CRC Shares Plummet 14.1% as Earnings Pressure Mounts

California Resources Corporation (CRC) shares have fallen 14.1% in three months, outpacing its Zacks sub-industry's 0.5% decline and the S&P 500's 3% gain.

The earnings pressure, falling estimates, and California transportation constraints outweighed the company's progress on costs and drilling efficiency.

CRC reported second-quarter adjusted earnings of $0.99 per share, down 10% year-over-year and 24.4% below the Zacks Consensus Estimate of $1.31.

However, oil, natural gas, and natural gas liquids revenues rose 50.4% to $1.06 billion, exceeding the $979 million consensus mark by 7.8%, indicating a mixed earnings picture.