secwatch.observer — SEC 8-K summary
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Issuer:     California Resources Corp (CRC)
CIK:        0001609253
Form:       8-K
Filed at:   2024-02-07T23:59:59+00:00
Accession:  0001609253-24-000018
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609253/000160925324000018/0001609253-24-000018-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609253/000160925324000018/crc-20240207.htm
  HTML page:      https://secwatch.observer/filing/0001609253-24-000018

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