It also announced it was shutting in the equivalent of 5,000 barrels a day of oil production, which is equivalent to a manufacturer halting an assembly line. The company is the state's largest independent oil and gas producer. It was formed in 2014 as a spinoff from Occidental Petroleum Corp. Shares of California Resources (CRC) closed Tuesday down 79 cents, or 32.5 percent, to $1.64 on the New York Stock Exchange, on a day when the Dow fell by 1.9 percent and the Nasdaq dropped by 2.1 percent.