Shares of California Resources Corp. gained more than 22 percent Friday, buoyed by the company’s quarterly financial results announced on Thursday.
The Chatsworth oil and natural gas producer reported a net loss of $2 million (-5 cents a share) for the first quarter. On an adjusted basis, the company reported net income of $8 million (18 cents a share) for the quarter. Revenue grew 3.2 percent to $609 million.
Analysts on average predicted a loss of -71 cents on revenue of $532 million, according to Thomson Financial Network.
During the quarter, the company paid $460 million to buy the outstanding interest from Chevron Corp. in the Elk Hills oil field near Bakersfield. As a result, CRC increased its projected capital investment program to $550 million to $600 million this year.
Investment website Motley Fool noted Friday that “between higher production and rising energy prices, California Resources was able to make a good-sized dent in its outstanding debt. … The oil company still has further to go, but the results were encouraging for those who've stuck with California Resources through several difficult years.”
Shares of CRC (CRC) closed Friday up $5.79, or 22.5 percent, to $31,58 on the New York Stock Exchange.