1. CRC closed its all-stock merger with Berry Corporation. 2. Transaction adds significant assets and strategic options for growth. 3. CRC expects to detail full-year 2026 guidance soon. 4. Leadership emphasizes operational synergy and shareholder value enhancement. 5. The merger positions CRC favorably in California's energy sector.
FAQ
Why Bullish?
The merger with Berry adds valuable assets, potentially increasing future cash flow.
How important is it?
The merger directly enhances CRC's asset base and operational potential, impacting long-term profitability.
Why Long Term?
Long-term operational efficiencies and cash flow improvements are expected as integration occurs.
California Resources Corporation Completes All-Stock Merger with Berry Corporation
LONG BEACH, Calif., Dec. 18, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) has announced the successful closure of its all-stock combination with Berry Corporation (NASDAQ: BRY). This strategic merger is poised to significantly enhance CRC's operational portfolio, focusing on long-lived and low-decline conventional assets in California.
Transaction Overview
The merger brings substantial development potential to CRC, particularly within the Uinta Basin, adding valuable resources to its operations in the state. Francisco Leon, President and CEO of CRC, expressed optimism about the future, stating, “CRC is entering 2026 stronger than ever, ready to build on our operational momentum and deliver meaningful synergies for our shareholders.”
Strategic Benefits and Financial Highlights
- The transaction enhances CRC’s portfolio in the San Joaquin Basin.
- Approximately 5.6 million shares of CRC common stock were issued to Berry’s former equity holders, valued at approximately $253 million.
- Full-year 2026 guidance is expected to be released alongside the year-end and fourth quarter 2025 earnings report.
Leon further acknowledged the successful collaboration of teams from CRC, Berry, and C&J during the merger process. He noted, “Together, I am confident we can continue to improve our impressive operational track record and position CRC for even greater long-term success.”
Looking Ahead: Corporate Strategy and Focus
The combined entity will maintain its headquarters in Long Beach, California, and will be led by the existing executive team of CRC. As an independent energy and carbon management company, CRC is committed to achieving energy transition while prioritizing environmental stewardship and efficient energy sourcing.
Going forward, CRC aims to maximize value through its land and mineral assets and enhance its energy expertise by investing in carbon capture and other emissions-reducing projects.
About California Resources Corporation
CRC is dedicated to environmental sustainability while providing responsibly sourced energy to local communities. For further details regarding the company and its initiatives, please visit www.crc.com.
Forward-Looking Statements
This announcement includes certain forward-looking statements, as defined under U.S. securities laws. These statements encompass expectations related to CRC’s future financial performance, market strategies, and projected revenues. Words such as “expect,” “anticipate,” and “intend” identify these forward-looking statements and indicate potential uncertainties that could influence actual outcomes.
Investors should be aware of various risks that might impact these forward-looking statements, including operational integration challenges, commodity price volatility, regulatory developments, and general economic conditions affecting energy demand. For a complete discussion on these risks, please refer to CRC's SEC filings available at www.crc.com.
For further assistance or inquiries, please contact CRC’s investor relations team.