---
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"
generated_at: "2026-05-17T06:37:55.968812+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.88
calibrated_materiality_score: 0.88
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.88
- calibrated_materiality_score: 0.88
- confidence: high
- sec_items: 7.01, 9.01, 5.07
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001609253-25-000071
- JSON: https://secwatch.observer/filing/0001609253-25-000071.json
- Plain text: https://secwatch.observer/filing/0001609253-25-000071.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.