---
schema_version: "secwatch.filing_event.v1"
accession: "0001609253-24-000018"
form_type: "8-K"
ticker: "CRC"
cik: "0001609253"
company_name: "California Resources Corp"
filed_at: "2024-02-07T23:59:59+00:00"
generated_at: "2026-06-06T07:05:14.572363+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001609253-24-000018
- form_type: 8-K
- ticker: CRC
- cik: 0001609253
- company_name: California Resources Corp
- filed_at: 2024-02-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609253/000160925324000018/0001609253-24-000018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609253/000160925324000018/crc-20240207.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001609253-24-000018
- JSON: https://secwatch.observer/filing/0001609253-24-000018.json
- Plain text: https://secwatch.observer/filing/0001609253-24-000018.txt

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