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Production in California has been falling for years even as other U.S. basins are still enjoying growth. The transaction will add large, producing assets to the driller’s portfolio, with executives eyeing opportunities to eventually increase oil recovery at the combined company.
Oil producer California Resources Corp. will buy Aera Energy LLC.
(Bloomberg) -- Oil producer California Resources Corp. will buy Aera Energy LLC in a deal that values the company at about $2.1 billion, including debt, building its drilling portfolio in the Western state.Most Read from BloombergChina Replaces Top Markets Regulator as Xi Tries to End RoutHaley Loses Nevada Primary to ‘None of These Candidates’ OptionTesla Asks Which Jobs Are Critical, Stoking Layoff FearsTrump Denied Immunity in DC Election Case by Appeals CourtUS Commercial Real Estate Contagi