California Resources Corp. saw its stock jump nearly 20 percent Wednesday.
The Chatsworth oil and gas producer has experience big swings in its stock lately, usually in tandem with oil prices. In late September, the stock climbed to its highest price in almost four years after crude oil hit $81 a barrel. At the time, the spike was attributed to OPEC’s announcement not to increase oil production, which stoked fears over diminishing supply compounded by pending U.S. sanctions on Iranian oil exports.
California Resources’ 52-week stock range has ranged from $13.26 to $50.34 a share, according to Yahoo Finance data.
The company recently entered in a joint venture with San Diego’s Royale Energy Inc. to drill 30 wells at its Rio Vista field, the largest dry gas field in California, located about 40 miles south of Sacramento.
Shares of California Resources (CRC) closed Wednesday up $3.93, or 18.6 percent, at $25.10 on the New York Stock Exchange.