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.