California Oil Producer Files for Chapter 11
The California Resources Corporation (CRC), one of the state’s largest oil producers, filed Chapter 11 bankruptcy protection on Wednesday. CRC, which purchased all of Occidental Petroleum’s assets in California, reached agreements with creditors to allow the company to restructure its debt, which should allow the company to continue operations.
CRC has been facing difficult times as oil prices dropped and its stock value dropped from more than 16 dollars a year ago to about a dollar today.
See the company’s press release linked below.
About the Author: Matt Ross
Matt Ross is a Senior Consultant in the energy industry and has more than a dozen years of experience in state government. He can be reached at matt at govreport.org