California Resources Corp. (fka CRCQQ)

[eFinanceMarkets]

$CRC California Resources (NYSEMKT:CRC) -3% after-hours despite posting a much smaller than expected Q4 loss, as revenues come in flat Y/Y at $455M, coming in well short of expectations.

CRC says production fell 6.6% Y/Y to 126K boe/day for Q4, and slid 7.8% Y/Y to 140K boe/day for FY 2017, mostly because of reduced volumes of natural gas from the San Joaquin Basin; the company forecasts Q1 production of 120K-125K boe/day at production costs of $19.25-$20.75/boe.

Q4 production costs were $19.64/boe, compared to $17.50/boe in the prior-year quarter, driven by an increase in energy costs; for FY 2017, production costs were $18.64/boe vs. $15.61/ble in 2016.

CRC expects FY 2018 capex of $425M-$450M vs. $371M in 2017.

Year-end proved reserves of 618M boe, up from 568M boe at year-end 2016, organically replacing 119% of reserves from the capital program, excluding price revisions.