September 18, 2026 [Storage Terminals Magazine]- California Resources Corporation (CRC) has agreed to sell its Uinta Basin assets to an undisclosed buyer for approximately $90 million in cash, subject to customary adjustments.

The transaction is intended to further focus CRC’s portfolio on its California operations, while unlocking additional value from assets acquired through its merger with Berry. The company said it plans to use the net proceeds for shareholder returns and other corporate purposes.

CRC President and Chief Executive Officer Francisco Leon said the sale would provide greater capital allocation flexibility and allow the company to focus investment on opportunities in California. The proceeds will also help offset the cost of CRC’s recent midstream transaction.

The transaction has an effective date of 1st July 2026. Completion is subject to third-party consents and other customary conditions, with closing expected by the end of the year.

CRC said it expects to provide additional financial and operational guidance following completion of the transaction.