California Resources is the second-best performer in 2018

In 2018, California Resources (CRC) is turning out to be the second-best performing energy stock from the oil and gas production—or upstream—sector in the US. California Resources is primarily a crude oil and natural gas producer with operations exclusively in California. So far in 2018, CRC has increased by ~96% from its 2017 close of $19.44 to $38.14.

Why California Resources Is Rising Strongly in 2018

In 2018, the strong increase in CRC’s stock price is easily outperforming the rise in the Energy Select Sector SPDR Fund (XLE) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Year-to-date in 2018, XLE and XOP are up by ~8% and ~16%, respectively.

California Resources’ revenues and earnings

In Q1 2018, California Resources reported revenues of ~$609 million, which are higher by ~3% when compared with Q1 2017 revenues of ~$590 million. In Q1 2018, California Resources turned profitable after reporting losses in Q1 2017. In Q1 2018, CRC posted adjusted profit of ~$8 million from the loss of ~$43 million in Q1 2017. On a per share basis, California Resources posted adjusted profit of $0.18 per share in Q1 2018 from the loss of $1.02 per share in Q1 2017.

Next, we’ll compare 2018 returns of Denbury Resources (DNR) with various broader energy market and energy commodities, and we’ll also analyze fundamental metrics.

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