California Resources Corporation has announced the signing of an agreement to divest its Uinta Basin assets to an undisclosed buyer for total cash consideration of approx. $90 million, subject to customary purchase price adjustments. The transaction further aligns CRC’s portfolio with its California operations and captures additional value from non-core assets acquired through the Berry merger. CRC expects to use the net proceeds for shareholder returns and other corporate purposes.
'Today’s transaction strengthens our business. The monetization of our Uinta Basin assets sharpens our focus on California and captures additional value from the Berry merger,' said Francisco Leon, CRC President and Chief Executive Officer. 'This transaction enhances our capital allocation flexibility, allowing us to invest in higher-return opportunities within the Golden State and supports our shareholder return strategy. The sale also helps offset the purchase price of our recent midstream transaction.”
The transaction has an effective date of July 1, 2026. Closing is subject to the receipt of certain third-party consents and other customary conditions, and is expected by year end. Following the closing of the transaction, CRC expects to provide additional financial and operating guidance.
Advisor
RBC Capital Markets served as financial advisor to CRC.
Source: California Resources
