California Resources Corp. announced fourth-quarter and full results on Monday that reflect the impact of falling oil prices on the company.
The Chatsworth oil and gas producer reported an adjusted net loss of $77 million (-20 cents a share) for the quarter ended Dec. 31 compared to an adjusted net loss of $7 million (-2 cents) for the fourth quarter a year ago. Revenue fell 31 percent to $540 million.
Analysts on average expected a loss of 24 cents a share on revenue of $558 million, according to Thomson Financial Network.
“Despite a severe downturn in commodity prices and an 81-percent capital reduction in 2015, we increased crude oil production 5 percent,” Todd Stevens, chief executive, said in a statement. “Expect to see us demonstrate financial discipline to maintain sufficient liquidity through 2016. We plan to continue building economically viable drilling inventory, while managing our activity consistent with our principle of living within cash flow.”
The company’s stock has lost about 90 percent of its value in the last year. Shares closed Monday up 7 cents or 14.7 percent to 56 cents on the New York Stock Exchange.