27 Oct 2020director interest notice● Neutral
California Resources Corp director William E Albrecht disposed of 4,062 shares via option/appreciation-right settlement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2020director interest notice● Neutral
California Resources Corp Sr EVP, Chief Admin Ofcr & GC Michael L. Preston disposed of 60,509 shares via option/appreciation-right settlement.
27 Oct 2020director interest notice● Neutral
California Resources Corp director Anita M. Powers disposed of 13,231 shares via option/appreciation-right settlement.
27 Oct 2020director interest notice● Neutral
California Resources Corp EVP - Operations & Engineering Shawn M. Kerns disposed of 355 shares via option/appreciation-right settlement.
19 Oct 2020bankruptcy or receivership▼ BadMajor
On October 13, 2020 the bankruptcy court confirmed CRC's amended Chapter 11 plan, which had first been filed July 24, 2020. The revolver lenders are paid in full, 2017 term loan secured holders get 83.6% of the new stock and unsecured debt holders 16.4% (both subject to dilution). The 49,453,297 existing shares are cancelled with no distributions, and Ares's Elk Hills Power interests are acquired for new notes and stock.
27 Aug 2020director interest notice● Neutral
California Resources Corp EVP - Operations & Engineering Shawn M. Kerns sold 62,466 shares at $0.10.
24 Aug 2020director interest notice● Neutral
California Resources Corp SVP - Finance Roy Pineci sold 38,225 shares at $0.11.
19 Aug 2020director interest notice● Neutral
California Resources Corp President and CEO Todd A. Stevens sold 276,736 shares at $0.11.
12 Aug 2020director interest notice● Neutral
California Resources Corp director William E Albrecht sold 88,821 shares at $0.18.
6 Aug 2020quarterly activities report▼ Bad
California Resources Corp reported quarterly revenue of $276.0 million and a net loss of $271.0 million for the period ended 2020-06-30.
31 July 2020listing compliance notice● NeutralMajor
California Resources Corp's exchange filed to remove a class of its securities from listing.
24 July 2020material agreement● Neutral
As part of its bankruptcy restructuring, CRC formalized the backstop commitments for its planned equity rights offering, securing the capital needed to fund its reorganization plan.
17 July 2020listing compliance notice▼ BadMajor
The NYSE told CRC on July 16, 2020 that it was starting delisting proceedings because of the Chapter 11 filing, and suspended trading. CRC did not appeal, and its stock began trading over the counter as CRCQQ on July 17.
16 July 2020bankruptcy or receivership▼ BadMajor
CRC filed for Chapter 11 bankruptcy, entering a pre-arranged restructuring backed by holders of most of its term loans and its Elk Hills joint-venture partner Ares Management that will erase over $5 billion of debt, funded by $1.1 billion of debtor-in-possession financing.
13 July 2020material agreement▼ Bad
Lenders extended the forbearance deadline once more, days before CRC ultimately filed for Chapter 11 bankruptcy protection.
8 July 2020material agreement▼ Bad
CRC's lenders extended the forbearance period yet again as restructuring negotiations continued.
2 July 2020material agreement▼ Bad
CRC and its lenders amended the forbearance agreements again, extending the period in which lenders would not exercise remedies for certain specified events of default to July 7, 2020. The lenders' forbearance covenants continued to apply.
15 June 2020material agreement▼ Bad
CRC's lenders extended the forbearance deadline, giving the company more time before they could act on its loan defaults.
8 June 2020material agreement▼ BadMajor
On June 2, 2020, CRC signed forbearance agreements with lenders holding 84.6% of its 2014 credit loans, 61.6% of its 2016 term loans and 79.1% of its 2017 term loans. They agreed not to enforce remedies over missed May 29 interest payments until June 14, 2020 at the latest.
6 May 2020material agreement▼ Bad
As oil prices collapsed in the COVID-19 downturn, CRC amended its 2014 credit facility to delay a borrowing-base review and voluntarily cut its revolver capacity from $1 billion to $900 million.
27 Mar 2020securities registration● Neutral
California Resources Corp amended an already-effective registration statement.
27 Mar 2020securities registration● Neutral
California Resources Corp amended an already-effective registration statement.
26 Feb 2020securities registration● Neutral
California Resources Corp amended its automatic shelf registration statement.
26 Feb 2020securities registration● Neutral
California Resources Corp amended an already-effective registration statement.
26 Feb 2020securities registration● Neutral
California Resources Corp amended an already-effective registration statement.
21 Feb 2020capital raising announcement● NeutralMajor
CRC launched private exchange offers asking holders of its 8% second lien notes due 2022, 5 1/2% notes due 2021 and 6% notes due 2024 to swap them for new term loans due 2028 with CRC warrants, or for royalty notes and shares in Elk Hills RoyaltyCo. Supporting holders also agreed to take warrants for up to 3,447,184 CRC shares at $9.25 each, if the offers close. This is an attempt to cut debt outside court, and the warrants would dilute existing shareholders. The offers were followed by the July 2020 Chapter 11 filing, so it is an inference that they did not complete as planned.
14 Feb 2020substantial holder notice● Neutral
Masters Capital Management, LLC and Michael Masters reported holding 1,149,480 California Resources shares (2.34%) as of December 31, 2019. Their final amendment said they had ceased to own more than five percent.
12 Feb 2020substantial holder notice● Neutral
The Vanguard Group reported a California Resources Corp shareholding of 4,169,984 shares (8.48% of votes) in a periodic institutional filing.
5 Feb 2020substantial holder notice● Neutral
BlackRock, Inc reported a California Resources Corp shareholding of 3,419,493 shares (7.00% of votes) in a periodic institutional filing.
4 Nov 2019quarterly activities report● Neutral
California Resources Corp reported quarterly revenue of $681.0 million and net income of $94.0 million for the period ended 2019-09-30.