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Re: Scootter82 post# 1024

Friday, 05/05/2017 5:49:45 PM

Friday, May 05, 2017 5:49:45 PM

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California Resources +23% on lighter than expected Q1 loss

California Resources (CRC +22.7%) skyrockets after reporting a smaller than expected Q1 loss and easily beating analyst expectations on revenues.

CRC says Q1 operating cash flow totaled $133M and free cash flow after working capital was $100M, as it recognized a 38% Y/Y increase in realized per barrel crude oil prices.

Q1 daily production volumes averaged 132K boe/day vs. 148K boe/day in the year-ago quarter, down 11%, which is at the low end of the company's estimated base production decline range.

CRC raises its 2017 capex plan to $400M-$425M.
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