Berry Corp to be acquired by CRC in $717M all-stock deal; BRY holders get 0.0718 CRC shares

Berry Corp (bry)

Transaction value of ~$717M includes $408M net debt; exchange ratio 0.0718 CRC per BRY share (15% premium to Sep 12 close).
Expected close in Q1 2026, subject to Berry shareholder vote and regulatory approvals; CRC shareholders to own ~94% of combined entity.
Pro forma 2Q25 production ~161 Mboe/d (81% oil); proved reserves ~652 MMboe (87% developed) as of YE 2024.
Annual synergies of $80–90M targeted within 12 months post-close; ~50% expected within 6 months.
CRC to refinance Berry debt; pro forma leverage <1.0x LTM; ~70% of 2H25 pro forma oil hedged at $68/Bbl Brent floor.

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