Kimmeridge Energy Management Company, an energy investment firm focused on advancing net zero emissions targets, owns a stake in California Resources Corporation, an oil and gas producer, and is pressuring the energy company to curb its production to increase its profits, Reuters reported.
The activist investment firm owns more than three million shares in California Resources, representing about a 4% stake, and is in discussions with the company’s management in recent weeks about how to increase its valuation, sources told Reuters. Kimmeridge is encouraging California Resources to divest from its Huntington Beach oil and gas properties in Orange County, which it believes could be worth around $800 million if the land is sold to real estate developers.
The Daily Caller was founded in 2010 by Tucker Carlson, a 20-year veteran journalist, and Neil Patel, former chief policy advisor to Vice President Cheney, The Daily Caller is one of America’s largest and fastest-growing news publications. Our team of experienced, full-time reporters and editors works around the clock to deliver award-winning original reporting, in-depth investigations, entertainment, thought-provoking commentary and up-to-the-second breaking news. Visit https://dailycaller.com