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CRC

California Resources

$18.06

0.1 (0.56%)

, CVX

Chevron

$115.98

1.22 (1.06%)

17:03
04/09/18
04/09
17:03
04/09/18
17:03

California Resources closes Elk Hills field acquisition with Chevron

California Resources (CRC) announced that it has executed and closed a purchase and sale agreement with Chevron (CVX) to acquire the remaining working, surface and mineral interests in the 47,000-acre Elk Hills field in the San Joaquin Basin of California. Consolidating sole ownership of the Elk Hills field, CRC paid cash consideration of $460M and issued 2.85M CRC common shares to Chevron, subject to customary post-closing adjustments. The effective date of the transaction was April 1. CRC now owns Elk Hills in fee simple, the most complete form of ownership, holding a 100% working interest and a 100% net revenue interest, as well as all surface lands in the Elk Hills field. The field has an estimated 8.5B BOE of original oil in place and 32 major producing zones currently identified. CRC expects to achieve approximately $5M of annualized operational savings within six months of closing and approximately $15M of additional synergies within the next 18 months as it streamlines processes and leverages its substantial infrastructure already in place. Elk Hills is CRC's lowest cost operating area and with a 100% ownership interest would have accounted for approximately 43% of its 2017 pro-forma production. Because of the low operating costs at Elk Hills, this acquisition will immediately reduce CRC's corporate per unit production costs by approximately 55c per BOE, in addition to lowering general and administrative costs by about 20c per BOE.

CRC

California Resources

$18.06

0.1 (0.56%)

CVX

Chevron

$115.98

1.22 (1.06%)

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CRC California Resources
$18.06

0.1 (0.56%)

01/16/18
BOFA
01/16/18
UPGRADE
BOFA
Buy
California Resources upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Doug Leggate upgraded California Resources to Buy and raised its price target to $34 from $24 on a higher oil price outlook and leverage, and an improving balance sheet.
02/01/18
GSCO
02/01/18
UPGRADE
Target $27.5
GSCO
Neutral
California Resources upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Brian Singer upgraded California Resources to Neutral with a $27.50 price target. The analyst now assumes a more favorable oil price outlook relative to consensus and sees "strong balance sheet improvement" for the company in the in the near-term from higher cash flow generation.
02/09/18
SOCG
02/09/18
UPGRADE
SOCG
Buy
California Resources upgraded to Buy from Hold at Societe Generale
02/12/18
IMPC
02/12/18
UPGRADE
Target $26
IMPC
Outperform
California Resources upgraded to Outperform from In-Line at Imperial Capital
Imperial Capital analyst Jason Wangler upgraded California Resources to Outperform with an unchanged price target of $26 following the company's announcement of a new midstream joint venture and equity investment. The analyst views the developments as further evidence of the value in the company's asset base.
CVX Chevron
$115.98

1.22 (1.06%)

02/23/18
EXAN
02/23/18
UPGRADE
EXAN
Neutral
Chevron upgraded to Neutral from Underperform at Exane BNP Paribas
02/28/18
BOFA
02/28/18
UPGRADE
BOFA
Buy
Chevron upgraded to Buy from Neutral at BofA/Merrill
02/28/18
02/28/18
UPGRADE
Target $138

Buy
Chevron upgraded to Buy on valuation at BofA/Merrill
As previously reported, BofA/Merrill upgraded Chevron to Buy from Neutral and maintained a $138 price target. Analyst Doug Leggate views valuation as attractive following the recent pullback in shares combined with his views of an improving commodity backdrop.
03/20/18
JPMS
03/20/18
NO CHANGE
Target $135
JPMS
Overweight
Chevron pullback brings favorable entry point, says JPMorgan
JPMorgan analyst Phil Gresh says the pullback in Chevron shares to below $115 brings a favorable entry point. The analyst sees a "balanced long-term story" around production growth, free cash flow generation, and return of capital through at least 2022 with "fairly low execution risk." The analyst believes the "penalty box" following the "messy" Q4 will be temporary. He raised his price target for Chevron to $135 from $130 and keeps an Overweight rating on the shares.

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PETQ

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