$CRC California Resources Corp. (NYSEMKT:CRC) +3.6
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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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