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.