California Resources Shares Drop on Widening Loss

The share price of California Resources Corp. (CRC) slid 4 percent Thursday after the oil and natural gas producer reported a third-quarter loss that widened beyond the improvements analysts anticipated. The Chatsworth company reported an adjusted net loss of $71 million (-$1.75 a share) compared to an adjusted net loss of $86 million (-$2.25 a share) for the same period a year ago. Analysts expected a narrower loss per share of -$1.55, according to Thomson Financial Network. The adjusted figure excluded $660 million in net gains the company generated from buying back and exchanging debt and other items, California Resources said. While revenue fell during the quarter to $456 million, a 27 percent drop compared to $626 million a year ago, that beat analysts’ expected revenue of $434 million. Average oil production was down 13 percent year-over-year. Natural gas production was also down. Chief Executive Todd Stevens said the company expects to increase drilling over the next quarter and year. Shares closed Thursday at $9.84, down 41 cents, or 4 percent, on the New York Stock Exchange.