CRC - Kimmeridge builds 4% stake in California Resources - Reuters

California Resources Corp. ( NYSE: CRC ) -2.9% pre-market on Monday as Reuters reports Kimmeridge Energy Management has built a 4% ownership stake in the company.

The investment firm, whose holdings in California Resources ( CRC ) total more than 3M shares, has been in talks with the company's management in recent weeks about how to boost its valuation, according to the report.

Kimmeridge reportedly has suggested selling the company's Huntington Beach acreage, which it believes could fetch ~$800M if sold for conversion to residential real estate.

The firm also said California Resources ( CRC ) should focus more on its carbon capture and sequestration business because of its extensive land footprint and its in-depth knowledge of California's geology, Reuters reported.

California Resources ( CRC ) earlier this month unveiled plans to form a joint venture with Brookfield Renewable focused on developing CCS projects across California .

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