California Resources Corporation completes $63 million acquisition of Crimson Midstream Holdings
LONG BEACH, Calif., Sept. 01, 2026 /CourierPR/ -- California Resources Corporation (CRC) has completed its $63 million acquisition of Crimson Midstream Holdings, LLC, bolstering its energy portfolio and enhancing its ability to deliver California-produced oil to high-value markets. The transaction, approved by the California Public Utilities Commission on August 13, 2026, is expected to significantly improve the company’s operational flexibility and flow assurance.
Francisco Leon, CRC’s President and CEO, commented on the acquisition: “This diversification through Crimson’s midstream network will enable us to more efficiently transport California’s oil to top markets, while also providing increased operational flexibility and flow assurance across our portfolio.”
The acquisition adds valuable pipeline corridors to CRC’s existing assets, potentially opening new avenues for the long-term development of CO2 transportation in California. “Crimson’s pipeline infrastructure will enhance our overall network, offering a broader set of options for future development,” continued Leon.
As part of the acquisition, CRC has released third-quarter 2026 guidance, detailing the expected G&A expenses and capital investment for the period. CRC plans to update its full-year 2026 guidance during its third-quarter earnings release, reflecting the integration of Crimson.
Jefferies LLC served as financial advisor to CRC, while Evercore acted as financial advisor to CorEnergy Infrastructure Trust, Inc., in the transaction.
The acquisition is a significant step for CRC, which is committed to advancing the energy transition while maintaining environmental stewardship. The company’s carbon management business, Carbon TerraVault (CTV), is developing services for capturing, transporting, and permanently storing CO2 for its customers. CTV is involved in various CCS projects, aiming to inject CO2 from industrial sources into depleted underground reservoirs for permanent sequestration.
CRC emphasizes that the acquisition and its forward-looking statements are subject to various risks and uncertainties, including fluctuations in commodity prices, government policies, regulatory actions, and economic conditions. The company notes that its expectations and forecasts are based on current beliefs and may not be realized due to these factors.
CRC remains focused on maximizing value through its land, mineral ownership, and energy expertise by developing CCS and other emissions-reducing projects. The acquisition is expected to provide substantial benefits, enhancing CRC’s operational efficiency and market reach in the state of California.