California Resources (CRC) said Monday that it agreed to acquire Crimson Midstream from CorEnergy Infrastructure Trust for total cash consideration of $63 million.
The acquisition includes about 2,000 miles of California pipeline infrastructure with combined transportation capacity of up to 400,000 barrels per day, according to the company.
The deal is slated to close in Q3, California Resources said.
Adnoc Gas (ADX:ADNOCGAS) said Monday that its profit and revenue for the first half of 2026 fell year over year.Profit for the six months ended June 30 was $1.74 billion, compared with $2.65 billion earlier. EPS moved to $0.023 from $0.037.The Abu Dhabi-listed natural gas distribution company's revenue was $7.15 billion, compared with $9.33 billion a year ago.Meanwhile, the board approved a dividend of 0.045 Emirati dirham per share for the second quarter.Adnoc Gas expects full-year 2026 net income to range from $3.5 billion to $4.0 billion. For the third quarter, net income is expected to range between $600 million and $800 million.
Pearl Petroleum rebuffs allegations of contractual violation from Iraq's Kurdistan Regional Government, the consortium's joint operators Dana Gas (ADX:DANA) and Emirati upstream oil and gas company Crescent Petroleum said Aug. 7.The allegations follow Pearl Petroleum's agreement to supply gas to the Federal Ministry of Electricity in Kirkuk, Iraq.Pearl Petroleum continues to fully meet its obligation to provide 655 million standard cubic feet per day of gas to the government, even though it has been behind on its payments for years. The sale of 100 million standard cubic feet per day of gas to the ministry is from Pearl Petroleum's excess capacity at Khor Mor, the consortium noted.
Polish prosecutors requested the indictment of three former managers at Orlen (PKN.WA) and one of the company's subsidiaries over loss-making crude oil supply contracts, Reuters reported Aug. 7.The contracts concern $378 million pre-paid orders for the Polish energy company's products, primarily Venezuelan crude oil, that were never delivered. The report said the former managers are facing charges of failing to properly supervise and safeguard the assets and the possibility of up to 25 years in prison.In an emailed response to, the company said it does not comment on the ongoing investigation, but expressed commitment to cooperating with authorities to resolve the matter immediately.