{"schema_version":"secwatch.filing_event.v1","accession":"0001609253-25-000071","form_type":"8-K","ticker":"CRC","cik":"0001609253","company_name":"California Resources Corp","filed_at":"2025-09-15T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.478571+00:00","generated_at":"2026-05-17T06:37:55.968812+00:00","sec_items":["7.01","9.01","5.07"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.88,"calibrated_materiality_score":0.88,"confidence":"high","headline":"CRC to acquire Berry in all-stock deal valued at ~$717M; 94% ownership for CRC shareholders","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001609253-25-000071","json":"https://secwatch.observer/filing/0001609253-25-000071.json","markdown":"https://secwatch.observer/filing/0001609253-25-000071.md","text":"https://secwatch.observer/filing/0001609253-25-000071.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1609253/000160925325000071/0001609253-25-000071-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1609253/000160925325000071/crc-20250915.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T06:37:55.968812+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}