California Resources closes $63 million Crimson acquisition

California Resources Corporation (CRC) completed its $63 million all-cash acquisition of Crimson Midstream Holdings, enhancing its pipeline network and carbon management strategy. The deal, approved by regulators, is expected to improve operational flexibility and delivery to high-value markets. CRC estimates Crimson-related G&A and capital expenses of $1–$2 million each for Q3 2026, with updated full-year guidance to be provided later. (NYSE: CRC)

California Resources Corp. (CRC) acquired Crimson Midstream Holdings for $63M, gaining a 2,000-mile pipeline network. The deal, pending regulatory approval, aims to enhance CRC's transportation and marketing options. Additionally, CRC plans a data center project near its Elk Hills Oil Field, partnering with Beacon Data Centers. The company also reported its first carbon dioxide injection revenue of $1M.

California Resources Corporation (CRC) agreed to acquire Crimson Midstream Holdings for $63M in cash, aiming to ease transportation bottlenecks. The deal adds 2,000 miles of pipelines and 400,000 barrels per day capacity, potentially improving market access and reducing reliance on third-party routes. CRC's Q2 earnings were impacted by pipeline issues, highlighting the deal's strategic importance. The transaction is expected to close in Q3 2026, subject to regulatory approvals.

California Resources Corporation (CRC) held its Q2 2026 earnings call. Adjusted EBITDAX was $338 million, with net production of 149,000 MBoe/d and oil at 81%. Free cash flow was $151 million before working capital. CRC said Berry merger synergies reached $103 million annualized, drilling efficiency improved 25%, and it received tentative approval for its Crimson midstream acquisition.

California Resources Corporation said it will reopen a Kern County to Bay Area oil pipeline by buying about 2,000 miles of pipeline from CorEnergy Infrastructure Trust. It will acquire Crimson Midstream Holdings, LLC for $63 million, enabling about 400,000 barrels per day of throughput. The deal is expected to close in Q3 pending regulatory approval.

California Resources (NYSE:CRC) reported Q2 call highlights, citing nearly 9% lower G&A expenses from Berry merger efficiencies and delivering about $400 million of up to $470 million in 2028 synergies. CRC kept full-year targets near 153,000 BOE/d and $520 million to $560 million capex. It plans to buy Crimson’s ~2,000-mile pipeline network and began Elk Hills CCS, capturing ~270 tons CO2/day.