California Resources Corporation (NYSE:CRC) has reached an agreement to acquire Crimson Midstream Holdings, LLC from CorEnergy Infrastructure Trust, Inc. for $63 million in cash.
The acquisition is anticipated to be finalized in the third quarter of 2026, after which CRC plans to offer further financial and operational guidance.
Jefferies LLC acted as the financial advisor for CRC, while Evercore advised CorEnergy Infrastructure Trust, Inc.
"This transaction further strengthens CRC’s position as California’s leading integrated infrastructure energy platform," said Francisco Leon, President and Chief Executive Officer of CRC. "This diversified midstream network will enhance our ability to efficiently deliver California-produced barrels directly to the highest-value markets, while increasing operating flexibility and flow assurance across our portfolio. "