California Resources Corporation (NYSE:CRC) announced a net loss of $86 million or $0.22 per share for the third quarter of 2015, compared with a profit of $188 million or $0.48 per diluted share for the third quarter of 2014.

Revenues for the most recent quarter were $626 million, compared to $1.1 billion for the same period a year earlier.

Todd Stevens, President and CEO of CRC, said that, along with the company’s efforts to strengthen its balance sheet, which included a $100 million reduction in debt, “we felt it was prudent to suspend our dividend.”

The 2015 quarter reflected higher oil volumes, and lower production costs, depreciation, depletion and amortization expense, adjusted general and administrative expense, exploration expense and ad valorem tax expense.

This was offset by significantly lower realized oil, NGL and gas prices, and higher interest expense resulting its separation from its former parent company, Occidental Petroleum.

Daily oil and gas production volumes averaged 158,000 barrels of oil equivalent (BOE) in the third quarter of 2015, compared with 160,000 BOE in the year-earlier quarter.

Realized crude oil prices decreased 50% to $47.79 per barrel in the latest quarter from $96.27 per barrel in the third quarter of 2014.

During the quarter, CRC responded to lower oil and gas prices by reducing its workforce through a voluntary retirement program and limited layoffs. These resulted in a total pre-tax charge of $62 million in the quarter. The company expects to have about 1,700 employees at year-end 2015, a 15% reduction from year-end 2014.