California Resources Corp. (CRC) had high hopes to grow oil output this year and beyond after its spin-off from Occidental Petroleum in November. However, its high debt load has hamstrung those plans and forced an 80% reduction in planned spending for this year. "CRC will go down in history as possibly the worst-timed spin-out in the history of oil," quipped Wolfe Research analyst Paul Sankey in a note following the release of CRC's quarterly earnings report and its outlook for the year ahead.
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