Press Release

Kirkland Advises Development Capital Resources in $750 Million Joint Venture with California Resources Corporation

Kirkland & Ellis advised Development Capital Resources, LLC (DCR) in its $750 million joint venture formed to operate certain of California Resources Corporation’s (CRC) existing midstream infrastructure assets. CRC will retain a significant ownership interest in the joint venture, 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. (Ares). In addition, DCR and an Ares-led group purchased CRC common stock in a private placement for an aggregate purchase price of $50 million in cash. DCR is an oil & gas company focused on participating in non-operated joint ventures in the North American exploration and production industry including associated upstream, midstream, and infrastructure investments.

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The Kirkland team was led by corporate partners John Pitts and Jonathan Castelan, capital markets partners Julian J. Seiguer and Michael W. Rigdon, and corporate associates Ahmed Sidik and Brandon Bishoff, and debt finance partner Lucas Spivey and tax partner Mark Dundon.