California Resources

Meridian Contrarian Fund reduced its stake in California Resources Corporation, citing expected near-term weakness as optimism over a Middle East resolution and resumed oil flows through the Strait of Hormuz pressured the stock. The fund said it remains a holder, highlighting CRC’s oil and gas assets plus a growing carbon management business as long-term value drivers. Meridian’s fund returned 17.75% in Q2 2026 and underperformed the Russell 2500 indices. » Plus sur finance.yahoo.com

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. » Plus sur 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. » Plus sur finance.yahoo.com