The Santa Clarita oil and gas production company entered Chapter 11 bankruptcy in August and emerged88 days later. As a result, the quarterly report includes both the “before” and “after” company, because “under fresh start accounting, the reorganized entity is considered a new reporting entity,” according to the company. Also, California Resources received $4.4 billion through a debt-to-equity swap, an amount considered income during the quarter. ...

Subscribe to get the full story.


Are you a subscriber? Sign In