CRC Q2 Earnings Miss as Takeaway Constraints Bite

California Resources Corporation (CRC) reported second-quarter earnings that missed analyst expectations due to temporary takeaway constraints, weaker oil differentials, and higher transportation and operating costs.

The company's adjusted earnings came in at $0.99 per share, a 10% decline from the same period last year and below the Zacks Consensus Estimate of $1.31 per share.

However, CRC's revenues rose 50.4% to $1.06 billion, beating analyst expectations by 7.87% and surpassing its own guidance.

The company attributed the revenue growth to higher oil prices, which averaged $91.55 per barrel before derivative settlements.