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California Resources (NYSE:CRC) said Monday it completed its all-stock combination with Aera Energy announced in February, after an issuance of shares needed to close the deal was approved by CRC shareholders at a special meeting held on June 26.
California Resources (CRC) said pro forma combined net daily production of CRC and Aera averaged 146K boe/day (79% oil) during the April-May period, and forecast H2 combined output of 140K-146K boe/day with capital spending of $170M-$210M.
In connection with the closing, CRC (CRC) increased its borrowing base from $1.2B to $1.5B and increased the aggregate commitment amount from $630M to $1.1B under its revolving credit facility.
The combined company will be run by the current CRC (CRC) executive team and continue to be headquartered in Long Beach, California.