CRC to acquire Aera Energy in $2.1B all-stock merger; pro forma production ~150 MBoe/d

California Resources Corp

Deal values Aera at ~$2.1B; CRC issues 21.2M shares (22.9% fully diluted) to Aera owners IKAV (51%) and CPP Investments (49%).
Immediately accretive: 45% improvement to operating cash flow per share, 90% to free cash flow per share on 2024E estimates.
Pro forma production ~150 MBoe/d (76% oil); proved reserves ~680 MMBoe; $150M annual synergies expected within 15 months.
CRC increases share repurchase program to $1.35B, extends through 2025; expects to raise quarterly dividend post-closing.
Expands carbon management; close expected H2 2024; IKAV and CPP Investments each nominate one CRC board member.

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