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Thursday, Sep 21, 2023

PREVIEW: Surviving the Oil Slump

In the fall of 2014, Todd Stevens took on the leadership of oil producer California Resources Corp. after the company was spun off by energy giant Occidental Petroleum Corp. before it left for Texas. But the new company was saddled with $7 billion in debt and saw oil prices chopped in half. Since then, Stevens, a former Army officer, has kept the new company afloat despite a minefield of situations that could have taken down more established energy producers. The West Point graduate succeeded by maneuvering the company through complex financial deals and by drastically cutting its drilling activity and labor force. With fresh capital from new equity partners, the company has started drilling again. Share prices have demonstrated that California Resources has been perched at times on a slippery slope. Friday, however, proved a banner day for the company as its share price shot up 9.6 percent to close at $9.23. Read the full story in the June 26 issue of the San Fernando Valley Business Journal.

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