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Saturday, Mar 2, 2024

California Resources Rises 44 Percent on OPEC News

Shares of California Resources Corp. (CRC) soared 44 percent Wednesday as hopes of higher prices revived the entire oil sector. The Organization of Petroleum Exporting Countries, or OPEC, agreed to cut production by 1.2 million barrels a day by January. In response, oil futures rose and most oil-sector stocks followed suit. California Resources in Chatsworth is the largest oil and natural gas production company in California on a gross-operated basis. Shares gained $5.35 or 44.4 percent to close at $17.40 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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