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.

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