The saga surrounding California Resources Corporation (CRC) finally reached a conclusion last week with the company agreeing to a pre-arranged Chapter 11 package with its creditors. As we have previously reported, the company missed a few recent interest payments beginning the seemingly inevitable slide into bankruptcy. CRC negotiated a forbearance agreement (along with several extensions) while working the… Read More »
California Resources Corporation (CRC) skipped an interest payment last month and seems headed towards a Chapter 11 filing. In the meantime, the company made one interest payment late and then successfully bought a few more weeks of additional time by negotiating a forbearance agreement with its lenders. June 30th is now its next big deadline, but it seems… Read More »
California, the great state known for its warm weather and environmentally friendly laws is about to get its own dedicated oil and gas business. Yes, you read that correctly. On December 1st, the California Resources Company (CRC) will begin trading on the NYSE as an independent entity after Occidental Petroleum’s (OXY) board of directors formally approved its spinoff last week. OXY… Read More »
Occidental Petroleum (OXY) is making progress on its upcoming California asset spinco. The company recently began filling out the leadership team at California Resources Company and it’s worth noting that it turned to company veterans to fill the top posts. Todd Stevens, currently VP of Corporate Development, will become President and CEO and William Albrecht, President of the company’s… Read More »
After Murphy Oil (MUR) announced a spinoff in late 2012, Deutsche Bank analyst Paul Sankey had a few ideas for whom the next spinoff candidates in the energy space might be. His top picks? Hess Corporation (HES) and Occidental Petroleum (OXY). Congrats Mr. Sankey, you deserve a nice pat on the bac,k because not one, but both companies… Read More »
After shaking up its leadership earlier this year, Occidental Petroleum (OXY) is undergoing a strategic review to ‘streamline and focus’ its operations. The first steps of that process authorized by its board include: Pursue the sale of a minority interest in the Middle East/North Africa operations in a financially efficient manner. Pursue strategic alternatives for select Midcontinent assets,… Read More »