Deals
California Resources Weighs Oilfield Sales to Reduce Debt Load
- State's largest oil producer on verge of closing deals
- Company in process of cutting workforce by 15 percent
This article is for subscribers only.
California Resources Corp. is considering selling oil and natural gas fields, pipelines and processing plants to pay down debt as faltering energy prices shrink cash flow.
The transactions could take the form of outright asset sales, joint ventures or master limited partnerships, Los Angeles-based California Resources said in a slide presentation on Tuesday. The company is in the process of exchanging definitive agreements with counter-parties, Chief Executive Officer Todd Stevens said during a conference call that accompanied the slides.