California Resources Corp (CRC) 2020 Q3 法說會逐字稿

Good afternoon, and welcome to the California Resources Corporation Third Quarter Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加加州資源公司第三季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Scott Espenshade. Please go ahead.

我現在想將會議交給斯科特·埃斯彭沙德 (Scott Espenshade)。請繼續。

Thank you. I'm Scott Espenshade, Senior Vice President, Investor Relations. Welcome to California Corporation's Third quarter Conference Call. Participating on today's call is Todd Stevens, President and Chief Executive Officer of CRC; and Francisco Leon, Executive Vice President and Chief Financial Officer; as well as several members of the CRC Executive team.

謝謝。我是斯科特·埃斯彭沙德 (Scott Espenshade)，投資者關係高級副總裁。歡迎參加加州公司第三季度電話會議。 CRC 總裁兼首席執行官托德·史蒂文斯 (Todd Stevens) 參加了今天的電話會議；弗朗西斯科·萊昂（Francisco Leon），執行副總裁兼首席財務官；以及 CRC 執行團隊的幾名成員。

I would like to highlight that we have provided slides in our Investor Relations section on our website at www.crc.com. These slides provide additional insight into our operations and third quarter results, plus additional information. Also, information reconciling non-GAAP financial measures discussed to the most directly comparable GAAP financial measures is available in the Investor Relations portion of our website and in our earnings release.

我想強調的是，我們在網站 www.crc.com 的投資者關係部分提供了幻燈片。這些幻燈片提供了對我們的運營和第三季度業績的更多見解以及更多信息。此外，我們網站的投資者關係部分和我們的收益報告中還提供了將討論的非公認會計準則財務指標與最直接可比的公認會計準則財務指標進行協調的信息。

Please note that our third quarter information is being issued as a debtor in possession, and our emergency share count and basis of accounting will change due to CRC implementing fresh start accounting in the fourth quarter. As a result, the fourth quarter results will not be comparable to the third quarter. As a reminder, we've officially withdrawn any and all guidance that relates to 2020 in our operations due to our emergence and the fresh start accounting.

請注意，我們第三季度的信息是作為佔有債務人發布的，由於CRC在第四季度實施新的會計核算，我們的緊急股份數量和會計基礎將發生變化。因此，第四季度的業績將無法與第三季度相比。謹此提醒，由於我們的出現和會計的重新開始，我們已正式撤回與 2020 年運營相關的所有指導。

Today's conference call contains certain projections and other forward-looking statements within the meanings of federal security laws. These statements are subject to risks and uncertainties that may cause actual results to differ from those expressed or implied in these statements. Additional information on factors that could cause results to differ is available on the company's 10-Q, which will be filed later today. We'd ask that you review it in the cautionary statements in our earnings release.

今天的電話會議包含聯邦安全法含義內的某些預測和其他前瞻性聲明。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述中明示或暗示的結果有所不同。有關可能導致結果不同的因素的更多信息，請參閱該公司的 10-Q，該報告將於今天晚些時候提交。我們要求您在我們的收益報告中的警示性聲明中查看它。

A replay and a transcript will be made available on our website following today's call that will be made available for at least 30 days following the call.

今天的電話會議後，我們的網站上將提供重播和文字記錄，並在電話會議後至少 30 天內提供。

I will now turn the call over to Todd.

我現在將把電話轉給托德。

Thanks, Scott, and thank you to everyone for attending CRC's third quarter earnings call. We are glad to be back reporting our results and look forward to discussing the significant value opportunity within CRC. CRC has always had a low decline, stable, high-margin, world-class asset base to deliver affordable, reliable and sustainable energy to Californians. With Chapter 11 behind us, CRC now has a strong balance sheet and one of the best leverage ratios in its peer universe.

謝謝斯科特，也感謝大家參加 CRC 第三季度財報電話會議。我們很高興回來報告我們的結果，並期待討論 CRC 內的重大價值機會。 CRC 始終擁有低衰退、穩定、高利潤、世界一流的資產基礎，為加州人民提供負擔得起、可靠和可持續的能源。隨著第 11 章的通過，華潤水泥現在擁有強大的資產負債表，並且是同行中最好的槓桿率之一。

Even in the face of market volatility, we are exceptionally well situated to thrive and create substantial value for our shareholders. First, I want to acknowledge and welcome our new Board of Directors, whose members share our values of character, responsibility and commitment. The Board has already shown keen insight into our business, market dynamics and governance. We're excited to work with the Board in setting CRC's strategy to create and deliver value for investors in 2021 and beyond.

即使面對市場波動，我們也有能力蓬勃發展並為股東創造巨大價值。首先，我要感謝並歡迎我們的新董事會，其成員與我們有著共同的品格、責任和承諾的價值觀。董事會已經對我們的業務、市場動態和治理表現出了敏銳的洞察力。我們很高興與董事會合作制定 CRC 的戰略，以便在 2021 年及以後為投資者創造和提供價值。

For those of you who are new to CRC, let me give a short introduction as we are quite advantaged over most companies in our sector. CRC is a differentiated energy business known for our low decline conventional oil production, low capital intensity and exposure to the Brent crude oil markets, which benefits our realized pricing.

對於那些剛接觸CRC的人，讓我做一個簡短的介紹，因為我們比我們行業的大多數公司更有優勢。 CRC 是一家差異化能源企業，以傳統石油產量下降幅度小、資本密集度低以及布倫特原油市場敞口而聞名，這有利於我們的實現定價。

In addition, CRC has an integrated midstream infrastructure, highly efficient power plants, a successful marketing and trading function and enviable suite of sustainability projects that strengthen our ability to generate free cash flow through our value creation metric.

此外，CRC 還擁有綜合的中游基礎設施、高效的發電廠、成功的營銷和交易功能以及令人羨慕的可持續發展項目套件，這些項目增強了我們通過價值創造指標產生自由現金流的能力。

With a solid financial foundation, we are confident that we have the right portfolio and team in place to deliver value to our shareholders and meet consumer needs and investor priorities. We invite you to track our efforts to drive down costs, maintain a strong balance sheet and deliver solid returns and cash flow.

憑藉堅實的財務基礎，我們相信我們擁有合適的投資組合和團隊，可以為股東創造價值，滿足消費者需求和投資者的優先事項。我們誠邀您關注我們為降低成本、維持穩健的資產負債表以及提供穩健的回報和現金流所做的努力。

Let me first talk about our new balance sheet. Our restructuring process has simplified our balance sheet and eliminated the midstream JV at Elk Hills. Additionally, we've also taken the opportunity to further improve and optimize CRC's cost structure to be competitive and profitable in the current Brent price environment.

讓我首先談談我們的新資產負債表。我們的重組流程簡化了我們的資產負債表，並取消了位於麋鹿山的中游合資企業。此外，我們還藉此機會進一步改善和優化CRC的成本結構，以在當前布倫特價格環境中具有競爭力和盈利能力。

Our balance sheet and credit metrics now reflect a crossover credit right on the crest of investment-grade that matches our high-quality portfolio of assets. We'll continue to utilize our capital discipline to maintain the strong financial foundation, which we believe is a major differentiator for CRC.

我們的資產負債表和信貸指標現在反映了與我們的高質量資產組合相匹配的投資級別頂峰的交叉信貸權。我們將繼續利用我們的資本紀律來維持強大的財務基礎，我們認為這是華潤水泥的一個主要差異化因素。

Through 2020, we flattened CRC's cost structure and made it leaner. All told, cost-cutting efforts have achieved a reduction of well over $300 million in lower production costs and G&A, annualizing the difference between the third quarter of 2019 and 2020. These actions promote our ability to operate profitably in a $40 Brent environment, maintain crude oil production and deliver free cash flow.

到 2020 年，我們扁平化了 CRC 的成本結構並使其更加精簡。總而言之，削減成本的努力已使生產成本和管理費用減少了3 億多美元，按年計算2019 年第三季度與2020 年第三季度之間的差異。這些行動提高了我們在40 美元布倫特原油環境中盈利運營的能力，維持原油生產並提供自由現金流。

However, we are never satisfied. We'll continue to focus on ways to decrease our cost structure, enhance our revenues and drive further efficiency. Our unique asset base provides CRC and our new Board with multiple levers to drive free cash flow for the company as we develop our 2021 investment plans.

然而，我們永遠不滿足。我們將繼續關注降低成本結構、增加收入和進一步提高效率的方法。我們獨特的資產基礎為 CRC 和我們的新董事會提供了多種槓桿，以在我們制定 2021 年投資計劃時推動公司的自由現金流。

We have also continued to demonstrate strong capital discipline. Year-to-date, we have invested a total of $131 million, with $37 million of CRC capital and $94 million of capital from our joint venture partners. The vast majority of that amount was invested during the pre-pandemic period with only $7 million of internally funded capital invested in the second and third quarters. We will have limited capital investment in the fourth quarter.

我們還繼續表現出嚴格的資本紀律。年初至今，我們已累計投資 1.31 億美元，其中 CRC 資本為 3,700 萬美元，合資夥伴資本為 9,400 萬美元。其中絕大多數是在大流行前時期進行的投資，第二和第三季度僅投資了 700 萬美元的內部資金。第四季度我們的資本投資有限。

Let me now give you a deeper dive into what we see as the major investment attributes of CRC's business and the elements of our strong and sustainable foundation. First, we have reinforced our long-standing value focus. We have maintained the same CRC DNA that investors have come to respect over the past 6 years. We'll continue to live within our cash flow, focus on reducing costs, enhance margins and utilize our VCI metric, which supports disciplined capital allocation to generate attractive returns on investment through the cycle.

現在讓我更深入地探討一下我們所認為的華潤水泥業務的主要投資屬性以及我們強大且可持續的基礎的要素。首先，我們強化了長期的價值重點。我們一直保持著過去 6 年來投資者所尊重的 CRC DNA。我們將繼續關注現金流，專注於降低成本、提高利潤並利用我們的 VCI 指標，該指標支持嚴格的資本配置，以在整個週期內產生有吸引力的投資回報。

Recall that our value creation index is a cash-on-cash return metric or present value index that we utilize to test every new investment we consider, ensuring we are maximizing returns. In this commodity price environment, we rely heavily on payback metrics as well.

回想一下，我們的價值創造指數是現金回報指標或現值指數，我們用它來測試我們考慮的每一項新投資，以確保我們實現回報最大化。在這種商品價格環境下，我們也嚴重依賴投資回收指標。

As the largest producer in California with over 2 million acre land position, we are well situated to focus on growing value from the Golden State prolific yet underdeveloped with fifth largest economy.

作為加州最大的生產商，擁有超過 200 萬英畝的土地，我們處於有利位置，可以專注於金州多產但不發達的第五大經濟體的價值增長。

Finally, CRC's culture is built upon a commitment to ESG leadership, which is detailed in our third annual sustainability report that we released last month. This report illustrates the long-standing commitment and dedication of our workforce to apply ingenuity and technology to meet Californian's needs for sustainable, affordable and reliable energy and to contribute to our communities.

最後，CRC 的文化建立在對 ESG 領導力的承諾之上，這一點在我們上個月發布的第三份年度可持續發展報告中進行了詳細介紹。該報告展示了我們員工的長期承諾和奉獻精神，他們運用獨創性和技術來滿足加州對可持續、負擔得起和可靠的能源的需求，並為我們的社區做出貢獻。

This report also summarizes our progress on our 2030 sustainability goals for carbon, methane, water and renewables, which aligns us with the state's climate goals. As I noted, CRC has an industry-leading portfolio of sustainability projects, and our 2019 Carbon Disclosure was recognized by CDP earlier this year with an A minus ranking at their leadership level. I encourage you to read our sustainability report.

本報告還總結了我們在碳、甲烷、水和可再生能源方面的 2030 年可持續發展目標方面取得的進展，這使我們與州的氣候目標保持一致。正如我所指出的，CRC 擁有行業領先的可持續發展項目組合，我們的 2019 年碳信息披露在今年早些時候獲得了 CDP 的認可，在其領導層中獲得了 A 負評級。我鼓勵您閱讀我們的可持續發展報告。

Our 2030 sustainability goals aren't near aspirations achieving annual sustainability project milestones, and HES metrics is directly tied to the annual incentive compensation of our management and workforce. We believe CRC's sustainability strategy exemplifies ESG leadership that is directly aligned with the state of California.

我們的 2030 年可持續發展目標距離實現年度可持續發展項目里程碑的願望還很遙遠，HES 指標與我們管理層和員工的年度激勵薪酬直接相關。我們相信 CRC 的可持續發展戰略體現了與加利福尼亞州直接一致的 ESG 領導力。

Further, I want to provide a specific example from the third quarter that demonstrates the diligence of our workforce in helping our fellow Californians overcome the current challenges.

此外，我想提供第三季度的一個具體例子，展示我們的員工在幫助加州同胞克服當前挑戰方面的勤奮。

In August, California was hit with a heat wave and significant wildfires that jeopardized the state's electricity supply. Our operations team responded rapidly by restarting a dormant cogeneration plant and reducing our electricity demand during peak demand hours to conserve electricity for our communities. Our state's challenges with energy liability of shine a spotlight on California's newest dependence on imports for more than 70% of our oil, 90% of our natural gas and nearly 1/3 of our electricity.

八月，加利福尼亞州遭遇熱浪和嚴重野火，危及該州的電力供應。我們的運營團隊迅速做出反應，重新啟動了一座休眠的熱電廠，並在高峰需求時段減少了電力需求，為我們的社區節省電力。我們州在能源責任方面面臨的挑戰凸顯了加州70%以上的石油、90%的天然氣和近1/3的電力依賴進口的最新情況。

To meet California's climate goals, we believe it is essential for California leaders to apply with same safety, labor and environmental standards on the production of imported energy that we adhere to and every day in our operations. In doing so, we'd ensure that California's leading policies and ambitious goals improves the global environment and would encourage more producers worldwide to implement leading sustainability goals and ESG practices like CRC's.

為了實現加州的氣候目標，我們認為加州領導人必須在我們每天的運營中遵守的進口能源生產中採用相同的安全、勞工和環境標準。在此過程中，我們將確保加州的領先政策和雄心勃勃的目標能夠改善全球環境，並鼓勵全球更多生產商實施領先的可持續發展目標和 ESG 實踐，例如 CRC。

I would like to thank all our employees for their dedication, focus and efforts throughout 2020. We have simultaneously preserved and protected the business and delivered significant cost savings, while maintaining record safety performance during the pandemic. I'm particularly proud of our plant and field workers who have delivered every day the energy that is needed day in and day out during this challenging year.

我要感謝我們所有員工在 2020 年的奉獻、專注和努力。我們在保持和保護業務的同時，實現了顯著的成本節約，同時在大流行期間保持了創紀錄的安全績效。我為我們的工廠和現場工作人員感到特別自豪，他們在這個充滿挑戰的一年裡日復一日地提供所需的能源。

I'd also like to thank all of California's essential workers, who continue to meet our state's daily needs for food, water, medical care and energy.

我還要感謝加州所有的基本工作人員，他們繼續滿足我們州對食物、水、醫療和能源的日常需求。

As economies are struggling to restart around the world, we have seen a partial return of petroleum demand but is a long road to full recovery. We anticipate that progress on COVID-19 vaccines or treatment will eventually restore economic activity and further support petroleum demand has been an instrumental part of our restructuring and our cost reduction efforts.

隨著世界各地經濟艱難重啟，我們看到石油需求部分回升，但全面復甦還有很長的路要走。我們預計，COVID-19 疫苗或治療方面的進展最終將恢復經濟活動，並進一步支持石油需求，這是我們重組和降低成本努力的重要組成部分。

Francisco will summarize some core elements of our emergence and third quarter results.

弗朗西斯科將總結我們的出現和第三季度業績的一些核心要素。

Thanks, Todd. Good afternoon, everyone. First of all, I am honored to participate in this call as CRC's new CFO, and I'm grateful to help lead this tremendous organization of women and men who continue to showcase the resilience of our assets. We will continue to provide safe, affordable and reliable energy for California by using our technological innovation and our environmental leadership.

謝謝，托德。大家下午好。首先，我很榮幸以 CRC 新任首席財務官的身份參加這次電話會議，我很感激能夠幫助領導這個由男女組成的龐大組織，他們繼續展示我們資產的韌性。我們將利用我們的技術創新和環境領導力，繼續為加州提供安全、負擔得起和可靠的能源。

We began trading on the New York Stock Exchange with the CRC ticker on October 28 after emerging from our restructuring process, the details of which I will elaborate on shortly. As Todd noted, CRC's solid foundation encompasses our strong financial fundamentals, disciplined value focus, sustainable operational excellence and ESG leadership.

在完成重組過程後，我們於 10 月 28 日開始在紐約證券交易所進行交易，股票代碼為 CRC，我將很快詳細闡述其細節。正如托德指出的那樣，CRC 的堅實基礎包括強大的財務基礎、嚴格的價值關注、可持續的卓越運營和 ESG 領導力。

Our financial performance will be defined by our continued capital discipline, return-driven asset development and integration of our cutting-edge sustainability projects into our core oil and gas operations. Even after emerging with peer-leading balance sheet metrics, we are not done strengthening our balance sheet. In fact, we will target at least a 1x leverage profile even in the current price environment.

我們的財務業績將取決於我們持續的資本紀律、回報驅動的資產開發以及將我們的尖端可持續發展項目整合到我們的核心石油和天然氣業務中。即使在資產負債表指標處於同行領先地位之後，我們的資產負債表強化工作還沒有完成。事實上，即使在當前的價格環境下，我們的目標也至少是 1 倍槓桿。

I would like to provide high-level details of our restructuring process that was completed in 3 short months during the pandemic. Today, we have approximately 83 million shares and 4 million warrants in total with a 4-year term. These warrants have an exercise price of $36. As Todd mentioned, we view ourselves as a crossover credit. Our emergence, we had $535 million of net debt, consisting of a $300 million note with Ares, which is secured by our Elk Hills power plant and associated gas processing facilities and a $200 million second lien note with the remainder on our revolver. Our RBL has a commitment level of $540 million, providing ample liquidity of $350 million at emergence. Our simplified balance sheet will significantly improve our ability to generate free cash flow.

我想提供有關我們在疫情期間短短 3 個月內完成的重組流程的高級細節。目前，我們總共擁有約 8300 萬股股票和 400 萬份期限為 4 年的認股權證。這些認股權證的行權價為 36 美元。正如托德提到的，我們將自己視為交叉信用。在我們成立之初，我們就有了5.35 億美元的淨債務，其中包括一張由Ares 提供的3 億美元票據，該票據由我們的Elk Hills 發電廠和相關天然氣處理設施提供擔保，以及一張2 億美元的第二留置權票據，其餘部分則在我們的左輪手槍上。我們的 RBL 承諾水平為 5.4 億美元，在出現時提供 3.5 億美元的充足流動性。我們簡化的資產負債表將顯著提高我們產生自由現金流的能力。

We conducted a thorough review of our cost during the restructuring process and streamline our organization to strengthen our margins and drive further efficiencies. When comparing to the third quarter of last year, we were able to reduce our operating and G&A cost by well over $300 million, analyzing the difference between the third quarter of 2019 and 2020. We expect to retain over half of these reductions going forward.

我們在重組過程中對成本進行了徹底審查，並精簡了我們的組織，以提高我們的利潤並進一步提高效率。通過分析 2019 年第三季度與 2020 年第三季度的差異，與去年第三季度相比，我們的運營和一般管理成本減少了 3 億多美元。我們預計未來將保留其中一半以上的削減額。

Our actions favorably position CRC to succeed in the current price environment with peer-leading industry financial metrics, a competitive cost structure and a stellar balance sheet. While we expect to retain the majority of our savings achieved during the recent downturn as we focus on our margins, we will return higher-yielding wells to service, thereby modestly increasing our operating costs. This leads us to capital investment.

我們的行動有利於 CRC 憑藉同行領先的行業財務指標、具有競爭力的成本結構和出色的資產負債表，在當前的價格環境中取得成功。雖然我們希望保留近期經濟低迷期間實現的大部分節省，因為我們專注於利潤，但我們將恢復高產油井的服務，從而適度增加我們的運營成本。這導致我們進行資本投資。

In my previous role, I supervised CRC's capital allocation across our large portfolio of assets. We have always used strong capital discipline in allocating to the highest-return projects in CRC's portfolio. This will not change as we will continue to live within our cash flow and rely on our vast, high-quality asset portfolio with an average NRI of approximately 87%.

在我之前的職位中，我負責監督華潤資本在我們龐大的資產組合中的資本配置。我們始終採用嚴格的資本紀律來分配給華潤集團投資組合中回報率最高的項目。這不會改變，因為我們將繼續生活在我們的現金流範圍內，並依賴我們龐大的、高質量的資產組合，平均 NRI 約為 87%。

Turning to this quarter's financial and operational figures. I would like to remind you that the third quarter results were significantly impacted by with bankruptcy-related charges and also reflect our pre-bankruptcy share count. We expect to finalize fresh start accounting in the fourth quarter, which will be reflected in our 2020 10-K. As Todd noted, with the commodity price downturn from the double impact of COVID-19 and the Saudi-led oil price war during the second quarter, we curtailed our capital investment program to a level that maintains the mechanical integrity of our facilities, while operating them in a safe and environmentally responsible manner and preserving cash through the restructuring process.

轉向本季度的財務和運營數據。我想提醒您，第三季度的業績受到破產相關費用的顯著影響，也反映了我們破產前的股票數量。我們預計將在第四季度完成新的會計核算，這將反映在我們的 2020 年 10-K 中。正如托德指出的那樣，隨著第二季度 COVID-19 和沙特領導的石油價格戰的雙重影響導致大宗商品價格下跌，我們將資本投資計劃削減到維持設施機械完整性的水平，同時運營以安全和對環境負責的方式進行重組，並通過重組過程保留現金。

Net production for the third quarter was 106,000 barrels of oil equivalent per day, leading to a quarterly adjusted EBITDAX of $103 million and an adjusted EBITDAX margin of 25%. Our strong Brent-linked oil realizations, together with robust capital, California natural gas market dynamics and our consistent capital discipline, partially offset by bankruptcy costs, resulted in third quarter free cash flow of $44 million after internally funded capital. For the third quarter, we reported an adjusted net loss of $55 million.

第三季度淨產量為每天 106,000 桶石油當量，季度調整後 EBITDAX 為 1.03 億美元，調整後 EBITDAX 利潤率為 25%。我們與布倫特原油相關的強勁石油變現，加上強勁的資本、加州天然氣市場的動態以及我們一貫的資本紀律，部分被破產成本所抵消，導致第三季度除去內部融資資本後的自由現金流為4400 萬美元。第三季度，我們報告調整後淨虧損為 5500 萬美元。

In the third quarter, our operations team continued to focus on safely protecting the base, controlling the controllables and building inventory. On OpEx, we added 3 maintenance rigs during September to return higher-margin wells to service. Also, during the third quarter, CRC invested internally $4 million of capital with no additional JV capital contribution during this period.

第三季度，我們的運營團隊繼續專注於安全保護基地、控制可控因素和建立庫存。在運營支出方面，我們在 9 月份增加了 3 個維護鑽機，以使利潤率較高的油井恢復運行。此外，第三季度CRC內部投資了400萬美元，在此期間沒有額外的合資企業出資。

For a more detailed look at the net production, we produced a net average of 106,000 BOEs per day during the quarter, consisting of 64,000 barrels per day of crude oil production, 14,000 barrels per day of NGLs and 168 million cubic feet per net -- and 168 million cubic feet per day of natural gas. The San Joaquin Basin produced 78,000 net BOE per day. The Los Angeles basins produced 22,000, and both the Ventura and the Sacramento basins produced 3,000 BOE per day, respectively.

為了更詳細地了解淨產量，本季度我們平均每天淨生產 106,000 個 BOE，其中包括每天 64,000 桶原油產量、每天 14,000 桶 NGL 和每淨產量 1.68 億立方英尺——以及每天1.68億立方英尺的天然氣。聖華金盆地每天淨產出 78,000 桶油當量。洛杉磯盆地每天生產 22,000 桶油當量，文圖拉盆地和薩克拉門托盆地分別每天生產 3,000 桶油當量。

At the start of the pandemic, due to economic conditions, we started shutting in certain wells to enhance our cash flows. During the third quarter, we had 3,000 BOE per day of shutting production. Excluding the shut-in production and the effect of significantly reduced well repair activity, our assets continued to perform within our industry-leading decline rate.

在大流行開始時，由於經濟狀況，我們開始關閉某些油井以增加現金流。第三季度，我們每天停產3,000桶油當量。排除停產和修井活動大幅減少的影響，我們的資產繼續保持行業領先的遞減率。

For those of you who are new to CRC, California's and energy island with approximately 72% of its crude oil being imported from outside the state, primarily via foreign supertankers. As a result, our commodity realizations tend to reflect Brent and have continued to be relatively strong versus the rest of the Lower 48.

對於那些剛接觸 CRC 的人來說，加利福尼亞州是一個能源島，大約 72% 的原油是從州外進口的，主要是通過外國超級油輪。因此，我們的大宗商品變現往往反映了布倫特原油的情況，並且相對於 48 個州的其他地區而言仍然相對強勁。

CRC's realized crude oil prices in the third quarter of 2020, excluding the effect of settled hedges, registered 96% of Brent. Hedges enhanced our realized oil price by $0.32 per barrel during the third quarter for an average realized price of $42.15 per barrel.

CRC在2020年第三季度實現的原油價格（排除已結算對沖的影響）為布倫特原油價格的96%。第三季度，對沖將我們的實現油價提高了每桶 0.32 美元，平均實現價格為每桶 42.15 美元。

Turning to NGLs. Prices for the quarter averaged $25.16 per barrel and came in at 58% of Brent. Prices for NGLs increased slightly for the 3 months ended September 30, 2020, compared to the same period in 2019 due to improvements in negotiated sales differentials, along with stronger NGL values relative to crude. These levels are still our premium to our peers across the U.S.

轉向 NGL。該季度平均價格為每桶 25.16 美元，為布倫特原油價格的 58%。截至 2020 年 9 月 30 日的三個月，液化天然氣價格與 2019 年同期相比略有上漲，原因是協議銷售差異的改善以及液化天然氣相對於原油的價值走強。這些水平仍然高於美國同行。

Natural gas markets saw seasonal strengthening during the third quarter of 2020, and CRC's realized prices averaged $2.22 per 1,000 cubic feet or 115% of NYMEX. As of October 31, 2020, CRC has hedges in place that protect approximately 64% of our expected fourth quarter 2020 oil production. This includes 75% of our oil production for both November and December. For further information on our hedging program and volumes, please see our slides posted earlier today.

天然氣市場在 2020 年第三季度出現季節性走強，CRC 的平均實現價格為每 1,000 立方英尺 2.22 美元，相當於 NYMEX 的 115%。截至 2020 年 10 月 31 日，CRC 已採取對沖措施，保護我們預計 2020 年第四季度石油產量的約 64%。這包括我們 11 月和 12 月石油產量的 75%。有關我們的對沖計劃和交易量的更多信息，請參閱我們今天早些時候發布的幻燈片。

Production costs for the third quarter of 2020 were $141 million or $14.52 per BOE. Due to our team's continuous efforts and our focus on safely controlling costs, we were able to lower our third quarter production costs, both on an overall basis by 36% and on a per BOE basis by 23% compared to the same prior year period, which averaged $18.82 per BOE.

2020 年第三季度的生產成本為 1.41 億美元，即每桶油當量 14.52 美元。由於我們團隊的不斷努力以及對安全控製成本的關注，我們能夠將第三季度的生產成本降低，與去年同期相比，整體成本降低了 36％，每個 BOE 成本降低了 23％，平均每桶油當量18.82 美元。

The decrease in production cost was primarily due to lower well repair and surface operations activity across our fields as well as cost savings from the fourth quarter of 2019 and third quarter of 2020 workforce reductions. Excluding PSC effects, our third quarter 2020 production costs would have been $13.37 per BOE.

生產成本的下降主要是由於我們油田的修井和地面作業活動減少，以及 2019 年第四季度和 2020 年第三季度勞動力減少帶來的成本節省。排除 PSC 影響，我們 2020 年第三季度的生產成本將為每桶油當量 13.37 美元。

During our restructuring, we further streamlined our organization for CRC to succeed and profitably operate in a lower commodity price environment. We reduced our staffing in the third quarter of 2020 by approximately 12% when compared to year-end 2019. As a result, we anticipate ongoing employee-related cost savings of approximately $40 million annually, with approximately 75% of the reduction in G&A expenses and the remainder reflected in production costs.

在重組過程中，我們進一步精簡了組織結構，使 CRC 能夠在較低的商品價格環境中取得成功並實現盈利。與 2019 年底相比，我們在 2020 年第三季度減少了約 12% 的人員配置。因此，我們預計每年將持續節省與員工相關的成本約 4000 萬美元，其中一般管理費用減少約 75%其餘部分反映在生產成本中。

Our third quarter 2020 general and administrative costs averaged $6.59 per BOE, $0.16 below the previous quarter, primarily due to ongoing cost savings efforts in the third quarter workforce reduction. These savings were partially offset by higher incentive and retention awards, which were made with court approval during our restructuring process, and the effect of lower production.

我們的 2020 年第三季度一般和管理成本平均為每 BOE 6.59 美元，比上一季度低 0.16 美元，這主要是由於第三季度裁員中持續的成本節約努力。這些節省額被更高的激勵和保留獎勵（這些獎勵和保留獎勵是在我們的重組過程中經法院批准）以及產量下降的影響部分抵消的。

Third quarter 2020 general and administrative costs, excluding incentive and retention payments decreased by $11 million year-over-year or by $1.13 per BOE. Taxes other than on income, which are largely comprised of ad valorem taxes based on the value of minerals in the ground as well as our greenhouse gas cost, came in as we expected at $42 million in the third quarter.

2020 年第三季度一般和管理成本（不包括獎勵金和保留金）同比減少 1100 萬美元，即每桶油當量減少 1.13 美元。除收入以外的稅收主要由基於地下礦產價值的從價稅以及我們的溫室氣體成本組成，第三季度的收入為 4200 萬美元，符合我們的預期。

In the third quarter of 2020, we reported a net loss of $29 million attributable to our common stock. Adjusting for the noncontrolling interest in our Elk Hills Midstream JV, we had income of $2.20 per diluted share. When also adjusting for unusual and infrequent items and other noncash items, such as reorganization and restructuring, together with severance expenses that are generally excluded from core earnings by investment analysts, our net loss would have been $55 million.

2020 年第三季度，我們的普通股淨虧損為 2900 萬美元。調整我們在 Elk Hills Midstream JV 中的非控股權益後，我們的攤薄後每股收益為 2.20 美元。當對不尋常和不常見的項目以及其他非現金項目（例如重組和重組）進行調整時，再加上投資分析師通常不計入核心收益的遣散費，我們的淨虧損將為 5500 萬美元。

Adjusted EBITDAX for the third quarter of 2020 was $103 million compared to $278 million from the prior year quarter, primarily due to 38% quarter-over-quarter decline in realized oil price, driven by the ongoing pandemic.

2020 年第三季度調整後 EBITDAX 為 1.03 億美元，而上年同期為 2.78 億美元，這主要是由於受持續的疫情影響，實現油價環比下降 38%。

As commodity prices modestly increased from April lows, our adjusted EBITDAX margins recovered to 25% in the third quarter of 2020 from 7% in the second quarter. This increase in third quarter adjusted EBITDAX was largely driven by higher commodity prices. Despite the challenging commodity markets, our trailing 12-month EBITDAX remains healthy and stands at $681 million.

由於大宗商品價格從 4 月份的低點小幅上漲，我們調整後的 EBITDAX 利潤率從第二季度的 7% 恢復至 2020 年第三季度的 25%。第三季度調整後 EBITDAX 的增長主要是由大宗商品價格上漲推動的。儘管大宗商品市場充滿挑戰，我們過去 12 個月的 EBITDAX 仍然保持健康，達到 6.81 億美元。

CRC reported cash flow from operations of $48 million in the third quarter of 2020, which was significantly higher than the second quarter, primarily due to recovery -- to the recovery in commodity prices.

CRC 報告稱，2020 年第三季度運營現金流為 4800 萬美元，明顯高於第二季度，這主要是由於大宗商品價格的複蘇。

In the third quarter, we generated approximately $55 million in discretionary cash flow and $198 million through the first 9 months of the year, which compares favorably to our internally funded capital investments of $37 million through the first 9 months of the year.

第三季度，我們產生了約 5500 萬美元的可自由支配現金流，今年前 9 個月產生了 1.98 億美元，這比我們今年前 9 個月的內部融資資本投資 3700 萬美元要好。

CRC has a high level of operational control over our diverse portfolio, which continues to allow us to pivot our organization during these volatile periods and to also rapidly adjust our activity to an expected change in cash flow.

CRC 對我們多樣化的投資組合擁有高度的運營控制權，這使我們能夠在這些動盪時期繼續調整我們的組織，並根據現金流的預期變化快速調整我們的活動。

Historically, we have a proven track record of focusing particularly on value-driven projects and staying nimble with our operations. As such, we will continue to respond and to adapt quickly and decisively in order to succeed throughout the price cycle.

從歷史上看，我們在特別關注價值驅動的項目和保持運營靈活性方面有著良好的記錄。因此，我們將繼續快速果斷地做出反應和適應，以便在整個價格週期中取得成功。

We believe our operational knowledge and financial discipline are demonstrated by our track record even during an unprecedented sector downturn and an ongoing pandemic to operate within our means while generating free cash flow.

我們相信，即使在前所未有的行業低迷和持續的大流行期間，我們的業績記錄也證明了我們的運營知識和財務紀律，我們能夠在力所能及的範圍內運營，同時產生自由現金流。

Finally, please note that we have provided detailed analysis of adjusted items in the attachments to our earnings release. Due to continued market uncertainties and implementation of our fresh start accounting, we will not be providing our normal guidance for the fourth quarter.

最後，請注意，我們在收益發布的附件中提供了調整項目的詳細分析。由於持續的市場不確定性以及我們重新開始會計的實施，我們將不會提供第四季度的正常指導。

I will be happy to take any questions you may have on our results during the Q&A portion of this call. Thanks, and I'll now turn the call back over to Todd.

我很樂意在本次電話會議的問答部分回答您對我們的結果可能提出的任何問題。謝謝，我現在將把電話轉回給托德。

Thanks, Francisco. As we emerge from with a new capital structure, we have taken steps to enhance CRC's resilient foundation and invite you to invest in a conventional, low decline, value-focused energy company with an enviable ESG track record.

謝謝，弗朗西斯科。隨著我們擺脫新的資本結構，我們已採取措施增強 CRC 的彈性基礎，並邀請您投資一家傳統的、低衰退的、注重價值的能源公司，該公司擁有令人羨慕的 ESG 業績記錄。

We are looking forward to creating value for our shareholders. We believe our recent emergence with top quartile leverage metrics provides a very attractive value proposition compared to our peers. We have a history of generating free cash flow and look forward to updating you on the investment program and opportunities at CRC.

我們期待為股東創造價值。我們相信，與同行相比，我們最近出現的前四分之一槓桿指標提供了非常有吸引力的價值主張。我們擁有產生自由現金流的歷史，並期待為您提供有關 CRC 投資計劃和機會的最新信息。

I will now open the floor to any questions.

現在我將歡迎大家提出問題。

(Operator Instructions) The first question is from Stephen Wagner with Wagner Financial.

（操作員說明）第一個問題來自瓦格納金融公司的斯蒂芬·瓦格納。

Todd and Francisco, nice presentation. I've been a long time investor in CRC. And obviously, we know what has occurred over the last few years, much of it out of your control. I guess, one of my biggest questions is -- it's a 2-part question. Number one is you guys have navigated a much needed reorganization. Quite frankly, many of us were dumbfounded in the spin-off from Oxy that you were settled with so much debt in the first place, so much needed reorganization. And clearly, we, shareholders, got wiped out as a result of it. Now you guys reorganized, come out at $19, and now you're at $12 or high $11s right now as a result of this earnings report in a good market, even with other energy companies doing fairly well. So I would like you to address that. Generally, I never like to address stock price with executives because generally, you folks have no control over the day-to-day stock price movements, and I don't expect you to have no good investor does. But it seems to me in this situation timing was everything. Again, the bad taste is still very much there on behalf of the shareholders and my clients, by the way. I'm an RIA here in Ventura. So I'd love you to address that.

托德和弗朗西斯科，精彩的演講。我一直是 CRC 的長期投資者。顯然，我們知道過去幾年發生的事情，其中​​大部分都超出了你的控制範圍。我想，我最大的問題之一是——這是一個由兩部分組成的問題。第一，你們已經完成了急需的重組。坦白說，我們中的許多人都對 Oxy 的分拆感到驚訝，因為你一開始就背負瞭如此多的債務，急需重組。顯然，我們股東因此而破產。現在你們重組了，以 19 美元的價格上市，現在由於這份收益報告在一個良好的市場中，你們現在的價格為 12 美元或 11 美元的高位，即使其他能源公司表現相當不錯。所以我希望你能解決這個問題。一般來說，我從不喜歡與高管討論股價問題，因為一般來說，你們無法控制日常股價走勢，而且我不認為你們沒有優秀的投資者。但在我看來，在這種情況下，時機就是一切。順便說一句，對於股東和我的客戶來說，糟糕的品味仍然存在。我是文圖拉的 RIA。所以我希望你能解決這個問題。

The other thing is, you mentioned your renewable goals. It seems like a rebranding. I'd like to talk -- I'd like you to kind of expand on that a little bit more. We always view you as a natural gas and oil play. It's nice that you're rebranding yourselves. I went to your website, looked at it very, very nice, but maybe be more specific on this whole idea of, "Hey, we're a renewable company now." So I'll let you folks answer those questions.

另一件事是，你提到了你的可再生能源目標。這似乎是一次品牌重塑。我想談談——我希望你能進一步擴展一下這一點。我們始終將您視為天然氣和石油公司。很高興你能重塑自己的品牌。我訪問了你們的網站，看了它非常非常好，但也許更具體地說，“嘿，我們現在是一家可再生能源公司。”那麼我就讓大家來回答這些問題。

Thanks, Stephen. Yes, the first one, I think we just emerged. We have a different shareholder base, and we have 3 very large shareholders. So it's highly illiquid shares. I think the way I would look at it is it's almost like those folks who always talk about direct listings when you come out of a restructuring. This is like what a direct listing looks like. It's highly illiquid. We have no analyst following. We're trading maybe a few hundred thousand shares a day. And a lot of the folks who, in the restructuring built up their positions, they did so because they see a value of alternative here at CRC that's highly competitive, and they appreciate it long term. So they're not going to be so willing to part with their shares. So when you think about it as a highly fairly illiquid right now and until that trading starts, it won't change too much. But yes, I view it really as what a direct listing looks like because there's just not a lot like that.

謝謝，斯蒂芬。是的，第一個，我想我們剛剛出現。我們有不同的股東基礎，我們有3個非常大的股東。所以它是流動性極差的股票。我認為我看待它的方式幾乎就像那些在重組結束後總是談論直接上市的人一樣。這就像直接列表的樣子。它的流動性非常差。我們沒有分析師關注。我們每天可能交易幾十萬股。許多人在重組中建立了自己的職位，他們這樣做是因為他們看到了 CRC 競爭激烈的替代方案的價值，並且從長遠來看他們對此很欣賞。所以他們不會那麼願意放棄自己的股份。因此，當你認為它現在的流動性非常低時，在交易開始之前，它不會發生太大變化。但是，是的，我確實將其視為直接上市的樣子，因為這樣的情況並不多。

On the -- and so that's really what I can say is that we have a bunch of very large shareholders. There's 3 of them, GoldenTree, Ares and Fidelity, who almost 2/3 or more of the shares. So it's a lot. On the other part, this has kind of always been a part of our CRC DNA. We're big believers in all of the above and using all of our resources to create value. Oil and gas, obviously, is a huge part of our business. But complementing that with renewables, particularly when you look at how the electricity prices in California are at some of our locations that aren't fortunate enough to be tied into our Elk Hills power plant with our lower-cost electricity, you can take advantage of that duck curve during the day by having complementary renewable energy.

關於——所以我真正能說的是我們有一群非常大的股東。其中有金樹、阿瑞斯和富達3家，他們幾乎擁有2/3或更多的股份。所以數量很多。另一方面，這一直是我們 CRC DNA 的一部分。我們堅信上述所有內容，並利用我們所有的資源來創造價值。顯然，石油和天然氣是我們業務的重要組成部分。但是，用可再生能源來補充這一點，特別是當您查看加利福尼亞州一些位置的電價時，這些位置沒有足夠的運氣與我們的埃爾克山發電廠一起使用我們的低成本電力，您可以利用通過補充可再生能源，在白天降低曲線。

And I think we have to continue to look at things that are going to add value. And oil and gas is clearly our #1 item. Plus, we can be complementary and it competes for capital. We're going to look to do that, too, whether it'd be geothermal, hydrogen or some other things that people are contemplating. And a lot of times, we look at this with JVs, with other people's money who want to come and look at on our assets.

我認為我們必須繼續關注那些能夠增加價值的事情。石油和天然氣顯然是我們的第一大項目。另外，我們可以互補，並且可以爭奪資本。我們也將尋求這樣做，無論是地熱、氫氣還是人們正在考慮的其他一些東西。很多時候，我們會與合資企業以及其他想要來查看我們資產的人的資金一起看待這個問題。

We already have received quite a few lease rentals and payments for people putting solar on top of our mineral acreage and allowing -- us allowing that to happen. So it's not something that I think is brand new, but I think we probably highlighted it a little more here than we had historically, particularly in our sustainability report we just put out.

我們已經收到了相當多的租賃租金和付款，人們將太陽能放在我們的礦產面積之上，並允許——我們允許這種情況發生。因此，我認為這並不是什麼新鮮事，但我認為我們可能比歷史上更多地強調了這一點，特別是在我們剛剛發布的可持續發展報告中。

Okay. I guess, the biggest thing is that I would -- and I appreciate that. So back to the share price, and, again, I hate to hark on this because, honestly, it is out of your control, but you're right, it is illiquid, but who the hell is selling?

好的。我想，最重要的是我會——我很感激這一點。回到股價，我再次討厭談論這個，因為說實話，它超出了你的控制範圍，但你是對的，它缺乏流動性，但到底是誰在賣？

I don't know.

我不知道。

I mean, we've gone from $19 to $12. I mean, maybe I need to look at these 3 "large shareholders" and see what it is they're doing and maybe look at the covenants and the way the loans are arranged, and I'll probably need to do that, and I will. I've got a weekend ahead of me to do that. I mean, we -- look, we see the opportunity. All right. I accept what you guys are saying in terms of, as you said it earlier, "substantial value opportunity", okay? So I mean, that means a lot when the CEO of a publicly traded company says the word substantial. That is a forward-leading statement, but, hey, it is what it is. But I mean, honestly, I've seen a lot of these deals before fall apart. And it's like, okay, you've only got these 3 major shareholders. There really is no other shareholder base. So why are some of these people selling shares? I guess I'll have to figure that out for myself. Because somebody's selling. We've gone from $19 to $12 in a week. And that, again, after the fall off a cliff that all of us have been through in the last 6 months, it continues to leave a very bitter taste.

我的意思是，我們已經從 19 美元漲到了 12 美元。我的意思是，也許我需要看看這三個“大股東”，看看他們在做什麼，也許看看契約和貸款的安排方式，我可能需要這樣做，我將要。我還有一個週末來做這件事。我的意思是，我們——看，我們看到了機會。好的。我接受你們所說的，正如你們之前所說的，“巨大的價值機會”，好嗎？所以我的意思是，當一家上市公司的首席執行官說“實質性”這個詞時，這意味著很多。這是一個前瞻性的聲明，但是，嘿，就是這樣。但我的意思是，老實說，在失敗之前我見過很多這樣的交易。就好像，好吧，你只有這三個大股東。確實沒有其他股東基礎。那麼為什麼其中一些人要出售股票呢？我想我必須自己解決這個問題。因為有人在賣。一周內我們的價格從 19 美元漲到了 12 美元。再一次，在我們所有人在過去六個月中經歷過的懸崖墜落之後，它繼續留下非常苦澀的味道。

Thanks, Stephen. We appreciate that. And clearly, it's thinly traded, and there's a bunch of shareholders out there that were -- that are trading it, but it's very thinly traded.

謝謝，斯蒂芬。我們對此表示讚賞。顯然，它的交易量很少，而且有很多股東正在交易它，但它的交易量非常少。

The next question is from [Chris Durand] with (inaudible).

下一個問題來自 [Chris Durand]（聽不清）。

Can you hear me?

你能聽到我嗎？

Yes. Loud and clear.

是的。響亮而清晰。

Okay. Great. So I'm just -- when you were spun-off from Oxy, what, 5 or 6 years ago, you had a PV-10 of around, what, $16 billion. And you had about $5 billion, maybe $6 billion in debt against that. And so I was wondering, you just got a similar -- I guess, you have -- what's the blend now? You have about $4 billion or $5 billion in PV-10? I'm just looking at, what are you going to do different this time? I guess, that's my big philosophical question.

好的。偉大的。所以我只是 - 當你從 Oxy 分拆出來時，五六年前，你的 PV-10 價值約為 160 億美元。你有大約 50 億美元，也許 60 億美元的債務來對抗它。所以我想知道，你剛剛得到了一個類似的——我猜，你有——現在的混合物是什麼？你們有大約 40 億美元還是 50 億美元的 PV-10？我只是想看看，這次你打算做什麼不同的事情？我想，這是我最大的哲學問題。

Yes. I think the big difference is the capital structure. We're -- obviously, when you thought about the debt equity split, we were giving debt for a much different price environment, kind of $100-plus oil, and that, quickly, the rug was pulled out from under us in early December 2014. And dealing with that millstone and trying to chip away at it, our peak post-spin debt was $6.8 billion. We were able to chip that down to about $4.9 billion at the end of -- at the beginning of this year. But it was just too big of a millstone for the absolute value. Now our PV-10, if you look at [731] strip, it's about $4.7 billion. We have great conventional reservoirs with low capital intensity. I think the opportunity set here is different because you don't have the millstone of that debt. You can look at creative ways with the type of asset base we have through return cash to shareholders or reinvest in the business or do different things that really weren't ever an alternative for us when we were spun-off from our former parent.

是的。我認為最大的區別在於資本結構。顯然，當你考慮債務股權分割時，我們正在為一個截然不同的價格環境提供債務，比如 100 美元以上的石油，很快，我們的地毯就在 12 月初被從我們腳下撤了出來。 2014 年。面對這個磨難並努力擺脫它，我們的分拆後債務峰值達到了68 億美元。截至今年年底，我們已將這一數字削減至約 49 億美元。但對於絕對價值來說，它實在是太大了。現在我們的 PV-10，如果你看看 [731] 條帶，它的價值約為 47 億美元。我們擁有大型常規水庫，資本密集度低。我認為這裡的機會是不同的，因為你沒有債務的磨石。您可以根據我們擁有的資產基礎類型尋找創造性的方法，通過向股東返還現金或對業務進行再投資或做其他事情，當我們從前母公司分拆出來時，這些事情對我們來說確實不是替代方案。

Okay. And prior to the bankruptcy, you guys were scrambling to sell stuff, are you still trying to sell stuff?

好的。破產之前你們都在拼命賣東西，現在還賣東西嗎？

I wouldn't say we're scrambling, we're always looking at ways to create value. Like I tell people, everything is for sale at the right price, except Elk Hills. You have to buy the company if you want to own Elk Hills, but we're not going to conduct a fire sale. If someone wants to pay us PV-25 and 2x cash flow or something like that, it's better for us as a company to retain that free cash flow and invest it in the business, return to shareholders in some fashion. That's yet to be determined as we just met with our Board of Directors recently. We're still working out a forward strategy from that standpoint, but we know that we're value-focused. We're focused on creating a lot of free cash flow. And how we -- and how and what we do with that, we'll let you know in short order.

我不會說我們在爭先恐後，我們一直在尋找創造價值的方法。就像我告訴人們的那樣，一切都以合適的價格出售，除了麋鹿山。如果你想擁有 Elk Hills，你就必須購買該公司，但我們不會進行賤賣。如果有人想向我們支付 PV-25 和 2 倍現金流或類似的費用，那麼我們作為一家公司最好保留自由現金流並將其投資於業務，以某種方式回報股東。這尚未確定，因為我們最近剛剛與董事會會面。我們仍在從這個角度製定前瞻性戰略，但我們知道我們以價值為中心。我們專注於創造大量的自由現金流。我們將盡快告知您我們如何處理以及如何處理。

Okay. Prior CRC never bought back a single share or paid a dividend to shareholders. Do you anticipate changing that policy?

好的。此前CRC從未回購過一股股票或向股東支付股息。您預計會改變該政策嗎？

I wouldn't say we never bought back any shares, but we did pay a dividend to shareholders when we first spun-off. And we -- clearly, as we went into '16 and late '15, we had to get rid of the dividend. But yes, as we were spun-off that, there was a very modest dividend paid. I would anticipate, if you thought about it, these are the kind of the perfect assets for paying dividend or rewarding shareholders in some way, whether it's buying back shares, paying a dividend, investing in the business. However you think about it, these are kind of the perfect assets, low decline conventional, low capital intensity.

我不會說我們從未回購過任何股票，但我們在第一次分拆時確實向股東支付了股息。顯然，當我們進入 16 年和 15 年底時，我們必須取消股息。但是，是的，當我們被分拆出來時，支付的股息非常少。我預計，如果你仔細想想，這些都是用於支付股息或以某種方式獎勵股東的完美資產，無論是回購股票、支付股息還是投資業務。不管你怎麼想，這些都是完美的資產，傳統的低衰退，低資本密集度。

Okay. And when you shut off 3,000 barrels a day of production during the COVID pandemic, what's the CapEx to turn them back on? What's the loss from -- is there a...

好的。當您在新冠疫情期間關閉每天 3,000 桶的生產時，恢復生產所需的資本支出是多少？損失是什麼——有沒有...

There's no real CapEx. This -- when you look at where we shut-in, and we had more shut-in during the downturn, we have a fairly sophisticated way where we can look pattern-by-pattern, well-by-well from an economic standpoint, whether it's creating value and cash flow for us. And so as the downturn continued at its bottom, we had maximum shutoff, I believe, of almost 9,000 barrels a day. And now as it's come back, we'll use the workover rigs and the like to turn back on the production that is now economic and makes cash flow. Remember, we don't have a bunch of lease commitments or anything like that, where we have to worry about keeping production flowing. We'll only allow production to flow that's cash positive.

沒有真正的資本支出。當你看看我們關閉的地方時，我們在經濟低迷期間關閉了更多的地方，我們有一個相當複雜的方法，我們可以從經濟的角度逐個模式、逐個觀察，是否為我們創造價值和現金流。因此，當經濟低迷持續到底部時，我相信我們的最大停產量是每天近 9,000 桶。現在，隨著它的恢復，我們將使用修井機等設備來恢復生產，現在生產變得經濟並產生現金流。請記住，我們沒有大量的租賃承諾或類似的東西，我們必須擔心保持生產流動。我們只會允許現金為正的生產流動。

Got you. Okay. Well, I wish you good luck going forward. And addressing the prior caller's issue, I encourage you as management also to look up north to the Canadian producers like Tourmaline and Micro. And they put shareholders first, and that really makes their cost of debt really low, and everyone's much happier up there. So anyway, good luck to you guys, and I'll jump off now.

明白你了。好的。嗯，祝你未來好運。在解決前一個來電者的問題時，我鼓勵您作為管理層也向北尋找加拿大生產商，例如電氣石和Micro。他們把股東放在第一位，這確實使他們的債務成本非常低，而且每個人都更高興。不管怎樣，祝你們好運，我現在就跳下去。

(Operator Instructions) The next question is from [Ethan Dan with RAD Investments].

（操作員說明）下一個問題來自 [RAD Investments 的 Ethan Dan]。

So just a couple of quick questions. Hoping to get a little bit of a picture on the listing strategy for the warrants coming out of the bankruptcy. I understand right now that they're quite illiquid compared to, for example, whiting petroleum warrants, which have a much higher value even though the strike price is much higher. It's like $76 versus CRC's $36.

所以只有幾個簡單的問題。希望對破產後的認股權證的上市策略有一些了解。我現在了解到，與懷特石油認股權證相比，它們的流動性相當差，儘管執行價格要高得多，但其價值要高得多。相當於 76 美元，而 CRC 為 36 美元。

Number two, strategy and valuation on the real estate assets that CRC has. I understand there should be a huge opportunity to return cash to shareholders there.

第二，華潤水泥擁有的房地產資產的策略和估值。我知道那裡應該有巨大的機會向股東返還現金。

So Ethan, I got something about the warrants. You were a little broken up there. Our warrants were part of a settlement during the restructuring with the Creditors Committee. And obviously, they're struck at -- there's 2 sets of them, and they're struck at $36. The other question, we do have our real estate. We own the surface at our Huntington Beach property, which has substantial value. We continually monitor the real estate value versus the oil and gas value. And as you know, building any kind of real estate and entitling that in Southern California can be quite a feat. So we're looking to maximize value for shareholders and looking at ways, particularly as we come out of this pandemic to realize that value for our shareholders, whether it'd be some combination of that or pure real estate or oil and gas.

伊森，我得到了一些關於搜查令的信息。你在那裡有點崩潰了。我們的認股權證是重組期間與債權人委員會達成的和解協議的一部分。顯然，它們受到了打擊——有 2 套，售價 36 美元。另一個問題，我們確實有我們的房地產。我們擁有亨廷頓海灘房產的地表，該房產具有巨大的價值。我們持續監控房地產價值與石油和天然氣價值。如您所知，在南加州建造任何類型的房地產並獲得其權利都可能是一項壯舉。因此，我們希望為股東實現價值最大化，並尋找方法，特別是在我們走出這場大流行之後，為股東實現價值，無論是這些價值的組合，還是純粹的房地產或石油和天然氣。

The next question is from [Tim McKee with TDM].

下一個問題來自 [Tim McKee with TDM]。

Yes. Gentlemen, I was investing in your company during the pandemic starting in March and expected to continue, and then found out that you had declared Chapter 11 in June, and the shares were subsequently moved to CRCQQ. And as we know today, they were basically bottomed out at about $0.02 a share. As I understand it, I have absolutely no recourse. And if this were only a few thousand dollars, it wouldn't be an issue, but this is major money. Is there something that can be worked out? Is there shares that can be offered? Is there anything to the shareholders like myself?

是的。先生們，我在3月份開始的疫情期間投資了你們公司，並預計會繼續投資，然後發現你們在6月份宣布了第11章，隨後股票被轉移到了CRCQQ。正如我們今天所知，它們基本上在每股 0.02 美元左右觸底。據我了解，我完全沒有辦法。如果這只是幾千美元，那還不是問題，但這是一筆大錢。有什麼可以解決的嗎？有可以發售的股票嗎？像我這樣的股東有什麼事情嗎？

Yes. I'm sorry this is -- we went through the restructuring. And believe it or not, we fought really hard for our shareholders. We had a complicated capital structure, heavily indebted from our prior parent, and this is where we ended up.

是的。抱歉，我們經歷了重組。不管你相信與否，我們為我們的股東付出了巨大的努力。我們的資本結構很複雜，我們的前任母公司負債累累，這就是我們的結局。

This concludes our question-and-answer session. I would like to turn the conference back over to Todd Stevens for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給托德·史蒂文斯發表閉幕詞。

Thanks, everyone. I am extremely proud of our workforce during this time of uncertainty. They have conducted themselves with professionalism as we have strengthened our ability to generate cash flow while operating safely and productively during the pandemic. CRC has many valuable assets, including our employees and the relationships we have with our vendors, state and local leaders in the communities where we live and work. We appreciate everyone's attendance on today's call, and look forward to delivering results for our new shareholders.

感謝大家。在這個充滿不確定性的時期，我為我們的員工隊伍感到非常自豪。他們表現得很專業，因為我們在疫情期間增強了產生現金流的能力，同時安全、高效地運營。 CRC 擁有許多寶貴的資產，包括我們的員工以及我們與供應商、我們生活和工作社區的州和地方領導人的​​關係。我們感謝大家參加今天的電話會議，並期待為我們的新股東帶來成果。

We invite you to invest in CRC, as we are probably -- we probably supply, reliable and affordable energy for California by Californians.

我們邀請您投資 CRC，正如我們可能所做的那樣——我們可能會由加州人為加州提供可靠且負擔得起的能源。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。