Shares of California Resources Corp. gained 13 percent Monday in step with climbing crude oil prices. The Chatsworth company produced about 100,000 barrels of crude oil a day, but reported a quarterly loss of $51 million, or -13 cents a share, in its second-quarter filing announced Aug. 6. Earlier this year, California Resources Chief Executive Todd Stevens told the Business Journal his company was designed with a debt load for oil prices around $100 a barrel, about double the going rate. The price for benchmark West Texas Intermediate crude oil gained 8 percent Monday to close at $48.86. California Resources was spun off from Occidental Petroleum last year when Oxy moved its headquarters to Houston. The spinoff retained the California properties of the parent corporation. Shares closed up 45 cents or 13 percent to $3.88 on the New York Stock Exchange.
