California Resources (CRC) was the top E&P (exploration and production) gainer in the week that ended on August 24, with a week-over-week rise of 22.2%. CRC saw a sharp recovery last week after a steep fall in the week that ended on August 17.
The week’s rally was mainly driven by gains in crude oil prices. Overall, CRC has risen 84.1% since the start of this year, but it’s is still trading ~60% below its all-time high.
Berry Petroleum (BRY), another California-based E&P company, was the second-highest gainer last week. BRY rallied 20.4% in the week. It recently completed its IPO and is trading on the NASDAQ Global Select Market.
Denbury Resources (DNR), which is involved in enhanced oil recovery, was the third-highest E&P gainer last week. DNR rallied 16.0%. Overall, DNR has risen 136.2% since the start of this year. DNR’s strong year-to-date gains can be attributed to the company’s strong earnings growth. DNR posted adjusted EBITDAX (earnings before interest, tax, depreciation, amortization, and exploration expenses) of $153 million in the second quarter compared to $86 million in the second quarter of 2017, representing a ~78% year-over-year rise.