Development Capital Resources Announces $750 Million Infrastructure Joint Venture with California Resources Corporation
Ares Management Corporation Class A (ARES)
Last ares management corporation class a earnings: 2/13 06:00 am
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Source: Business Wire
Backed by Ares Management-led Investor Group LOS ANGELES & HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)-- Development Capital Resources, LLC (DCR) today announced a $750 million joint venture formed to operate certain of California Resources Corporation’s (CRC) existing midstream infrastructure assets. The JV will operate the assets in support of CRC’s Elk Hills-area upstream oil and gas assets. CRC will retain a significant ownership interest in the JV, alongside a $750 million preferred equity investment from a newly-formed vehicle managed by DCR and capitalized by funds managed by Ares Management, L.P. (NYSE: ARES). Concurrent with the joint venture investment, an Ares Management-led investor group will also purchase $50 million of CRC common equity. “We believe CRC has one of the premier oil and gas management teams in the industry and a world class asset base to match,” said Ronnie Scott, Presi
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