California Resources Corporation (NYSE:CRC), an independent California-based oil and gas exploration and production company, today reported net income attributable to common stock (CRC net income) of $53 million or $1.22 per diluted share for the first quarter of 2017, compared with a loss of $50 million or $1.30 per diluted share for the same period of 2016.

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1Q17 Earnings Infographic (Graphic: Business Wire)

1Q17 Earnings Infographic (Graphic: Business Wire)

Adjusted EBITDAX 1 for the first quarter of 2017 was $200 million, compared with $124 million for the first quarter of 2016. CRC reported operating cash flow of $133 million in the first quarter of 2017 and capital investments of $50 million.

Quarterly Highlights Include:
  • Produced an average of 132,000 BOE per day
  • Recognized a 38 percent year-over-year increase in realized per barrel crude oil prices, including effects of settled hedges
  • Executed two joint ventures aggregating up to $550 million of incremental investment to accelerate development opportunities
  • Reduced debt by $147 million from year-end 2016
  • Generated operating cash flow of $133 million and free cash flow 1 after working capital of $100 million
  • Generated Adjusted EBITDAX of $200 million, reflecting an adjusted EBITDAX 1 margin of 39%

Todd Stevens, President and Chief Executive Officer, said, "Once again, CRC executed and delivered solid production results in the quarter. We also reinforced our commitment to strengthen the balance sheet by applying excess cash flow toward debt reduction. Importantly, we have now announced two joint ventures, one with Benefit Street and another with Macquarie, which provide flexibility in our investment program and enhance our organic deleveraging ability. We are excited to get back to investing in and growing our business. These joint ventures will bring forward investment to unlock the value of our resource base for our partners and shareholders."

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