California Resources (CRC) Stock Falls on Revenue Miss

NEW YORK (TheStreet) -- Shares of California Resources (CRC) were falling 8% to $8.56 Friday after the oil company missed analysts' estimates for revenue in the first quarter.

California Resources reported revenue of $577 million for the first quarter, down 48.5% from the year-ago quarter, missing analysts' estimates of $641.04 million. The company reported a loss of 25 cents a share for the quarter, above analysts' estimates of a loss of 28 cents a share.

The company said total production was 166,000 barrels of oil equivalent a day with crude oil production of 108,000 barrels a day.

Falling oil prices may also be contributing to California Resources' falling shares prices. WTI crude oil for June delivery was down 1% to $59.05 a barrel Friday morning, and Brent crude oil for June delivery was down 0.95 to $66.18 a barrel.

CRC ChartCRC data by YCharts

More from Markets

Red Robin Slumps After Earnings Miss

Red Robin Slumps After Earnings Miss

Owner of Moviepass Sees Stock Plummet

Owner of Moviepass Sees Stock Plummet

Tiffany & Co. Sees a Strong Market in Asia

Tiffany & Co. Sees a Strong Market in Asia

Stocks Finish Higher After Release of Fed Minutes

Stocks Finish Higher After Release of Fed Minutes

General Electric's Stock Gets Routed as CEO Flannery Flubs Presentation

General Electric's Stock Gets Routed as CEO Flannery Flubs Presentation