California Resources Corp (CRC) Releases Earnings Results, Misses Expectations By $-0.29 EPS

California Resources Corp (CRC) reported quarterly earnings results on Thursday, Aug-4-2016. The company reported $-1.80 earnings per share for the quarter, missing the analyst consensus estimate by $-0.29. Analysts had a consensus of $-1.51. The company posted revenue of $317.00 million in the period, compared to analysts expectations of $437.70 million. The company’s revenue was down -50.4% compared to the same quarter last year.

California Resources Corp closed down -0.81 points or -8.15% at $9.13 with 30,53,720 shares getting traded on Tusday. Post opening the session at $10.13, the shares hit an intraday low of $9 and an intraday high of $10.2 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.

In a different news, on Mar 10, 2016, Todd A. Stevens (CEO) purchased 11,500 shares at $0.85 per share price. According to the SEC, on Mar 10, 2016, Robert A. Barnes (EVP – N. Operations) purchased 4,800 shares at $2.11 per share price. On Mar 4, 2016, Charles F. Weiss (EVP – Public Affairs) purchased 8,000 shares at $1.35 per share price, according to the Form-4 filing with the securities and exchange commission.

California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company operating properties exclusively within the State of California. The Company has a mineral acreage consisting of approximately 2.4 million net acres spanning the state’s four oil and gas basins. The Company’s four oil and gas basins include San Joaquin Basin Los Angeles Basin Ventura Basin and Sacramento Basin. It operates an average of approximately 26 drilling rigs across the state. It drilled approximately 1048 development wells with approximately 847 wells in the San Joaquin basin approximately 177 in the Los Angeles basin approximately 21 in the Ventura basin and approximately 3 in the Sacramento basin. It also drilled approximately 9 exploration wells in the San Joaquin basin approximately 4 in the Ventura basin and 1 in the Sacramento basin.

California Resources Corp

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