AP NEWS

California Resources: 4Q Earnings Snapshot

February 26, 2020 GMT

SANTA CLARITA, Calif. (AP) _ California Resources Corp. (CRC) on Wednesday reported a fourth-quarter loss of $67 million, after reporting a profit in the same period a year earlier.

The Santa Clarita, California-based company said it had a loss of $1.36 per share. Earnings, adjusted for non-recurring costs, were 73 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.

The oil and natural gas company posted revenue of $610 million in the period.

For the year, the company reported a loss of $28 million, or 57 cents per share, swinging to a loss in the period. Revenue was reported as $2.63 billion.

California Resources shares have decreased 30% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.29, a decline of 70% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CRC at https://www.zacks.com/ap/CRC