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Thursday, Mar 28, 2024

California Resources Narrows Loss in Q4

California Resources Corp. had fourth-quarter losses below what Wall Street analysts expected, the company announced Monday. The Chatsworth oil and gas producer reported an adjusted net loss of $14 million (-33 cents a share) for the quarter ended Dec. 31, compared to a loss of $74 million (-$1.76) for the same period a year earlier. Revenue grew less than 1 percent to $455 million. Analysts on average expected a net loss of -57 cents on revenue of $535 million, according to Thomson Financial Network. On an unadjusted basis, the company had a net loss of $138 million (-$3.23 a share) in the fourth quarter. For the full year, the company reported an adjusted net loss of $187 million (-$4.40 a share) on revenue of $2 billion. “In 2017, we followed a strategic plan to focus on projects that offered the best value creation, to live within cash flow and to emphasize disciplined growth, and I am pleased to report that we delivered on all fronts,” Chief Executive Todd Stevens said in a statement. “We expect to deliver meaningful value creation for our shareholders in 2018 and beyond.” The company announced results after market close on Monday. Shares of California Resources (CRC) closed Monday down 12 cents, or less than 1 percent, to $20.11 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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