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California Resources' Stock Rallies on Management's Statements

TheMotleyFool

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California Resources' Stock Rallies on Management's StatementsPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png

Shares of independent oil and gas company California Resources Corporation (NYSE: CRC) are up 11% as of 3:45 p.m. EDT today and were up as high as 22.8%. The stock moves came after management issued an SEC filing that said it was not considering restructuring.

This matters because there was a report yesterday that the company had met with restructuring advisors. Reports like that typically portend some tough decisions that few shareholders want to stick around for.

Image source: Getty Images.

Source Fool.com

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