- California Resources (NYSE:CRC) plunged to a record low en route to a -13.8% drop at the close, after saying it completed a bond exchange that reduced the principal amount by $563M while increasing interest costs by only $21M.
- CRC says it is pursuing more transactions to deleverage the company but does not expect to announce any specific moves during 2015 because of the decline in commodity prices.
- CRC also says it is on pace to complete 311 wells during 2015 while investing ~$160M on its infrastructure and facilities; the company projects a 1% Y/Y increase in production for the year, including a 5% rise in crude oil production to 104K bbl/day.