CRC Acquires Crimson Midstream for $63M, Adding 2,000 Miles of California Pipelines
CRC sits 17% above its 52-week low of $43.245.
Summary
CRC is buying Crimson Midstream Holdings for $63 million in cash, gaining roughly 2,000 miles of California pipelines with 400,000 barrels per day of capacity. The deal is priced at about 4.4x projected 2027 adjusted EBITDA, which management calls accretive and attractively valued. This follows CRC's recent debt refinancing and Q2 earnings, and it deepens its integrated infrastructure footprint in the state. The acquisition is expected to close in Q3 2026, pending regulatory approvals, with updated guidance to follow.
At the time of this announcement, CRC was trading at $50.46 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.6B. The 52-week trading range was $43.25 to $71.98. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.