Texas Capital notes that the California legislature released draft text of CA SB-237. While the legislation is still in a draft stage and could change, the firm views the current version as a significant positive for Buy-rated Berry Corporation (BRY) and Buy-rated California Resources (CRC). In Texas Capital’s view, the legislation would streamline the approval process for new wells in the state’s most prolific oil-producing region and limits potential legal challenges. The firm views the legislation as a key step to achieve the state’s goal of stabilizing in-state production volumes to help lower prices at the pump.
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