Feb 25, 2016

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New 52-weeks Low Stocks: California Resources Corporation (CRC), Whiting Petroleum Corp. (WLL), Avis Budget Group, Inc. (CAR)

New 52-weeks Low Stocks: California Resources Corporation (CRC), Whiting Petroleum Corp. (WLL), Avis Budget Group, Inc. (CAR)

 

California Resources Corporation (NYSE:CRC) stock reached a 1-year low price of $0.28. On February 19, 2016, California Resources Corporation (NYSE:CRC), announced that it will host its fourth quarter and full year financial results conference call on Monday, February 29th at 5:00 p.m. Eastern Standard Time. The Company’s earnings will be released following the market close on the same date.

We encourage participants to pre-register for the conference call using the following link http://dpregister.com/10076862. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

To participate in CRC’s conference call, either dial (877) 328-5505 FREE (International calls please dial +1 (412) 317-5421) or access via webcast at www.crc.com, fifteen minutes prior to the scheduled start time to register. A digital replay of the conference call will be archived for approximately 30 days and available online in Investor Relations at www.crc.com.

Whiting Petroleum Corp. (NYSE:WLL) stock reached a 1-year low price of $3.61. Whiting Petroleum Corp. (NYSE:WLL) on February 24, 2016, production in the fourth quarter 2015 totaled 14.3 million barrels of oil equivalent (MMBOE), 88% crude oil/natural gas liquids (NGLs). Fourth quarter 2015 production averaged 155,210 barrels of oil equivalent per day (BOE/d). This was at the high end of production guidance despite 3,300 BOE/d of asset sales that closed during the quarter and were not reflected in guidance. Better than forecast production results in the Williston Basin due to enhanced completions and an increase in gas capture rates across our acreage position contributed to production exceeding our estimate.

During the fourth quarter, the Company sold its water handling system at the Redtail field in the DJ Basin for $75 million and higher operating cost, non-core E&P assets for $101 million with 3,300 BOE/d of associated production. This brings total asset sales in 2015 to $512 million. Divested assets had associated production of 12.4 MBOE/d.

Whiting projects a 2016 capital budget of $500 million, a decrease of approximately 80% from its 2015 capital expenditures. The Company expects to invest $440 million of the 2016 capital budget on development activity primarily in its core Bakken and Niobrara areas, which represents 88% of the total budget. This capital budget reflects suspending completion operations commencing in the second quarter. At year-end 2016, the Company projects an inventory of 73 drilled uncompleted wells in the Williston Basin Bakken/Three Forks play and 95 drilled uncompleted wells in the DJ Basin Niobrara play. This inventory of drilled uncompleted wells should afford Whiting a highly capital-efficient means to resume growth upon a rebound in oil prices.

Avis Budget Group, Inc. (NASDAQ:CAR) stock reached a 1-year low price of $21.91. Avis Budget Group, Inc. (NASDAQ:CAR) on 23 February 2016, reported results for its fourth quarter and year ended December 31, 2015.  For the quarter, the Company reported revenue of $1.9 billion and Adjusted EBITDA of $128 million.  The Company reported adjusted net income of $18 million, or $0.18 per share.  The Company’s GAAP net loss was $5 million, or $0.06 per share.

For the year, the Company reported revenue of $8.5 billion, an increase of 5% compared with 2014 in constant currency.  Adjusted EBITDA increased 3% to $903 million, the highest total in the Company’s history, and grew 9% in constant currency.  Adjusted net income was $333 million, or $3.17 per diluted share, representing a 7% year-over-year increase.  The Company reported GAAP net income of $313 million, or $2.98 per share.

Revenue increased 1% in fourth quarter 2015 and grew 5% in constant currency, primarily due to an 8% increase in rental days (5% excluding the acquisition of Maggiore).  Fourth quarter Adjusted EBITDA declined 1% to $128 million and increased 5% in constant currency.  Results benefited from increased rental volumes, lower per-unit fleet costs and aggressive cost controls, partially offset by reduced pricing and a $7 million negative impact from currency movements.

 

 

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