California Resources Corp. (CRC) has decided to sell its assets in the Uinta Basin. These assets will be sold for approximately $90 million to an undisclosed buyer. This action is seen as a strategy to further concentrate on upstream operations in California.
Transaction Details and Effective Date
The assets in question were acquired following CRC's merger with Berry Corp. and are considered non-core assets for the company's operations. The effective date of this transaction is set for July 1, 2026, and it is expected that the deal will close by the end of this year, subject to obtaining necessary approvals from third parties and customary closing conditions.
Impact on CRC's Financial Strategy
Francisco Leon, President and CEO of CRC, stated, "This transaction will help strengthen our business today. The sale of Uinta Basin assets increases our focus on California and realizes more value from the merger with Berry." CRC has indicated that this divestiture allows the company greater flexibility in allocating capital for investments in California, thereby supporting its strategy of returning to shareholders.
The company also expects that the proceeds from this sale will help fund its recent field acquisitions. The net proceeds from the sale of Uinta are likely to be used for shareholder returns and other corporate purposes.
CRC anticipates providing additional financial and operational information following the completion of this transaction.
