Oil Producer’s Losses DoubleThursday, August 4, 2016
California Resources Corp. (CRC), the state’s largest oil and gas producer, reported a widened net loss and much lower revenue. Both numbers missed analysts’ expectations as the company continued to sell off assets and reduce drilling in the second quarter amid low oil prices. The company’s stock slid on the disappointing news.
CRC reported Thursday its net loss more than doubled to $140 million (-$3.51 a share) for the quarter, compared to a net loss of $68 million (-$1.78 a share) for the same, year-ago period.
The adjusted net loss of $72 million (-$1.80 a share) compares to an adjusted loss of $51 million (-$1.33 a share) for the year-ago quarter. The number also missed analysts’ expectations of a loss of $1.49 a share.
CRC generated revenue of $317 million in the quarter, half the $634 million reported last year. Analysts expected $436 million.
The share price on Thursday closed down 67 cents, or almost 7 percent, to $9.22.