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ý-based Aera Energy LLC is California’s second-largest oil producer.

New owners of Aera Energy LLC have agreed to sell the ý-based oil producer to a local competitor for a little more than half the amount they bought it for one year ago as both companies wrestle with a permitting slowdown amid an industry drive to invest in carbon management.

Long Beach-based buyer California Resources Corp. announced the $2.1 billion, all-stock purchase agreement Wednesday morning, just before CRC's stock price jumped more than 13%. If regulators and CRC's shareholders approve, it would form the state's largest oil producer, surpassing Chevron Corp.