<SEC-DOCUMENT>0001628280-17-012474.txt : 20180202
<SEC-HEADER>0001628280-17-012474.hdr.sgml : 20180202
<ACCEPTANCE-DATETIME>20171220164808
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001628280-17-012474
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			California Resources Corp
		CENTRAL INDEX KEY:			0001609253
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				465670947
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9200 OAKDALE AVENUE
		STREET 2:		9TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			91311
		BUSINESS PHONE:		8888484754

	MAIL ADDRESS:	
		STREET 1:		9200 OAKDALE AVENUE
		STREET 2:		9TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			91311
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<div><a name="s3218C0804A1C1983CA5E759F2822C7C8"></a></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;"><img src="seccommentletterfinal_image1.gif" alt="seccommentletterfinal_image1.gif" style="height:72px;width:226px;"></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 20, 2017</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Via EDGAR</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">H. Roger Schwall</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assistant Director</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Office of Natural Resources</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">United States Securities and Exchange Commission</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Division of Corporation Finance</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100 F Street, N.E.</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, D.C. 20549-3561</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Re: California Resources Corporation</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Form 10-K for Fiscal Year Ended December 31, 2016</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Filed February 24, 2017</font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">File No. 1-36478</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ladies and Gentlemen:</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Set forth below are the responses of California Resources Corporation (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">we</font><font style="font-family:inherit;font-size:10pt;">,&#8221; &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">us</font><font style="font-family:inherit;font-size:10pt;">&#8221; or &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">our</font><font style="font-family:inherit;font-size:10pt;">&#8221;) to comments received from the staff of the Division of Corporation Finance (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Staff</font><font style="font-family:inherit;font-size:10pt;">&#8221;) of the Securities and Exchange Commission (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Commission</font><font style="font-family:inherit;font-size:10pt;">&#8221;) by letter dated December 12, 2017, with respect to the Company&#8217;s Form 10-K for Fiscal Year Ended December 31, 2016, filed with the Commission on February 24, 2017, File No. 1-36478 (&#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Form 10-K</font><font style="font-family:inherit;font-size:10pt;">&#8221;).</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For your convenience, each response is prefaced by the exact text of the Staff&#8217;s corresponding comment in bold, italicized text. All references to page numbers and captions correspond to the Form 10-K unless otherwise specified.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2016</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Properties, page 27</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Proved Undeveloped Reserves, page 35</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">You disclose that your year-end development plans and associated proved undeveloped reserves are consistent with SEC guidelines for development &#8220;within five years.&#8221; Confirm for us, if true, that your proved undeveloped reserves will be converted to proved developed within five years of initial reporting as proved undeveloped reserves. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">RESPONSE</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:left;padding-left:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We acknowledge the Staff&#8217;s comment and confirm to the Staff that at the time of our 10-K filing on February 24, 2017, our development plan contemplated that all of our proved undeveloped reserves will be converted to proved developed within five years of initial reporting as proved undeveloped reserves.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Financial Statements and Supplementary Data, page 81</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Supplemental Oil and Gas Information (Unaudited), page 116</font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Proved Developed and Undeveloped Reserves</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Expand the disclosure relating to the changes in net proved reserves for each of the periods presented to provide an appropriate narrative explanation for the significant changes relating to each line item entry within your reconciliation, such as revisions of previous estimates, improved recovery, extensions and discoveries, acquisitions and divestitures. Your explanation should address the change for the line item by separately identifying and quantifying each factor that contributed to a significant change so that the change in net reserves between periods is fully explained. To the extent that two or more factors contribute to a significant change, indicate the net amount attributable to each factor accompanied by a narrative explanation. Your disclosure of revisions in the previous estimates of reserves in particular should identify such factors as changes caused by commodity prices, well performance, unsuccessful and/or uneconomic proved undeveloped locations or the removal of proved undeveloped locations due to changes in a previously adopted development plan. Refer to FASB ASC 932-235-50-5. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">RESPONSE</font><font style="font-family:inherit;font-size:10pt;">:  </font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">We acknowledge the Staff's comment and respectfully advise the Staff that the following narrative explanation for the significant changes relating to each line item within our reconciliation to the changes in net proved reserves was included in Item 2 Properties &#8211; Our Reserves and Production Information on pages 33 to 34 in our Form 10-K.  </font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">&#8220;Improved Recovery</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">In 2016, we added proved reserves of 3 MMBoe from improved recovery through proven IOR and EOR</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">methods. The improved recovery additions in 2016 were associated with the continued development of steamflood and waterflood properties in the San Joaquin basin. The types of conventional IOR and EOR development methods we use can be applied through existing wells, though additional drilling is frequently required to fully optimize the development configuration.</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">Extensions and Discoveries</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">In 2016, we added 20 MMBoe of proved reserves from extensions and discoveries, which generally result from exploration, exploitation and development programs. The extensions and discovery additions were associated with the continued successful but limited drilling primarily in the San Joaquin, Los Angeles, and Ventura basins.</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">Revisions of Previous Estimates</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;text-decoration:underline;">Revisions related to performance</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">&#32;- Performance related revisions can include upward or downward changes to previous proved reserves estimates due to the evaluation or interpretation of geologic, production decline or operating performance data. In 2016, our positive performance related revisions of 13 MMBoe resulted primarily from better than expected reservoir performance and comprehensive field development planning. These positive revisions primarily came from the San Joaquin and Ventura basins.</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;text-decoration:underline;">Revisions related to price changes</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">&#32;- Product price changes affect proved reserves we record. For example, higher prices generally increase the economically recoverable reserves in all of our operations, because the extra margin extends their expected lives and renders more projects economic. Partially offsetting this effect, higher prices decrease our share of proved cost recovery reserves under arrangements similar to production-sharing contracts at our Long Beach operations because less oil is required to recover costs. Conversely, when prices drop, we experience the opposite effects. Total net negative price revisions in 2016 were 60 MMBoe. The price revisions incorporated the positive effect of lower operating costs also caused by the lower commodity price environment.</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">During the course of 2016 we experienced further price declines compared to 2015, resulting in the average SEC price for Brent oil decreasing from $55.57 per barrel for 2015 to $42.90 for 2016. As a result, we experienced negative price related revisions to our proved reserves at December 31, 2016 of 60 MMBoe. Generally, lower prices adversely impact the quantity of our reserves as those reserves may no longer meet the economic producibility criteria under the rules or may be removed due to a lower amount of capital available to develop these projects within the SEC-mandated five-year limit. However, our production-sharing contracts in Long Beach tend to partially offset these effects because our share of production and reserves from these contracts increases as prices decline. Further, during the course of the year we implemented significant cost reduction and efficiency steps, which reduced our production costs by approximately 16% and drilling costs by approximately 23%. These cost reductions, as well as other efficiency efforts, offset a portion of the price-related loss of reserves quantities as some of the barrels that would have become uneconomic in later years remain economic, a portion of the proved undeveloped reserves that would otherwise be removed from the reserves quantities become economic and we expect to drill more wells with the same amount of capital.&#8221;</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">We believe that a reader of our financial statements would benefit from an explanation for these changes in the front section of our Form 10-K where we also present the proved reserves additions table.  However, we acknowledge that</font><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">FASB ASC 932-235-50-5 requires us to also present this narrative in the Supplemental Oil and Gas Information section of the Form 10-K.  Therefore, in future filings, we will provide cross references in the Supplemental Oil and Gas Information section to our narrative discussion in </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Item 2 Properties &#8211; Our Reserves and Production Information.</font><font style="font-family:inherit;font-size:10pt;">&#32;&#32;</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Please direct any questions that you have with respect to the foregoing or if any additional supplemental information is required by the Staff, please contact me at (818) 661-6021.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:384px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:61%;"></td><td style="width:7%;"></td><td style="width:32%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Very truly yours,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">California Resources Corporation</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:25px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:25px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:25px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Roy Pineci</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Roy Pineci</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Executive Vice President, Finance</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Calibri,sans-serif;font-size:12pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></div>	</body>
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