California Resources’ EBITDA normalized to production
In 2Q16, California Resources (CRC) reported adjusted EBITDA (earnings before interest, tax, depreciation and amortization) normalized to total production of ~$14.4 per boe (barrel of oil equivalent), which is ~9% lower than 2Q15.
As the chart above shows, California Resources’ adjusted EBITDA normalized to total production peaked in 3Q14. In 1Q16, CRC reported its lowest-ever adjusted EBITDA normalized to total production. Sequentially, California Resources’ 2Q16 adjusted EBITDA normalized to total production rose ~70% from 1Q16.
For 2Q16, other upstream companies like Murphy Oil (MUR), Energen Corporation (EGN), and Denbury Resources (DNR) have also reported much lower year-over-year adjusted EBITDA normalized for total production.