Affiliates of the oil giants own the Bakersfield-based company, which inherited a half-interest in Banning Ranch from Mobil. Separately, Aera and the development entity, Newport Banning Ranch, agreed to restore more than 18 acres of habitat to satisfy the Coastal Commission orders. In April, the commission staff retreated from its earlier position, recommending approval of the Banning Ranch project with a long list of conditions that would reduce the development's footprint. Aera has long held a 50% interest in Banning Ranch, but the company does not own the mineral rights nor has it been involved in oil operations at the site. The Newport Banning Ranch website calls the project partners “the beyond green team” and promises they will restore land blighted by seven decades of oil production.

Source: Los Angeles Times June 02, 2016 11:03 UTC