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Analyzing California Resources’ 1Q18 Revenue Expectations

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Apr. 30 2018, Published 2:12 p.m. ET

California Resources’ 1Q18 revenue estimate

For 1Q18, analysts expect California Resources (CRC) to report revenue of ~$532 million. On a YoY (year-over-year) basis, CRC’s 1Q18 revenue expectations are ~10% lower than its 1Q17 revenue of ~$590 million.

Sequentially, California Resources’ 1Q18 revenue expectations are ~17% higher than its 4Q17 revenue of ~$455 million.

The strong YoY fall in California Resources’ 1Q18 production is expected to negatively affect CRC’s revenue. In 1Q18, California Resources’ production is expected to fall ~7% compared to 1Q17. We’ll study CRC’s production in the next article.

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What was CRC’s 4Q17 revenue performance?

In its most recent earnings release in February, CRC reported revenue of ~$455 million, much lower than analysts’ consensus estimate of ~$535 million. Sequentially CRC’s 4Q17 revenue was ~2% higher than its 3Q17 revenue of ~$445 million. Even on a YoY basis, CRC’s 4Q17 revenue is ~1% higher than its 4Q16 revenue of ~$452 million.

CRC’s peer Occidental Petroleum (OXY) is expected to report 1Q18 revenue of ~$3.6 billion, ~20% higher than its revenue of ~$3.0 billion in 1Q17.

Next, let’s take a look at CRC’s 1Q18 production guidance.

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