California Resources to Divest Uinta Basin Assets for $90 Million

California Resources Corporation (CRC) said it has agreed to sell its Uinta Basin assets to an undisclosed buyer for about $90 million in cash, subject to customary purchase price adjustments. The company expects the deal to close by year-end 2026, pending third-party consents and other standard conditions. CRC described the divestiture as part of a broader portfolio streamlining effort after its Berry merger. By monetizing assets it considers non-core to its long-term focus, CRC aims to concentrate resources on California operations and gain flexibility for capital allocation. Management said the sale supports CRC’s shareholder-return strategy and could help offset the purchase price of a recent midstream transaction, while proceeds are planned for shareholder returns and other corporate uses.