California Resources Launches $150 Million Share Buyback Program
California Resources Corp. launched a share repurchase program to acquire up to $150 million of its common...
California Resources Corp. launched a share repurchase program to acquire up to $150 million of its common stock, which its CEO said was the result of the company’s “positive first-quarter results.”
For the first quarter, California Resources reported a net loss attributable to common stock of $94 million, or $1.13 per diluted share. The adjusted net income was $102 million, or $1.22 per diluted share.
California Resources also reported a generated adjusted EBITDAX of $189 million and free cash flow of $120 million. The company said it reaffirmed 2021 free cash flow guidance and optimized investment dollars by shifting $15 million from drilling and completions to downhole maintenance projects, which it noted provides efficiencies and faster payouts.
Chesapeake Energy Says No Board Members Interviewing for CEO Post
Chesapeake Energy Corp. said on May 12 no members of its board of directors were interviewing to take...
Chesapeake Energy Corp. said on May 12 no members of its board of directors were interviewing to take over from former CEO Doug Lawler, who resigned last month after leading the company through its Chapter 11 bankruptcy.
Interim-CEO Mike Wichterich said the search for a replacement would take a few months, adding that Lawler had not left because of any action and strategy was unchanged. He said the board wanted a fresh start as it emerged from bankruptcy.
The Oklahoma City-based company reported a profit of $295 million for the quarter. Its shares were up 5.6% in early trading to $51.83.
Rystad Energy expects global exploration and production...
Rystad Energy expects global exploration and production spending to increase to $390 billion this year and just over $480 billion by 2025, but a return to pre-pandemic spending levels of $530 billion is unlikely to ever happen. The steepest spending cuts came from US shale companies, which slashed their upstream budgets by $96 billion after last year's oil price crash, Rystad said.
Energy stocks are poised for a higher start, backed by gains in the underlying commodities and the broader...
Energy stocks are poised for a higher start, backed by gains in the underlying commodities and the broader index futures which rose but are still on pace for their worst week since January. Economically sensitive sectors should lead the market higher today following the CDC’s decision to ease mask guidelines for fully vaccinated individuals.
Oil prices are clawing back some of yesterday’s steep losses as stocks strengthened, though gains were capped by the coronavirus situation in major oil consumer India and the restart of the Colonial fuel pipeline. "[Brent's] renewed failure to exceed $70 is likely to have sparked selling by speculative market participants, especially as operation of the Colonial Pipeline is being ramped up again in the U.S.," Commerzbank said. Traders were also watching the situation in the Middle East after Israel fired artillery and mounted more airstrikes on Friday against Palestinian militants in the Gaza Strip in response to rocket fire deep into Israel's commercial center.
IEA: Global oil glut dissipates, but demand risks linger
The global oil glut amassed during the pandemic has normalized,...
The global oil glut amassed during the pandemic has normalized, with oil inventories in developed nations just 36.9 million barrels above the five-year average in March, down from a 250-million-barrel surplus last summer, according to the International Energy Agency. However, India's coronavirus crisis could dent oil demand and market volatility is unlikely to subside until the pandemic is in check, the IEA said.
