California Resources Divests Uinta Basin Assets in $90 Million Deal

**California Resources Corp. (CRC)** is selling its Uinta Basin assets to an unnamed buyer for roughly **$90 million** in cash, a move that allows the company to focus its upstream operations more tightly on California.

These assets, originally obtained through CRC’s merger with **Berry Corp.**, are considered non-core. The deal is effective as of July 1, 2026, and is projected to close by the end of the year, pending standard closing conditions and third-party approvals.

“Today’s transaction strengthens our business. The monetization of our Uinta basin assets sharpens our focus on California and captures additional value from the Berry merger,” said **Francisco Leon**, CRC president and CEO.

The divestiture is expected to give CRC greater flexibility in allocating capital toward California investments and supporting its shareholder return strategy. Additionally, the company plans to use the proceeds to help offset the costs of its recent midstream acquisition.

Net proceeds from the sale will be directed toward shareholder returns and general corporate purposes. CRC plans to update its financial and operating guidance once the deal is finalized.