California Resources Corp. Surges on Better-Than-Expected Q3 Results

California Resources Corp. Surges on Better-Than-Expected Q3 Results

Shares of California Resources (NYSE: CRC) jumped on Tuesday and were up 10.4% at 11:00 a.m. EST. That's its second double-digit jump this week, this time fueled by the oil producer's third-quarter results.

California Resources reported an adjusted net loss of $52 million, or $1.22 per share, which beat the consensus estimate by $0.41 per share. Furthermore, its net loss narrowed from $71 million, or $1.74 per share, in last year's third quarter. Higher oil prices were the driving force, with the company realizing $50.02 per barrel during the quarter, up $6.99 per barrel from last year's third quarter. That helped it overcome a 7% decline in production and a more than $2-per-barrel of oil equivalent increase in production costs.

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Source: Fool.com