California Resources Corporation Outlines 2027 Capital Plan and Strategic Asset Realignment
California Resources Corporation (CRC) has announced a strategic shift to sharpen its focus on California operations. The company plans to deploy $450 million to $475 million in capital through 2027, which includes a six-rig drilling program within the state. A key component of this growth strategy is the anticipated restart of operations in San Pablo Bay, targeted for the first quarter of 2027. To facilitate this transition, CRC is actively streamlining its portfolio by divesting non-core assets. Recent actions include the closing of the Crimson deal and a signed agreement to sell the Uinta assets. These moves are designed to concentrate resources on high-value California projects and optimize the company's long-term capital allocation.
Tickers: $CRC
Topics: corporate restructuring divestiture earnings report strategic collaboration
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