California Resources Corp.

California Resources Corp. announced that it will today complete its financial restructuring and emerge from the bankruptcy process with a significantly stronger balance sheet. CRC’s Joint Plan of Reorganization in its Chapter 11 case cancelled pre-existing debt, consolidated CRC’s ownership in the Elk Hills power plant and cryogenic gas plant, and provided for the payment in full of all valid and undisputed trade and [...]

California Resources Corp. announced today that it has entered into an amended and restated Restructuring Support Agreement with approximately 85% of the holders of its term loans due 2017 and 68% of the holders of its unsecured and deficiency debt claims. Reflecting this consensus, CRC has filed a plan of reorganization in its chapter 11 case that provides for the elimination of over $5 billion of debt and mezzanine [...]

California Resources Corp. , an independent California-based oil and natural gas exploration and production company, today announced it has entered into a Restructuring Support Agreement with holders of approximately 84% of the Company’s 2017 term loans, 51% of the Company’s 2016 term loans and its Elk Hills midstream joint venture partner, Ares Management L.P. . To implement the terms of the RSA, the Company and certain [...]

California Resources Corp. , an independent California-based oil and gas exploration and production company, announced today that due to the public health impact of the coronavirus disease 2019 pandemic and to support the health and well-being of its employees and shareholders, the location of its 2020 Annual Meeting of Shareholders has been changed. As previously announced, the Annual Meeting will be held on Wednesday [...]

California Resources Corp. , an independent California-based oil and gas exploration and production company, today issued the following statement on media speculation: ?Over the past five years, we have consistently pursued options to preserve and enhance the value of CRC and we are fighting hard for the best outcome for our shareholders and other stakeholders. We have significant operating flexibility and are focusing on [...]

California Resources Corp. today announced the termination of its private exchange and subscription offers and consent solicitation relating to its outstanding 8% Senior Secured Second Lien Notes due 2022 , 5½% Senior Notes due 2021 and 6% Senior Notes due 2024 . The Company has also terminated the private subscription agreements it entered into with certain significant holders of the Notes because the obligations [...]

California Resources Corp. announced today it is reducing its capital investment due to recent changes in the commodity market to a level that maintains the mechanical integrity of its facilities to operate them in a safe and environmentally responsible manner. CRC has effectively ceased investment in its internally funded field development and growth projects until the company sees a higher degree of market clarity. The [...]

California Resources Corp. , today announced the early participation results of its private exchange and subscription offers relating to its outstanding 8% Senior Secured Second Lien Notes due 2022 , 5½% Senior Notes due 2021 and 6% Senior Notes due 2024 . As of 5:00 p.m. New York City time on March 4, 2020, , the Offers and the subscriptions by certain significant holders of the Notes resulted in the participation [...]

California Resources Corp. , an independent California-based oil and gas exploration and production company, today reported a net loss attributable to common stock of $67 million, or $1.36 per diluted share, for the fourth quarter of 2019. Adjusted net income1 for the fourth quarter of 2019 was $36 million, or $0.73 per diluted share. For the full year of 2019, CRC reported a net loss attributable to common stock of $28 [...]

California Resources Corp. , an independent California-based oil and gas exploration and production company, announced that its executives will be participating in the following conferences in March: Mark Smith, CRC’s Senior Executive Vice President and Chief Financial Officer, will be presenting at the Raymond James 41st Annual Institutional Investors Conference at 10:25 am EST on March 2nd, 2020 in Orlando [...]