09:58 AM EDT, 07/01/2024 (MT Newswires) -- California Resources ( CRC ) said Monday that it has completed its all-stock combination with Aera Energy.

The energy company said that, under the terms of the deal, Aera's former equity owners, IKAV, Canada Pension Plan Investment Board, and Oaktree Capital Management, received 21.3 million shares of California Resources ( CRC ), worth a total of $1.13 billion.

California Resources ( CRC ) said that, in connection with closing the deal, it has increased its borrowing base to $1.5 billion from $1.2 billion, and raised the aggregate commitment amount under its revolving credit facility to $1.1 billion from $630 million.

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