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Posted On: 02/07/2018 5:27:34 PM
Post# of 98180
$CRC California Resources Corp. (NYSEMKT:CRC) +3.6% after-hours after announcing a midstream joint venture with a portfolio company of the Private Equity Group of Ares Management.
CRC says the Ares company will invest $750M in the venture and has purchased ~2.34M CRC common shares in a private placement for $21.33/share based on a recent volume-weighted average price.
CRC will purchase power and gas processing from the JV, which owns the Elk Hills gas-fired power plant and a 200M cf/day cryogenic gas processing plant located near Bakersfield, Calif.
CRC says the Ares company will invest $750M in the venture and has purchased ~2.34M CRC common shares in a private placement for $21.33/share based on a recent volume-weighted average price.
CRC will purchase power and gas processing from the JV, which owns the Elk Hills gas-fired power plant and a 200M cf/day cryogenic gas processing plant located near Bakersfield, Calif.
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