Stevens

The California legislative proposal on oil and natural gas setbacks, Assembly Bill (AB) 345, has caused negative reactions from Sacramento to Wall Street, but cooler heads will prevail, and the legislation will be defeated or changed, according to the CEO of the state’s largest producer, California Resources Corp. (CRC).

Occidental Petroleum Corp.’s spinoff, California Resources Corp. (CRC), on Thursday reported positive earnings for all of last year and revealed plans for a $250 million joint venture to boost output from its oil/natural gas properties in California.

With the prolonged commodity price slump as its introduction to independent operations, Occidental Petroleum Corp. (Oxy) spinoff California Resources Corp. (CRC) has recast its corporate strategy after five quarters of independent operations that have seen red ink increase while capital spending and operating costs have been slashed.

With the prolonged commodity price slump as its introduction to independent operations, Occidental Petroleum Corp. (Oxy) spinoff California Resources Corp. (CRC) has recast its corporate strategy after five quarters of independent operations that have seen red ink increase while capital spending and operating costs have been slashed.

California Resources Corp. (CRC), the year-old spinoff from Occidental Petroleum Corp. (Oxy), reported more losses for 3Q2015. Its CEO promised to complete the first of a series of asset sales to reduce debt by the end of this year, with more to follow.

Preparing for a longer period of low crude prices, perhaps two or three more years, Los Angeles-based California Resources Corp. (CRC) after its second full quarter separated from Occidental Petroleum Corp.(Oxy), is focused on whittling down up to $1.6 billion in debt and concentrating on workover rigs in the vast steam flood operations it has in the San Joaquin Basin in the central valley.