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Saturday, Mar 2, 2024

California Resources Reports Loss of $82 million

California Resources Corp. reported a worse-than-expected quarterly loss of $82 million, or $1.70 a share, the Chatsworth oil and gas company announced Thursday. Analysts had expected a net loss of 36 cents a share, according to Thomson Financial. Adjusted losses, accounting for one-time gains and costs, totaled $14 million, or -29 cents a share. The company posted total revenue of $549 million. While both oil and gas production and prices rose considerably during the quarter, the gains were offset by negative hedge results and increased production costs, the company said. It reported $92 million in non-cash derivative losses and saw production costs rise by $12 million at its Elk Hills oil field, which it acquired from Chevron Corp. in April. Daily oil production rose 4 percent compared to the second quarter of last year to 134,000 barrels a day, driven by the Elk Hills acquisition. Shares of California Resources (CRC) fell 57 cents, or more than 1 percent, Friday to close at $34.50 on the New York Stock Exchange.

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