---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-173343"
form_type: "8-K"
ticker: "CRC"
cik: "0001609253"
company_name: "California Resources Corp"
filed_at: "2024-07-01T23:59:59+00:00"
generated_at: "2026-06-01T00:01:33.776701+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# CRC closes Aera Energy acquisition; issues 21.3M shares worth ~$1.13B

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-173343
- form_type: 8-K
- ticker: CRC
- cik: 0001609253
- company_name: California Resources Corp
- filed_at: 2024-07-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 2.01, 2.02, 2.03, 3.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609253/000119312524173343/0001193125-24-173343-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609253/000119312524173343/d845209d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-173343
- JSON: https://secwatch.observer/filing/0001193125-24-173343.json
- Plain text: https://secwatch.observer/filing/0001193125-24-173343.txt

## Key facts
- Executive change
  Nicole Neeman Brady resigned as director at California Resources Corp.
  - Action: resigned
  - Role: director
  source text: On June 28, 2024, Ms. Nicole Neeman Brady notified CRC of her intent to resign from the Board effective as of July 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000119312524173343/0001193125-24-173343-index.htm
- Executive change
  James Jackson was appointed as director at California Resources Corp.
  - Action: appointed
  - Role: director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000119312524173343/0001193125-24-173343-index.htm
- Executive change
  Bobby Saadati was appointed as director at California Resources Corp.
  - Action: appointed
  - Role: director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000119312524173343/0001193125-24-173343-index.htm
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000119312524173343/0001193125-24-173343-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.