California Resources to Merge with Aera Energy in $2.1 Billion All-Stock Deal, Expanding Oil Interests.

California Resources (CRC) has announced a merger with US-based oil and gas firm Aera Energy, in an all-stock deal valued at around $2.1bn. The merged entity will have interests in five major California oil fields, presenting opportunities for enhanced oil recovery. As part of the deal, Aera’s owners will be issued 21.2 million shares of California Resources, equating to nearly 22.9% of the fully diluted shares of the company. The merger aligns with California Resources’ philosophy of investing in positive change in the world. The completion of the transaction is dependent on meeting standard closing conditions, obtaining regulatory approvals, and approval from California Resources’s shareholders.