California Resources Corporation (CRC) saw its loss narrow to $77 million, or $1.83 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3,282 million, or $85.47 a share. On the other hand, adjusted net loss for the quarter narrowed to $74 million, or $1.76 a share from a loss of $77 million or $2.01 a share, a year ago. Revenue during the quarter dropped 20.14 percent to $452 million from $566 million in the previous year period.
Operating loss for the quarter was $3 million, compared with an operating loss of $4,949 million in the previous year period.
Todd Stevens, president and chief executive officer, said, "We are pleased with our 2016 performance as we strengthened our balance sheet, continued to live within our cash flows, managed our base production to a minimal decline and increased our probable and possible reserves significantly. These achievements reflect the diligence of our team as well as the resiliency of our operations and complementary infrastructure.
Operating cash flow drops significantlyCalifornia Resources Corporation has generated cash of $130 million from operating activities during the year, down 67.74 percent or $273 million, when compared with the last year. The company has spent $61 million cash to meet investing activities during the year as against cash outgo of $757 million in the last year.
The company has spent $69 million cash to carry out financing activities during the year as against cash inflow of $352 million in the last year period.
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