Low oil and gas prices resulted in a significant loss for California Resources Corp. in the third quarter.
The Chatsworth oil producer reported an adjusted net loss of $104 million (-22 cents a share) for the quarter ended Sept. 30, compared to net income of $188 million (48 cents) for the same quarter last year. Revenue declined 43 percent to $626 million.
Analysts on average expected a loss of -28 cents a share on revenue of $539 million, according to Thomson Financial Network.
The company noted that despite higher oil production, lower prices affected its performance. Chief Executive Todd Stevens said the company focused its attention during the quarter on trimming its debt load.
“We held crude oil production essentially flat sequentially and decreased our debt balance by over $100 million,” he said in a statement.
The company announced results after market close Thursday. Shares closed Friday up 5 cents or 1 percent to $4.63 on the New York Stock Exchange.