CRC to acquire Berry in all-stock deal valued at ~$717M; 94% ownership for CRC shareholders

California Resources Corp

Berry shareholders get 0.0718 CRC shares per BRY share, a 15% premium based on 9/12/25 closing prices.
Pro forma combined 2Q25 production ~161 Mboe/d (81% oil); proved reserves ~652 MMboe (87% developed).
Expected annual synergies of $80-90 million within 12 months post-close (~12% of transaction value).
CRC maintains strong balance sheet; pro forma leverage <1.0x and ~70% of 2H25 oil hedged at $68/bbl Brent floor.
Transaction expected to close in Q1 2026, subject to regulatory approvals and Berry shareholder approval.

item 7.01item 9.01item 5.07

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.