Environmental groups, like the Sierra Club, expressed concerns that CRC could use bankruptcy proceedings to sidestep cleanup responsibilities, potentially burdening California taxpayers with costs.
CRC's rapid recovery from bankruptcy and its $2.1 billion merger with Aera Energy solidified its dominance in oil production while amplifying environmental cleanup obligations.
The merger has heightened liabilities for CRC, as it now faces responsibility for cleaning up over 11,000 idle wells, with projected costs surpassing $1 billion.
With only $114.7 million set aside for cleanup efforts, there are fears that California might be left paying the significant costs associated with these environmental liabilities.
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