The share price of California Resources Corp. (CRC) rose nearly 20 percent Tuesday on higher prices for crude oil and news that billionaire George Soros increased his stake in the company.
The Chatsworth oil and gas producer indicated in its quarterly report on Nov. 3 that during the quarter it sold its oil for an average price of $43.03 a barrel. On Tuesday oil prices rallied 5.6 percent to close at $45.75, according to Yahoo Finance.
The upswing accompanied news that the Organization of Petroleum Exporting Countries will meet at the end of the month to discuss limiting output. That would increase the value of oil produced in the U.S. by companies such as California Resources.
Also, Soros Fund Management disclosed in a filing Monday that it has increased its stake in California Resources and several other oil companies.
Shares closed up $2.49 or 19.9 percent to $14.99 on the New York Stock Exchange.