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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