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Thursday, Mar 28, 2024

Low Oil Prices Turn California Resources to Loss

Low oil and gas prices resulted in a significant loss for California Resources Corp. in the third quarter. The Chatsworth oil producer reported an adjusted net loss of $104 million (-22 cents a share) for the quarter ended Sept. 30, compared to net income of $188 million (48 cents) for the same quarter last year. Revenue declined 43 percent to $626 million. Analysts on average expected a loss of -28 cents a share on revenue of $539 million, according to Thomson Financial Network. The company noted that despite higher oil production, lower prices affected its performance. Chief Executive Todd Stevens said the company focused its attention during the quarter on trimming its debt load. “We held crude oil production essentially flat sequentially and decreased our debt balance by over $100 million,” he said in a statement. The company announced results after market close Thursday. Shares closed Friday up 5 cents or 1 percent to $4.63 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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