CRC Turns Profit, Plans Stock Repurchase

California Resources Corp. beat Wall Street estimates on revenue for the first quarter.The Valencia oil and natural gas producer reported on Thursday adjusted net income of $102 million ($1.22 a share) for the quarter ending March 31, compared with an adjusted net loss of $8 million (-16 cents) in the same period a year earlier. Revenue decreased 37 percent to $363 million.

 The single analyst who follows the company expected revenue of $285 million but did not forecast on earnings, according to Thomson Financial Network.

Mark McFarland, chief executive of the company, said during a conference call with analysts to discuss the quarterly earnings that the strong first quarter generated $120 million in free cash that will allow the company to start a $150 million stock repurchase program.  “Our strong start to the year displayed CRC’s ability to execute on our strategy and deliver meaningful cash flow,” McFarland said during the call.

Shares in California Resources (CRC) closed down on Friday $1.73, or 6.7 percent, to $24.13 on the New York Stock Exchange, on a day when the Dow Jones closed up 1 percent.