Aera Energy LLC has officially joined Long Beach-based California Resources Corp. in a previously announced deal consolidating CRC's regional lead 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 stated. "In-state oil and gas production reduce our state’s dependence on more expensive, higher carbon foreign barrels."

CRC stock jumped 67 cents on news of the sale's closure, then slid and closed the day down 1.28% at $52.54. When the $2.1 billion acquisition agreement was announced Feb. 7, CRC's stock jumped more than 13%.

Shell and Exxon sold Aera in February 2023 to Hamburg, Germany-based energy asset management company IKAV and minority owner Canada Pension Plan Investment Board, headquartered in Toronto. The purchase was estimated at $3.86 billion.

In the year following the sale, Aera laid off about 100 people as part of what it called a companywide efficiency drive. Around the same time, CRC cut 60 jobs in what was described as an organizational redesign.

CRC President and CEO Francisco Leon spoke directly in Monday's release to Aera's employees.

“We are very pleased to welcome Aera’s team with decades of experience and a track record of successful, safe and environmentally sound operations into CRC,” he stated. “I want to thank the CRC and Aera employees for their work to complete a combination of this size.”

CRC told investors the deal will more than double its free cash flow this year and allow the company to return more cash to shareholders. It described Aera as a "high-return conventional energy business" expected to boost future cash flow and fund the expansion of CRC's carbon management business.