) shareholders will doubtless be very grateful to see the share price up 40...
Zacks.com featured highlights include: American Airlines, WESCO, American Axle, California Resources and Boise Cascade
Denbury (DNR) announces plans of allocating proceeds from the divestiture of 50% of its rights in four oil fields in Texas to lower debt burden.