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Thursday, Mar 28, 2024

CRC Shares Gain Nearly 23 Percent

Shares of California Recourses Corp. rose nearly 23 percent Friday after the company reported its quarterly performance. The Chatsworth oil and gas producer announced Thursday it narrowed its losses in the first quarter, reporting an adjusted net loss of $43 million (-$1.02 a share), compared to an adjusted net loss of $100 million (-$2.60 a share) for the same period a year ago. Analysts expected a loss of -$1.26 a share, according to Thomson Financial Network. Revenue increased to $590 million from $322 million a year ago, also beating analysts’ estimated revenue of $486 million. California Resources (CRC) shares closed Friday up $2.30, or 22.6 percent, at $12.46 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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