California Resources Corp. matched Wall Street expectations on earnings while beating on revenue for the fourth quarter.
The Valencia oil and natural gas producer reported on Thursday an adjusted net income of $175 million ($2.13 a share) for the quarter ending Dec. 31, compared with an adjusted net loss of $20 million (-40 cents) in the same period a year earlier. Revenue increased by 326 percent to $634 million.
Analysts on average expected earnings of $2.13 on revenue of $544 million, according to Thomson Financial Network.
“Our strong execution throughout the year and excellent financial results have allowed us to continue to demonstrate our commitment to shareholder returns,” Chief Executive Mark “Mac” McFarland said in a statement.
In the year between the end of the fourth quarter in 2020 and the end in 2021, the price for a barrel of Brent benchmark crude oil increased from about $51 to more than $78.
Shares in California Resources (CRC) closed down $2.30, or almost 6 percent, to $38.03 on the New York Stock Exchange, on a day when the Dow Jones closed up a fraction of a percent.
Tutor Perini Corp. beat Wall Street estimates on earnings and just missed on revenue in the fourth quarter.
The Sylmar construction company reported on Thursday a net income of $29.3 million (57 cents a share) for the quarter ending Dec. 31, compared with net income of $35.5 million (69 cents) in the same period a year earlier. Revenue dropped by 23 percent to $1 billion.
Analysts on average expected earnings of 51 cents on revenue of $1.2 billion, according to Thomson Financial Network.
Ron Tutor, the chief executive, said the company ended last year with a solid operating performance, particularly in its Civil segment.
“Despite the negative impacts of COVID-19 in 2021, we won various large new awards throughout the year, with particularly strong bookings in our Building segment, and closed the year with ending backlog consistent with the prior year,” Tutor said in a statement.
The backlog was $8.2 billion at the end of last year, compared with a $8.3 billion backlog at the end of 2020.
Shares of Tutor Perini (TPC) closed up 26 cents, or about 2.4 percent, to $11.32 on the New York Stock Exchange, on a day when the Dow Jones closed up a fraction of a percent.