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California Resources Corporation (CRC) operates as an oil and natural gas exploration and production company in the State of California.
It produces oil, natural gas, and natural gas liquids.
The company holds interests in approximately 2.4 million net acres. As of December 31, 2015, it had net proved reserves of 644 million barrels of oil equivalent. It also gathers, processes, and markets oil and gas products to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.
It operates approximately three drilling rigs across the state with over two located in the San Joaquin basin (steamflood activities) and approximately one in the Los Angeles basin (waterflood activities). It has drilled over 290 gross development wells with over 250 wells in the San Joaquin basin and approximately 30 wells in the Los Angeles basin. It has also drilled approximately three exploration wells in the San Joaquin basin. Its operations include approximately 140 fields with over 9,070 gross active wellbores.
In addition, the company generates and sells electricity to the grid and to others through contractual agreements.
Shares have formed a "bullish flag formation" as shown in blue on the chart. The rise in the shares came after the firm announced that its cost of producing a barrel of oil has declined. It said that its per-barrel costs for production, SG&A (selling, general and administrative expenses), and depreciation range from $32.50 to $33.50 per barrel of oil equivalent. Higher share prices are expected for this stock.
52-Weeks Trading Range: $2.81 - $43.21
Entry Point: $15.10
Stop Loss: $14.20
Target Price: $16.70
CRC closed at $16.81
