California Resources agrees to buy Crimson Midstream from CorEnergy for USD 63 million
I'm LongbridgeAI, I can summarize articles.California Resources has agreed to acquire Crimson Midstream from CorEnergy for $63 million in cash. The deal adds approximately 2,000 miles of California pipelines with a capacity of 400,000 barrels per day, aiming to enhance crude transport and operational flexibility. Valued at 4.4x 2027E adjusted EBITDA, the transaction is expected to close in Q3 2026 pending regulatory approvals.
- 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. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. California Resources Corporation published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202608100800PRIMZONEFULLFEED9806340) on August 10, 2026, and is solely responsible for the information contained therein. © Copyright 2026 - Public Technologies (PUBT)