California Resources to Buy Crimson Midstream Pipeline Assets for $63 Million
The all-cash deal for Crimson's California pipeline and storage network extends CRC's push to knit its upstream production together with the infrastructure that moves it.
California Resources Corporation (CRC) agreed to acquire Crimson Midstream Holdings, LLC's California pipeline systems and storage assets for $63 million in an all-cash transaction.
The deal folds Crimson's in-state pipeline and storage network directly into CRC's operations, giving the company more control over the infrastructure that gathers and transports its production. CRC framed the purchase as an infrastructure investment rather than a production add, a smaller and more targeted move than its recent portfolio expansion.
"Today, we also announced the planned acquisition of Crimson's California pipeline systems and storage assets, a strategic infrastructure investment that strengthens our California platform," said Francisco Leon, CRC's President and Chief Executive Officer.
The acquisition follows CRC's all-stock combination with Berry Corporation (NASDAQ: BRY), a roughly $717 million deal announced in September 2025 that was pitched as accretive across key financial metrics and targeted at $80 million to $90 million in annual synergies. That transaction, which closed with CRC shareholders holding approximately 94% of the combined company, was aimed at scaling up conventional oil-weighted production in Kern County and consolidating well-servicing capacity through C&J Well Services. The Crimson purchase reads as a companion move: where Berry added reserves and operating scale, Crimson adds the pipeline and storage backbone to move that output to market.
Taken together, the two deals point to a broader consolidation push inside California's oil patch, where CRC has been assembling both the upstream assets and the midstream connective tissue under one roof rather than relying on third-party infrastructure. Peer transactions elsewhere in the sector, including Plains GP Holdings' (PAGP) purchase of an interest in EPIC Crude Holdings to extend its Permian and Eagle Ford gathering systems to Corpus Christi, show a similar logic of buyers linking existing production footprints to adjacent pipeline capacity.
CRC did not disclose an expected closing date or specific regulatory conditions for the Crimson transaction in the announcement.