After gaining 17 percent Monday, shares of California Resources Corp. moved higher Tuesday with a gain of more than 13 percent. On Monday the oil and natural gas producer reported a narrower adjusted net loss in its third quarter of $52 million (-$1.22 a share), compared to an adjusted net loss of $71 million (-$1.74 share) for the same period a year ago. That exceeded expectations from eight analysts who reported, on average, a net loss of $1.63, according to Thomson Financial Network. CRC reported third-quarter revenue of $445 million, compared to $456 million a year ago. That fell short of analysts’ forecasts of $488 million. The company said in its report that it received bank approval, subject to meeting certain conditions, to amend its current loan, extending when the credit matures, and relaxing debt obligations. The conditions involve closing a new term loan with proceeds that would help pay down some of the company’s debt. Shares of California Resources (CRC) closed Tuesday at $16.04 for a gain of $1.91 or 13.5 percent on the New York Stock Exchange.
CRC Shares Gain Another 13 Percent on Quarterly Results
