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Thursday, Feb 22, 2024

CRC Shares Gain 17 Percent on Quarterly Results, Higher Oil Prices

Higher oil prices, a narrower net loss and the chance of extending debt payment deadlines set share prices soaring Monday by 17-plus percent for Chatsworth energy producer California Resources Corp. The oil and natural gas producer reported a narrower adjusted net loss in its third quarter of $52 million (-$1.22 a share), compared to an adjusted net loss of $71 million (-$1.74 share) for the same period a year ago. That exceeded expectations from eight analysts who reported, on average, a net loss of $1.63, according to Thomson Financial Network. In unadjusted figures, CRC reported an unadjusted net loss of $133 million (-$3.11 a share) that fell short of analysts’ estimates. CRC reported third-quarter revenue of $445 million, compared to $456 million a year ago. That fell short of analysts’ forecasts of $488 million. The company said in its report that it received bank approval, subject to meeting certain conditions, to amend its current loan, extending when the credit matures, and relaxing debt obligations. The conditions involve closing a new term loan with proceeds that would help pay down some of the company’s debt. More good news on Monday came from rising crude oil prices that topped $57 a barrel. Shares of California Resources (CRC) closed up Monday 17.4 percent, or $2.09, to $14.13 on the New York Stock Exchange.

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