California Resources Corp. (NYSE: CRC) is partnering with Benefit Street Partners LLC to accelerate the development of multiple producing oil fields in the Golden State.The Los Angeles-based company said Feb. 16 it formed a joint venture (JV) with Benefit Street for the investment of up to $250 million for the development of opportunities in its conventional and unconventional assets.Benefit Street will make an initial $50 million investment to be used for drilling activities across properties subject to the JV. The firm will make subsequent investments in tranches up to $50 million over two years at the discretion of the JV partners.
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