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California Geologic Energy Management DivisionProPublica
•81% Informative
California regulators sidestepped the nation’s strongest law to address the glut of oil and gas wells that are unplugged and ownerless.
The law required that the purchasing company set aside enough money to cover the entire cleanup cost of low-producing wells if the companies go out of business without plugging them.
Regulators say the law doesn't apply to the merger of California Resources Corp. and Aera Energy .
The state concluded the merger didn’t trigger the bonding requirements because of the way it was structured.
California Resources was formed when Oxy Petroleum spun off its West Coast assets.
Aera was sold by Shell and ExxonMobil in 2022 and ended up in the hands of IKAV , Oaktree Capital Management and the Canada Pension Plan Investment Board .
Gov. Gavin Newsom signed AB 1167 into law with warning that it might need to be amended.
VR Score
80
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77
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English
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