California Resources agrees to buy Crimson Midstream from CorEnergy for USD 63 million
Reuters2026/08/10 12:07- California Resources agreed to buy Crimson Midstream from CorEnergy for total cash consideration of USD 63 million, subject to customary adjustments.
- Deal adds about 2,000 miles of California pipelines with transportation capacity of up to about 400,000 barrels per day.
- CRC expects the midstream network to improve crude transport across California, increase operating flexibility, strengthen flow assurance, expand third-party transportation opportunities.
- Transaction valued at about 4.4x enterprise value to 2027E adjusted EBITDA.
- Closing expected in the third quarter of 2026, subject to customary regulatory approvals.
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