Gov. Gavin Newsom signed a law requiring acquiring companies to fund the plugging of acquired oil wells, but California Resources Corporation's compliance remains uncertain.
California Resources Corporation, aiming to acquire Aera Energy, has not initiated the process to calculate the bond amount as required by the state law, putting accountability at stake.
The merger's fast-approaching shareholder vote raises doubts on compliance, with the complexity of estimating bond amounts adding significant time to the process.
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