M&A - California Resources Corp

Form Type: DEF 14A

Filing Date: 2025-03-19

Corporate Action: Merger

Type: New

Accession Number: 000095017025042053

Filing Summary: California Resources Corporation (CRC) has filed its Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders. The statement highlights a significant merger with Aera Energy, which has positioned CRC as California's largest oil and gas producer. The company aims to achieve sustainable synergies estimated at $235 million by the end of 2025. Financial results for 2024 show a net cash flow from operations of $610 million and adjusted net income of $317 million, demonstrating strong performance. The document also discusses the election of ten director nominees, ratification of KPMG LLP as independent auditors, and an advisory vote on executive compensation. Key initiatives on carbon management and sustainability indicate CRC's commitment to operational excellence while meeting environmental responsibilities. The annual meeting is scheduled for May 2, 2025, and will be held virtually.

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