California Resources +6% after reporting surprise Q1 profit

|About: California Resources Corpor... (CRC)|By:, SA News Editor

California Resources (NYSEMKT:CRC+6.6% after-hours as it posts a surprise Q1 profit and better than expected revenues of $609M.

Q1 adjusted EBITDA totaled $250M and cash provided by operating activities was $200M.

CRC says Q1 production totaled 123K boe/day, above the midpoint of the company's guidance range, as it drilled 44 wells with internally funded capital and 30 wells through joint venture partners BSP and Macquarie.

CRC expects Q2 production of 131K-136K boe/day, excluding output from the Elk Hills acquisition, which is projected at 11.6K boe/day.

CRC says it has "confidence that we have arrested the decline in our production, excluding PSC impacts," and raises planned capex to $550M-$600M "to target the next phase of development and further delineate growth areas. We will see associated production growth later this year and into 2019."

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