California Resources agreed to buy Crimson Midstream from CorEnergy for total cash consideration of USD 63 million, subject to customary adjustments.
The 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, and expand third-party transportation opportunities.
The transaction is valued at about 4.4x enterprise value to 2027E adjusted EBITDA.
Closing is expected in the third quarter of 2026, subject to customary regulatory approvals.
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