Aera Energy

Aera Energy LLC (or simply Aera) is a natural gas, oil exploration and extraction company started as a joint venture between Shell plc (through Shell USA) and Mobil (which later merged to form ExxonMobil). Headquartered in Bakersfield, California, Aera Energy LLC is a California limited liability company,[1] and one of California's largest oil and natural gas extractors, with an approximate 2015 revenues of over $2 billion. Aera is operated as a stand-alone company through its board of managers.

In August 2022, IKAV, a European investment company, announced it was buying Aera from Shell and ExxonMobil.[2][3] In July 2024, California Resources Corporation completed a $2.1 billion, all-stock purchase acquisition of Aera.[4]

Other business interests

Belridge Project

In 2017, Aera Energy launched its plan to build California's largest solar field in partnership with GlassPoint Solar.[10] This initiative called Belridge Project covers 770 acres and it is constructed to assist the company's oil extraction process and make it more sustainable.[10][11]

Coles Levee Ecosystem Preserve

The Coles Levee Ecosystem Preserve, located about 20 mi southwest of Bakersfield, consists of 6059 acre of habitat.6 More than a dozen rare, threatened and endangered birds, animals and plant life can be found in the preserve. The preserve encompasses the last two miles (3 km) of riparian habitat along the Kern River, where it drains into Buena Vista Lake.

Established in 1992 by ARCO and the California Department of Fish and Game, the preserve was acquired by Aera in 1998. The preserve is largely riparian habitat and is surrounded by active oil fields (the North Coles Levee Oil Field and South Coles Levee Oil Field, as well as the Elk Hills Oil Field to the west, operated by California Resources Corporation.7

Real estate development

As oil and gas production declines in the Los Angeles Basin, Aera is planning to develop some property holdings in Orange and Los Angeles counties for residential, commercial, and recreation uses while setting aside large portions of its property as natural open space.[12] The company calls this initiative Brea 265, which aims to develop former oil fields into residential areas.[13]

The master planned community of Vista Del Verde, Aera's first real estate development, followed the decommissioning and cleanup of the 850 acre Yorba Linda oil field. The community includes housing, parks, an elementary school, and a city-owned golf course, Black Gold Golf Club.[14] As part of the development, Aera added more than 1000 acre of adjacent, company-owned land to the Chino Hills State Park, and provided funding for the restoration, enhancement, and maintenance of native habitats within the park.

Two additional real estate projects are being planned. The Aera Master Planned Community would develop approximately 3000 acre of company-owned land in unincorporated Los Angeles and Orange counties, approximately where the county line intersects the Orange Freeway (SR-57). Part of the larger Brea-Olinda Oil Field

type	Private
foundation	1997
founder	Shell plc and Mobil
location	Aera Oaks, Bakersfield, California, United States
area served	California
key people	Erik Bartsch (CEO)
industry	Petroleum
products	Petroleum, natural gas
num employees	1,100
parent	California Resources Corporation
homepage	aeraenergy.com

Business areas

Other business interests

Belridge Project

Coles Levee Ecosystem Preserve

Real estate development

Lawsuits

Awards

In popular culture

External links

References