California Resources agrees to sell Uinta Basin assets for US$90 million
The undisclosed-buyer transaction covers about 100,000 net acres in Utah and Colorado and is expected to close by year-end.
California Resources Corporation has agreed to sell its Uinta Basin assets to an undisclosed buyer for US$90 million in cash, according to Yahoo Finance. The agreement was announced on 17 September.
The assets cover about 100,000 net acres, mostly in Utah and Colorado, and came into CRC’s portfolio through its acquisition of Berry Corp. CRC classifies the assets as non-core and is concentrating investment on California infrastructure and production.
CRC said the net proceeds will be used for shareholder returns and other corporate purposes. The sale will also help offset the US$63 million purchase of Crimson Midstream Holdings.
The Uinta assets accounted for about 2.5% of CRC’s oil production and roughly 8% of its natural-gas production in the second quarter, according to the source. CRC has described the basin’s operations as having higher capital intensity, higher break-even costs, lower crude quality and higher transport and operating costs.
Completion is expected by the end of 2026, subject to third-party consents and other customary closing conditions. The buyer and further transaction details have not been disclosed.
