California Resources Corporation (CRC) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $53 million, or $ 1.22 a share in the quarter, against a net loss of $50 million, or $1.30 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $43 million, or $1.02 a share from a loss of $100 million or $2.60 a share, a year ago. Revenue during the quarter surged 83.23 percent to $590 million from $322 million in the previous year period. Operating margin for the quarter period stood at positive 18.81 percent as compared to a negative 44.41 percent for the previous year period.
Operating income for the quarter was $111 million, compared with an operating loss of $143 million in the previous year period.
Todd Stevens, president and chief executive officer, said, "Once again, CRC executed and delivered solid production results in the quarter. We also reinforced our commitment to strengthen the balance sheet by applying excess cash flow toward debt reduction. Importantly, we have now announced two joint ventures, one with Benefit Street and another with Macquarie, which provide flexibility in our investment program and enhance our organic deleveraging ability. We are excited to get back to investing in and growing our business. These joint ventures will bring forward investment to unlock the value of our resource base for our partners and shareholders."
Operating cash flow improves
California Resources Corporation has generated cash of $133 million from operating activities during the quarter, up 15.65 percent or $18 million, when compared with the last year period. The company has spent $95 million cash to carry out financing activities during the quarter as against cash outgo of $88 million in the last year period.
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