CRC completes acquisition of Aera [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
in carbon management and doubling its petroleum production to make CRC the state's largest oil producer. Sealed by CRC shareholders' vote Wednesday to issue the shares funding the purchase, it's the second time Aera has sold in as many years. Co-founder Royal Dutch Shell Plc signaled in 2021 it wanted out of a partnership with Exxon Mobil Corp. that since 1997 has grown to produce about a quarter of California's oil. CRC said in a news release Monday Aera's assets represent an exceptional fit and that the companies' combination "demonstrates the merits of consolidation and reinforces CRC as a different kind of energy company with a unique vision to succeed." The release emphasized the acquisition's benefit to California, saying the state "has a high demand for oil and will continue to do so for decades." "We are working to rapidly decarbonize all sectors of the California economy, including the energy sector, to provide reliable, more affordable, lower carbon energy," CRC stat
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