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Thursday, Feb 22, 2024

CRC’s Loss Widens, Revenue Grows

California Resources Corp. reported mixed second-quarter results, falling short of analysts’ expectations on a widened net loss while surpassing them on revenue. The Chatsworth oil and gas producer reported an adjusted net loss of $78 million (-$1.83 a share), compared to an adjusted net loss of $72 million (-$1.80) for the same period last year. Analysts estimated a net loss of -$1.71 per share, according to Thomson Financial Network. Second-quarter revenue jumped 63 percent to $516 million from $317 million a year ago. That exceeded analyst expectations of $482 million. Over the quarter, the company said it invested $82 million, with $55 million of it for drilling and workovers. That allowed it to drill and complete 24 wells. California Resources’ joint venture partner Benefit Street Partners, the credit investment division of Providence Equity Partners, funded $28 million of the invested capital, which funded the drilling of eight wells. California Resources drilled another 11 wells with partner Macquarie Infrastructure and Real Assets, an asset management arm of the Australian global banking and financial advisory firm Macquarie Group Ltd. “Recent wells delivered stronger-than-expected performance at lower-than-expected costs,” Chief Executive Todd Stevens said in a statement. “We expect to build on this success in the third quarter and remain on track to grow production in the second-half of the year.” Shares of California Resources (CRC) closed Thursday down 16 cents, or 2.1 percent, to $7.42 on the New York Stock Exchange.

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