Orrick Advises Chevron in Sale of its Interest in Elk Hills Field to CRC


Orrick has advised Chevron in the sale of its interest in the Elk Hills Field, one of the most productive fields in the United States, to California Resources Corporation (“CRC”). Consolidating sole ownership of the Elk Hills field, CRC paid a cash consideration of $460 million and issued CRC common shares to Chevron, subject to customary post-closing adjustments.

The acquisition includes Chevron’s non-operated working interests ranging between 20% to 22% in different producing horizons within the Elk Hills field, located in the San Joaquin Basin of California.

The Orrick team was led by Houston M&A and private equity partner Billy Parish and included partners David Ronn and Bob Lawrence and associates Emilio Grandio and Luisa Muskus.