Earnings and Presentations

3rd Quarter 2018 Earnings
Todd A. Stevens
Marshall D. Smith
November 1, 2018

Earnings Webcast Webcast
Earnings Release Earnings Release
Historical Data Historical Data
Earnings Infographic Earnings Infographic
Supplementary Slides Supplementary Slides

2nd Quarter 2018 Earnings
Todd A. Stevens
Marshall D. Smith
August 2, 2018

Earnings Release Earnings Release
Historical Data Historical Data
Earnings Infographic Earnings Infographic
Earnings Transcript Complete Transcript
Supplementary Slides Supplementary Slides

1st Quarter 2018 Earnings
Todd A. Stevens
Marshall D. Smith
May 3, 2018

Earnings Release Earnings Release
Historical Data Historical Data
Earnings Infographic Earnings Infographic
Earnings Transcript Complete Transcript
Supplementary Slides Supplementary Slides

4th Quarter 2017 Earnings
Todd A. Stevens
Marshall D. Smith
February 26, 2018

Earnings Release Earnings Release
Historical Data Historical Data
Earnings Infographic Earnings Infographic
Earnings Transcript Complete Transcript
Supplementary Slides Supplementary Slides

3rd Quarter 2017 Earnings
Todd A. Stevens
Marshall D. Smith
November 6, 2017

Earnings Release Earnings Release
Historical Data Historical Data
Earnings Infographic Earnings Infographic
Earnings Transcript Complete Transcript
Supplementary Slides Supplementary Slides

2nd Quarter 2017 Earnings
Todd A. Stevens
Marshall D. Smith
August 3, 2017

Earnings Release Earnings Release
Historical Data Historical Data
Earnings Infographic Earnings Infographic
Earnings Transcript Complete Transcript
Supplementary Slides Supplementary Slides

Global Mizuho Investor Conference (MIC)
December 4, 2018

Global Mizuho Investor Conference Presentation Global Mizuho Investor Conference Presentation

Bank of America Merrill Lynch 2018 Leveraged Finance Conference
Mark Smith - Speaker
December 4, 2018

Bank of America Merrill Lynch 2018 Leveraged Finance Conference Webcast Webcast
Bank of America Merrill Lynch 2018 Leveraged Finance Conference Presentation Bank of America Merrill Lynch 2018 Leveraged Finance Conference Presentation
Bank of America Merrill Lynch 2018 Leveraged Finance Conference Edited Transcript Bank of America Merrill Lynch 2018 Leveraged Finance Conference Edited Transcript

Jeffries 8th Annual Global Energy Conference
Mark Smith - Speaker
November 27, 2018

Jeffries 8th Annual Global Energy Conference Webcast Webcast
Jeffries 8th Annual Global Energy Conference Presentation Jeffries 8th Annual Global Energy Conference Presentation
Jeffries 8th Annual Global Energy Conference Edited Transcript Jeffries 8th Annual Global Energy Conference Edited Transcript

Bank of America Merrill Lynch Global Energy Conference
Todd Stevens - Speaker
November 14, 2018

Bank of America Merrill Lynch Global Energy Conference Webcast Webcast
Bank of America Merrill Lynch Global Energy Conference Presentation Bank of America Merrill Lynch Global Energy Conference Presentation
Bank of America Merrill Lynch Global Energy Conference Transcript Bank of America Merrill Lynch Global Energy Conference Transcript

November Corporate Presentation

CRC November Corporate Presentation November Corporate Presentation

CRC Analyst & Investor Day
October 3, 2018

CRC Analyst Day Webcast Webcast
CRC Analyst Day Release Analyst Day Release
CRC Analyst Day Presentation Analyst Day Presentation
CRC Analyst Day Presentation Analyst Day Transcript
CRC Overview CRC Overview
CRC’s Ventura Operations Overview CRC’s Ventura Operations Overview
CRC’s Long Beach Operations Overview CRC’s Long Beach Operations Overview
CRC’s Elk Hills Operations Overview CRC’s Elk Hills Operations Overview
CRC Operating in California CRC Operating in California

Barclays CEO Energy-Power Conference
Todd Stevens - Speaker
September 4, 2018

Barclays CEO Energy-Power Conference Webcast Webcast
Barclays CEO Energy-Power Conference Presentation Barclays CEO Energy-Power Conference Presentation
Barclays CEO Energy-Power Conference Presentation Transcript Barclays CEO Energy-Power Conference Presentation Transcript

August Corporate Presentation

CRC August Corporate Presentation August Corporate Presentation

J.P. Morgan Energy Conference
Todd Stevens - Speaker
June 19, 2018

J.P. Morgan Energy Conference Webcast
J.P. Morgan Energy Conference J.P. Morgan Energy Conference Presentation

2018 Wells Fargo West Coast Energy Conference
June 12, 2018

2018 Wells Fargo West Coast Energy Conference Presentations 2018 Wells Fargo West Coast Energy Conference Presentation

Bank of America Merrill Lynch 2018 Energy Credit Conference
Mark Smith - Speaker
June 7, 2018

Bank of America Merrill Lynch 2018 Energy Credit Conference Webcast
Bank of America Merrill Lynch 2018 Energy Credit Conference Bank of America Merrill Lynch 2018 Energy Credit Conference Presentation
Bank of America Merrill Lynch 2018 Energy Credit Conference Transcript Bank of America Merrill Lynch 2018 Energy Credit Conference Presentation Transcript

May Corporate Presentation

CRC May Corporate Presentation May Corporate Presentation

IPAA Oil & Gas Investment Symposium Presentation
Todd Stevens - Speaker
April 10, 2018

IPAA Oil & Gas Investment Symposium Presentation Webcast
IPAA Oil & Gas Investment Symposium Presentation IPAA Oil & Gas Investment Symposium Presentation
IPAA Oil & Gas Investment Symposium Presentation Transcript IPAA Oil & Gas Investment Symposium Presentation Transcript

April Corporate Presentation

CRC April Corporate Presentation April Corporate Presentation

Scotia Howard Weil 46th Annual Energy Conference
Todd Stevens - Speaker
March 25-28, 2018

Scotia Howard Weil Annual Energy Conference Presentation Scotia Howard Weil 46th Annual Energy Conference Presentation
Scotia Howard Weil Annual Energy Conference Presentation Transcript Scotia Howard Weil 46th Annual Energy Conference Presentation Transcript

Raymond James 39th Annual Institutional Investors Conference
Mark Smith - Speaker
March 5, 2018

Raymond James 39th Annual Institutional Investors Conference Webcast
Raymond James 39th Annual Institutional Investors Conference Presentation Raymond James 39th Annual Institutional Investors Conference Presentation

J.P. Morgan Global High Yield & Leveraged Finance Conference
Mark Smith - Speaker
February 28, 2018

J.P. Morgan Global High Yield & Leveraged Finance Conference Presentation J.P. Morgan Global High Yield & Leveraged Finance Conference Presentation

February Corporate Presentation

February Corporate Presentation February Corporate Presentation

Goldman Sachs Global Energy Conference
Mark Smith - Speaker
January 9, 2018

Goldman Sachs Global Energy Conference Presentation Goldman Sachs Global Energy Conference Presentation

Cowen and Company’s 7th Annual Energy & Natural Resources Conference
Mark Smith - Speaker
December 4, 2017

Cowen and Company’s 7th Annual Energy & Natural Resources Conference Webcast
Cowen and Company’s 7th Annual Energy & Natural Resources Conference Presentation Cowen and Company’s 7th Annual Energy & Natural Resources Conference Presentation

Global Mizuho Investor Conference
December 4, 2017

Global Mizuho Investor Conference Presentation Global Mizuho Investor Conference Presentation

November Corporate Presentation

November Corporate Presentation November Corporate Presentation

Bank of America Merrill Lynch 2017 Global Energy Conference
November 16, 2017

Bank of America Merrill Lynch 2017 Global Energy Conference Presentation Bank of America Merrill Lynch 2017 Global Energy Conference Presentation

Seaport Global 6th Annual San Francisco Energy Day Conference
November 14, 2017

Seaport Global 6th Annual San Francisco Energy Day Conference Presentation Seaport Global 6th Annual San Francisco Energy Day Conference Presentation

Johnson Rice & Company’s 2017 Energy Conference
September 27, 2017

JP Morgan Energy Equity Conference Presentation Johnson Rice & Company’s 2017 Energy Conference Presentation

JP Morgan Energy Equity Conference
Todd Stevens - Speaker
June 28, 2017 - 1:00PM EDT

JP Morgan Energy Equity Conference Webcast
JP Morgan Energy Equity Conference Presentation JP Morgan Energy Equity Conference Presentation
JP Morgan Energy Equity Conference Presentation Transcript JP Morgan Energy Equity Conference Presentation Transcript

Goldman Sachs Second Annual Leveraged Finance Conference
Mark Smith - Speaker
June 20, 2017

Goldman Sachs Second Annual Leveraged Finance Conference Presentation Goldman Sachs Second Annual Leveraged Finance Conference Presentation

Bank of America Merrill Lynch 2017 Energy Credit Conference
Scott Espenshade - Speaker
June 6, 2017

Bank of America Merrill Lynch 2017 Energy Credit Conference Bank of America Merrill Lynch 2017 Energy Credit Conference Presentation

IPAA 23rd Annual OGIS New York Symposium
Todd Stevens - Speaker
April 3, 2017

IPAA 23rd Annual OGIS New York Symposium Webcast
Scotia Howard Weil 45th Annual Energy Conference IPAA 23rd Annual OGIS New York Symposium Presentation

Scotia Howard Weil 45th Annual Energy Conference
Todd Stevens - Speaker
March 28-29, 2017

Scotia Howard Weil 45th Annual Energy Conference Scotia Howard Weil 45th Annual Energy Conference Presentation

CRC Analyst Day and Site Tours
Bakersfield and Long Beach, California
March 22-23, 2017

CRC Analyst Day and Site Tours Webcast
2017 CRC Analyst Day Presentation 2017 Analyst Day Presentation
2017 CRC Analyst Day Transcript 2017 Analyst Day Transcript

Raymond James & Associates’ 38th Annual Institutional Investors Conference
Mark Smith - Speaker
March 6-8, 2017

Raymond James & Associates’ 38th Annual Institutional Investors Conference Webcast
Raymond James & Associates’ 38th Annual Institutional Investors Conference Raymond James & Associates’ 38th Annual Institutional Investors Conference Presentation
Raymond James & Associates’ 38th Annual Institutional Investors Conference Transcript Raymond James & Associates’ 38th Annual Institutional Investors Conference Transcript

Goldman Sachs Global Energy Conference
Mark Smith - Speaker
January 5-6, 2017

Goldman Sachs Global Energy Conference Goldman Sachs Global Energy Conference Presentation

Wells Fargo 15th Annual Energy Symposium
Mark Smith - Speaker
December 7, 2016

Wells Fargo 15th Annual Energy Symposium Wells Fargo 15th Annual Energy Symposium Presentation

Cowen and Company Energy & Natural Resources Conference
Mark Smith - Speaker
December 6, 2016

Cowen and Company Energy & Natural Resources Conference Webcast
Cowen and Company Energy & Natural Resources Conference Cowen and Company Energy & Natural Resources Conference Presentation

Bank of America Merrill Lynch 2016 Global Energy Conference
Todd Stevens - Speaker
November 17, 2016

Bank of America Merrill Lynch 2016 Global Energy Conference Webcast
Bank of America Merrill Lynch 2016 Global Energy ConferencePresentation Bank of America Merrill Lynch 2016 Global Energy Conference Presentation

2016 Johnson Rice Energy Conference
September 22, 2016

2016 Johnson Rice Energy Conference Presentation 2016 Johnson Rice Energy Conference Presentation

Barclays CEO Energy-Power Conference
Todd Stevens - Speaker
September 6, 2016

Barclays CEO Energy-Power Conference Webcast
Barclays CEO Energy-Power Conference Presentation Barclays CEO Energy-Power Conference Presentation
Barclays CEO Energy-Power Conference Transcript Barclays CEO Energy-Power Conference Transcript

Supplemental Investor Information
August 1, 2016

Supplemental Investor Information Supplemental Investor Information

J.P. Morgan Inaugural Energy Equity Conference
June 28, 2016

J.P. Morgan Inaugural Energy Equity Conference J.P. Morgan Inaugural Energy Equity Conference Presentation

Scotia Howard Weil 2016 Energy Conference
Todd Stevens - Speaker
March 23, 2016

Scotia Howard Weil 2016 Energy Conference Scotia Howard Weil 2016 Energy Conference
Scotia Howard Weil 2016 Energy Conference Edited Transcript Scotia Howard Weil 2016 Energy Conference Edited Transcript

Goldman Sachs Energy Conference
Mark Smith - Speaker
January 6, 2016

Goldman Sachs Energy Conference Goldman Sachs Energy Conference Presentation

2015 Analyst Day 2
October 14, 2015

2015 Analyst Day 2 Webcast Webcast
2015 Analyst Day 2 2015 Analyst Day 2 Presentation
2015 Analyst Day 2 Transcript 2015 Analyst Day 2 Transcript

2015 Analyst Day 1
October 13, 2015

2015 Analyst Day 1 Webcast Webcast
2015 Analyst Day 1 2015 Analyst Day 1 Presentation
2015 Analyst Day 1 Transcript 2015 Analyst Day 1 Transcript

OGIS San Francisco
Scott Espenshade - Speaker
October 5, 2015

OGIS San Francisco Conference OGIS San Francisco Presentation

Johnson Rice Energy Conference
Mark Smith - Speaker
September 30, 2015

Johnson Rice Energy Conference Johnson Rice Energy Conference Presentation

Raymond James North American Conference
Todd Stevens - Speaker
September 22, 2015

Raymond James North American Conference Raymond James North American Conference Presentation

Barclays CEO Energy & Power Conference
Todd Stevens - Speaker
September 10, 2015

Webcast Webcast
Barclays CEO Energy & Power Conference Barclays CEO Energy & Power Conference Presentation
Barclays CEO Energy & Power Conference Transcript Barclays CEO Energy & Power Conference Transcript

Investor Presentation
July 2015

July Investor Presentation July Investor Presentation

Wolfe Research – Interview with Paul Sankey
Todd Stevens - Speaker
July 13, 2015

Wolfe Research – Interview with Paul Sankey Wolfe Research – Interview with Paul Sankey Presentation
Wolfe Research – Interview with Paul Sankey Transcript Wolfe Research – Interview with Paul Sankey Edited Transcript

Tudor Pickering Holt CEO Luncheon Series
Todd Stevens - Speaker
June 30, 2015

Tudor Pickering Holt CEO Luncheon Series Tudor Pickering Holt CEO Luncheon Series Presentation

GHS 100 Energy Conference
Scott Espenshade - Speaker
June 24, 2015

GHS 100 Energy Conference GHS 100 Energy Conference Presentation

TPH 2015 Hotter ‘N Hell Conference
Mark Smith - Executive Representation
June 17, 2015

Bank of America Merrill Lynch Global Energy and Power Leveraged Finance Conference TPH 2015 Hotter ‘N Hell Conference Presentation

Bank of America Merrill Lynch Global Energy and Power Leveraged Finance Conference
Mark Smith - Speaker
June 3, 2015

Bank of America Merrill Lynch Global Energy and Power Leveraged Finance Conference Bank of America Merrill Lynch Global Energy and Power Leveraged Finance Conference Presentation

UBS Global Oil and Gas Conference
Todd Stevens - Speaker
May 19, 2015

UBS Global Oil and Gas Conference Webcast
UBS Global Oil and Gas Conference UBS Global Oil and Gas Conference Presentation

Citi 2015 Global Energy and Utilities Conference
Todd Stevens - Speaker
May 12-13, 2015

Citi 2015 Global Energy and Utilities Conference Webcast
Citi 2015 Global Energy and Utilities Conference Citi 2015 Global Energy and Utilities Conference Presentation

Independent Petroleum Association of America, Oil and Gas Investment Symposia
Todd Stevens - Speaker
April 21, 2015

Independent Petroleum Association of America, Oil and Gas Investment Symposia Webcast
Independent Petroleum Association of America, Oil and Gas Investment Symposia Independent Petroleum Association of America, Oil and Gas Investment Symposia Presentation

Scotia Howard Weil 43rd Annual Energy Conference
Todd Stevens - Speaker
March 25, 2015

Scotia Howard Weil 43rd Annual Energy Conference Scotia Howard Weil 43rd Annual Energy Conference Presentation

Raymond James 36th Annual Institutional Investors Conference
Mark Smith – Speaker
March 4, 2015

Raymond James 36th Annual Institutional Investors Conference Webcast Webcast
Raymond James 36th Annual Institutional Investors Conference Presentation Raymond James 36th Annual Institutional Investors Conference Presentation

Goldman Sachs Global Energy Conference 2015
January 7-8, 2015

Goldman Sachs Global Energy Conference Presentation Goldman Sachs Global Energy Conference Presentation

Investor Presentation
December 2014

2014 CRC December Investor Presentation December Investor Presentation

2014 Wells Fargo Energy Symposium
Mark Smith – Speaker
December 10, 2014

2014 Wells Fargo Energy Symposium Presentation CRC 2014 Wells Fargo Energy Symposium Presentation

Bank of America Merrill Lynch 2014 Leveraged Finance Conference
Mark Smith – Speaker
December 2, 2014

Bank of America Merrill Lynch 2014 Leveraged Finance Conference Webcast
Bank of America Merrill Lynch 2014 Leveraged Finance Conference Presentation Bank of America Merrill Lynch 2014 Leveraged Finance Conference Presentation

Bank of America Merrill Lynch 2014 Energy Conference
Todd A. Stevens – Speaker
November 14, 2014

Bank of America Merrill Lynch 2014 Energy Conference Webcast
Bank of America Merrill Lynch 2014 Energy Conference Presentation Bank of America Merrill Lynch 2014 Energy Conference Presentation

Analyst Day
October 31, 2014

2014 Analyst Day Webcast
2014 Analyst Day Presentation 2014 Analyst Day Presentation
2014 Analyst and Investor Day Transcript 2014 Analyst and Investor Day Transcript

Investor Presentation
October 2014

pdf October Investor Presentation

Non-GAAP Financial Measures and Reconciliations

Some disclosures may include financial measures that are not in accordance with United States generally accepted accounting principles (GAAP). While management believes that these non-GAAP measures are useful for investors, they should not be used as a replacement for financial measures presented in accordance with GAAP. For a discussion of these non-GAAP measures, including a reconciliation to the nearest comparable measure in accordance with GAAP or information on the related calculations, please see the attached schedule.

  • Adjusted Net Income (Loss)
  • Adjusted EBITDAX
  • Core Adjusted EBITDAX
  • Discretionary Cash Flow
  • Adjusted General and Administrative Expenses
  • Free Cash Flow
  • PV-10
  • Organic Reserves Replacement Ratio
  • Organic Finding and Development Costs
  • Organic Recycle Ratio
  • Debt Adjusted Shares

Non-GAAP Tables Non-GAAP Tables

Important Additional Disclosures

Drilling Locations

Determination of Identified Drilling Locations

Proven Drilling Locations
We use production data and experience gained from our development programs to identify and prioritize this proven drilling inventory. These drilling locations are included in our inventory only after we have adopted a development plan to drill them within a five-year time frame. As a result of rigorous technical evaluation of geologic and engineering data, we can estimate with reasonable certainty that reserves from these locations will be commercially recoverable in accordance with SEC guidelines. Management considers the availability of local infrastructure, drilling support assets, state and local regulations and other factors it deems relevant in determining such locations.

Unproven Drilling Locations
We have also identified a multi-year inventory of drilling locations that are not associated with proved undeveloped reserves but are specifically identified on a field-by-field basis considering the applicable geologic, engineering and production data. We analyze past field development practices and identify analogous drilling opportunities taking into consideration historical production performance, estimated drilling and completion costs, spacing and other performance factors. These drilling locations primarily include (i) infill drilling locations, (ii) additional locations due to field extensions or (iii) potential improved oil recovery and enhanced oil recovery (EOR) project expansions, some of which are currently in the pilot phase across our properties, but have yet to be moved to the proven category. We believe the assumptions and data used to estimate these drilling locations are consistent with established industry practices with well spacing selected based on the type of recovery process we are using.

Exploration Drilling Locations
Conventional – Our exploration portfolio contains unrisked prospective drilling locations in conventional reservoirs, the majority of which are located near existing producing fields. We use internally generated information and proprietary geologic models consisting of data from analog plays, 3D seismic data, open hole and mud log data, cores, and reservoir engineering data to help define the extent of the targeted intervals and the potential ability of such intervals to produce commercial quantities of hydrocarbons. Information used to identify exploration locations includes both our own proprietary data, as well as industry data available in the public domain. After defining the potential areal extent of an exploration prospect, we identify our exploration drilling locations within the prospect by applying the well spacing historically utilized for the applicable type of recovery process used in analogous fields.

Unconventional – We have unrisked prospective resource drilling locations identified in unconventional reservoirs based on screening criteria that include geologic and economic considerations and limited production information. Prospective play areas are defined by geologic data consisting of well cuttings, hydrocarbon shows, open-hole well logs, geochemical data, available 3D or 2D seismic data and formation pressure data, where available. Information used to identify our prospective locations includes both our own proprietary data, as well as industry data available in the public domain. We identify our prospective resource drilling locations based on an assumption of 80-acre spacing per well throughout the prospective area for each resource play.

Well Spacing Determination
Our well spacing determinations in the above categories of identified well locations are based on actual operational spacing within our existing producing fields, which we believe are reasonable for the particular recovery process employed (i.e., primary, waterflood or EOR). Due to the significant vertical thickness and multiple stacked reservoirs usually encountered by our drilling wells, typical well spacing is generally less than 20 acres and often 10 acres or less in the majority of our fields unless specified differently above. These parameters also meet the general well spacing restrictions imposed on certain oil and gas fields in California.

Drilling Schedule
Our identified drilling locations have been scheduled as part of our current multi-year drilling schedule or are expected to be scheduled in the future. However, we may not drill our identified sites at the times scheduled or at all. We view the risk profile for our exploration drilling locations as being higher than for our other drilling locations due to relatively less available geologic and production data and drilling history, in particular with respect to our prospective resource locations in unconventional reservoirs. We make assumptions about the consistency and accuracy of data when we identify these locations that may prove inaccurate.

Our ability to profitably drill and develop our identified drilling locations depends on a number of variables, including crude oil and natural gas prices, capital availability, costs, drilling results, regulatory approvals, available transportation capacity and other factors. If future drilling results in these projects do not establish sufficient reserves to achieve an economic return, we may curtail drilling or development of these projects. For a discussion of the risks associated with our drilling program, see Item 1A – Risk Factors – Risks Related to Our Business and Industry in our Form 10-K.

Please see the attached schedule for our total gross identified drilling locations as of December 31, 2017 and 2016, excluding our exploration drilling locations related to unconventional reservoirs.

Drilling Locations Drilling Locations

3P Reserves and Other Hydrocarbon Resource Quantities

We provide internally generated estimates for proved reserves and aggregated proved, probable and possible reserves (“3P Reserves”) as of December 31, 2017 and 2016, with each category of reserves estimated in accordance with SEC guidelines and definitions, though we have not reported all such estimates to the SEC. As used:

  • Probable reserves. We use deterministic methods to estimate probable reserve quantities, and when deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves.
  • Possible reserves. We use deterministic methods to estimate possible reserve quantities, and when deterministic methods are used to estimate possible reserve quantities, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves.

The SEC prohibits companies from aggregating proved, probable and possible reserves estimated using deterministic estimation methods in filings with the SEC due to the different levels of certainty associated with each reserve category.

We use the terms “hydrocarbons in place,” “potential recovery,” “original hydrocarbons in place,” “resource potential,” “expected ultimate recovery (EUR),” "net resources," “unrisked prospective resources,” “discovered resources,” "probable reserves," "possible reserves," and “inventory” to describe estimates of potentially recoverable hydrocarbons remaining in the applicable reservoir. These resources are not proved reserves in accordance with SEC regulations and SEC guidelines restrict us from including certain of these measures in filings with the SEC. These have been estimated internally without review by independent engineers and may include shale resources which are not considered in most older, publicly available estimates. Actual recovery of these potential resource volumes is inherently more speculative than recovery of estimated reserves. Factors affecting ultimate recovery include the scope of our ongoing drilling and workover program, which will be directly affected by commodity prices, the availability of capital, regulatory approvals, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints and other factors; actual drilling results, which may be affected by geological, mechanical and other factors that determine recovery rates; and budgets based upon our future evaluation of risk, returns and the availability of capital. Management’s estimate of original hydrocarbons in place includes historical production plus estimates of proved, probable and possible reserves and a gross resource estimate that has not been reduced by appropriate factors for potential recovery and as a result differs significantly from estimates of hydrocarbons that can potentially be recovered. Unproved inventory comprises risked probable and possible reserves and may include contingent and prospective resources. Contingent and prospective resources consist of volumes identified through life-of-field planning efforts that may not have been risked by reference to analogy or other methods used to estimate the chance of success from drilling. Ultimate recoveries will be dependent upon numerous factors including those noted above.

Value Creation Index

Value Creation Index (VCI) is calculated by dividing the net present value of the project’s expected pre-tax cash flow over its life by the net present value of project investments, each using a 10% discount rate. VCI is based on certain estimates, including estimates of future production rates, project costs and commodity prices, and is subject to a number of risks and uncertainties. For a discussion of risks associated with these items and other factors that could affect VCI, see Item 1A – Risk Factors – Risks Related to Our Business and Industry in our Form 10-K.

Key Contact

  • Investor Relations

  • Scott Espenshade
  • Senior Vice President - Investor Relations
  • (818) 661-6010
  • Email Investor Relations

  • Transfer Agent

  • American Stock Transfer and
    Trust Company, LLC
  • Shareholder Services
  • 6201 15th Avenue
  • Brooklyn, NY 11219
  • (866) 659-2647
  • crc@amstock.com
  • www.amstock.com