New owners of Aera Energy LLC have agreed to sell the Bakersfield-based oil producer to a local competitor for a little more than half the amount they bought it for one year ago as both companies wrestle with a permitting slowdown amid an industry drive to invest in carbon management.
Long Beach-based buyer California Resources Corp. announced the $2.1 billion, all-stock purchase agreement Wednesday morning, just before CRC’s stock price jumped more than 13%. If regulators and CRC’s shareholders approve, it would form the state’s largest oil producer, surpassing Chevron Corp.
Read article here: https://www.bakersfield.com/news/crc-agrees-to-buy-aera-for-2-1-billion/article_ec3087ec-c5d6-11ee-adbe-dfeb6018280f.html