Shares of California Recourses Corp. rose nearly 23 percent Friday after the company reported its quarterly performance.

The Chatsworth oil and gas producer announced Thursday it narrowed its losses in the first quarter, reporting an adjusted net loss of $43 million (-$1.02 a share), compared to an adjusted net loss of $100 million (-$2.60 a share) for the same period a year ago.

Analysts expected a loss of -$1.26 a share, according to Thomson Financial Network.

Revenue increased to $590 million from $322 million a year ago, also beating analysts’ estimated revenue of $486 million.

California Resources (CRC) shares closed Friday up $2.30, or 22.6 percent, at $12.46 on the New York Stock Exchange.