California Resources

California Resources has completed the cash acquisition of Crimson Midstream Holdings for about $63 million. The transaction, approved by the California Public Utilities Commission, expands the company’s midstream pipeline infrastructure and is intended to improve delivery of California-produced crude oil and operational flexibility. California Resources is also evaluating the pipeline corridors for potential CO2 transport opportunities and expects Q3 2026 G&A costs of $1–2 million and capex of $1–2 million; an update to the full-year guidance will be provided with the Q3 results. » More on de.investing.com

California Resources announced an all-cash acquisition of Crimson’s ~2,000-mile California crude pipeline network to improve market access, storage and price realizations, pending final CPUC approval. In Q2 the company averaged 149 mboe/d (81% oil), produced $338 million adjusted EBITDAX, $300 million operating cash flow and $151 million free cash flow before working capital, and achieved over 100% of 2026 Berry-related synergy targets six months early. CRC commenced CO2 injection and recorded initial revenue at the Elk Hills CCS project, and partnered with Beacon Data Centers on the proposed 275 MW Golden Valley Technology Hub adjacent to Elk Hills. Management maintained 2026 production and capital guidance, expects realizations to recover from temporary midstream-related differentials, and says structural efficiency gains lower long-term maintenance capital and rig requirements. » More on finance.yahoo.com

California Resources reported Q2 2026 revenue of $1.3 billion (forecast $973.6 million) with adjusted EPS of $0.99 (forecast $1.37); the stock rose about 5% in premarket trading. Production was 149,000 BOE/d (81% oil), adjusted EBITDAX was $338 million, and operating cash flow was $300 million. The company refinanced senior notes to 2029, extended the average debt maturity to eight years, and reports early realized synergies from the Berry acquisition. Management highlights progress on CO2 capture, midstream integration, and a data center project, keeps full-year production and capex targets, but sees temporary transportation bottlenecks as a headwind. » More on de.investing.com