California Resources Forecasts 3Q Loss from Net Settlement from Commodity Derivatives
Dow Jones
2 hours ago
California Resources forecast a loss from its financial hedges in the third quarter.
The energy company on Tuesday guided for a third-quarter loss from net settlement from commodity derivatives of $134 million.
The guidance includes estimates for a loss of $122 million from net settlements and premiums from commodity sales derivatives, and a loss of $12 million from settlements of natural gas purchase derivatives, according to a filing with the Securities and Exchange Commission.
The company said it doesn't view its third-quarter oil price realization relative to Brent as a long-term run rate, and expects realizations to improve.
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