Chief Executive Francisco Leon stated that the divestment provides the financial agility needed to funnel capital into higher-return projects within the Golden State. Beyond refining the company’s regional footprint, the cash infusion serves to balance the costs associated with a recent midstream acquisition. The firm expects the deal to close by the end of the year, at which point management intends to issue updated financial and operating guidance.
In section Market Quotes
California Resources Sheds Uinta Basin Assets for $90 Million
California Resources Corp. is offloading its holdings in the Uinta Basin, spanning Utah and Colorado, to an unnamed buyer for $90 million. The move marks a strategic pivot to consolidate the energy company’s focus on its core California operations following its recent merger with Berry.
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