(Bloomberg) Oil producer California Resources Corp. will buy Aera Energy LLC in a deal that values the company at about $2.1 billion, including debt, building its drilling portfolio in the Western state.Most Read from BloombergChina Replaces Top Markets Regulator as Xi Tries to End RoutHaley Loses Nevada Primary to ‘None of These Candidates’ OptionTesla Asks Which Jobs Are Critical, Stoking Layoff FearsTrump Denied Immunity in DC Election Case by Appeals CourtUS Commercial Real Estate Contagi
The announced combination between California Resources and Aera Energy comes one year after Exxon and Shell closed the sale of Aera to a German asset manager for $4 billion.
Shares of California Resources Corp. (CRC) are gaining over 7% on Wednesday morning after the U.S. oil and gas firm agreed to buy Aera Energy in an all-stock transaction, in a deal valuing the California-based company at $2.