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California Resources to Keep Rig Count at Zero for 2016
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California Resources Corporation reported its first quarter 2016 results.
Key Points: CRC successfully executed its spring borrowing base redetermination for its credit agreement which was confirmed at $2.3 billion, the same as the February 2016 level. CRC did not have any drilling rigs running during the first quarter of 2016. The company will not add any rigs unless oil prices improveCRC announced an adjusted net loss1 of $100 million or ($0.26) per diluted share for the first quarter of 2016, compared with an adjusted net loss of $97 million or ($0.25) per diluted share for the first quarter of 2015. Adjusted EBITDAX2 for the first quarter of 2016 was $124 million, compared with $198 million for the first quarter of 2015.
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