Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - California Resources Corp | trojantenderlaunchpr.htm |
| 8-K - 8-K - California Resources Corp | form8-kcrctenderlaunch0801.htm |
PV-10 Collateral Coverage through the
New Term Loan Debt
1
$ 2,220
through
the New
Term Loan2
Source: CRC Management
Note: In addition, non-Borrowing Base Collateral is also pledged to the new First Lien Second Out Term Loan.
1 YE2015 reserves adjusted to reflect February LOE levels less production YTD July 1, 2016, run at June 27, 2016 strip pricing.
2 Includes pro forma debt amounts: $720 million Revolver drawn, $800 million Term Loan Facility and $700 million New Term Loan.
1 1
$ 5,059
$ 5,758
$ 4,025
$ 0
$ 1,000
$ 2,000
$ 3,000
$ 4,000
$ 5,000
$ 6,000
$ 7,000
2015 Year-End SEC 1P PV-10 2015 1P PV-10 at 6/27/16 Pricing 2015 PDP PV-10 at 6/27/16 Pricing
(U
S$
in
m
illi
on
s)
(2.3x Coverage)
(2.6x Coverage)
(1.8x Coverage)
Exhibit 99.2
Active Hedging Program Further Protects Cash Flow¹
¹ As of July 6, 2016.
• Current hedge program targeting 50% of production
• Strategy focuses on protecting cash flow for capital investments and covenant compliance
2
Q2 2016 Q3 2016 Q4 2016 2017 2018
Calls
Barrels per Day 40,500 19,000 25,000 11,250 23,287
Wtd Avg Ceiling Price per Barrel $64.25 $55.08 $53.62 $56.01 $57.99
Puts
Barrels per Day 55,500 28,000 3,000 4,275 –
Wtd Avg Floor Price per Barrel $50.14 $50.65 $50.00 $50.00 –
Swap
Barrels per Day – 1,000 29,000 – –
Wtd Avg Price per Barrel – $61.25 $49.43 – –
Summary of Key Operating Metrics1
3
Operating Metrics1
Source: CRC Management
1 YE2015 reserves adjusted to reflect February LOE levels less production YTD July 1, 2016, run at June 27, 2016 strip pricing.
Metric Value
1Q16 Production (Mboe/ d) 148
2015 1P Reserves at 6/27/16 Pricing (MMBoe) 691
2015 1P PV-10 at 6/27/16 Pricing ($mm) $5,758