8-K filed July 1, 2024, 7:59 PM ET ticker CRC CIK 0001609253

M&A confidence high sentiment positive materiality 1.00

California Resources Corp (CRC): M&A transaction — CRC closes Aera Energy acquisition; issues 21.3M shares worth ~$1.13B

California Resources Corp

Combination creates California's leading energy producer/CMS provider; $150M annual synergies targeted within 15 months.
Pro forma Apr-May net production averaged 146 Mboe/d (79% oil); 2H24 guidance: 140-146 Mboe/d, capex $170-$210M.
Credit facility increased: borrowing base $1.2B to $1.5B, commitments $630M to $1.1B; Aera's prior facilities repaid.
Bobby Saadati (IKAV) and James Jackson (CPPIB) appointed to CRC board; director Nicole Neeman Brady resigned.
Acquisition funded entirely with stock; former Aera owners received 21.3M CRC shares valued at $1,134M at June 28 close.

item 1.01 item 2.01 item 2.02 item 2.03 item 3.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Nicole Neeman Brady

director

CRC · California Resources Corp

Effective: 2024-07-01
Filed: July 1, 2024, 7:59 PM ET

On June 28, 2024, Ms. Nicole Neeman Brady notified CRC of her intent to resign from the Board effective as of July 1, 2024.

Appointed

James Jackson

director

CRC · California Resources Corp

Effective: 2024-07-01
Filed: July 1, 2024, 7:59 PM ET

Effective July 1, 2024, pursuant to the terms of the Stockholder Agreements, our Board of Directors (the “ Board ”) appointed Bobby Saadati and James Jackson as directors.

Appointed

Bobby Saadati

director

CRC · California Resources Corp

Effective: 2024-07-01
Filed: July 1, 2024, 7:59 PM ET

Effective July 1, 2024, pursuant to the terms of the Stockholder Agreements, our Board of Directors (the “ Board ”) appointed Bobby Saadati and James Jackson as directors.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Nicole Neeman Brady resigned as director at California Resources Corp.

Action: resigned
Role: director

Exact text from the filing

On June 28, 2024, Ms. Nicole Neeman Brady notified CRC of her intent to resign from the Board effective as of July 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

James Jackson was appointed as director at California Resources Corp.

Action: appointed
Role: director

Exact text from the filing

Effective July 1, 2024, pursuant to the terms of the Stockholder Agreements, our Board of Directors (the “ Board ”) appointed Bobby Saadati and James Jackson as directors.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Bobby Saadati was appointed as director at California Resources Corp.

Action: appointed
Role: director

Exact text from the filing

Effective July 1, 2024, pursuant to the terms of the Stockholder Agreements, our Board of Directors (the “ Board ”) appointed Bobby Saadati and James Jackson as directors.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

California Resources Corp completed an acquisition involving IKAV Energy Inc., IKAV Impact S.a.r.l., Simlog Inc., Oaktree Huntington Investment Fund II AIF (Delaware), L.P. – Class C, Oaktree Huntington Investment Fund II AIF (Delaware), L.P. – Class G, OCM Opps XI AIV Holdings (Delaware), L.P., OCM Opps Xb AIF Holdings (Delaware), L.P., OCM Aera E Holdings, for 21,315,707 shares of common stock of CRC (closed 2024-07-01).

Action: acquisition
Counterparty: IKAV Energy Inc., IKAV Impact S.a.r.l., Simlog Inc., Oaktree Huntington Investment Fund II AIF (Delaware), L.P. – Class C, Oaktree Huntington Investment Fund II AIF (Delaware), L.P. – Class G, OCM Opps XI AIV Holdings (Delaware), L.P., OCM Opps Xb AIF Holdings (Delaware), L.P., OCM Aera E Holdings,
Consideration: 21,315,707 shares of common stock of CRC
Closing: 2024-07-01

Exact text from the filing

CRC completed the Transaction through a series of mergers of CRC merger subsidiaries and holding companies of the Aera Companies and issued to the Sellers consideration of 21,315,707 shares of common stock of CRC, par value $0.01 per share (“ Common Stock ”). -3- The foregoing description of the Transaction and the Merger Agreement contained in this Item 2.01

View on SEC.gov

31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

California Resources Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-173343

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