05:11 AM EDT, 05/08/2024 (MT Newswires) -- California Resources ( CRC ) reported Q1 adjusted earnings Tuesday of $0.75 per diluted share, down from $2.63 a year earlier.

Four analysts polled by Capital IQ expected $0.64.

Operating revenue for the quarter ended March 31 was $454 million, compared with $1.02 billion a year earlier.

Two analysts polled by Capital IQ expected $471 million.

California Resources ( CRC ) said its board approved a quarterly cash dividend of $0.31 per share, payable June 14 to shareholders of record on May 31, and it plans to increase its quarterly dividend after closing the merger with Aera.

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