California Resources Corp. on Wednesday reported earnings that greatly exceeded expectations in the fourth quarter of 2018.
The Chatsworth oil and gas company reported adjusted net income in the fourth quarter of $26 million, or 53 cents a diluted share. Analysts were expecting 2 cents.
The exploration and production company’s quarterly revenue totaled $1.07 billion, handily beating the consensus estimate of $656 million.
According to the company, the 2018 results reflected increased production and higher prices for oil and natural gas.
In the fourth quarter, the company produced an average of 86,000 barrels of oil and 136,000 barrels of oil equivalent per day, both increases of 8 percent from the fourth quarter of 2017. That increased production can be attributed to CRC’s acquisition of the 47,000-acre Elk Hills field in the San Joaquin basin in April 2018.
Shares of California Resources (CRC) on Wednesday closed up 52 cents, or 2.4 percent, to $21.82 on the Nasdaq. Results were reported after the close of regular trading; in early trading after hours, the stock rose more than 8 percent.