California Resources sells Uinta Basin assets for $90 million
- Reports
- 3
- Developments
- 1
- Repetition
- 67%
New informationRepeats or wire copies
What happened
California Resources Corporation announced it agreed to sell its Uinta Basin assets to an undisclosed buyer for $90 million in cash. The assets, which span about 100,000 net acres and are located mostly in Utah and Colorado, were considered non-core to the company's operations. The company expects the transaction to close by year-end.
From yahoo.com
Why it matters
The sale allows California Resources to redeploy the $90 million toward assets central to its operating strategy. Francisco Leon stated the transaction sharpens the company's focus on California and enhances capital allocation flexibility. The net proceeds will be used for shareholder returns and to offset the purchase price of a recent midstream transaction.
From yahoo.com
Who's involved
- California ResourcesOil and gas exploration and production company divesting Uinta Basin assets.
- Francisco LeonPresident and CEO of California Resources Corporation.
- Uinta BasinBasin whose assets are being sold by California Resources.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- UtahSpeculative
The loss of Uinta Basin assets might reduce oil and gas production from the region.
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The entities involved
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California Resources
Oil and gas exploration and production company operating in California
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Francisco Leon
college basketball player (1985–1985) Florida
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Uinta Basin
basin in northeastern Utah and northwestern Colorado in the United States
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