California Resources Corporation Completes Combination with Aera Energy

July 1, 2024

California Resources Corporation (CRC) completed an all-stock combination with Aera Energy, LLC, creating a larger California-focused oil producer and carbon management platform. The transaction issued 21.3 million CRC shares to Aera's former equity owners (IKAV, CPPIB and Oaktree), produces pro forma net daily output of ~146 Mboe/d, and CRC expects $150 million in annual synergies within 15 months.

Buyers
California Resources Corporation
Targets
Aera Energy, LLC
Sellers
IKAV Energy Inc., Canada Pension Plan Investment Board, Oaktree Capital Management, LP
Industry
Oil & Gas
Location
California, United States
Transaction Type
Buyout

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