California Resources Announces Crimson Midstream Acquisition and Strong Q2 Results

EarningsM&A · Partnership
โดย The Motley Fool·US·Read original
Summary · why it matters

California Resources Corporation announced the acquisition of Crimson Midstream and reported second quarter results that beat expectations on operational efficiency. The all-cash Crimson deal adds a roughly 2,000-mile network of California crude oil pipelines, and the company expects final CPUC approval later this month. CRC also commenced CO2 injection and achieved first revenue at California's first Carbon Capture and Sequestration project at Elk Hills. The company reported adjusted EBITDAX of $338 million and free cash flow before working capital of $151 million, while reducing planned 2026 drilling and completion capital by $10 million due to efficiency gains. Management expects full-year oil realizations of approximately 94% of Brent, within its original guidance range.

Impact on stocks 2

Energy Transition & Power Demand▲ · 1 stocks
California Resources Corp
CRC
▲ PositiveCapitalSupplyrelevance

Strong Q2 results with adjusted EBITDAX of $338 million and free cash flow of $151 million, plus reduced 2026 capital spending.

Synthetic Biology (non-pharma)▲ · 1 stocks

Off-coverage companies 1

Crimson Midstream Holdings, LLCPrivate▲ Positive
Capitalrelevance

Acquired by California Resources in an all-cash deal, providing value to shareholders.

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