California Resources has struck a deal with Chevron to buy the remaining working, surface and mineral interests of the Elk Hills field in Elk Hills of California. The $460m acquisition sees California Resources consolidate sole ownership of the 47,000 acre asset. "Acquiring sole ownership of such a prolific field is an ideal use of proceeds from our recent midstream joint venture transaction, adding both immediate production and cash flow, while providing for quick synergies and tremendous long-term development opportunities", said Todd Stevens, California Resources' CEO.
California Resources has struck a deal with Chevron to buy the remaining working, surface and mineral interests of the Elk Hills field in the San Joaquin Basin of California. The $460m acquisition sees California Resources consolidate sole ownership of the 47,000 acre asset. "Acquiring sole ownership of such a prolific field is an ideal use of proceeds from our recent midstream joint venture transaction, adding both immediate production and cash flow, while providing for quick synergies and tremendous long-term development opportunities", said Todd Stevens, California Resources' CEO.