CRC Drops 13 Percent on Lower Oil Prices

Shares of California Resources Corp. dropped nearly 13 percent Wednesday as oil prices fell. The Chatsworth oil and gas producer was accompanied on the way down by other oil producers, including Denver-based Whiting Petroleum, which lost 10 percent, and Marathon Oil in Houston, which dropped 8.6 percent. Futures for sweet light crude oil fell $2.94, or 5.5 percent, to close at $50.20 on the New York Mercantile Exchange. California Resources (CRC) closed down $2.26, or 12.9 percent, to $15.25 on the New York Stock Exchange.