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Aera sells to German energy investor, Canadian pension fund

In a nearly $4 billion deal expected to introduce more renewable and low-carbon energy to local oil fields, a Canadian pension fund joined a German asset management company Tuesday in acquiring Bakersfield-based oil producer Aera Energy LLC from its longtime owners.

The purchase puts California’s second-largest oil producer, launched 25 years ago by subsidiaries of Royal Dutch Shell Plc and Exxon Mobil Corp., in the hands of Hamburg-based energy asset management company IKAV and minority owner Canada Pension Plan Investment Board, headquartered in Toronto.

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