California Resources Corporation will acquire Crimson Midstream Holdings for $63 million, adding approximately 2,000 miles of California pipeline infrastructure with transportation capacity of up to 400,000 bpd.
(P&GJ) — California Resources Corporation (CRC) has agreed to acquire Crimson Midstream Holdings from CorEnergy Infrastructure Trust for $63 million in cash, expanding its crude oil pipeline network across California.
The acquisition includes approximately 2,000 miles of pipeline infrastructure with combined transportation capacity of up to 400,000 bpd. Assets include the SoCal Pipeline Network, IVEC Line, San Pablo Bay Pipeline, KLM Pipeline and other infrastructure across the state.
CRC said the acquisition will improve connectivity between its California production and key markets while increasing transportation flexibility and flow assurance. The expanded network is also expected to provide additional transportation options for third-party producers, including operators in California’s Central Valley.
“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,” CRC President and CEO Francisco Leon said.
The company said the assets will reduce producers’ exposure to constrained transportation outlets and associated pricing discounts while expanding CRC’s existing midstream infrastructure footprint.
The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2026. CRC plans to provide additional financial and operating guidance following closing.
