First Eagle High Yield Fund Comments on California Resources

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Oct 24, 2019

California Resources (CRC, Financial) was spun off from Occidental Petroleum in 2014 with what at the time was considered a reasonable level of debt. However, volatility in the crude oil price drove the company’s leverage higher in 2016 and 2017. We believe California Resources has managed its balance sheet well—reducing debt where possible, opportunistically buying back bonds and engaging in joint-venture projects with favorable terms.

From First Eagle Investment (Trades, Portfolio)'s High Yield Fund third-quarter 2019 shareholder letter.

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