California Resources Corp.’s stock price has fallen more than 22 percent since the Santa Clarita oil and gas exploration firm released earnings on Thursday that missed estimates by a wide margin.
California Resources reported a net loss of $14 million (-29 cents a share) on revenue of $653 million for the quarter ending July 2. Zacks Consensus Estimate predicted earnings of 28 cents per share and revenue of $708 million.
The second-quarter results practically mirrored those from same quarter last year, when the company reported net a loss of $14 million (-29 cents) on revenue of $549 million.
The company also reported a 4 percent decline in daily production volumes for the quarter.
“Our capital plan calls for CRC’s investments to be modestly lower in the second half of the year, while (joint venture) capital will increase with our new partner’s investment. This will result in a slight increase in production through the end of the year,” Chief Executive Todd Stevens said in a statement, referring to a recent joint venture with L.A. investment firm Colony Capital Inc., which is funding up to $500 million for development costs at CRC’s Elk Hills oil field.
Shares of CRC dropped $2.20, or 14.4 percent, to $13.11 on Thursday. The company’s stock fell another $1.22, or 9.3 percent, on Friday to close at $11.89.