8 July 2020material agreement▼ Bad
CRC's lenders extended the forbearance period yet again as restructuring negotiations continued.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 July 2020material agreement▼ Bad
Lenders extended the forbearance deadline again and agreed to also cover a newly disclosed asset-coverage-ratio breach as CRC's restructuring talks continued.
15 June 2020material agreement▼ Bad
CRC's lenders extended the forbearance deadline, giving the company more time before they could act on its loan defaults.
8 June 2020material agreement▼ BadMajor
CRC entered forbearance agreements with the large majority of its lenders after breaching covenants on its 2014 and 2016 credit facilities, buying time to negotiate debt relief as the oil-price crash hit its balance sheet.
6 May 2020material agreement▼ Bad
As oil prices collapsed in the COVID-19 downturn, CRC amended its 2014 credit facility to delay a borrowing-base review and voluntarily cut its revolver capacity from $1 billion to $900 million.
3 Sept 2019material agreement● Neutral
CRC amended its 2014 credit facility again, this time to allow flexibility for royalty-interest transactions.
16 Nov 2018material agreement termination● Neutral
CRC replaced the at-the-market stock-sale program it had set up alongside its November 2017 financing, swapping sole underwriter Morgan Stanley for a syndicate of five banks without increasing the shares authorized for sale; no shares had been sold under the original program.
18 Sept 2018material agreement● Neutral
CRC amended its 2017 credit facility to give itself more room to buy back its own bonds and term loan debt at a discount, continuing its post-spinoff deleveraging push.
9 Apr 2018asset acquisition disposition▲ GoodMajor
CRC bought out Chevron's remaining working, surface and mineral interests in the Elk Hills field for $460 million cash plus 2.85 million CRC shares, giving CRC full ownership of its flagship 47,000-acre asset for the first time.
17 Nov 2017debt financing▲ GoodMajor
CRC closed a new $1.3 billion term loan to repay its 2014 facility's term loan and part of its revolver, completing the refinancing announced days earlier and extending its debt maturities.
13 Nov 2017material agreement● Neutral
CRC finalized an amendment extending the maturity and easing covenants on its 2014 credit facility, contingent on closing a new term loan of at least $900 million.
17 Aug 2016debt financing▲ GoodMajor
CRC refinanced the debt load it carried since its 2014 spin-off from Occidental, amending its existing credit facility and adding a new $1 billion loan while a bond tender cut total debt by about $625 million.